Core Viewpoint - The article emphasizes the importance of reading "Security Analysis," a foundational text in value investing, suggesting that if investors aspire to improve their skills, they should engage with this book more than even Warren Buffett has [1]. Summary by Sections Introduction - The article discusses the feedback received regarding the difficulty of approaching the extensive content of "Security Analysis," which contains over one million words [1]. Discussion with Experts - A podcast featuring Wang Dali, who has not read the book, and Yang Yuebin from Guolianan Fund, who has extensive knowledge of value investing literature, aims to clarify the book's content for beginners [2]. Value of the Book - "Security Analysis" is described as the "Old Testament" of value investing, containing numerous truths and principles that are essential for investors to learn, rather than focusing on superficial methods like K-line analysis [1].

Core Insights - The article emphasizes the importance of Benjamin Graham's book "Security Analysis" as a foundational text for understanding investment philosophy and methodology [1][10][12] - It highlights three main investment principles from Graham: margin of safety, Mr. Market, and investing with a business perspective [5][10] - The text discusses the significance of financial statements in assessing a company's intrinsic value and the need for deeper analysis beyond surface-level profit growth [2][3][4] Summary by Sections Investment Philosophy - Graham's investment philosophy is rooted in the concepts of margin of safety, which arises from both undervaluation and solid fundamentals, and Mr. Market, who can exhibit extreme optimism or pessimism [5][6] - The article suggests that understanding these principles is crucial for value investing, especially in volatile markets like A-shares [5][6] Financial Analysis - The book "Security Analysis" provides a framework for fundamental analysis through financial statements, allowing investors to evaluate a company's intrinsic capabilities and value over time [2][3] - It stresses the importance of recognizing that financial data reflects underlying business realities, which may not always align with short-term market perceptions [3][4] Market Dynamics - The article notes that market conditions, particularly in China, have evolved rapidly, presenting both challenges and opportunities for investors [2][3] - It points out that while industries may show impressive growth in financial reports, the underlying business models and competitive advantages must be critically assessed to avoid pitfalls [4][5] Value Investing in China - The text asserts that value investing principles are applicable in the Chinese market, with historical evidence of successful long-term returns for value investors [6][11] - It highlights the need for investors to develop independent judgment and discipline in their investment approach, particularly in a rapidly changing economic landscape [6][11]

Core Insights - The article emphasizes the timeless principles of value investing as articulated in Benjamin Graham's "Security Analysis," which remains relevant despite changing market conditions and investment paradigms [1][7]. Group 1: Historical Context - "Security Analysis" was published in 1934, following the 1929 stock market crash and the Great Depression, which significantly influenced Graham's investment philosophy [1]. - The book critiques the stock selection criteria used during the bull market prior to the crash, highlighting a shift from focusing on tangible assets and dividends to speculative future earnings [1][2]. Group 2: Evolution of Investment Principles - The article discusses the transition from valuing tangible assets in Graham's era to recognizing the importance of intangible assets like patents and brands in the late 20th century, and the emergence of network effects as a key competitive advantage in the 21st century [2]. Group 3: Timeless Investment Principles - The first principle is "Equity Thinking," which emphasizes viewing investments from an owner's perspective, reinforcing the idea that value is the foundation of investment [4]. - The second principle is "Contrarian Thinking," which encourages investors to question market consensus and act against prevailing emotions, advocating for buying undervalued assets and selling overvalued ones [5]. - The third principle is "Risk Thinking," which highlights the importance of recognizing asymmetric risks in finance and the necessity of strategies that ensure capital safety and satisfactory returns [6]. Group 4: Conclusion - The article concludes that the core principles of equity thinking, contrarian thinking, and risk thinking from "Security Analysis" are essential for successful investing across different market conditions and should be deeply understood and applied [7].

