This innovative text presents the theoretical foundations of security analysis and investment strategy, and explores the practical applications of these theories. After establishing an historical foundation, the book examines fixed income securities, equity analysis and investment strategy. Developing an advanced treatment of the subject throughout, the text remains focused on the practical concerns of security analysts. Guided by the insight that philosophical differences exist among the various approaches to investment analysis and strategy, the text assesses a range of approaches to security analysis. Numerous case studies, end-of-chapter questions and references are featured in the text, making it accessible and engaging. Integrating history, theory, technique, and application, this book should be required reading for every serious student of finance.