Benjamin Graham books

I’m thinking about starting with the Intelligent Investor and then moving on to Security Analysis. Has anyone read these? Likes/dislikes?

It is a classic book. But kind of boring since it talks about rail road companies and such :slight_smile: Try Value Investing by Greenwald for a more modern introduction to the subject.

I’m reading Intelligent Investor and enjoyed it so far. I, however, can’t finish SA because not only the companies are boring, but a lot of stuff he talked about regarding financial statement changed.

I find always has good reviews…

What’s wrong with railroad companies? BTW, I read the Intelligent Investor, updated with new commentary by Jason Zweig. It was excellent. Now it is one of the few investment books I keep on my desk at work.

Security Analysis is incredibly boring. All boils down to the usual value investor story of buying when things are below their “intrinsic” value, and I have never found a definition thereof to be anything but subjective. Also, ustcer is right on that all of the specifics about financial statements are outdated and not useful as examples because everything is presented in a very literal way, not in a theoretical way where you could apply the concepts elsewhere.

I second the Intelligent Investor with Zweig’s commentary; the original is excellent, and the commentary helps to contextualize it for todays market. What I’ve always found interesting is how he writes in a pre-Markowitz portfolio theory framework, but in fact his qualitative judgements capture the essence of the theory without the mathematics. He also gives you a nice strategic analysis of why you use different asset classes and how to recognize value in them. Especially if you are Pre-L3 on the CFA stuff, this helps put all the valuation skills in context.