Core Viewpoint - The article emphasizes the importance of reading and continuous learning in the investment field, highlighting the value of Benjamin Graham's "Security Analysis" as a timeless guide for investors [2][12][41]. Group 1: Importance of Reading - The article references Charlie Munger's belief that wisdom cannot be attained without reading, underscoring the significance of reading as a growth path [2][3]. - The publication aims to encourage readers to maintain their reading habits and engage in discussions about selected books [4][5]. Group 2: Overview of "Security Analysis" - "Security Analysis," co-authored by Benjamin Graham and David Dodd, is described as a foundational text for value investing, providing principles for evaluating stocks and bonds [12][41]. - The book has remained popular since its first publication in 1934, even during significant financial crises, and is referred to as the "bible of value investing" [12][41]. Group 3: Value Investing Principles - The article outlines that value investing involves purchasing securities at prices below their intrinsic value, often summarized as "buying a dollar for fifty cents" [24]. - It emphasizes the need for investors to balance multiple objectives, such as generating returns, preserving capital, and maintaining liquidity [12][19]. Group 4: Market Inefficiencies - The article discusses how market inefficiencies can lead to mispricing of securities, creating opportunities for value investors to buy undervalued stocks [19][20]. - It highlights that stock prices are often influenced by investor emotions rather than fundamental analysis, leading to volatility [19][20]. Group 5: Investment Strategy - Investors are encouraged to maintain discipline and patience, particularly during market downturns, as these periods can present buying opportunities [22][24]. - The article stresses the importance of conducting thorough research and analysis to identify undervalued securities and to avoid being swayed by market sentiment [31][32]. Group 6: Valuation Techniques - Various methods for assessing a company's value are discussed, including discounted cash flow analysis and evaluating market multiples [33][34]. - The article notes that understanding a company's future cash flow potential is crucial for accurate valuation, despite the inherent challenges in forecasting [36][37].

Core Insights - The article discusses the release of the 7th edition of "Security Analysis," which retains the essence of the 2nd edition cherished by Warren Buffett while incorporating insights from 15 Wall Street investment masters [1] - The new edition emphasizes the enduring principles of value investing, highlighting that despite market changes over the past 90 years, the core investment wisdom remains applicable today [1][24] - The essence of value investing is to purchase securities at a price below their intrinsic value, often summarized as "buying for 50 cents on the dollar" [4][24] Value Investing Principles - Value investors profit through cash flows generated by the underlying business and capital gains when the market recognizes the intrinsic value [5] - A significant aspect of value investing is the margin of safety, which protects investors from errors in judgment and market fluctuations [5] - Identifying and purchasing undervalued securities is crucial, but determining the right entry and exit points requires subjective judgment [5][6] Market Behavior and Investor Psychology - Investors often react emotionally to market movements, leading to irrational buying and selling decisions [9][10] - Maintaining a contrarian viewpoint and conducting thorough fundamental analysis is essential for value investors to avoid herd mentality [7][10] Investment Strategy and Analysis - Value investors should plan to exit positions when securities return to their intrinsic value, typically selling when prices are 10%-20% below their assessed value [6] - A disciplined selling strategy allows investors to reallocate capital to more attractive opportunities [7] - The complexity of financial analysis has increased, necessitating strong analytical skills to derive accurate conclusions from available data [13][14] Technological Impact on Investing - The rapid technological advancements have transformed the investment landscape, requiring investors to adapt their analysis methods [15][16] - Companies today face unique challenges and opportunities due to technological disruption, making traditional valuation methods less applicable [15][18] Future Considerations - Value investors must focus on sustainable future cash flows while being cautious of overpaying for growth potential [19][20] - The investment landscape is evolving, and successful investors must continuously refine their strategies to account for changing market dynamics [23][24]

