Security Analysis.

GRAHAM, Benjamin and David L. Dodd. [Warren E. Buffett; Charles Munger; Bill Ruane; Lou Simpson].

Item Number: 118012

London: McGraw-Hill Book Company, 1934.

Limited edition of Graham and Dodd’s seminal work, signed by four legendary American investors: Warren E. Buffett, Charlie Munger (chairman of Wesco Financial Corporation), Bill Ruane (manager of the great Sequoia Fund for many years and friend of Buffett), and Lou Simpson (chief of investments at GEICO for many years). Octavo, bound in full leather by Donnelley with gilt titles and tooling to the spine and panels, ribbon bound in. One of 1,000 numbered copies, this is number 348. Signed by Warren E. Buffett and Charles Munger; inscribed by Bill Ruane, “To Bryan Enjoy the greatest book… Bill Ruane” and Lou Simpson, “Many lessons to be learned from this book. Lou Simpson.” In near fine condition, some highlighting to the text. An exceptional presentation.

Continuously in print through five editions, for more than 80 years, and with nearly a million copies sold, Security Analysis is indisputably the most influential book on investing ever written. Known as the investors' bible, it is as frequently consulted today as it was when it first appeared in 1934. The original words of Benjamin Graham and David Dodd--put to paper not long after the disastrous Stock Market Crash of 1929--still have the mesmerizing qualities of rigorous honesty and diligent scrutiny, the same riveting power of disciplined thought and determined logic that gave the work its first distinction and began its illustrious career. In 2016, Fortune called the book "still the best investment guide" and noted its "extraordinary endurance." The article states that "Graham, the primary author, then an obscure professor and money manager, chose the Great Depression as the time to assert his faith in patient security analysis and long-term investing. Given that the market was in the throes of an epochal collapse, very few folks were interested in investing. But Graham had the courage to see through the moment." Fortune also argues that one reason the book remained popular is that "it proffered an irreplaceable approach to investment. Stocks were to be valued as a shares of a business, bought and sold on that basis. No one contemplating the purchase of a family farm pondered the market trend or the latest jobs report; so should it be with common stocks." This special reprint of the first edition was photographed by hand from the original pages of the first edition of Security Analysis using a customized vertical camera designed to minimize distortion.