TITLE : SECURITY ANALYSIS.

 
CONTENTS
 
 
PREFACE vii
 
INTRODUCTION 1
 
					PART 1
			SURVEY AND APPROACH
 
CHAPTER
 
	I. THE SCOPE AND LIMITATIONS OF SECURITY ANALYSIS. THE CONCEPT OF 	
	   INTRINSIC VALUE		 14
 
	II. FUNDAMENTAL ELEMENTS IN THE PROBLEM OF ANALYSIS. QUANTITATIVE 		
		AND QUALITATIVE FACTORS			 27
 
	III. SOURCES OF INFORMATION 41
 
	IV. DISTINCTIONS BETWEEN INVESTMENT AND SPECULATION 50
 
	V. CLASSIFICATION OF SECURITIES 57
 
 
				PART II
		FIXED-VALUE INVESTMENTS
 
	VI. THE SELECTION OF FIXED-VALUE INVESTMENTS 64
 
	VII. THE SELECTION OF FIXED-VALUE INVESTMENTS: SECOND AND THIRD 	
		 PRINCIPLES 76
 
	VIII. SPECIFIC STANDARDS FOR BOND INVESTMENT 90
 
	IX. SPECIFIC STANDARDS FOR BOND INVESTMENT (Continued). 100
 
	X. SPECIFIC STANDARDS FOR BOND INVESTMENT (Continued). 111
	
	XI. SPECIFIC STANDARDS FOR BOND INVESTMENT (Concluded). 121
 
	XII. SPECIAL FACTORS IN THE ANALYSIS OF RAILROAD AND PUBLIC UTILITY
		 BONDS 132
 
	XIII. OTHER SPECIAL FACTORS IN BOND ANALYSIS 146
 
	XIV. THE THEORY OF PREFERRED STOCKS 153
 
	XV. TECHNIQUE OF SELECTION OF PREFERRED STOCKS FOR INVESTMENT 164
 
	XVI. INCOME BONDS AND GUARANTEED SECURITIES 175
 
	XVII. GUARANTEED SECURITIES (Continued) 184
 
	XVIII. PROTECTIVE COVENANTS AND REMEDIES OF SENIOR SECURITY
		   HOLDERS 195
 
	XIX. PROTECTIVE COVENANTS (Continued) 206
 
	XX. PREFERRED-STOCK PROTECTIVE PROVISIONS. MAINTENANCE OF JUNIOR
		CAPITAL 217
 
	XXI. SUPERVISION OF INVESTMENT HOLDINGS 228
 
 
				PART III
		SENIOR SECURITIES WITH SPECULATIVE FEATURES
 
	XXII. SENIOR ISSUES AT BARGAIN LEVELS. PRIVILEGED ISSUES 237
 
	XXIII. TECHNICAL CHARACTERISTICS OF PRIVILEGED SENIOR
		   SECURITIES 251
 
	XXIV. TECHNICAL ASPECTS OF CONVERTIBLE ISSUES 263
 
	XXV. SENIOR SECURITIES WITH WARRANTS, PARTICIPATING ISSUES.
		 SWITCHING AND HEDGING 273
 
	XXVI. SENIOR SECURITIES OF QUESTIONABLE SAFETY 286
 
 
				PART IV
		THEORY OF COMMON-STOCK INVESTMENT. THE DIVIDEND FACTOR
 
	XXVII. THE THEORY OF COMMON-STOCK INVESTMENT 299
 
	XXVIII. A PROPOSED CANON OF COMMON-STOCK INVESTMENT 317
 
	XXIX. THE DIVIDEND FACTOR IN COMMON-STOCK ANALYSIS 325
 
	XXX. STOCK DIVIDENDS 339
 
 
			PART V
		ANALYSIS OF THE INCOME ACCOUNT. THE EARNINGS FACTOR IN
		COMMON-STOCK VALUATION
 
	XXXI. ANALYSIS OF THE INCOME ACCOUNT 350
 
	XXXII. EXTRAORDINARY LOSSES AND OTHER SPECIAL ITEMS IN THE INCOME
			ACCOUNT 364
 
	XXXIII. MISLEADING ARTIFICES IN THE INCOME ACCOUNT. EARNINGS OF
			SUBSIDIARIES 372
 
	XXXIV. THE RELATION OF DEPRECIATION AND SIMILAR CHARGES TO EARNING
		   POWER 386
 
	XXXV. AMORTIZATION CHARGES FROM THE INVESTORS' STANDPOINT 408
 
	XXXVI. RESERVES FOR DEPLETION, OTHER AMORTIZATION CHARGES AND
		   CONTINGENCIES 420
 
	XXXVII. SIGNIFICANCE OF THE EARNINGS RECORD 429
 
	XXXVIII. SPECIFIC REASONS FOR QUESTIONING OR REJECTING THE PAST
			 RECORD 442
 
	XXXIX. PRICE-EARNINGS RATIO FOR COMMON STOCKS. ADJUSTMENTS FOR
		   CHANGES IN CAPITALIZATION 451
 
	XL. CAPITALIZATION STRUCTURE 461
 
	XLI. LOW-PRICED COMMON STOCKS. ANALYSIS OF THE SOURCE OF INCOME 473
 
 
				PART VI
		BALANCE-SHEET ANALYSIS. IMPLICATIONS OF ASSET VALUES
 
	XLII. BALANCE-SHEET ANALYSIS: SIGNIFICANCE OF BOOK VALUE 485
 
	XLIII. SIGNIFICANCE OF THE CURRENT-ASSET VALUE 495
 
	XLIV. IMPLICATIONS OF LIQUIDATING VALUE. STOCKHOLDER-MANAGEMENT 	
		  RELATIONSHIPS 508
 
	XLV. BALANCE-SHEET ANALYSIS (Concluded) 522
 
 
				PART VII
		ADDITIONAL ASPECTS OF SECURITY ANALYSIS, DISCREPANCIES BETWEEN
		PRICE AND VALUE
 
	XLVI. STOCK-OPTION WARRANTS 542
 
	XLVII. COST OF FINANCING AND MANAGEMENT 554
 
	XLVIII. SOME ASPECTS OF CORPORATE PYRAMIDING 563
 
	XLIX. COMPARATIVE ANALYSIS OF COMPANIES IN THE SAME FIELD 572
 
	L. DISCREPANCIES BETWEEN PRICE AND VALUE 585
 
	LI. DISCREPANCIES BETWEEN PRICE AND VALUE (Continued) 598
 
	LII. MARKET ANALYSIS AND SECURITY ANALYSIS 607
 
 
APPENDIX (Notes numbered consecutively, 1 to 48) 617
 
INDEX 701