Core Viewpoint - The article emphasizes the enduring principles of value investing as articulated by Benjamin Graham and David Dodd, highlighting their relevance in today's investment landscape [1][3][4]. Group 1: Historical Context and Relevance - Benjamin Graham is recognized as the father of value investing, with his work "Security Analysis" being a foundational text for investors [1][3]. - "Security Analysis" has remained a bestseller for nearly 90 years, providing timeless wisdom that continues to guide investors [3][4]. - The latest edition of "Security Analysis" reflects on market changes and updates investment management practices while retaining core value investing principles [4][6]. Group 2: Investment Philosophy - Value investing is defined as purchasing securities at prices below their intrinsic value, often summarized as "buying a dollar for fifty cents" [18][19]. - The concept of margin of safety is crucial, allowing investors to mitigate risks associated with decision-making errors and market fluctuations [19][50]. - Investors are encouraged to maintain a long-term perspective, focusing on sustainable returns rather than short-term gains [45][51]. Group 3: Market Behavior and Investor Psychology - Market inefficiencies often lead to mispricing of securities, creating opportunities for value investors to capitalize on undervalued assets [12][22]. - Investor behavior is influenced by emotions, leading to irrational buying and selling, which can distort market prices [22][49]. - The article warns against the dangers of speculation, emphasizing the importance of distinguishing between investment and gambling [46][50]. Group 4: Valuation Techniques - Valuation is described as both an art and a science, requiring a combination of quantitative analysis and qualitative judgment [26][34]. - Various methods for assessing a company's value include discounted cash flow analysis, market multiples, and private market valuations [27][28]. - Investors must consider future cash flows and growth potential while being cautious of overpaying for growth [30][41]. Group 5: Management and Corporate Governance - The quality of a company's management is a significant factor in determining its long-term success and shareholder returns [32][33]. - Investors should evaluate management's alignment with shareholder interests and their ability to make sound capital allocation decisions [33][34]. - Engaging with underperforming companies may present opportunities for activist investors to drive change and unlock value [33].

Core Viewpoint - Value investing is a long-term strategy that involves buying stocks when their market price is significantly below their intrinsic value and selling when it is above, with intrinsic value serving as the anchor for investment decisions [1][4][12] Group 1: Historical Context and Evolution - The book "Security Analysis," published in 1934 by Benjamin Graham and David Dodd, laid the foundation for value investing and has influenced many investors, including Warren Buffett [2][11] - Over the past 90 years, the investment environment has changed, leading to the evolution of value investing principles and methods, particularly in accurately assessing future intrinsic value [11][12] Group 2: Principles of Value Investing - Value investing emphasizes the importance of understanding a company's intrinsic value, market price, and future shareholder returns, with a focus on long-term ownership [4][8] - The concept of "Mr. Market" illustrates that market prices often reflect collective investor sentiment, which can lead to overreactions, but prices will eventually revert to intrinsic value over time [8][9] - A margin of safety is crucial in value investing, as it accounts for the uncertainty in assessing intrinsic value and provides a buffer against market irrationality [8][9] Group 3: Challenges and Mindset - Despite being a replicable investment philosophy, value investors remain a minority due to the difficulty in deeply understanding and accurately evaluating intrinsic value [7][12] - Successful value investing requires strong psychological resilience to resist market trends and emotions, as well as the ability to maintain independent thought and rational judgment [7][12] Group 4: Future of Value Investing - As the economy transitions to a high-quality development phase, there is a greater emphasis on the quality of investments, growth certainty, and valuation, necessitating a strict adherence to value investing principles [12] - Continuous improvement in assessing intrinsic value and maintaining a long-term perspective is essential for achieving sustainable investment success [12]

