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Security Analysis, Part IV - Theory of Common-Stock Investment. The Dividend Factor

Penned By Benjamin Graham
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Security Analysis, Part IV - Theory of Common-Stock Investment. The Dividend Factor

Penned By Benjamin Graham
4.85 89,695 Ratings
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Editor's Note:
This chapter is from Security Analysis , which has withstood the test of time as well or better than any investment book ever published. Now the Sixth Edition updates the masters' ideas and adapts them for the 21st century's markets. This second edition, which was published in 1940 and still considered the definitive edition, has been updated by a dream team of some of today's leading value investors. Featuring a foreword by Warren E. Buffett (in which he reveals that he has read the 1940 masterwork "at least four times"), this new edition of Security Analysis will reacquaint you with the foundations of value investing--more relevant than ever in the tumultuous 21st century markets.

Indulge in the ultimate literary experience. We've refined the way you discover and access Security Analysis, Part IV - Theory of Common-Stock Investment. The Dividend Factor by Benjamin Graham. Crafted for the discerning reader.

Experience across all your premium devices with our high-fidelity digital format. Featuring cinematic typography, fluid layouts, and flawless rendering for an unparalleled reading session.

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Length 72 Pages
Imprint McGraw-Hill
Released N/A
Identifier (ISBN) 8224907
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Benjamin Graham
The Mind Behind the Work
Benjamin Graham

Benjamin Graham is a writer and avid reader based in the Pacific Northwest. Before pursuing writing full-time, they spent over a decade working in education. When not working on their next book, Benjamin Graham can usually be found hiking with their dog or trying out new coffee shops in their neighborhood.

