Three value investing lessons from Graham and Dodd

Security Analysis by Benjamin Graham and David Dodd is probably the most “mentioned” book when it comes to value investing. First published in 1934, it was used as a required reading textbook in the course by the same name at Columbia Business School (apparently, now only the excellent preface to the 6th edition by Seth Klarman “The timeless wisdom of Graham and Dodd” is compulsory). The immense value of the book is in that it remains relevant, as a framework to think about investments, over 80 years after it was first published. Having heard all the revered references to this book, I first dived

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