《证券分析(Security Analysis)》英文版(本杰明·格雷厄姆).doc

PRAISEFORTHESIXTHEDITIONOFSECURITYANALYSIS“The sixth edition of the iconic Security Analysisdisproves the adage tisbest to leave well enough alone. An extraordinary team of commentators,led by Seth Klarman and James Grant, bridge the gap between the sim-pler financial world of the 1930s and the more complex investment arenaof the new millennium. Readers benefit from the experience and wisdomof some of the financial worlds finest practitioners and best informedmarket observers. The new edition of Security Analysisbelongs in thelibrary of every serious student of finance.”David F. SwensenChief Investment OfficerYale Universityauthor of Pioneering Portfolio Management andUnconventional Success“The best of the past made current by the best of the present. Tiger Woodsupdates Ben Hogan. It has to be good for your game.”Jack MeyerManaging Partner and CEOConvexity Capital“Security Analysis, a 1940 classic updated by some of the greatest financialminds of our generation, is more essential than ever as a learning tooland reference book for disciplined investors today.”Jamie DimonChairman and CEOJPMorgan Chase“While Coca-Cola found it couldnt improve on a time-tested classic, SethKlarman, Jim Grant, Bruce Greenwald, et al., prove that a great book canbe made even better. Seth Klarmans preface should be required readingfor all investors, and collectively, the contributing editors updates makefor a classic in their own right. The enduring lesson is that an understand-ing of human behavior is a critical part of the process of security analysis.”Brian C. RogersChairmanT. Rowe Price Group“A classic has now been updated by some of the greatest and mostthoughtful investors of our time. The book was a must read and has nowbeen elevated to a new level.”Daniel S. OchSenior Managing MemberOch-Ziff Capital Management Group“Readers will find the updated version of Graham and Dodds SecurityAnalysisto be much improved from earlier editions. While the timelessadvice from two of the greatest value investors continues to resonate, theessays that are contributed by some of the worlds top value investors addimmeasurably to the read. These investors practice what they preach intheir essays and combine to make this edition the best ever! I highly rec-ommend this volume to all investorsold and youngwho will benefitfrom the tried and true principles of the past and the updated applica-tions to todays turbulent markets!”Morris SmithPrivate InvestorFormer ManagerFidelity Magellan Fund“No book empowers you with better tools for intelligent investing thanSecurity Analysis. Seth Klarman and his fabulous team have produced anonpareil edition of Ben Grahams classic for the new millennium.”Mason HawkinsChairman, Longleaf PartnersSoutheastern Asset Management“The ideas of Graham and Dodd have withstood all kinds of market con-ditions and 75 years of scrutinymaking them ever more relevant formodern-day investing. The essays by Klarman and other storied valueinvestors lucidly illustrate that while the capital markets landscape maybe vastly changed from years past, basic investor traits are not, and disci-plined application of the principles of Security Analysiscontinues to pro-vide an important edge in investing.”André F. PeroldGeorge Gund Professor of Finance and BankingHarvard Business SchoolThis page intentionally left blank SECURITYANALYSISSECURITYANALYSISPRIOREDITIONSGraham and Dodd: Security Analysis, First Edition (1934)Graham and Dodd: Security Analysis, Second Edition (1940)Graham and Dodd: Security Analysis, Third Edition (1951)Graham, Dodd, Cottle, and Tatham: Security Analysis, Fourth Edition (1962)Graham, Dodd, Cottle, Murray, Block, & Leibowitz: Security Analysis, Fifth Edition (1988)SECURITYANALYSISPrinciples and TechniqueBENJAMIN GRAHAMInvestment Fund Manager; Lecturer in Finance Columbia UniversityANDDAVID L. DODDAssociate Professor of FinanceColumbia UniversitySixth EditionNew YorkChicagoSan FranciscoLisbonLondonMadridMexico CityMilanNew DelhiSan JuanSeoulSingaporeSydneyTorontoCopyright ? 