HBCU Money™ Business Book Feature – Security Analysis

Security Analysis

The Long-Awaited Reprint of Graham and Dodd’s Masterful First Revision

The first edition of Security Analysis, published in 1934, forever changed the theory and practice of successful investing. Yet the remainder of that tumultuous decade brought unprecedented upheaval to the financial world, compelling Benjamin Graham and David Dodd to produce a comprehensively revised second edition.

It is that edition, out of print for decades, that you now hold in your hands. Security Analysis, Second Edition, published in 1940, is considered by many (including legendary Graham student Warren Buffett) to be vastly superior to the first. Yet after three subsequent editions and over six decades, the insightful and instructive second edition could be found only in rare bookshops and closely-guarded private collections.

McGraw-Hill, the book’s original publisher, is honored to publish Security Analysis: The Classic 1940 Edition. Identical in every meaningful aspect to the classic original, this is the long-awaited book that set the tone for decades of value investors. Let it provide you with a greater understanding of this country’s financial heritage, along with timeless value investing insights that have proven relevant and profitable in all types of markets and financial environments–and will never go out of style.

“The lapse of six years since first publication of this work supplies the excuse, if not the necessity, for the present comprehensive revision … We have revised our text with a number of objectives in view. There are weaknesses to be corrected and some new judgments to be substituted.”–From the Preface

The names Graham and Dodd have come to be inextricably linked in the minds of thoughtful, disciplined investors. Their 1934 book Security Analysis made the two synonymous with intelligent, long-term investing, and forever changed the face of Wall Street. While post-Crash traders and investors treasured the book for its rigorous honesty, determined logic, and unequalled track record of success, the authors saw only the “weaknesses to be corrected.”

The second edition of Security Analysis, published in 1940, allowed Ben Graham and David Dodd to set the record straight. It was considered by many then, and is considered by many now–including Graham student and disciple Warren Buffett, to be superior in many ways to the first. Still, as subsequent revised editions appeared, the once-indispensable second edition fell out of print and became virtually impossible to locate.

With Security Analysis: The Classic 1940 Edition, McGraw-Hill returns this long-sought investment classic to the marketplace. While its timeless advice–that investors should ignore social trends, company prospects, and management styles to focus on the balance sheet–is as vital today as it was in 1940, it is the book’s updated insights and observations that justify its importance in the annals of both investing and publishing.

Even as the financial world sang the praises of 1934’s groundbreaking Security Analysis, Benjamin Graham and David Dodd knew they could improve it. And that they did, with the 1940 publication of a brilliant second edition. Now, after having been unavailable for decades, this influential book returns in Security Analysis: The Classic 1940 Edition. As powerful today as it was for investors six decades back, it will reacquaint you with the foundations of value investing–more relevant than ever in tumultuous 21st century markets–and allow you to own the only book that could rightfully claim to have improved upon the eloquent first edition of Security Analysis.

About the Author

Benjamin Graham was a seminal figure on Wall Street and is widely acknowledged to be the father of modern security analysis. The founder of the value school of investing and founder and former president of the Graham-Newman corporation investment fund, Graham taught at Columbia University’s Graduate School of Business from 1928 through 1957. He popularized the examination of price-to-earnings (P/E) ratios, debt-to-equity ratios, dividend records, book values, and earnings growth, and also wrote the popular investors’ guide The Intelligent Investor.

David Dodd was a colleague of Benjamin Graham’s at Columbia University, where he was an assistant professor of finance.

HBCU Money™ Dozen 8/25 – 8/29

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Did you miss HBCU Money™ Dozen via Twitter? No worry. We are now putting them on the site for you to visit at your leisure. We have made some changes here at HBCU Money™ Dozen. We are now solely focused on research and central bank articles from the previous week.

