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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 (

Strategy & Leadership

ISSN: 1087-8572

Article publication date: 6 March 2009



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).


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.


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.).


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.



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



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