2009, 1988, 1962, 1951, 1940, 1934 by The McGraw-Hill Companies, Inc. All rightsreserved. Manufactured in the United States of America. Except as permitted under the UnitedStates Copyright Act of 1976, no part of this publication may be reproduced or distributed in anyform or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. 0-07-164293-5The material in this eBook also appears in the print version of this title: 0-07-159253-9.All trademarks are trademarks of their respective owners. Rather than put a trademark symbol afterevery occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark. Where such designations appear in this book, they have been printed with initial caps. McGraw-Hill eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs. For more information, please contact GeorgeHoare, Special Sales, at george_hoaremcgraw- or (212) 904-4069. TERMS OF USE This is a copyrighted work and The McGraw-Hill Companies, Inc. (“McGraw-Hill”) and its licen-sors reserve all rights in and to the work. Use of this work is subject to these terms. Except as per-mitted under the Copyright Act of 1976 and the right to store and retrieve one copy of the work,you may not decompile, disassemble, reverse engineer, reproduce, modify, create derivative worksbased upon, transmit, distribute, disseminate, sell, publish or sublicense the work or any part of itwithout McGraw-Hills prior consent. You may use the work for your own noncommercial and per-sonal use; any other use of the work is strictly prohibited. Your right to use the work may be termi-nated if you fail to comply with these terms. THE WORK IS PROVIDED “AS IS.” McGRAW-HILL AND ITS LICENSORS MAKE NOGUARANTEES OR WARRANTIES AS TO THE ACCURACY, ADEQUACY OR COMPLETE-NESS OF OR RESULTS TO BE OBTAINED FROM USING THE WORK, INCLUDING ANYINFORMATION THAT CAN BE ACCESSED THROUGH THE WORK VIA HYPERLINK OROTHERWISE, AND EXPRESSLY DISCLAIM ANY WARRANTY, EXPRESS OR IMPLIED,INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY ORFITNESS FOR A PARTICULAR PURPOSE. McGraw-Hill and its licensors do not warrant orguarantee that the functions contained in the work will meet your requirements or that its operationwill be uninterrupted or error free. Neither McGraw-Hill nor its licensors shall be liable to you oranyone else for any inaccuracy, error or omission, regardless of cause, in the work or for any dam-ages resulting therefrom. McGraw-Hill has no responsibility for the content of any informationaccessed through the work. Under no circumstances shall McGraw-Hill and/or its licensors be liablefor any indirect, incidental, special, punitive, consequential or similar damages that result from theuse of or inability to use the work, even if any of them has been advised of the possibility of suchdamages. This limitation of liability shall apply to any claim or cause whatsoever whether suchclaim or cause arises in contract, tort or otherwise. DOI: 10.1036/0071592539ProfessionalWant to learn more?We hope you enjoy thisMcGraw-Hill eBook! Ifyou d like more information about this book,its author, or related books and websites,please click here.BENJAMINGRAHAMANDDAVIDDODDforever changed thetheory and practice of investing with the 1934 publica-tion of Security Analysis. The