This is an an undergraduate textbook on investment analysis. The authors eliminate unnecessary mathematical detail and concentrate on the intuition and insights that is useful to practitioners throughout their careers as new ideas and challenges emerge from the financial marketplace. "Essentials of Investments" maintains the theme of asset allocation, which discusses asset pricing and trading then applies these theories to portfolio planning in real-world securities markets that are governed by risk/return relationships. The book also continues to develop modern topics. The major objective in this revision is to maintain the current level in content and coverage, but work on improving the text's accessibility by enhancing presentation, pedagogy, and design.