Security Analysis - Benjamin Graham

Review :

I'm no investor, but I enjoy keeping up with the markets the same way some baseball fans like digging into stats and nerding out on numbers. And that's why I decided to pick up this book and start learning more about value investing from a classic source.

Holy crap, I couldn't put it down and was surprised at just how simple it was. Now I do have training and experience as an accountant, so I wasn't worried about jargon or complicated math... more often than not the math and terms used in the financial industry are employed to turn relatively simple concepts into seemingly complicated and scientific ideas. Surprisingly, this book had almost none of that "look how smart my financial ideas are" type of vibe to it. It had very little jargon beyond the very basic stuff you'd learn in high school economics. I mean there is nothing here but practical advice that anyone should be able to understand.

risk is unavoidable, diversify, dividends are good, look for intrinsic value but still consider the price of common stocks in your final decision... stuff that I think we now take for granted as common sense, but in 1934 was still not lay knowledge.

Overall, if you're like me and want to learn from the ground up, and are more interested in theory, this is the very foundation of contemporary value investment theories


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