nation, and indeed the restof the world, was in the grips of the Great Depression, aperiod that brought unprecedented upheaval to thefinancial world. In 1940, the authors responded with acomprehensive revision. The second edition of SecurityAnalysisis considered by many investors to be the defini-tive word from the most influential investment philoso-phers of our time.Around the world, Security Analysisis still regarded asthe fundamental text for the analysis of stocks and bonds.It is also considered to be the bible of value investing. Tocommemorate the 75th Anniversary of Security Analysis,McGraw-Hill is proud to publish this sixth edition.Using the text of the 1940 edition, this new editionfeatures lively and practical essays written by a stellarteam that includes todays leading value investors, aprominent academic, and leading financial writers. Theresult is a contemporary bible of value investing.The sixth edition, with a new design that payshomage to the original 1940 design, includes a CD ofthe entire original 1940 second edition. This book wasprinted and bound by R.R. Donnelley in Crawfordsville,Indiana.“Many shall be restored that now are fallen, and many shall fall that now are in honor.”HORACEARSPOETICA.For more information about this title, click hereFor more information about this title, click hereCONTENTSForeword?by Warren E. Buffettxi Preface to the Sixth Edition|The Timeless Wisdom of Graham andDodd?by Seth A. KlarmanxiiiPREFACETOTHESECONDEDITIONxliPREFACETOTHEFIRSTEDITIONxliiiIntroduction to the Sixth Edition|Benjamin Graham and SecurityAnalysis: The Historical Backdrop?by James Grant1INTRODUCTIONTOTHESECONDEDITION21PARTISURVEYANDAPPROACHIntroduction to Part I|The Essential Lessonsby Roger Lowenstein39Graham and Dodd chapters:1.THESCOPEANDLIMITSOFSECURITYANALYSIS. THECONCEPTOFINTRINSICVALUE612.FUNDAMENTALELEMENTSINTHEPROBLEMOFANALYSIS. QUANTITATIVEANDQUALITATIVEFACTORS753.SOURCESOFINFORMATION894.DISTINCTIONSBETWEENINVESTMENTANDSPECULATION1005.CLASSIFICATIONOFSECURITIES112viiviiiContentsPARTIIFIXED-VALUEINVESTMENTSIntroduction to Part II|Unshackling Bonds?by Howard S. Marks123Graham and Dodd chapters:6.THESELECTIONOFFIXED-VALUEINVESTMENTS1417.THESELECTIONOFFIXED-VALUEINVESTMENTS: SECONDANDTHIRDPRINCIPLES1518.SPECIFICSTANDARDSFORBONDINVESTMENT1699.SPECIFICSTANDARDSFORBONDINVESTMENT(CONTINUED)see accompanying CD10.SPECIFICSTANDARDSFORBONDINVESTMENT(CONTINUED)18011.SPECIFICSTANDARDSFORBONDINVESTMENT(CONTINUED)see accompanying CD12.SPECIALFACTORSINTHEANALYSISOFRAILROADANDPUBLIC-UTILITYBONDSseeaccompanying CD13.OTHERSPECIALFACTORSINBONDANALYSISsee accompanying CD14.THETHEORYOFPREFERREDSTOCKSsee accompanying CD15.TECHNIQUEOFSELECTINGPREFERREDSTOCKSFORINVESTMENT19016.INCOMEBONDSANDGUARANTEEDSECURITIES20217.GUARANTEEDSECURITIES(CONTINUED)21518.PROTECTIVECOVENANTSANDREMEDIESOFSENIORSECURITYHOLDERS22919.PROTECTIVECOVENANTS(CONTINUED)24220.PREFERRED-STOCKPROTECTIVEPROVISIONS. MAINTENANCEOFJUNIORCAPITALsee accompanying CD21.SUPERVISIONOFINVESTMENTHOLDINGS252PARTIIISENIORSECURITIESWITHSPECULATIVEFEATURESIntroduction to Part III|“Blood and Judgement”?by J. Ezra Merkin265Graham and Dodd chapters:22.PRIVILEGEDISSUES28923.TECHNICALCHARACTERISTICSOFPRIVILEGEDSENIORSECURITIES29924.TECHNICALASPECTSOFCONVERTIBLEISSUES31325.SENIORSECURITIESWITHWARRANTS. PARTICIPATINGISSUES. SWITCHINGANDHEDGINGsee accompanying CD26.SENIORSECURITIESOFQUESTIONABLESAFETY323ContentsixPARTIVTHEORYOFCOMMON-STOCKINVESTMENT. THEDIVIDENDFACTORIntroduction to Part IV|Go with the Flow?by Bruce Berkowitz339Graham and Dodd chapters:27.THETHEORYOFCOMMON-STOCKINVESTMENT34828.NEWERCANONSOFCOMMON-STOCKINVESTMENT36629.THEDIVIDENDFACTORINCOMMON-STOCKANALYSIS37630.STOCKDIVIDENDSsee