SECURITY ANALYSIS (BY BENJAMIN GRAHAM)
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- Опубліковано 20 чер 2024
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The bible of value investing. This is the first part of my summary of Security Analysis - Benjamin Graham & David Dodd’s legacy to up-and-coming investors.
Playlist of the full Security Analysis series: bit.ly/2vNzkw7
Top 5 takeaways from Benjamin Graham’s Security Analysis:
00:00 1. Investment vs. speculation
04:37 2. Classification of securities
07:34 3. Quantitative analysis vs qualitative analysis
10:32 4. Obstacles for the analyst
13:02 5. Investing is the search for exceptional cases
TL;DW:
- An investment operation is one which, upon thorough analysis, promises safety of principal and a satisfactory return
- There are many different types of securities suitable for investment operations. They are, however, not bought under the same premises.
- Quantitative data must always be validated by qualitative observations
- The incorrectness of data, uncertainties of the future and irrationalities of markets complicate the work of the analyst, but they don’t nullify it
- One of the greatest advantages of the analyst is that he can, and should, only act in exceptional cases
My goal with this channel is to help you make more money and improve your personal finances. How to become a millionaire? There are many ways to get there - investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties - I hope to be able to provide you with a solution (or at least an idea) here. Warren Buffett - the greatest investor of our time - says that you should fill your mind with competing ideas and then see what makes sense to you. This channel is about filling your mind with those ideas. And in the process - upgrading your money-making toolbox.
Playlist of the full Security Analysis series: bit.ly/2vNzkw7
Thank you!
Awesome contents brother. Your effort behind these videos are truly remarkable. Hope you'll reach 1 million subscribers soon.
Love your work! Would love to ask you a few questions about how you read these books :D
Very well done, not easy to boil down but you’ve done a brilliant job, keep it up!
Great 👍
This a really clear explanation of such a dry and difficult book to read in the investing field. Thank you for helping understand it as much as possible.
A very fine comment/compliment Baron1250, thank you for your support! 🙌
Fantastic video. Extremely useful to condense a 900 page book into a < 1 hour audio, eliminating the unnecessary and focusing on the essentials. You deserve all the recognition you're getting because your content is quality... Keep up the awesome work. Love from India
I've been studying this book for weeks and your 18 minutes of explaining helped me understand much more. I don't think anyone could have explained it better. I feel so prepared for my exam tommorow
what exam are you taking ?
maybe more than 75% of investment professionals have not read more than a couple chapters, some commentary authors even confess it on the sixth ed., WB has read it a least a dozen times.....finish it at least once
You deserve SO many more likes and views than you currently have. Your videos are absolute GOLD. Thank you.
This channel is simply mind blowing! thank you so much for such amazing content! and keep up the good work!!
Read and heard that statement many times but finally understood the true depth of the meaning of the words
Of course ! Distinguish investing from speculating is key to your plan ! Father Graham and Dodd rules still credible over the time ! This bible is heavy and intimidating at begining but at last it's a masterpiece ! Deserve more than one read/use !!! ⭐
Thank you so much, very clearly explanation
Every content is worth watching. Finally, Security Analysis. Haven't read it honestly. This will be a good introduction when I find time to check it out. :)
Cheers Iresh Rie Dacian, thank you for your support! 😁
This channel is worth more than 15k subs... Keep up the good work, from a fan from the Philippines
Wonderful, love the support ryzlei! 😁 Hehe I'm very flattered by 15k, but I hope you're right 👍
@@prubz7263 very well
Agree
Imagine if you could put stocks in youtubers, you'd be rich
797K
You are doing a wonderful job. Thanks a lot!
YogiLogic awesome to hear it, appreciate it! 😍
@@TheSwedishInvestor great vídeos man
very helpful and your method of relatability with common life examples that's again great which helped a beginer like me to Digest the concepts easily
Thanks for providing the value !
Great content, thanks for sharing!
was searching for book summary and stumble upon your fan. Bravo, have become a fan now.
Thanks erik. Very good video. Keep it up. It helps us to stay away from scam!
Thank you so much, really
the best channel in the entire UA-cam
Shukri cheers man! 😁👍
the best investing youtube channel ever!
Great video sir....really helped me to think about what to read from the book.....
