A Modern Approach to Graham and Dodd Investing
His famous book, The Intelligent Investor , has gained recognition as the foundational work in value investing. Benjamin Graham was born in in London, UK. When he was still little, his family moved to America, where they lost their savings during the Bank Panic of Graham attended Columbia University on a scholarship and accepted a job offer after graduation on Wall Street with Newburger, Henderson and Loeb. His observations after the crash inspired him to write a research book with David Dodd, called Security Analysis. Irving Kahn, one of the greatest American investors, also contributed to the research content of the book.
It is instructive to go back and read financial books written at a time of economic trouble and hardship. Benjamin Graham was a stock and bond investor who suffered losses as a result of the Great Depression. I think it safe to say that he was a thoughtful man, who obviously wanted to learn from his financial errors. The result was the publishing of Security Analysis. David Dodd was an associate professor of finance at Columbia.
Security Analysis is a book written by professors Benjamin Graham and David Dodd of Columbia Business School , which laid the intellectual foundation for what would later be called value investing. The first edition was published in , shortly after the Wall Street crash and start of the Great Depression. Among other terms, Graham and Dodd coined the term margin of safety in Security Analysis. Writes The New York Times , "it was intended as a common-sense guide for investors but turned out to be a thick textbook that went through five editions and sold more than , copies [by ]. The work was first published in , following unprecedented losses on Wall Street.