It's Earnings That Count

It's Earnings That Count

Author: Hewitt Heiserman

Publisher: McGraw Hill Professional

Published: 2003-12-02

Total Pages: 210

ISBN-13: 0071542477

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An innovative way to see through a company's published numbers to discover its true investment potential This book gives you a blueprint for finding a great growth stock for the next decade without taking on a lot of risk in the process. Inspired by the writings of Benjamin Graham, It's Earnings That Count examines a firm’s earnings quality from the perspective of a “defensive” investor who wants to avoid committing ruinous mistakes as well as the “enterprising” investor who seeks Wall Street’s next great opportunities. Unfortunately, as recent market history has shown, the traditional income statement is ill-suited to meeting the needs of these sometimes opposing viewpoints. As a result, investors can buy shares of a seemingly profitable company that, in fact, has poor earnings quality. However, the author’s trademarked Earnings Power Chart combines Graham’s two personalities to reveal, in picture form, whether a company possesses authentic earnings power for long-term growth. Using the world-famous William Wrigley Jr. Company gum-maker as a case study, you will learn how to build these two alternate profit-and-loss statements to protect yourself. Since this book is written in plain English, you do not need to be an MBA or accountant to follow these step-by-step instructions. Giving investors the tools they need to turn the tables in their favor, It's Earnings That Count covers: The four limitations of the income statement found in every annual report, 10-K, and 10-Q A quick-hitting, five minute test to sift out the obvious losers so you can save time and focus on analyzing potential winners How to spot when a company is forging an Earnings Power Staircase—that’s your hallmark of a low-risk growth stock like Microsoft and Paychex Why the charts of Lucent Technologies, WorldCom, Enron, and Tyco signaled trouble ahead of traditional income statement. The 2 earnings power ratios you need before making your next investment 12 ways to check whether management’s interests are aligned with yours A list of 15 items to check for to make sure the companies in your stock portfolio have a competitive advantage. (Hint: Great growth stocks always have competitive advantages.) 16 kinds of companies to avoid 20 indicators that it may be time to sell


Book Synopsis It's Earnings That Count by : Hewitt Heiserman

Download or read book It's Earnings That Count written by Hewitt Heiserman and published by McGraw Hill Professional. This book was released on 2003-12-02 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: An innovative way to see through a company's published numbers to discover its true investment potential This book gives you a blueprint for finding a great growth stock for the next decade without taking on a lot of risk in the process. Inspired by the writings of Benjamin Graham, It's Earnings That Count examines a firm’s earnings quality from the perspective of a “defensive” investor who wants to avoid committing ruinous mistakes as well as the “enterprising” investor who seeks Wall Street’s next great opportunities. Unfortunately, as recent market history has shown, the traditional income statement is ill-suited to meeting the needs of these sometimes opposing viewpoints. As a result, investors can buy shares of a seemingly profitable company that, in fact, has poor earnings quality. However, the author’s trademarked Earnings Power Chart combines Graham’s two personalities to reveal, in picture form, whether a company possesses authentic earnings power for long-term growth. Using the world-famous William Wrigley Jr. Company gum-maker as a case study, you will learn how to build these two alternate profit-and-loss statements to protect yourself. Since this book is written in plain English, you do not need to be an MBA or accountant to follow these step-by-step instructions. Giving investors the tools they need to turn the tables in their favor, It's Earnings That Count covers: The four limitations of the income statement found in every annual report, 10-K, and 10-Q A quick-hitting, five minute test to sift out the obvious losers so you can save time and focus on analyzing potential winners How to spot when a company is forging an Earnings Power Staircase—that’s your hallmark of a low-risk growth stock like Microsoft and Paychex Why the charts of Lucent Technologies, WorldCom, Enron, and Tyco signaled trouble ahead of traditional income statement. The 2 earnings power ratios you need before making your next investment 12 ways to check whether management’s interests are aligned with yours A list of 15 items to check for to make sure the companies in your stock portfolio have a competitive advantage. (Hint: Great growth stocks always have competitive advantages.) 16 kinds of companies to avoid 20 indicators that it may be time to sell