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Anthony Sanchez
Anthony Sanchez July 01, 2024
"A very strong entry. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. Quite impressive overall."
Patricia Thompson
Patricia Thompson April 07, 2024
"I was completely blown away. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An absolute must-read for connoisseurs of the genre."
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Robert Rivera
Robert Rivera January 04, 2024
"Honestly one of the most premium reading experiences lately. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An effortless 5 stars."
Edward Martinez
Edward Martinez July 25, 2025
"A profoundly satisfying read. I adored how the story unfolded. It kept me captivated without sacrificing elegance. Worth every moment spent reading."
Joshua Ramirez
Joshua Ramirez May 23, 2025
"A profoundly satisfying read. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre."
Jessica Sanchez
Jessica Sanchez February 15, 2025
"Such a rich narrative. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem."
Christopher Edwards
Christopher Edwards September 17, 2025
"Excellent, though slightly flawed. The middle had a deliberate pace, but the climax was phenomenal. I would highly recommend this to discerning readers."
Kevin Walker
Kevin Walker March 26, 2024
"Absolutely brilliant. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An effortless 5 stars."
David Scott
David Scott February 14, 2025
"Exceeded all my expectations. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An absolute must-read for connoisseurs of the genre."
Donna Roberts
Donna Roberts October 07, 2024
"Honestly one of the most premium reading experiences lately. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece."
Sharon Turner
Sharon Turner November 10, 2025
"Absolutely brilliant. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece."
George Reyes
George Reyes February 15, 2025
"A profoundly satisfying read. The author orchestrated a breathtaking finale. Truly a work of art. An effortless 5 stars."
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"Masterpiece from start to finish. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I am now a lifelong fan of this author."
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"Masterpiece from start to finish. The prose is exquisite. It’s accessible yet undeniably sophisticated. I am now a lifelong fan of this author."
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"Honestly one of the most premium reading experiences lately. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. A true literary gem."
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"Such a rich narrative. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. Worth every moment spent reading."
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"Exceeded all my expectations. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An effortless 5 stars."
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Patricia Perez
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"Such a rich narrative. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I am now a lifelong fan of this author."
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"A very strong entry. The middle had a deliberate pace, but the climax was phenomenal. A wonderful companion for a quiet weekend."
Matthew Diaz
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"A very strong entry. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. A very distinguished novel."
Robert Martinez
Robert Martinez August 19, 2024
"Such a rich narrative. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. Worth every moment spent reading."
Jessica Sanchez
Jessica Sanchez January 17, 2024
"A profoundly satisfying read. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An absolute must-read for connoisseurs of the genre."
Brian Flores
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"Absolutely brilliant. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I am now a lifelong fan of this author."
Amanda Edwards
Amanda Edwards January 12, 2024
"Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece."
Patricia Brown
Patricia Brown April 04, 2025
"A highly sophisticated read. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. A wonderful companion for a quiet weekend."
Betty Miller
Betty Miller March 22, 2025
"A highly sophisticated read. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. A solid 4 stars from me."
Sarah  Davis
Sarah Davis March 08, 2024
"Excellent, though slightly flawed. The middle had a deliberate pace, but the climax was phenomenal. Quite impressive overall."
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"I was completely blown away. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre."
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"Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem."
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"A profoundly satisfying read. The author orchestrated a breathtaking finale. Truly a work of art. I am now a lifelong fan of this author."
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"Exceeded all my expectations. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre."
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"Honestly one of the most premium reading experiences lately. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. Worth every moment spent reading."
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"A very strong entry. A brilliant concept executed with flair. Just a few pacing choices I would change. I would highly recommend this to discerning readers."
Sharon Walker
Sharon Walker May 29, 2025
"Took a moment to build, but the payoff was spectacular. The protagonist was compelling, though some subplots felt slightly overshadowed. A wonderful companion for a quiet weekend."
Margaret Phillips
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"Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. An absolute must-read for connoisseurs of the genre."
Charles Sanchez
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"Absolutely brilliant. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. Worth every moment spent reading."
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"A very strong entry. It held my rapt attention, even when certain twists were telegraphed. Quite impressive overall."
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"A profoundly satisfying read. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. Worth every moment spent reading."
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"Honestly one of the most premium reading experiences lately. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I will undoubtedly revisit this masterpiece."
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"Honestly one of the most premium reading experiences lately. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre."