Love the style of your videos. And your accent!
Looking forward to the next videos on the book
Thank you! As a non-native English speaker I'm very happy to hear that 😁
This video was great!
this video is very awesome ! thank you
Thank you for your effort mate, all the videos in your chanel really help me to grasp the concept of every book, i just promoting your channel to my fellows Indonesian value investors. Kudos!
Cheers Jufri Sinurat! I appreciate you sharing the videos, hope your friends will enjoy them too, and I hope that I will be able to produce more valuable content for you here in the future!
Great video. Thanks for making it.
Cheers John Doe! 😁
I had this book! It is very extensive and I wanted to finish it and I was getting confused but now when I got this takeaway I love this video thank you so much!
I'm glad to hear that you enjoy it Larson Family! I think the video might be useful as a compliment to the book too, perhaps going back and forth between the two. Cheers!
Great job.. waiting for next 3 videos.
Cheers
Cheers Subrata Dutta! 🙌
Really want to see a breakdown of ur profolio with all these financial knowledge, appreciate the quality vid
Thank you. Love your videos!
Cheers Mayowa Awobadejo! 😁
AWeSOME, thanks
PURE GOLD
Happy that you exist man.! Keep the great work please. :)
Cheers blerin qualliu! :)
Great work !!
Ben graham’s writing is atrocious. Thank you so much for summarizing this book in such an easy to understand format. This video is excellent!
Totally agree. I have to say that after all the hype, I was very disappointed in the book- it is such a dry, excessively wordy difficult read. Sad to say but quite boring actually despite some good nuggets within.
@@drew9312 it’s good to go to UA-cam for the main points of many classic books and save you the time of reading a 400-500 page book.
Well done bro. Hope your channel produce more and more videos and will be known widely. Im always support you.
Đạt Nguyễn Vũ Thành I'm grateful for your support! 🙌 Cheers!
Gald I found this channel ,some much time can be freed up and now I can focus on other things!
Thank You So Much!!
Underrated youtuber!
Great effort!
The best youtube channel
I like your videos... thank you for your work
Thanks for such really marvelous jobs
great job ! thanks..
I have tried reading the 1940 Classic at least 10 times (if not more). I have always felt guilty and lazy to not finishing that book. I had given up trying to read it....
Luckily I stumbled upon your videos. Now with an excellent overview, I will go back and attempt again to finish my reading.
Totally agree. After all the hype, I was very disappointed in the book- it is such a dry, excessively wordy difficult read. Sad to say but quite boring actually despite some good nuggets within.
Thank you
I love how well you summarize books. I wonder have you read the automatic millionaire? It’s a really basic book. It’s what got me started in savings and retirement
Thank you adansito adan! 😁 I have not, but it's on my list! I have a few books to finish from a poll before I get to it, but eventually, I will!
amazing content, please keep it up! Subed!
Will do Jia Yao! Welcome to the channel! 👍
Great video
Keep up the good work
stevolukic, I love the support! 😍
I learned more in this video than my financial class.... What a time to be alive. btw the video is good though
Haha, I appreciate it Van Tran! Cheers!
The way you narrate is good.... keep up the work 👍
I'm happy to hear it Ajil Antony 😍
Wow, been waiting for this for a while !
Hehe, this book was a beast. Typically, 900 pages means a lot of bulls***, but in this case, most of the 52 chapters are worthwhile 👍
Thanks
Brother I tried to find security analysis, I couldn't find it, ..your videos are very helpful..., thank you brother...love from India
Nice video, dude.
Cheers Vengeance Fray! 🙌
thank you. i'm hongkonger. it's good video with english caption.
Awesome
Can we keep this book as an exemple in our present? Thank you so much for your videos
I had Read This Book .... I request everyone to Watch his all parts and Like and Share.
As I had read this book all and he had covered all Main - Main points you should need to know.
You can read that book in free time, if u need something in deep.
The modern version of this book is "Deep Value" - by Tobias Carlisle
Thank you for all your videos Swedish Investor. They already improved my life. I propose some books for future videos: Elements of Information Theory (a book recommended by Nassim Taleb) and Life After Google. Good luck in your projects and investments.
