I'm currently six chapters into the fifth edition, and itis heavy sleding. Not because it is all that hard to understand,but the writing really doesn't seem to flow. I will report backwhen I finish it. I plan to get a copy of the third edition and try that and seehow it compares. I've read The Intelligent Investor, and thatreads pretty well, so I think that Graham was a more interestingwriter than the folks who took it over.ChrisThere is a writer over at Legg Mason that is fabulous to read.More later.
The fifth edition was not written by Benjamin Graham. I personally would stop reading it and go pick up a copy of the 2nd or 3rd edition ASAP.
Well, I finished the fifth edition. It is kinda schizophrenic.Some chapters are almost incomprehensible. Others are verygood. The book as a whole is kinda fragmented. I put this downto the three authors not re-editing to find one authorial voice.While I was reading the fifth edition I nailed a reprint copyof the first edition on eBay and have started into that. Thefirst chapter (all I read last night) is a much better readthan the first chapter of the fifth edition.Chris - got a pretty good book on Buffett at the used book store.
Well I finished the first edition. The difference between it andthe fifth edition is as that between lightning and the lightning bug.It is extremely readable and not really that dated. It does coverpreferred shares in great detail (and concludes that they haveall the bad features of both bonds and common stocks) and goesinto bonds in great detail (which is good, I need to start buyingsome) but still covers a lot of useful stuff on companies and commonstocks.By the way, this first edition is not a hard book to read.Anyone that reads at the high school level and can do algebracan understand everything in it. G & D are quite lively writersand the book flows well. I recommend this book highly!Chris - margin of safety is our watchword
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