Its Earnings That Count

Its Earnings That Count

Author:

Publisher:

Published:

Total Pages: 238

ISBN-13:

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This is an innovative way to see through a company's published numbers to discover its true investment potential. This book gives you a blueprint for finding a great growth stock for the next decade without taking on a lot of risk in the process. Inspired by the writings of Benjamin Graham, "It's Earnings That Count" examines a firm's earnings quality from the perspective of a "defensive" investor who wants to avoid committing ruinous mistakes, as well as the "enterprising" investor who seeks Wall Street's next great opportunities. Unfortunately, as recent market history has shown, the traditional income statement is ill-suited to meeting the needs of these sometimes opposing viewpoints. As a result, investors can buy shares of a seemingly profitable company that, in fact, has poor earnings quality. However, the author's trademarked Earnings Power Chart combines Graham's two personalities to reveal, in picture form, whether a company possesses authentic earnings power for long-term growth. Using the world-famous William Wrigley Jr. Company gum-maker as a case study, you will learn how to build these two alternate profit-and-loss statements to protect yourself. Since this book is written in plain English, you do not need to be an MBA or accountant to follow these step-by-step instructions. Giving investors the tools they need to turn the tables in their favor, "It's Earnings That Count" covers: the four limitations of the income statement found in every annual report, 10-K, and 10-Q A quick-hitting, five minute test to sift out the obvious losers so you can save time and focus on analyzing potential winners; how to spot when a company is forging an Earnings Power Staircase - that's your hallmark of a low-risk growth stock like Microsoft and Paychex; why the charts of Lucent Technologies, WorldCom, Enron, and Tyco signaled trouble ahead of traditional income statement. It also includes: the 2 earnings power ratios you need before making your next investment; 12 ways to check whether management's interests are aligned with yours; a list of 15 items to check for to make sure the companies in your stock portfolio have a competitive advantage. (Hint: great growth stocks always have competitive advantages.); 16 kinds of companies to avoid; 20 indicators that it may be time to sell. "Well-written, intellectually sound, "accessible" to those who take the time to understand, and a poke in the eye to those who abused our capitalistic system and those (pros) who let them get away with it."--John C. Bogle, the founder and former CEO of The Vanguard Group. "In a single, easy to use index, Hewitt Heiserman captures the essence of growth and value - a most insightful approach to stock picking."--Charles W. Mulford, co-author, "The Financial Numbers Game", Director, DuPree Financial Analysis Lab and professor of Accounting, Georgia Institute of Technology. "Clear and engaging, Heiserman shows how to easily evaluate a growth company's investment potential for both conservative and aggressive investors. The result - the 'cautiously greedy' investor wins." - Tom Jacobs, Senior Analyst, "The Motley Fool". "Heiserman's unique and thorough analysis not only provides methods for avoiding companies with suspect earnings, but also uncovering the true gems that are able to grow well into the future." - Timothy M. Mulligan, J.D., LL. M., CPA., CEO, Forensic Advisors, Inc. "Hewitt Heiserman's innovative financial analysis techniques goes a long way towards providing an investor with an extra edge in identifying the growth stocks of tomorrow without being unduly exposed to excessive investment risk today." - Thornton L. Oglove, founder, Quality of Earnings Report. "This book lays the groundwork for becoming a successful long-term investor." - Mark Sellers, Equities Strategist & Portfolio Manager, Morningstar, Inc. "As an avid reader of investment books, I recommend this book wholeheartedly." - Arne Alsin, Real Money.com and The Turnaround Fund. "In a clea.