Cheers Bogdan Popescu! 😁 I checked Elements of Information Theory and it looks like a beast! I'll add it to my list, but that's probably a serious challenge to get though 😉
@@TheSwedishInvestor Yes. Just received it from Amazon and it's not what I expected. Looks like the Nassim Taleb's of this world could understand it, but I'll take a shot myself (someday).
Based on my experience, I believe the investment experience is more important than data analysis to the new investor.
Although data and financial technical analysis are necessary, new investors need real experience first in order to know which type of analysis fit their investment style.
Experience is key, indeed! Some basic knowledge is good for not wasting that hard-earned money though. However, I'd rather learn from other peoples' mistakes than from my own. Getting burned yourself is a quick way to experience thought.
It would helps if these videos in the miniseries were numbered.
Remember to watch the Ads so this brilliant channel makes money
Great
thank a lot from indonesia
Finally 😍
😁
Thanks a lot:))
Investor only problem and his worst enemy is likely to be himself -Benjamin Graham The intelligent investor 🙏
Evidenced expectation of future growth is not speculation I would say.
E.g. Alibaba (early 2020) is 25x trailing earnings, but it has had 20% growth for 10+ years. This is a "high" p/e by old standards but given it's r&d returns and market share and mind share I wouldn't say it is
I would probably buy BABA even at 30,40 even 50x earnings on a 10 year investment horizon
JK growth doesn't last forever 😅
"Gray-ham" lol.
Seriously though, thanks for the videos!
I guess Graham would have unfortunately lost out on Netflix. Dollar cost averaging in a total market index fund works best👍
Thanks for sharing your summary. Excellent job!
True but he wouldn’t have lost 20% in one day
I’ve read the 6th edition that comes with a CD, is it worth going through the CD? I read the book twice and it’s a hassle to find a laptop that still uses a CD player.
Hi
The second edition of this book is not available on Amazon. Can you advise any other source where I get the first or second edition of this book.
The sixth edition is a reprinting of the 2nd edition but annotated by Buffett and other investors. Hope this helps
1. Rework by Jason Fried, David Heinemeier Hansson; @t
2. Engage! by Brian Solis; @t
3. Cold Calling Techniques (That Really Work!) by Stephan Schiffman; @t
4. Political Tribes : Group Instinct and the Fate of Nations by Amy Chua; @t
5. The Innovator's Dilemma by Clayton M. Christensen; @t
6. The Undoing Project by Michael Lewis; @t
7. The Fountainhead by Ayn Rand; @t
8. The Only Game in Town by Mohamed El-Erian; @t
9. The True Believer by Eric Hoffer; @t
10. The Gospel of Wealth by Andrew Carnegie; @t
11. Our Mathematical Universe by Max Tegmark; @t
12. The Only Investment Guide You'll Ever Need by Andrew Tobias; @t
13. Call Me Ted by Ted Turner; @t
14. The Lean Startup” by Eric Ries; @t
15. The Great Revolt by Salena Zito and Brad Todd; @t
16. How to Win at the Sport of Business: If I Can Do It, You Can Do It by Mark Cuban; @t
The irrational market point can affect a value investor hugely and can question value investing in anything. Sometimes the gains that you hope that will realize will never happen due to market irrationality. Intrinsic value of anything nowadays is much less than the price but does anyone think that the price of a Rolex will drop to a bit higher than Seiko for example ( bad example but you get my drift )
There is market factor, future value factor, and intrinsic value factor. But is there a sectoral factor?
Change your name to "Investing/Investor by the books" maybe you will get more people to watch your vids...p.s. you deserve, great vids, great lessons, well explained, huge fan of yours!!!
Thank you for your kind words Luis Augusto 😁 I'm not planning on keeping this channel about books forever, but for now it seems like it's a concept that people appreciate.
Which Software do you use to make animation videos ?
You're impressive..but did you study all the books before upload your videos??? Anyway, congrats to you for your huge work..Subscribed without doubt..
May I ask sth? The table at 6:06 "how is price determined" requires a thorough knowledge of terminology and consolidated experience which I tend to believe that is of a university level! My actual question is: what should someone study to know such stuff? Thank you! I would appreciate a response as I would seriously consider to study and learn these things along with the subjects of your other video about the analysis of the financial statements and so forth!!
