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McGraw-Hill Professional to Publish 75th Anniversary Edition of Graham and Dodd's Security Analysis
To commemorate the 75th anniversary of the book and to make Graham's work even more accessible to the current generation of investors, McGraw-Hill Professional announces that it will publish SECURITY ANALYSIS: THE 6th EDITION in
"Security Analysis is a monumental work that provides readers with the kind of historical perspective and profitable guidance that never ceases to be relevant in the realm of money and investing," says
Four editors coordinated this special 75th anniversary edition. — Seth A. Klarman, president of Boston's The Baupost Group, runs a series of highly successful investment partnerships using Graham and Dodd principles. In his preface, he discusses the timelessness of their philosophy, changes in the environment with which value investors must contend, and the unanswerable questions that will always require value investors to work hard. He is also the author of Margin of Safety, a contemporary, classic investment book. — James Grant, founder and editor of Grant's Interest Rate Observer, has been writing about markets and financial figures for over 30 years, and is the author of five books, including biographies of financier Bernard Baruch and President John Adams. He is a founding general partner of Nippon Partners, a hedge fund investing in Japan. Grant's introduction takes us back to Graham and Dodd's era to put Security Analysis in historical perspective. — Bruce Greenwald, the Robert Heilbrunn Professor of Finance and Asset Management at Columbia Business School, also heads the Heilbrunn Center for Graham and Dodd Investing. His essay tears apart the corporate balance sheet and shares his unique insights on this most important of financial statements. He is the author of Value Investing: From Graham to Buffett and Beyond. — Jeffrey M. Laderman, CFA, a 25-year veteran of BusinessWeek, has written and edited articles on everything from stock market crises to trading scandals. He served as the editor of the Sixth Edition.
To update each of the seven parts of Security Analysis, a team of leading value investors with expertise in the seven areas was assembled. Each contributor wrote a new introduction in his area of expertise, from fixed-income to distressed investing, that places Security Analysis in its modern context:
— Roger Lowenstein, one of America's top financial journalists, gives his keen insights into contemporary value investing. Lowenstein is a regular contributor to The New York Times Magazine, Portfolio, and Smart Money, and is the best-selling author of four books, including Buffett: The Making of an American Capitalist; and When Genius Failed: The Rise and Fall of Long-Term Capital Management. His most recent book is While America Aged. — Howard Marks, CFA, chairman of Los Angeles-based Oaktree Capital Management, was an early investor in high-yield bonds and a devotee of Graham and Dodd. At first glance, those two ideas appear to be antithetical, but Marks says that's not the case. His intro to Part II, which is about fixed-income investments, explains how Security Analysis can be profitably applied to the corporate bond market. — J. Ezra Merkin, managing partner of Gabriel Capital Group in New York City, is one of today's leading investors in corporate bankruptcy and distressed securities. In his essay, \"Blood and Judgment,\" Merkin lays out various bankruptcy scenarios using real examples, and analyzes the investment opportunities from a value buyer's perspective. — Bruce Berkowitz, the founder of Fairholme Capital Management and president of The Fairholme Fund, a value mutual fund. This Miami-based investor offers his insights on corporate dividends and their modern-day equivalent, free cash flow. Using examples and anecdotes from his own experiences, Berkowitz provides this key update to Graham and Dodd's wisdom. — Glenn Greenberg, CFA, co-founder and managing director of New York-based Chieftain Capital Management, admits flat out that he never read Security Analysis in business school, and even midway through his career, found the text a bit fusty. Going back to the book after more than three decades on Wall Street, he finds it remarkable for its enduring advice. His essay shows us how to assess companies and their income statements with a value investor's eye. — David Abrams heads his own investment partnership, Boston-based Abrams Capital Management. Abrams offers his early experiences in the investment business and lessons as he describes \"The Great Illusion of the Stock Market\" and makes the dry subject of warrants and options come alive. — Thomas Russo is a partner in Lancaster, PA-based Gardner Russo & Gardner and general partner of Semper Vic Partners, L.P. Russo has specialized in global value investing for over 20 years. His essay introduces the part of the book that was never written — value investing in global markets. The subject was small bore in the authors' day, but of great importance now.
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McGraw-Hill Professional is a unit of McGraw-Hill Education, a division of The McGraw-Hill Companies (NYSE: MHP). Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries. Sales in 2007 were
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