# Differences between editions of Security Analysis by Graham and Dodd?

Where can I find a comparison of the contents, a list of everything that changed or the differences among the different editions of the book Security Analysis by Benjamin Graham & David Dodd?

There are six editions of the book: 1934, 1940, 1951, 1962, 1988, and 2008.

Do I have to read all of them and compare myself or did someone already do that?

Edit: I already read The Intelligent Investor and the sixth edition of Security Analysis. This question is about the differences between the different editions. The sixth edition if I understand it correctly, is based on the 1940-edition.

• I prefer the 1962 Fourth Edition. It was the last edition written by Graham and Dodd themselves. – user20564 May 1 '16 at 19:07
• @RudyGaranchon can you elaborate a bit more, why is the last version the best? – Bob Jansen May 1 '16 at 20:52

## 2 Answers

I have read the 2008 and the 1988 version. The 2008 version is the 1940 version with commentary by accountants in added chapters to bring the book up to current methods and to discuss what changed in the world since the writing of the original 1940 book. The 1988 book is not by Graham as he had died in 1973, but primarily by Syndey Cottle with the blessing and imprimatur of David Dodd. I have not read either the '34 book nor the '62 book.

The fact that modern users felt obligated to reissue the 1940 book and not the '62 book tells me they felt the 1940 book was better.

The differences between the 1988 book and the 2008 book are pretty stark. If you have never done security analysis before and you need technical skills, then the 1988 book is better. It is more of a "what" book. If you have excellent accounting skills and have done security analysis, then the 1940 book is better as it is more of a "why" book.

The 1988 book is a bit more step by step view of what to do with ratios and so forth. The 1940 book is more of an attitude toward viewing and understanding relationships inside and outside the firm as well as the role of the statements and their notes. Really, security analysis is notes analysis as the statements are inadequate for the purpose.

This question is pretty dealt on the internet with; browsing on the web I found a lot of people preferred the 1940 revised edition, but without evident reasons. On the personal finance site suggested to read Graham's Intelligent Investor, considered better than Security Analysis.

Personally, I had a look to the last version and I suggest you to do the same; this because of the fact that financial markets evolve in time and it is better to adequate own knowledge on current literature about a topic.