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Lessons for strategists in Graham & Dodd's Security Analysis, 6th edition

Joseph Calandro Jr (Enterprise Risk Manager of a global financial services firm and a Finance Department faculty member of the University of Connecticut (joseph.calandro@business.uconn.edu).)

Strategy & Leadership

ISSN: 1087-8572

Article publication date: 6 March 2009

Abstract

Purpose

This paper aims to consider how top corporate executives in a variety of industries can find important lessons in the recently published sixth edition of Benjamin Graham and David Dodd's Security Analysis (New York: McGraw‐Hill, 2008).

Design/methodology/approach

This paper includes an interview with the lead editor of the book, value investor Seth Klarman. He explains key strategic lessons that non‐financial executives can learn from the value investing concepts and methodology.

Findings

The insights contained within Security Analysis can and should be leveraged by business leaders and strategists to create value for their firms.

Practical implications

Graham and Dodd‐based valuation and investment is a viable method with which to assess corporate strategic initiatives (such as mergers and acquisitions, share buy‐backs, etc.).

Originality/value

This paper, the first in a business strategy journal, explains how business leaders can become adept at using modern applications of Graham and Dodd‐based valuation insights and technology to inform their strategic decision‐making.

Keywords

Citation

Calandro, J. (2009), "Lessons for strategists in Graham & Dodd's Security Analysis, 6th edition", Strategy & Leadership, Vol. 37 No. 2, pp. 45-49. https://doi.org/10.1108/10878570910941226

Publisher

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Emerald Group Publishing Limited

Copyright © 2009, Emerald Group Publishing Limited