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"Such a rich narrative. I became deeply invested in the protagonist's journey. A masterclass in storytelling. Worth every moment spent reading."
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"Excellent, though slightly flawed. The protagonist was compelling, though some subplots felt slightly overshadowed. A wonderful companion for a quiet weekend."
Charles Scott
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"I find myself somewhat conflicted. It possessed moments of brilliance, but the narrative felt slightly disjointed ultimately. Perfectly average."
Jacob Miller
Jacob Miller November 16, 2024
"A highly sophisticated read. The middle had a deliberate pace, but the climax was phenomenal. Quite impressive overall."
David Sanchez
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"Absolutely brilliant. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece."
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"Honestly one of the most premium reading experiences lately. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I am now a lifelong fan of this author."
Carol Martinez
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"Honestly one of the most premium reading experiences lately. The prose is exquisite. It’s accessible yet undeniably sophisticated. I am now a lifelong fan of this author."
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Margaret Allen March 28, 2025
"A profoundly satisfying read. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading."
Sarah Jackson
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"Such a rich narrative. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I will undoubtedly revisit this masterpiece."
Christopher Edwards
Christopher Edwards August 17, 2024
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Ryan Evans April 30, 2024
"Honestly one of the most premium reading experiences lately. I adored how the story unfolded. It kept me captivated without sacrificing elegance. A true literary gem."
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Carol Taylor August 07, 2024
"Such a rich narrative. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An effortless 5 stars."
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Christopher Hernandez
Christopher Hernandez June 01, 2025
"I was completely blown away. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. A true literary gem."
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"Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece."
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"A profoundly satisfying read. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I will undoubtedly revisit this masterpiece."
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Barbara White July 03, 2024
"Such a rich narrative. The prose is exquisite. It’s accessible yet undeniably sophisticated. Worth every moment spent reading."
Thomas Baker
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"A profoundly satisfying read. The author orchestrated a breathtaking finale. Truly a work of art. I will undoubtedly revisit this masterpiece."
Thomas Walker
Thomas Walker May 16, 2025
"I thoroughly enjoyed the elegance of it. A brilliant concept executed with flair. Just a few pacing choices I would change. Quite impressive overall."
Margaret Hernandez
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"A very strong entry. The protagonist was compelling, though some subplots felt slightly overshadowed. A very distinguished novel."
Daniel Ramirez
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"Honestly one of the most premium reading experiences lately. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece."
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"Exceeded all my expectations. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. Worth every moment spent reading."
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"Masterpiece from start to finish. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem."
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Barbara Nelson
Barbara Nelson June 21, 2024
"Masterpiece from start to finish. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece."
Sarah Cruz
Sarah Cruz May 19, 2024
"Masterpiece from start to finish. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece."
Sarah Green
Sarah Green September 25, 2025
"Masterpiece from start to finish. The prose is exquisite. It’s accessible yet undeniably sophisticated. I am now a lifelong fan of this author."
Emily Collins
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"Excellent, though slightly flawed. The middle had a deliberate pace, but the climax was phenomenal. A wonderful companion for a quiet weekend."
Dorothy Jones
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"A profoundly satisfying read. The author orchestrated a breathtaking finale. Truly a work of art. I am now a lifelong fan of this author."
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"I thoroughly enjoyed the elegance of it. The protagonist was compelling, though some subplots felt slightly overshadowed. A solid 4 stars from me."
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"Masterpiece from start to finish. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An effortless 5 stars."
Edward Mitchell
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"Such a rich narrative. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An effortless 5 stars."
Karen Jones
Karen Jones August 11, 2024
"Such a rich narrative. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An effortless 5 stars."
Michael Martinez
Michael Martinez March 14, 2024
"Masterpiece from start to finish. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I am now a lifelong fan of this author."
Thomas Clark
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"A decent, if standard, experience. It possessed moments of brilliance, but the narrative felt slightly disjointed ultimately. Unlikely to reread, but a reasonable expenditure of time."
Stephanie Wilson
Stephanie Wilson July 19, 2024
"Such a rich narrative. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An effortless 5 stars."
Kenneth Rodriguez
Kenneth Rodriguez October 22, 2024
"Excellent, though slightly flawed. A brilliant concept executed with flair. Just a few pacing choices I would change. Quite impressive overall."
Amanda Scott
Amanda Scott April 10, 2024
"I was completely blown away. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An effortless 5 stars."
Emily Collins
Emily Collins August 12, 2025
"I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. I will undoubtedly revisit this masterpiece."
Linda Hill
Linda Hill October 09, 2024
"I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. I am now a lifelong fan of this author."
Ashley  Davis