Thank you in advance!
Constantine
Constatine I'm grateful for your comment and question. To be honest, "Security Analysis" is probably one of the most (if not the most) difficult book on investing that I've ever read. It is primarily written for professionals in the field, so, having learned investing at the university myself, I'd say that it's beyond that level. My best suggestion here is to start with other books and to invest some yourself before you read this one. I'd suggest books such as "One up on Wall Street", "Common Stock and Uncommon Profits" and "The Little Book that Beats the Market" to start out
@@TheSwedishInvestor thank you very much for your time to reply! Actually by studying I meant university courses or departments! To learn on an academic level! Thank you again! You are doing a very good work!!
CONSTANTINE D - for me personally the MBA core curriculum helped with the base foundation (I came from an engineering background). It helped me tremendously in foundation looking at quant + quality analysis. Courses such as accounting, economics (macro/micro), finance, competitive strategy. Then the advanced classes in behavioral finance and economics as well. It helped me a great deal in grasping these concepts much faster and apply them. Any good MBA program with focus in finance should be a good area to focus. Note - Wharton/Yale offers foundation classes for free in Coursera to dip your toe.
Im reading the book myself right now. It keeps talking about bonds bonds bonds......
I read this book, took me forever because it is so dry and had to do it in chunks. Like 1/3 of the books doesn’t apply anymore because the things talked about are outdated or no longer exist. I learned a lot from reading this, but I’ve learned a lot more from other books. Would not recommend this one. Even Grahams other books were easier consumed by a long shot.
Totally agree. I have to say that after all the hype, I was very disappointed in the book- it is such a dry, excessively wordy difficult read. Sad to say but quite boring actually despite some good nuggets within.
@@drew9312you’re too low IQ for graham
Sorry i suggest investing in a toilet brush and sanitation worker’s clothing instead
1:54
6:31
9:29
Egld is the future !
Gray-ham!! Lmao!!
Great video. Graham is pronounced like "gram" though.
dont care. I say Gra-ham. Cry
The only true investing strategy is value investing the others are called speculators
Ain't nobody got time for analysis.
@Eli Kf muh crypto coin castle built up solid. to the moon diamond hands yo!
hello, how did you decide which edition of the book you would gonna buy? amazon is pushing 6th edition when you search in book store: www.amazon.com/Security-Analysis-Foreword-Buffett-Editions/dp/0071592539
I see there are a lot of bad reviews (for 6th edition) about that big portion of the book is not included, but on the other side, a lot of respectable authors also added their comments on chapters which can be also interesting to read in same bundle?
Hey Aleksandar! I bought the 2nd edition 👍 amzn.to/2LnC1tC (if you use this link I will receive a small commission). I haven't read the 6th edition, so I don't know how it compares, but it seems they've cut out a lot of material, that's why I picked the 2nd one.
Can you please suggest a book that purely teaches about qualitative analysis .
Common Stocks and Uncommon Profits isn't far from that at least!
at 8:51 it is implied that the average Swede makes $190k / year
How many hours did u spend to complete this book?
It's a huge one, I think maybe 40 hours for reading it or something like that. Tons of valuable information though, I think any aspiring investor (who has read a few books about investing before) should read it if they haven't already.
i just barely started learning about stocks and im so lost but still want to learn lol
This book is one of the tougher ones, so if you do understand the takeaways from here I think you've come far!
Grey ham
Grey-um vs Gray-ham
I went to a coach and fixed it for the second part ... 😁
The Swedish Investor haha you actually did, that is funny. Great video btw
Hello, is there a way that I can contact you?
Yes, you can write to me at theswedishinvestoryt@gmail.com but my response-rate is probably better here on UA-cam 😉
What do you think the most underrated Publicly traded company is and why?
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Nice, netflix is now worth 236b
I had to stop watching! UA-cam recommended this video but I realized I didn't want to watch the movie before I read the book... I'm on page 54 so it's gonna be a bit. I'll be back though. With popcorn and milk duds.
Did you finished it?
@@haziqsofian only about halfway through
look at this list, what is the common denominator? - they're all bankrupt
look at this list, what do they have in common? -they're all bankrupt
common denominator!!!! wow you're so smart...are we doing Math here? you are so intelligent!!