First published in 1934, in the depths of the Great Depression, Security Analysis is the foundational text of value investing and one of the most influential books ever written about finance. Benjamin Graham and David Dodd, both professors at Columbia Business School, wrote the book in response to the speculative excesses that caused the 1929 crash, arguing that securities should be evaluated based on careful analysis of financial statements and business fundamentals rather than price momentum or market psychology. The book is comprehensive and demanding: it covers the analysis of bonds, preferred stocks, and common stocks in exhaustive detail, including how to read and normalize financial statements, assess earnings quality, calculate intrinsic value, identify the appropriate margin of safety, and distinguish between investment and speculation. Graham and Dodd introduce many concepts that remain central to financial analysis today, including the distinction between book value and intrinsic value, the importance of normalized earnings over any single year's results, and the fundamental principle that a stock represents ownership in a business rather than a piece of paper whose price fluctuates randomly. Though dense and dated in some of its specific accounting analysis, the underlying framework is as rigorous and applicable today as it was nearly a century ago.