Book Synopsis Its Earnings That Count by :

Download or read book Its Earnings That Count written by and published by . This book was released on with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an innovative way to see through a company's published numbers to discover its true investment potential. This book gives you a blueprint for finding a great growth stock for the next decade without taking on a lot of risk in the process. Inspired by the writings of Benjamin Graham, "It's Earnings That Count" examines a firm's earnings quality from the perspective of a "defensive" investor who wants to avoid committing ruinous mistakes, as well as the "enterprising" investor who seeks Wall Street's next great opportunities. Unfortunately, as recent market history has shown, the traditional income statement is ill-suited to meeting the needs of these sometimes opposing viewpoints. As a result, investors can buy shares of a seemingly profitable company that, in fact, has poor earnings quality. However, the author's trademarked Earnings Power Chart combines Graham's two personalities to reveal, in picture form, whether a company possesses authentic earnings power for long-term growth. Using the world-famous William Wrigley Jr. Company gum-maker as a case study, you will learn how to build these two alternate profit-and-loss statements to protect yourself. Since this book is written in plain English, you do not need to be an MBA or accountant to follow these step-by-step instructions. Giving investors the tools they need to turn the tables in their favor, "It's Earnings That Count" covers: the four limitations of the income statement found in every annual report, 10-K, and 10-Q A quick-hitting, five minute test to sift out the obvious losers so you can save time and focus on analyzing potential winners; how to spot when a company is forging an Earnings Power Staircase - that's your hallmark of a low-risk growth stock like Microsoft and Paychex; why the charts of Lucent Technologies, WorldCom, Enron, and Tyco signaled trouble ahead of traditional income statement. It also includes: the 2 earnings power ratios you need before making your next investment; 12 ways to check whether management's interests are aligned with yours; a list of 15 items to check for to make sure the companies in your stock portfolio have a competitive advantage. (Hint: great growth stocks always have competitive advantages.); 16 kinds of companies to avoid; 20 indicators that it may be time to sell. "Well-written, intellectually sound, "accessible" to those who take the time to understand, and a poke in the eye to those who abused our capitalistic system and those (pros) who let them get away with it."--John C. Bogle, the founder and former CEO of The Vanguard Group. "In a single, easy to use index, Hewitt Heiserman captures the essence of growth and value - a most insightful approach to stock picking."--Charles W. Mulford, co-author, "The Financial Numbers Game", Director, DuPree Financial Analysis Lab and professor of Accounting, Georgia Institute of Technology. "Clear and engaging, Heiserman shows how to easily evaluate a growth company's investment potential for both conservative and aggressive investors. The result - the 'cautiously greedy' investor wins." - Tom Jacobs, Senior Analyst, "The Motley Fool". "Heiserman's unique and thorough analysis not only provides methods for avoiding companies with suspect earnings, but also uncovering the true gems that are able to grow well into the future." - Timothy M. Mulligan, J.D., LL. M., CPA., CEO, Forensic Advisors, Inc. "Hewitt Heiserman's innovative financial analysis techniques goes a long way towards providing an investor with an extra edge in identifying the growth stocks of tomorrow without being unduly exposed to excessive investment risk today." - Thornton L. Oglove, founder, Quality of Earnings Report. "This book lays the groundwork for becoming a successful long-term investor." - Mark Sellers, Equities Strategist & Portfolio Manager, Morningstar, Inc. "As an avid reader of investment books, I recommend this book wholeheartedly." - Arne Alsin, Real Money.com and The Turnaround Fund. "In a clea.

It's Earnings that Count

It's Earnings that Count

Author: Hewitt Heiserman

Publisher: McGraw Hill Professional

Published: 2004

Total Pages: 239

ISBN-13: 0071423230

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An innovative technique for seeing through a company's published numbers to discover its true investment potential.


Book Synopsis It's Earnings that Count by : Hewitt Heiserman

Download or read book It's Earnings that Count written by Hewitt Heiserman and published by McGraw Hill Professional. This book was released on 2004 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: An innovative technique for seeing through a company's published numbers to discover its true investment potential.

