Benjamin Graham, David L. Dodd

A second edition of the economics book Security Analysis.

• Benjamin Graham (American).
• David L. Dodd (American).
• Security Analysis: Principles and Technique.
• New York: McGraw-Hill Book Company, 1950.
• Octavo.
• 851 pages.
• Bound in black cloth with double blind ruled upper, blocked titles in gilt on spine with gilt ruling at crown and foot.

‘Many shall be restored that are now fallen and many shall fall that are now in honor.’

Few published works of the 20th century have exerted the influence or had as devoted a following as Security Analysis. Prior to its publication, investors often relied on intuition or the character of a business owner to make their decisions. Writing in the wake of the Crash of 1929, Graham and Dodd designed “value-oriented investment,” a disciplined, realistic approach to constructing a solid financial portfolio. Popular when it was published, it continues to shape the strategies and the training of financiers.

From the collection of Belmont Towbin, an advisory director of Lehman Brothers, and an investment banker who successfully marketed the stock offerings of many small, rapidly growing companies in the 1940s and '50s. Towbin was a partner in C.E. Unterberg Towbin, who arranged the first stock offering of Intel.