Research

A bigger iPhone could push phablet explosion l Computerworld http://ow.ly/APwZO

This fossil dinosaur nursery might contain the bones of their babysitter l New Scientist http://ow.ly/APnpx

History & future of Louisiana, and the devastating effects of climate change l Louisiana Sea Grant http://fb.me/6WiEP6qJy

Encouraging Cleantech With Investment l Clean Technica http://dlvr.it/6lRY9X

Developing a better way to produce hydrogen – splitting water with sunlight l Livermore Labs http://1.usa.gov/XVMYay

NASA launches massive cloud migration l Computerworld http://ow.ly/APAaf

Federal Reserve, Central Banks, & Financial Departments

New report says lending at credit unions up by double digits so far in 2014 l CU Journal http://bit.ly/1paKdHz

Which investors are best for emerging markets? Why the right mix matters l WEF http://wef.ch/XViDZG

Could cities replace countries by 2050? l WEF http://wef.ch/XVL8pY

Despite aggressive deleveraging, Generation X remains “Generation Debt” l St. Louis Fed http://bit.ly/1C6kZnH

Climate change is a food security risk for Africa l World Bank http://wrld.bg/ALAiM

Why do poorer countries like China lend to richer countries like the US? l WEF http://wef.ch/1qwpSBs

The HBCU Money™ Weekly Market Watch

Our Money Matters /\ August 29, 2014

A weekly snapshot of African American owned public companies and HBCU Money™ tracked African stock exchanges.

NAME TICKER PRICE (GAIN/LOSS %)

African American Publicly Traded Companies

Citizens Bancshares Georgia (CZBS) $8.61 (0.00% UNCH)

M&F Bancorp (MFBP) $5.10 (0.00% UNCH)

Radio One (ROIA) $3.00 (0.63% DN)

African Stock Exchanges

Bourse Regionale des Valeurs Mobilieres (BRVM)  246.52 (0.36% DN)

Botswana Stock Exchange (BSE)  9 441.08 (0.04% UP)

Ghana Stock Exchange (GSE)  2 200.18 (2.56% UP)*

Nairobi Stock Exchange (NSE)  157.94 (N/A)

Johannesburg Stock Exchange (JSE) 50 959.02 (0.34% DN)

International Stock Exchanges

New York Stock Exchange (NYSE) 11 030.82 (0.19% UP)

London Stock Exchange (LSE)  3 639.54 (0.15% UP)

Tokyo Stock Exchange (TOPIX)  1 277.97 (0.22% DN)

Commodities

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Webometrics’ 2014 Top 20 African Diaspora Colleges & Universities

HBCU Money™ presents the top 20 ranked African Diaspora colleges and universities. The rankings are based on the world rankings from Webometrics, an initiative of the Cybermetrics Lab, a research group belonging to the Consejo Superior de Investigaciones Científicas (CSIC), the largest public research body in Spain.

HIGHLIGHTS:

  • 10 of the 20 colleges and universities come from South Africa. An increase from 9 in 2013.
  • There are 6 new schools in the top 20 this year
  • African American colleges & universities (HBCUs) placed only 2 of the 20 colleges and universities present on the list after having 4 in 2013. Both universities that placed, Howard & Florida A&M, saw drops in their rankings.
  • The top ranked African Diaspora college/university in 2014 is up 31 places from top ranked African Diaspora college/university in 2013.
  • No African Diaspora colleges or universities are present in the top 100 in Webometrics’ world rankings.

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Below are the objective and methodology per the Webometrics website:

Objective: The original aim of the Ranking was to promote Web publication. Supporting Open Access initiatives, electronic access to scientific publications and to other academic material are our primary targets. However web indicators are very useful for ranking purposes too as they are not based on number of visits or page design but on the global performance and visibility of the universities.

Methodology: The Webometrics is the largest academic ranking of Higher Education Institutions. Since 2004 and every six months an independent, objective, free, open scientific exercise is performed by the Cybermetrics Lab (Spanish National Research Council, CSIC) for the providing reliable, multidimensional, updated and useful information about the performance of universities from all over the world based on their web presence and impact.