Don't Count on It!

Don't Count on It!

Author: John C. Bogle

Publisher: John Wiley & Sons

Published: 2010-10-26

Total Pages: 640

ISBN-13: 0470949023

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Praise for Don't Count On It! "This collection of Jack Bogle's writings couldn't be more timely. The clarity of his thinking—and his insistence on the relevance of ethical standards—are totally relevant as we strive to rebuild a broken financial system. For too many years, his strong voice has been lost amid the cacophony of competing self-interests, misdirected complexity, and unbounded greed. Read, learn, and support Jack's mission to reform the industry that has been his life's work." —PAUL VOLCKER, Chairman of the President's Economic Recovery Advisory Board and former Chairman of the Federal Reserve (1979–1987) "Jack Bogle has given investors throughout the world more wisdom and plain financial 'horse sense' than any person in the history of markets. This compendium of his best writings, particularly his post-crisis guidance, is absolutely essential reading for investors and those who care about the future of our society." —ARTHUR LEVITT, former Chairman, U.S. Securities and Exchange Commission "Jack Bogle is one of the most lucid men in finance." —NASSIM N.TALEB, PhD, author of The Black Swan "Jack Bogle is one of the financial wise men whose experience spans the post–World War II years. This book, encompassing his insights on financial behavior, pitfalls, and remedies, with a special focus on mutual funds, is an essential read. We can only benefit from his observations." —HENRY KAUFMAN, President, Henry Kaufman & Company, Inc. "It was not an easy sell. The joke at first was that only finance professors invested in Vanguard's original index fund. But what a triumph it has been. And what a focused and passionate drive it took: it is a zero-sum game and only costs are certain. Thank you, Jack." —JEREMY GRANTHAM, Cofounder and Chairman, GMO "On finance, Jack Bogle thinks unconventionally. So, this sound rebel turns out to be right most of the time. Meanwhile, many of us sometimes engage in self-deception. So, this book will set us straight. And in the last few pages, Jack writes, and I agree, that Peter Bernstein was a giant. So is Jack Bogle." —JEAN-MARIE EVEILLARD, Senior Adviser, First Eagle Investment Management Insights into investing and leadership from the founder of The Vanguard Group Throughout his legendary career, John Bogle-founder of the Vanguard mutual fund group and creator of the first index mutual fund-has helped investors build wealth the right way, while, at the same time, leading a tireless campaign to restore common sense to the investment world. A collection of essays based on speeches delivered to professional groups and college students in recent years, in Don't Count on It is organized around eight themes Illusion versus reality in investing Indexing to market returns Failures of capitalism The flawed structure of the mutual fund industry The spirit of entrepreneurship What is enough in business, and in life Advice to America's future leaders The unforgettable characters who have shaped his career Widely acclaimed for his role as the conscience of the mutual fund industry and a relentless advocate for individual investors, in Don't Count on It, Bogle continues to inspire, while pushing the mutual fund industry to measure up to their promise.


