Portfolio managers and investors undertake analysis of securities for the construction of a portfolio for generating superior returns. The component securities' risk-return profile broadly characterises a portfolio's return. Bonds and equities are the two main components of any investment portfolio constructed to diversify risk and generate return. Therefore, a deep study of bonds and equities to ascertain their expected return and volatility is the key preoccupation of investors and portfolio managers. Analysis of investment avenues, particularly bonds and equities, to select the best possible constituents for a portfolio is the subject matter of Security Analysis and Portfolio Management. Selection of an 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 to elucidate, expound and illustrate the right tools for security analysis and portfolio management so that specialists and generalists can easily understand and apply them.