Notes to Benjamin Graham's Security Analysis

Complete Notes in PDF

Part I: Survey and Approach

Chapter 1: Introduction
Chapter 2: The Scope and Limitations of Security Analysis
Chapter 3: The Behavior of the Security Markets
Chapter 4: Investment and Speculation
Chapter 5: Investment Policy
Chapter 6: Nature and Sources of the Analyst’s Information
Chapter 7: Quantitative and Qualitative Factors in Security Analysis. The Margin of Safety Concept.
Chapter 8: Classification of Securities

Part II: Fixed Value Investments

Chapter 6: The Selection of Fixed Value Investments
Chapter 7: The Selection of Fixed Value Investments: Second and Third Principles
Chapter 8: Specific Standards for Bond Investment
Chapter 9: Specific Standards for Bond Investment
Chapter 10: Specific Standards for Bond Investment
Chapter 11: Specific Standards for Bond Investment
Chapter 12: Special Factors in the Analysis of Railroad and Public Utility Bonds
Chapter 13: Other Special Factors in Bond Analysis
Chapter 14: The Theory of Preferred Stocks
Chapter 15: Technique of Selecting Preferred Stocks for Investment
Chapter 16: Income Bonds and Guaranteed Securities
Chapter 17: Guaranteed Securities
Chapter 18: Protective Covenants and Remedies of Senior Security Holders
Chapter 19: Protective Covenants
Chapter 20: Preferred Stock Protective Provisions. Maintenance of Junior Capital
Chapter 21: Supervision of Investment Holdings

Part III: Senior Securities with Speculative Features

Chapter 22: Privileged Issues
Chapter 23: Technical Characteristics of Privileged Senior Securities
Chapter 24: Technical Aspects of Convertible Issues
Chapter 25: Senior Securities with Warrants, Participating Issues, Switching and Hedging
Chapter 26: Senior Securities of Questionable Safety

Part IV: Theory of Common Stock Investment. The Dividend Factor

Chapter 27: The Theory of Common Stock Investment
Chapter 28: Newer Canons of Common Stock Investment
Chapter 29: The Dividend Factor in Common Stock Analysis
Chapter 30: Stock Dividends

Part V: Analysis of the Income Account. The Earnings Factor in Common Stock Valuation

Chapter 31: Analysis of the Income Account
Chapter 32: Extraordinary Losses and Other Special Items in the Income Account
Chapter 33: Misleading Artifices in the Income Account. Earnings of Subsidiaries
Chapter 34: The Relation of Depreciation and Similar Charges to Earning Power
Chapter 35: Public Utility Depreciation Policies
Chapter 36: Amortization Charges from the Investor’s Standpoint
Chapter 37: Significance of the Earnings Record
Chapter 38: Specific Reasons for Questioning or Rejecting the Past Record
Chapter 39: Price-Earnings Ratios for Common Stocks. Adjustments for Changes in Capitalization
Chapter 40: Capitalization Structure
Chapter 41: Low Priced Common Stocks. Analysis of the Source of Income

Part VI: Balance Sheet Analysis. Implications of Asset Values

Chapter 42: Balance Sheet Analysis. Significance of Book Value
Chapter 43: Significance of Current Asset Value
Chapter 44: Implications of Liquidating Value. Stockholder Management Relationships
Chapter 45: Balance Sheet Analysis

Part VII: Additional Aspects of Security Analysis. Discrepancies between Price and Value

Chapter 46: Stock Option Warrants
Chapter 47: Cost of Financing and Management
Chapter 48: Some Aspects of Corporate Pyramiding
Chapter 49: Comparative Analysis of Companies in the Same Field
Chapter 50: Discrepancies between Price and Value
Chapter 51: Discrepancies between Price and Value (Continued)
Chapter 52: Market Analysis and Security Analysis