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Benjamin Graham – The Interpretation of Financial Statements
All investors, from beginners to old hands, should gain from the use of this guide, as I have.” From the Introduction by Michael F. Price, president, Franklin Mutual Advisors, Inc. Benjamin Graham has been called the most important investment thinker of the twentieth century. As a master investor, pioneering stock analyst, and mentor to investment superstars, he has no peer. The volume you hold in your hands is Graham’s timeless guide to interpreting and understanding financial statements. It has long been out of print, but now joins Graham’s other masterpieces, The Intelligent Investor and Security Analysis, as the three priceless keys to understanding Graham and value investing. The advice he offers in this book is as useful and prescient today as it was sixty years ago. As he writes in the preface, “if you have precise information as to a company’s present financial position and its past earnings record, you are better equipped to gauge its future possibilities. And this is the essential function and value of security analysis.” Written just three years after his landmark Security Analysis, The Interpretation of Financial Statements gets to the heart of the master’s ideas on value investing in astonishingly few pages. Readers will learn to analyze a company’s balance sheets and income statements and arrive at a true understanding of its financial position and earnings record. Graham provides simple tests any reader can apply to determine the financial health and well-being of any company. This volume is an exact text replica of the first edition of The Interpretation of Financial Statements, published by Harper & Brothers in 1937. Graham’s original language has been restored, and readers can be assured that every idea and technique presented here appears exactly as Graham intended. Highly practical and accessible, it is an essential guide for all business people–and makes the perfect companion volume to Graham’s investment masterpiece The Intelligent Investor.
Benjamin Graham was a seminal figure on Wall Street and is widely acknowledged to be the father of modern security analysis. As the founder of the value school of investing, Graham influenced such subsequent investment gurus as Warren Buffett, Mario Gabelli, John Neff, Michael Price, and John Bogle. His timeless Security Analysis and The Intelligent Investor are still considered the “bibles” for both individual investors and Wall Street professionals. Benjamin Graham grew up in New York City and graduated from Columbia University, at whose Graduate School of Business he taught from 1928 to 1957. From 19?? to 19?? he co-lectured Securities Analysis at Columbia with Irving Kahn.