INSTITUTION – WORLD RANK (2013 RANKING) – COUNTRY

  1. University of Cape Town350 (391) – South Africa
  2. Cairo University358 (1206) – Egypt
  3. Stellenbosch University439 (462) – South Africa
  4. University of Pretoria444 (746) – South Africa
  5. University of the Witwatersrand580 (719) – South Africa
  6. University of Kwazulu Natal – 752 (N/A) – South Africa
  7. University of the West Indies – 774 (N/A) – Jamaica
  8. University of the Western Cape – 789 (834) – South Africa
  9. University of Nairobi907 (1624) – Kenya
  10. Mansoura University911 (1699) – Egypt
  11. Rhodes University968 (1191) – South Africa
  12. University of South Africa1058 (1545) – South Africa
  13. Makerere University1134 (696) – Uganda
  14. University of Johannesburg1204 (1749) – South Africa
  15. Alexandria University – 1223 (N/A) – Egypt
  16. Howard University – 1231 (753) – United States
  17. North West University – 1430 (N/A) – South Africa
  18. Benha University – 1493 (N/A) – Egypt
  19. Addis Ababa University – 1599 (N/A) – Ethiopia
  20. Florida A&M University1632 (1557) – United States

Source: Webometrics

16 Books HBCU Business School & Economics Students Should Read Before Graduating

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“Resolve to edge in a little reading every day, if it is but a single sentence. If you gain fifteen minutes a day, it will make itself felt at the end of the year.” – Horace Mann

While classrooms, homework, professors, classmates, and internships will teach you a lot, sometimes it is an important book that can help shape the way you look at the information being delivered to you. These books will help wrap a culturally relevant point of view to the education you are receiving. It is important to not just understand supply, demand, labor, and capital, but to understand it from our perspective. Learn the history of African Americans as business owners, executives, and inventors so that maybe you create the next great business empire. Read the biographies to get the intimate trials, tribulations, and success of African American business pioneers before you. Ultimately, see how to build, create, develop, and pass on wealth to generations ahead of you.

If you read these books before walking across that stage we promise that you will be a powerful force in business to reckon with.

CAPITALISM AND SLAVERY

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History of Black Business in America: Capitalism, Race, Entrepreneurship

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In the Black: A History of African Americans on Wall Street

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Black Inventors, Crafting Over 200 Years of Success

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On Her Own Ground: The Life and Times of Madam C.J. Walker

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Black Titan: A.G. Gaston and the Making of a Black American Millionaire

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Why Should White Guys Have All the Fun?: How Reginald Lewis Created a Billion-Dollar Business Empire

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Succeeding Against the Odds: The Autobiography of a Great American Businessman

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The Hidden Cost Of Being African American – How Wealth Perpetuates Inequality

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The Color of the Land: Race, Nation, and the Politics of Landownership in Oklahoma, 1832-1929

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Common Stocks and Uncommon Profits and Other Writings

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SECURITY ANALYSIS

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The Richest Man In Babylon

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Family Wealth: Keeping It in the Family–How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations

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Black Asset Poverty and the Enduring Racial Divide

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W. Arthur Lewis and the Birth of Development Economics

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“Books worth reading once are worth reading twice; and what is most important of all, the masterpieces of literature are worth reading a thousand times.” – John Morley

Less Than 1 In 4 HBCU Business School Deans & Chairs Hold HBCU Degree

William A. Foster, IV

The most difficult thing in life is to know yourself. — Thales

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Pictured Above: Virginia State University’s Reginald F. Lewis School of Business

In the 1940s, Kenneth and Mamie Clark conducted the legendary doll test. This husband and wife psychologist team put before young African American kids two dolls. One doll was African American and the other European American, then asked the kids which doll they preferred. The children identified the European American doll as the good doll and the African American as the bad doll. A sign that as a community we lacked enough mediums to show our children healthy images of beauty and value within themselves. Carter G. Woodson, famously talks about the African Americans distrust of African American owned banks and doctors due to us believing that we mentally were not capable of achieving such feats. However, when you have an opportunity and a medium to counter such a belief, is there an effort made to ensure it is used, developed, and promoted? If we are to promote HBCU students becoming tomorrow’s HBCU faculty, deans, and presidents, then do we not need to show them that it is not only possible, but wanted?

