Security Analysis by Benjamin Graham and David Dodd was first published in 1934. It is a fundamental book for serious students of value investing.
In Chapter 25, the authors continue the prior chapter's theme while discussing warrants, which have similar technical features to convertibles. The authors explain the benefits of detached warrants and payments in cash for such securities.
Furthermore, Mr. Graham and Mr. Dodd discuss the instances where it might be better to switch from the common stock of a company to its preferred. The writers explain hedging techniques which could be a good source of lower risk-return.
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