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Analysis of securities for construction of portfolio is undertaken by portfolio managers and investors for generating superior return. The return of a portfolio is largely characterized by the risk-return profile of the component securities. Bonds and equities are considered to be the two main components of any investment portfolio constructed to diversify risk and generate return. Therefore, a deep study of bonds and equities with a view to ascertaining their expected return and volatility is the key preoccupation of investors and portfolio managers. Analysis of investment avenues, particularly bonds and equities, to select best possible constituents for a portfolio is the subject matter of Security Analysis and Portfolio Management. Selection of optimal portfolio based on sound risk-return analysis is a skill that is useful for not only students of finance and market practitioners but also individuals aspiring to multiply their wealth by investing their surplus. This book has been written with the objective of elucidating, expounding and illustrating the right tools for security analysis and portfolio management in a way that both specialists and generalists are able to understand and apply them with ease.