Since its publication,Security Analysisby Graham and Dodd has been the investment bible and has sold more than 750,000 copies. Now the fifth edition of this classic updates the application of the Graham and Dodd valuation approach for today's greatly changed investment environment.This edition brings the Graham and Dodd approach up to date with the changes that have occurred since the last edition was published--changes in investment practices and regulation, several new tax laws, the explosion of new accounting and financial reporting rules, persistent inflation in capital markets, new investment instruments, and more.Maintaining the high standards of prior editions,Security Analysisputs at your fingertips the authoritative guidance on analyzing securities that generations of users have come to rely on. Here in clear, easy-to-use explanations you'll find the tools of financial statement analysis--from the investor's viewpoint and with an investor's notion of income and capital maintenance--that have enabled value investors to keep the edge in a highly competitive market.The book provides the principles and techniques to measure asset values and cash flows so that you can sharpen your judgments of company earnings, refresh your insight into what individual companies are worth, and evaluate how much debt a leveraged company can service. You'll find practical guidance to make better investment decisions whether you're a security analyst, portfolio manager, broker/dealer, investment banker, credit officer, or a serious individual investor.Heavily illustrated with examples taken from real companies,Security Analysis, Fifth Edition, is an investment book like no other for investors who aspire to the highest investment accomplishments.

Sidney Cottle is President of FRS Associates, which provides specialized research, consulting, proprietary multiclient studies and seminars to institutional investors on the investment decision-making process and investment management. Dr. Cottle was formerly Director of Finance and Financial Institutional Research at Stanford Research Institute and a member of the faculty at the Graduate School of Business, Stanford University. He is coauthor with Benjamin Graham and David L. Dodd of the Fourth Edition of Security Analysis. He is Project Director of Pension Asset Management: The Corporate Decision, prepared for the Financial Executive Research Foundation, and also coauthor of other books on investments. He is the author of articles in the Financial Analysts Journal and other professional financial journals and twice recipient of the Graham and Dodd Award for financial writing.

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Roger F. Murray is S. Sloan Colt Professor Emeritus of Banking and Finance, Graduate School of Business, Columbia University, where he was successor in the classroom to Benjamin Graham and David L. Dodd, introducing more than 2,000 students to the concepts of security analysis, as well as business finance, capital markets, and portfolio management. He took a six-year hiatus from teaching to serve as Finance Committee Chairman and trustee of the College Retirement Equities Fund. A past President of the American Finance Association who is still active in investment management, he currently serves as adviser, director, or trustee of investment and business organizations.

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Frank E. Block was a member of the Financial Accounting Standards Board from 1979 to 1985. Previously he had spent 30 years in investment research activities in bank trust departments and on Wall Street. He has been President of the Institute of Chartered Financial Analysts (1972-1973) and the Financial Analysts Federation (1969-1970). He has been a frequent writer and speaker on investment subjects, and was an Associate Editor of the Financial Analysts Journal (1966-1979).

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Part I: Financial Analysis and Approach.Part II: Analysis of Financial Statements.Part III: Analysis of Fixed-Income Securities.Part IV: Valuation of Common Stocks and Contingent Claims.Part V: Impact of Security Analysis.