accompanying CDPARTVANALYSISOFTHEINCOMEACCOUNT. THEEARNINGSFACTORINCOMMON-STOCKVALUATIONIntroduction to Part V|The Quest for Rational Investingby Glenn H. Greenberg395Graham and Dodd chapters:31.ANALYSISOFTHEINCOMEACCOUNT40932.EXTRAORDINARYLOSSESANDOTHERSPECIALITEMSINTHEINCOMEACCOUNT42433.MISLEADINGARTIFICESINTHEINCOMEACCOUNT. EARNINGSOFSUBSIDIARIES43534.THERELATIONOFDEPRECIATIONANDSIMILARCHARGESTOEARNINGPOWER45335.PUBLIC-UTILITYDEPRECIATIONPOLICIESsee accompanying CD36.AMORTIZATIONCHARGESFROMTHEINVESTORSSTANDPOINTsee accompanying CD37.SIGNIFICANCEOFTHEEARNINGSRECORD47238.SPECIFICREASONSFORQUESTIONINGORREJECTINGTHEPASTRECORD48739.PRICE-EARNINGSRATIOSFORCOMMONSTOCKS. ADJUSTMENTSFORCHANGESINCAPITALIZATION49640.CAPITALIZATIONSTRUCTURE50741.LOW-PRICEDCOMMONSTOCKS. ANALYSISOFTHESOURCEOFINCOME520PARTVIBALANCE-SHEETANALYSIS. IMPLICATIONSOFASSETVALUESIntroduction to Part VI|Deconstructing the Balance Sheetby Bruce Greenwald535xContentsGraham and Dodd chapters:42.BALANCE-SHEETANALYSIS. SIGNIFICANCEOFBOOKVALUE54843.SIGNIFICANCEOFTHECURRENT-ASSETVALUE55944.IMPLICATIONSOFLIQUIDATINGVALUE. STOCKHOLDER-MANAGEMENTRELATIONSHIPS57545.BALANCE-SHEETANALYSIS(CONCLUDED)591PARTVIIADDITIONALASPECTSOFSECURITYANALYSIS. DISCREPANCIESBETWEENPRICEANDVALUEIntroduction to Part VII|The Great Illusion of the Stock Market andthe Future of Value Investing?by David Abrams617Graham and Dodd chapters:46.STOCK-OPTIONWARRANTSsee accompanying CD47.COSTOFFINANCINGANDMANAGEMENT63348.SOMEASPECTSOFCORPORATEPYRAMIDING64449.COMPARATIVEANALYSISOFCOMPANIESINTHESAMEFIELD65450.DISCREPANCIESBETWEENPRICEANDVALUE66951.DISCREPANCIESBETWEENPRICEANDVALUE(CONTINUED)68852.MARKETANALYSISANDSECURITYANALYSIS697PARTVIIIGLOBALVALUEINVESTINGGlobetrotting with Graham and Dodd?by Thomas A. Russo711APPENDIXsee accompanying CDAbout This Edition725 Acknowledgments727 About the Contributors729 About the Authors733 Index735FOREWORDBYWARRENE. BUFFETThere are four books in my overflowing library that I particularlytreasure, each of them written more than 50 years ago. All,Tthough, would still be of enormous value to me if I were to readthem today for the first time; their wisdom endures though their pages fade.Two of those books are first editions ofThe Wealth of Nations (1776),by Adam Smith, and The Intelligent Investor(1949), by Benjamin Graham.A third is an original copy of the book you hold in your hands, Grahamand Dodds Security Analysis. I studied from Security Analysiswhile I was atColumbia University in 1950 and 1951, when I had the extraordinarygood luck to have Ben Graham and Dave Dodd as teachers. Together, thebook and the men changed my life.On the utilitarian side, what I learned then became the bedrock uponwhich all of my investment and business decisions have been built. Priorto meeting Ben and Dave, I had long been fascinated by the stock market.Before I bought my first stock at age 11it took me until then to accumu-late the $115 required for the purchaseI had read every book in theOmaha Public Library having to do with the stock market. I found many ofthem fascinating and all interesting. But none were really useful.My intellectual odyssey ended, however, when I met Ben and Dave,first through their writings and then in person. They laid out a roadmapfor investing that I have now been following for 57 years. Theres been noreason to look for another.xiCopryight ? 2009, 1988, 1962, 1951, 1940, 1934 b yThe McrGa-Hiwll Companies, Inc. Click here for terms of use. xiiForewordBeyond the ideas Ben and Dave gave me, they showered me withfriendship, encouragement, and trust. They cared not a whit for reciproca-tiontoward a yo