An internal survey by HBCU Money showed that apparently HBCUs do not believe much in the pipeline they have produced over the years. Our survey showed that only 23 percent of HBCU business school deans and chairs have a degree of any sort from an HBCU. Even further, it showed that only 67 percent of HBCU business school deans and chairs are of African descent. It is saying to our students do not look to your own institutions as an opportunity because we do not believe you are qualified even though we trained you to run our institutions. It also continues to say that we do not understand the purpose of our institutions looking out for our interest. How many understand that HBCU business schools should be tackling the African American unemployment problem? Or the wealth gap due to lack of ownership for African America? Why is it important for African American businesses to bank with African American banks and connect to the overall African Diaspora ecosystem? They run these business schools as if they were just another college. In comparison, a look at Ivy League business schools, excluding Brown and Princeton who do not have business schools, and including some of the premier business schools like Berkley, University of Chicago, Duke, Rice, and Stanford the story is the exact opposite of ours. Of the eleven schools none had a dean of African descent and 9 out of 11 had a degree from one of the 11 schools. That is circulation of intellectual capital. That is truly believing in the product you are producing.

This speaks to a need to increase interconnection between HBCU undergraduate and graduate schools. It is clear we need more Morehouse College and Spelman College graduates making their way into the graduate schools of the likes of Southern University and North Carolina Central University. There is a unique opportunity for HBCUs to teach African Americans how to operate African American institutions and enterprises with a curriculum designed around the specific experiences that we encounter. However, this opportunity is missed as school’s like Johnson C. Smith University are too busy trying to reshape themselves into a “diverse” HBCU. A diversity that is not defined by an increase of African Diaspora citizens from around the world, but instead a diverse definition mimicked by HWCU/PWIs that brain drain the most talented from other communities meanwhile not relinquishing any of the actual power. We on the other hand will give up the entire farm to make others feel included. The group with the least resources shares the most.

It would strongly behoove HBCUs not only in the business schools, but overall to create a program for alumni called Future HBCU Faculty/Leadership  of Tomorrow programs. This would allow for students to get a first hand feel for shadowing a professor, chair, or dean for a day. The HBCU Faculty Development Network could play a large role in facilitating the implementation of such a program on HBCU campuses. If HBCUs claim they can not find qualified HBCU graduates to head up their business schools or can not find professors with HBCU backgrounds, then that means they have not done a good job of developing them. I assume that is not a notion they want to admit to themselves, but one that will continue to cost HBCUs in the long-term dearly.

HBCU Money™ Business Book Feature – Space Chronicles: Facing the Ultimate Frontier

 

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“A compelling appeal, at just the right time, for continuing to look up.”—Air & Space

America’s space program is at a turning point. After decades of global primacy, NASA has ended the space-shuttle program, cutting off its access to space. No astronauts will be launched in an American craft, from American soil, until the 2020s, and NASA may soon find itself eclipsed by other countries’ space programs.

With his signature wit and thought-provoking insights, Neil deGrasse Tyson—one of our foremost thinkers on all things space—illuminates the past, present, and future of space exploration and brilliantly reminds us why NASA matters now as much as ever. As Tyson reveals, exploring the space frontier can profoundly enrich many aspects of our daily lives, from education systems and the economy to national security and morale. For America to maintain its status as a global leader and a technological innovator, he explains, we must regain our enthusiasm and curiosity about what lies beyond our world.

Provocative, humorous, and wonderfully readable, Space Chronicles represents the best of Tyson’s recent commentary, including a must-read prologue on NASA and partisan politics. Reflecting on topics that range from scientific literacy to space-travel missteps, Tyson gives us an urgent, clear-eyed, and ultimately inspiring vision for the future.