Security Analysis

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Security Analysis is a book written by Benjamin Graham and David Dodd and first published in 1934. Both authors were professors at the Columbia Business School. The book laid the intellectual foundation for value investing, and is widely cited as influential for investing and finance. In the book, Graham and Dodd popularized a number of important terms and concepts including a distinction between investing and speculating; the emotional overreactions of investors as personified with Mr. Market; the idea of intrinsic value as distinct from price for a given asset; and the term margin of safety to increase the odds of successfully exploiting gaps between price and value with reduced risk.