Book Synopsis Don't Count on It! by : John C. Bogle

Download or read book Don't Count on It! written by John C. Bogle and published by John Wiley & Sons. This book was released on 2010-10-26 with total page 640 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Don't Count On It! "This collection of Jack Bogle's writings couldn't be more timely. The clarity of his thinking—and his insistence on the relevance of ethical standards—are totally relevant as we strive to rebuild a broken financial system. For too many years, his strong voice has been lost amid the cacophony of competing self-interests, misdirected complexity, and unbounded greed. Read, learn, and support Jack's mission to reform the industry that has been his life's work." —PAUL VOLCKER, Chairman of the President's Economic Recovery Advisory Board and former Chairman of the Federal Reserve (1979–1987) "Jack Bogle has given investors throughout the world more wisdom and plain financial 'horse sense' than any person in the history of markets. This compendium of his best writings, particularly his post-crisis guidance, is absolutely essential reading for investors and those who care about the future of our society." —ARTHUR LEVITT, former Chairman, U.S. Securities and Exchange Commission "Jack Bogle is one of the most lucid men in finance." —NASSIM N.TALEB, PhD, author of The Black Swan "Jack Bogle is one of the financial wise men whose experience spans the post–World War II years. This book, encompassing his insights on financial behavior, pitfalls, and remedies, with a special focus on mutual funds, is an essential read. We can only benefit from his observations." —HENRY KAUFMAN, President, Henry Kaufman & Company, Inc. "It was not an easy sell. The joke at first was that only finance professors invested in Vanguard's original index fund. But what a triumph it has been. And what a focused and passionate drive it took: it is a zero-sum game and only costs are certain. Thank you, Jack." —JEREMY GRANTHAM, Cofounder and Chairman, GMO "On finance, Jack Bogle thinks unconventionally. So, this sound rebel turns out to be right most of the time. Meanwhile, many of us sometimes engage in self-deception. So, this book will set us straight. And in the last few pages, Jack writes, and I agree, that Peter Bernstein was a giant. So is Jack Bogle." —JEAN-MARIE EVEILLARD, Senior Adviser, First Eagle Investment Management Insights into investing and leadership from the founder of The Vanguard Group Throughout his legendary career, John Bogle-founder of the Vanguard mutual fund group and creator of the first index mutual fund-has helped investors build wealth the right way, while, at the same time, leading a tireless campaign to restore common sense to the investment world. A collection of essays based on speeches delivered to professional groups and college students in recent years, in Don't Count on It is organized around eight themes Illusion versus reality in investing Indexing to market returns Failures of capitalism The flawed structure of the mutual fund industry The spirit of entrepreneurship What is enough in business, and in life Advice to America's future leaders The unforgettable characters who have shaped his career Widely acclaimed for his role as the conscience of the mutual fund industry and a relentless advocate for individual investors, in Don't Count on It, Bogle continues to inspire, while pushing the mutual fund industry to measure up to their promise.

The Little Book That Makes You Rich

The Little Book That Makes You Rich

Author: Louis Navellier

Publisher: John Wiley & Sons

Published: 2011-01-07

Total Pages: 132

ISBN-13: 1118045114

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Profit from a powerful, proven investment strategy The Little Book That Makes You Rich is the latest book in the popular "Little Book, Big Profits" series. Written by Louis Navellier -- one of the most well-respected and successful growth investors of our day -- this book offers a fundamental understanding of how to get rich using the best in growth investing strategies. Navellier has made a living by picking top, actively traded stocks and capturing unparalleled profits from them in the process. Now, with The Little Book That Makes You Rich, he shows you how to find stocks that are poised for rapid price increases, regardless of overall stock market direction. Navellier also offers the statistical and quantitative measures needed to measure risk and reward along the path to profitable growth stock investing. Filled with in-depth insights and practical advice, The Little Book That Makes You Rich gives individual investors specific tools for selecting stocks based on the factors that years of research have proven to lead to growth stock profits. These factors include analysts' moves, profit margins expansion, and rapid sales growth. In addition to offering you tips for not paying too much for growth, the author also addresses essential issues that every growth investor must be aware of, including which signs will tell you when it's time to get rid of a stock and how to monitor a portfolio in order to maintain its overall quality. Accessible and engaging, The Little Book That Makes You Rich outlines an effective approach to building true wealth in today's markets. Louis Navellier (Reno, NV) has one of the most exceptional long-term track records of any financial newsletter editor in America. As a financial analyst and editor of investment newsletters since 1980, Navellier's recommendations (published in Emerging Growth) have gained over 4,806 percent in the last 22 years, as confirmed by a leading independent newsletter rating service, The Hulbert Financial Digest. Emerging Growth is one of Navellier's four services, which also includes his Blue Chip Growth service for large-cap stock investors, his Quantum Growth service for active traders seeking shorter-term gains, and his Global Growth service for active traders focused on high growth global stocks.


