"MANY SHALL BE RESTORED THAT ARE NOW FALLEN AND MANY SHALL FALL THAT ARE NOW IN HONOR": RARE FIRST EDITION OF GRAHAM AND DODD'S SEMINAL SECURITY ANALYSIS, 1934
GRAHAM, Benjamin and DODD, David L. Security Analysis. Principles and Technique. New York: McGraw-Hill, 1934. Octavo, original red cloth. Housed in a custom clamshell box. $23,500.
Extremely rare first edition of Graham's seminal work, considered the Bible of modern financial analysis.
Few published works of the 20th century have exerted the influence or had as devoted a following as Security Analysis. Prior to its publication, investors often relied on intuition or the character of a business owner to make their decisions. Writing in the wake of the catastrophic stock market crash, Graham and Dodd designed "value-oriented investment," a disciplined, realistic approach to constructing a solid financial portfolio. Popular when it was published, it continues to shape the strategies and the training of financiers. Copies of the first edition are known to appear both in black cloth binding, with "Whittlesey House— McGraw Hill" in gilt at the foot of the spine, and in red cloth binding, with "McGraw-Hill Book Company" in gilt at the foot of the spine, as with the present copy. No priority of issue has been established; because the book is quite rare, either binding is equally desirable. Stated "First Edition" on title page, with no mention of printing on copyright page. Owner signature of Glenn Wallace Sutton, a professor at the University of Georgia's School of Commerce and editor of the Georgia Business Review. Sutton was the chairman of the University's finance division, as well as the director of the Bureau of Business Research. In 1954, President Eisenhower appointed Mr. Sutton to the U.S. Tariff Commission. Sutton was eventually named head of the commission by President Nixon. Sutton retired shortly after, planning a career as a foreign trade consultant, only to be murdered alongside his wife by a teenage serial killer.
Interior fine, light wear and mild toning to cloth spine. A near-fine copy. Rare.