Core Viewpoint - Value investing is about purchasing securities or assets at prices below their actual value, often summarized as "buying for 50 cents what is worth a dollar" [1][25][26] - Investors must balance multiple objectives, including generating returns, long-term capital growth, and risk management, while maintaining liquidity to respond to future needs [5][6] - The future cash flow of a business is the most critical factor in investment decisions [1][15] Group 1: Value Investing Principles - Value investors must become excellent business analysts, especially in the digital age where information is readily available [1][52][55] - The principles of value investing remain applicable despite market changes over the past 90 years, emphasizing the importance of fundamental analysis [7][8] - Market inefficiencies create opportunities for value investors to buy undervalued securities when prices deviate from intrinsic value [16][20][29] Group 2: Market Behavior and Investor Psychology - Stock price fluctuations can be both a challenge and an opportunity, as they often reflect market sentiment rather than the underlying business performance [16][18][20] - Investors must resist the tendency to overreact to price increases while selling off during price declines, which can lead to missed opportunities [33][34][35] - Behavioral biases can significantly impact investment decisions, leading to inefficiencies in the market [29][30][37] Group 3: Valuation Techniques - Valuation is both an art and a science, requiring a combination of analytical skills and subjective judgment [41][51] - Investors should use multiple methods to assess a company's value, including discounted cash flow analysis and market multiples [42][44] - The quality of future cash flows is paramount, and investors must consider the sustainability and sources of growth when evaluating potential investments [46][60][63] Group 4: Management and Corporate Governance - The skills and motivations of a company's management team are crucial for determining shareholder returns, and past actions are often the best predictor of future behavior [50][51] - Investors must be cautious when investing in companies where management may prioritize their interests over those of shareholders [51] - Engaging with underperforming companies can present opportunities for activist investors to unlock value through management changes [51]

Core Viewpoint - Value investing is suitable for China, as it combines investment methodology with philosophy and principles, helping investors connect theory with practice [1][8]. Group 1: Investment Philosophy - Graham's main investment ideas include safety margin, Mr. Market, and investing with a business perspective [1][7]. - Safety margin arises from two aspects: fundamental undervaluation and solid fundamentals [7]. - Mr. Market is described as an extreme character, fluctuating between optimism and pessimism, which is often observed in the A-share market [7]. Group 2: Financial Analysis - The book "Security Analysis" uses accounting language and focuses on financial statements, providing a method for fundamental analysis [2]. - Analyzing a company's financial statements over time can help assess its intrinsic capabilities and value [2][3]. - The essence of a company is reflected in its financial data, which can fluctuate, but the core remains more stable [3]. Group 3: Investment Elements - The three basic elements of investment are valuation, quality, and timing [4]. - Valuation analysis in "Security Analysis" offers various accounting and quantitative perspectives to evaluate a company's fundamentals [4]. - Understanding a company's quality requires deep industry knowledge and experience to uncover deeper capabilities beyond financial statements [4]. Group 4: Market Dynamics - The stock price reflects a two-layer mapping: the first layer is the price reflecting fundamental data, and the second layer is fundamental data reflecting intrinsic value [7]. - The volatility of stock prices provides opportunities for investors when intrinsic value is significantly underestimated [7]. Group 5: Practical Application - Value investing in China has shown high long-term returns for many successful investors, but it requires strong discipline and independent judgment [8]. - Mastering the knowledge and techniques in "Security Analysis" can help investors develop discipline and independent judgment [8].

这是一篇，国内深度研究者、优秀投资人，研究、理解、学习"价值投资之父"格雷厄姆，天花板级别的文章 了。 2019年9月，聪明投资者邀请信璞投资归江做《证券分析》这本书的分享，亦是受湛庐文化所托。这本对于 绝大多数价值投资信徒都极其艰涩的教科版的书籍，我们想象不出还有第二人比归江更适合。 果然，现场的效果出人意料的好，上海中心朵云书院最大交流厅里很多人是站着听完两个多小时的。 2025年《证券分析》新版出版之际，归江在推荐序中写道： 格雷厄姆的《证券分析》为专业投资者立锚，《聪明投资者》为业余投资人解惑，《世界商品 和世界货币》《储备和稳定》为金融之稳定，百姓之安居乐业献策。 格翁极为推崇中国人发明的常平仓制度。他对平民百姓在天灾人祸面前的劫难和无奈，始终心 存悲悯。 通读格翁文章和人生，我所理解格雷厄姆及其门生所遵从的价值投资的精髓，可能是"来自平 民，服务大众"。相比于价值投资之术，致良知之道才是该书历久弥新的光芒所在。 归江从事投资20多年， 名起于任职 公募基金时期管理社保组合业绩优异。极低调 ，但业内认可度一直非常 高。 他创办的信璞投资则将价值投资做到极致，团队做大量公司历史研究和资料梳理，时间和心 ...