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Rare
book donated to library
A
1934 first-issue edition of the book "Security Analysis"
doesn't look like much. It's an average-sized volume with
a plain black cover. It looks like something that might
languish at a rummage sale or secondhand book store, especially
since a book about the trading of common stocks probably
wouldn't interest the average reader.
But
don't judge the newest addition to UM's Special Collections
by its cover. "Security Analysis" comes with an
estimated $30,000 price tag, making it the most expensive
single book ever housed at UM's Maureen and Mike Mansfield
Library.
An
extraordinary rarity, the book was donated to the library
recently by California businessman Nelson Weller, who earned
an undergraduate economics degree from UM in 1958. After
a successful career in equity research, money management
and investment banking, Weller now owns Longview Vineyards
of Healdsburg, Calif.
Authored
by Benjamin Graham and David Dodd, "Security Analysis"
is the flagship of the library's new Nelson S. Weller Security
Analysis Collection. Besides the $30,000 volume, Weller
donated another seven books collectively worth another $1,500.
The other volumes have titles such as "The Intelligent
Investor: A Book of Practical Counsel," "Common
Stocks and Uncommon Profits" and "How to Pay for
the War."
"The
purpose of (the collection) is to offer enlightenment on
the early days of security analysis by providing early-edition
books," Weller said. "The collection will, over
a period of time, acquire books written in the 1930 to 1950
era."
He
hopes that others with valuable personal property such as
books or art will join him in making UM the repository for
their treasures.
Chris Mullin, UM Special Collections librarian, said about
100 first-issue printings of "Security Analysis"
reside in libraries across the country, but most of those
aren't in the nearly pristine condition of UM's volume.
A volume in similar condition currently is selling for $30,000
on Bookfinder.com. A second-printing edition signed by one
of the authors now sells for $50,000. A sixth-printing volume
with a sun-faded spine and yellowing pages still sells for
more than $8,000.
"Security
Analysis" introduced the financial world to the now-essential
concepts of security analysis, fundamental analysis and
value investing. Mullin said, "People want to collect
this book. It's precious to people who make money in the
stock market and are interested in the science and art of
finding what companies to buy into."
Mullin
placed the rare book into a protective cardboard enclosure
immediately after its arrival. "A cup of coffee spilled
on it could make it lose 80 percent of its value -- maybe
even more," he said.
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