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Security Analysis
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7:08 am
February 26, 2011


somrh

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posts 336
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I started it a while back and have been meaning to fiinish but haven't gotten around to it. I've mainly just read the bond/preferred securities section. There is one interesting tidbit in the bonds section. In chapter 10 section 3, Graham discusses real estate bonds. For things like factories and the like, he suggests to evaluate them in the same way that you would any corporate loan. This makes sense since, it's often the case that the property (after a company relocates or goes out of business) will sit there unused for many years.

But property such as housing and office space can easily be sold or rented out to some other individual. In which case he advocates using a price to rent ratio (he doesn't call it that, but that's effectively what he suggests). This idea, of course, was recently picked up by the economist Robert Shiller who's been tracking home prices for a few decades now. It seems to be a pretty good analog to the price to earnings ratio.

4:46 pm
February 23, 2011


Jae Jun

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posts 1453
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To be honest, I havent read it myself. Only a few bits and pieces but not the whole thing. I do have a copy though. It's the latest version.

2:34 am
February 21, 2011


Carlh868

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posts 21
1

Since there is no post about this book then I guess I will be the first to ask this question. Has anyone read or attempted to read Security Analysis, The Holy Grail of Value Investing? The reason I asked is because I started read the 1951 ediditon very slowly and believe me it's not the easiest book to understand and some of the examples are soooo old Tongue out and I don't know if there are still relevant. If any of you read the book please let me know or share your thought, thanks Wink
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