Seventy-five years after Benjamin Graham and David Dodd wrote Security Analysis, a growing coterie of modern-day value investors remain deeply indebted to them. Graham and David were two assiduous and unusually insightful thinkers seeking to give order to the mostly uncharted financial wilderness of their era. They kindled a flame that has illuminated the way for value investors ever since. Today, Security Analysis remains an invaluable roadmap for investors as they navigate through unpredictable, often volatile, and sometimes treacherous financial markets. Frequently referred to as the “bible of value investing,” Security Analysis is extremely thorough and detailed, teeming with wisdom for the ages. Although many of the examples are obviously dated, their lessons are timeless. And while the prose may sometimes seem dry, readers can yet discover valuable ideas on nearly every page. The financial markets have morphed since 1934 in almost unimaginable ways, but Graham and Dodd’s approach to investing remains remarkably applicable today.

在本杰明·格雷厄姆（Benjamin Graham）和大卫·多德（David Dodd）撰写《证券分析》（Security Analysis）75年后，越来越多的现代价值投资者仍然深深地感激他们。格雷厄姆和大卫是两位刻苦而富有洞察力的思想家，他们试图对他们那个时代几乎未被发现的金融荒原进行整顿。他们点燃了一团火焰，为价值投资者照亮了道路。今天，对于投资者来说，证券分析仍然是一个无价的路线图，因为他们在不可预测的、经常波动的、有时是危险的金融市场中航行。证券分析经常被称为“价值投资的圣经”，它是非常透彻和详细的，充满了历代智慧。虽然许多例子显然过时了，但它们的教训是永恒的。虽然散文有时看起来枯燥乏味，但读者几乎在每一页都能发现有价值的想法。自1934年以来，金融市场以几乎无法想象的方式发生了变化，但格雷厄姆和多德的投资方法在今天仍然非常适用。