Ashley Davis April 06, 2025
"A profoundly satisfying read. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem."
Betty Turner
Betty Turner March 17, 2025
"Not entirely to my refined tastes. The prose was competent, yet the characters lacked the depth I usually seek. Suitable if your reading queue is empty."
George Young
George Young December 04, 2024
"I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading."
Anthony Clark
Anthony Clark February 24, 2025
"A highly sophisticated read. The protagonist was compelling, though some subplots felt slightly overshadowed. A solid 4 stars from me."
Elizabeth Clark
Elizabeth Clark November 15, 2025
"I find myself somewhat conflicted. Certain acts were fascinating, while others felt like a slight endeavor to complete. Unlikely to reread, but a reasonable expenditure of time."
Michael Scott
Michael Scott September 13, 2025
"Excellent, though slightly flawed. The middle had a deliberate pace, but the climax was phenomenal. I would highly recommend this to discerning readers."
Kevin Roberts
Kevin Roberts April 10, 2024
"Masterpiece from start to finish. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece."
Joshua Walker
Joshua Walker October 21, 2024
"Honestly one of the most premium reading experiences lately. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I am now a lifelong fan of this author."
Kimberly Nelson
Kimberly Nelson September 09, 2024
"A profoundly satisfying read. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An effortless 5 stars."
David Scott
David Scott April 07, 2025
"Took a moment to build, but the payoff was spectacular. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. I would highly recommend this to discerning readers."
Elizabeth Taylor
Elizabeth Taylor November 27, 2025
"I thoroughly enjoyed the elegance of it. It held my rapt attention, even when certain twists were telegraphed. A solid 4 stars from me."
George Young
George Young April 30, 2025
"Honestly one of the most premium reading experiences lately. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem."
Matthew Adams
Matthew Adams April 28, 2024
"Took a moment to build, but the payoff was spectacular. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. Quite impressive overall."
Betty Garcia
Betty Garcia March 26, 2024
"Absolutely brilliant. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece."
Amanda Diaz
Amanda Diaz March 24, 2025
"I was completely blown away. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An effortless 5 stars."
George Williams
George Williams February 07, 2024
"Masterpiece from start to finish. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre."
Barbara Nelson
Barbara Nelson August 17, 2024
"Took a moment to build, but the payoff was spectacular. The protagonist was compelling, though some subplots felt slightly overshadowed. I would highly recommend this to discerning readers."
Karen Baker
Karen Baker February 13, 2024
"Not entirely to my refined tastes. It possessed moments of brilliance, but the narrative felt slightly disjointed ultimately. Perfectly average."
Kenneth Hall
Kenneth Hall September 14, 2024
"Not entirely to my refined tastes. The tempo was somewhat languid, and I found my mind wandering. Not poor, simply average. A fair 3 stars."
Mark Reyes
Mark Reyes January 12, 2024
"Honestly one of the most premium reading experiences lately. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An effortless 5 stars."
Karen Moore
Karen Moore January 04, 2025
"A very strong entry. It held my rapt attention, even when certain twists were telegraphed. A very distinguished novel."
Joseph King
Joseph King April 03, 2024
"I find myself somewhat conflicted. The prose was competent, yet the characters lacked the depth I usually seek. Suitable if your reading queue is empty."
Thomas Baker
Thomas Baker March 20, 2025
"A highly sophisticated read. The protagonist was compelling, though some subplots felt slightly overshadowed. Quite impressive overall."
Amanda Mitchell
Amanda Mitchell May 28, 2025
"I find myself somewhat conflicted. It possessed moments of brilliance, but the narrative felt slightly disjointed ultimately. Perhaps more aligned with a different audience's tastes."
William Martinez
William Martinez September 23, 2024
"A profoundly satisfying read. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. A true literary gem."
Barbara Clark
Barbara Clark May 20, 2024
"I thoroughly enjoyed the elegance of it. The middle had a deliberate pace, but the climax was phenomenal. A solid 4 stars from me."
Eric Hernandez
Eric Hernandez October 11, 2025
"Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. I will undoubtedly revisit this masterpiece."
Donald Miller
Donald Miller July 10, 2025
"Absolutely brilliant. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An effortless 5 stars."
Matthew Rodriguez
Matthew Rodriguez December 11, 2024
"A highly sophisticated read. The middle had a deliberate pace, but the climax was phenomenal. Quite impressive overall."
Joshua Walker
Joshua Walker July 13, 2024
"Exceeded all my expectations. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I am now a lifelong fan of this author."
Gary Wright
Gary Wright September 10, 2025
"Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. Worth every moment spent reading."
Steven Turner
Steven Turner April 27, 2024
"A very strong entry. It held my rapt attention, even when certain twists were telegraphed. A very distinguished novel."
Sharon Lewis
Sharon Lewis January 29, 2024
"A very strong entry. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. A very distinguished novel."
Joseph Hill
Joseph Hill September 18, 2024
"Absolutely brilliant. The author orchestrated a breathtaking finale. Truly a work of art. I will undoubtedly revisit this masterpiece."
Michelle  Davis
Michelle Davis December 30, 2024
"A very strong entry. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. I would highly recommend this to discerning readers."
Daniel White
Daniel White April 08, 2025
"A highly sophisticated read. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. Quite impressive overall."
Karen King
Karen King September 02, 2024
"Such a rich narrative. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. Worth every moment spent reading."
Emily Wright
Emily Wright January 20, 2024
"Excellent, though slightly flawed. The protagonist was compelling, though some subplots felt slightly overshadowed. A wonderful companion for a quiet weekend."
Mary Williams
Mary Williams March 21, 2025
"A decent, if standard, experience. The prose was competent, yet the characters lacked the depth I usually seek. Perhaps more aligned with a different audience's tastes."
Kimberly Moore
Kimberly Moore December 13, 2025
"A very strong entry. The protagonist was compelling, though some subplots felt slightly overshadowed. A solid 4 stars from me."
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