Book Synopsis The Little Book That Makes You Rich by : Louis Navellier

Download or read book The Little Book That Makes You Rich written by Louis Navellier and published by John Wiley & Sons. This book was released on 2011-01-07 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Profit from a powerful, proven investment strategy The Little Book That Makes You Rich is the latest book in the popular "Little Book, Big Profits" series. Written by Louis Navellier -- one of the most well-respected and successful growth investors of our day -- this book offers a fundamental understanding of how to get rich using the best in growth investing strategies. Navellier has made a living by picking top, actively traded stocks and capturing unparalleled profits from them in the process. Now, with The Little Book That Makes You Rich, he shows you how to find stocks that are poised for rapid price increases, regardless of overall stock market direction. Navellier also offers the statistical and quantitative measures needed to measure risk and reward along the path to profitable growth stock investing. Filled with in-depth insights and practical advice, The Little Book That Makes You Rich gives individual investors specific tools for selecting stocks based on the factors that years of research have proven to lead to growth stock profits. These factors include analysts' moves, profit margins expansion, and rapid sales growth. In addition to offering you tips for not paying too much for growth, the author also addresses essential issues that every growth investor must be aware of, including which signs will tell you when it's time to get rid of a stock and how to monitor a portfolio in order to maintain its overall quality. Accessible and engaging, The Little Book That Makes You Rich outlines an effective approach to building true wealth in today's markets. Louis Navellier (Reno, NV) has one of the most exceptional long-term track records of any financial newsletter editor in America. As a financial analyst and editor of investment newsletters since 1980, Navellier's recommendations (published in Emerging Growth) have gained over 4,806 percent in the last 22 years, as confirmed by a leading independent newsletter rating service, The Hulbert Financial Digest. Emerging Growth is one of Navellier's four services, which also includes his Blue Chip Growth service for large-cap stock investors, his Quantum Growth service for active traders seeking shorter-term gains, and his Global Growth service for active traders focused on high growth global stocks.

Money Machine

Money Machine

Author: Gary V. Smith

Publisher: AMACOM

Published: 2017-06-08

Total Pages: 320

ISBN-13: 0814438571

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This book looks at Wall Street wonders Warren Buffet, Benjamin Graham, and other legends and shares how you can utilize their secrets to unimaginable success! It’s time to put your money to work the smart way and stop chasing quick payoffs that never turn out. That seductive stock tip you just overheard? That’s your ticket to flushing your savings down the toilet. The story you saw on a promising new product? Only those who invested before the story came out have any chance of a solid payout. If you want to succeed in the market, you need to learn how to invest based on value, selecting stocks that will continue to enrich you for years to come. By learning the keys to value investing, Money Machine will teach you how to: Judge a stock by the cash it generates Determine the stock’s intrinsic value Use key investment benchmarks such as price-earnings ratio and dividend-price ratio Recognize stock market bubbles and profit from panics Avoid psychological traps that can trip you up Investing in the market doesn’t have to be reckless speculation. Invest in value, not ventures, and find the financial success all those gamblers are still looking for!


Book Synopsis Money Machine by : Gary V. Smith

Download or read book Money Machine written by Gary V. Smith and published by AMACOM. This book was released on 2017-06-08 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at Wall Street wonders Warren Buffet, Benjamin Graham, and other legends and shares how you can utilize their secrets to unimaginable success! It’s time to put your money to work the smart way and stop chasing quick payoffs that never turn out. That seductive stock tip you just overheard? That’s your ticket to flushing your savings down the toilet. The story you saw on a promising new product? Only those who invested before the story came out have any chance of a solid payout. If you want to succeed in the market, you need to learn how to invest based on value, selecting stocks that will continue to enrich you for years to come. By learning the keys to value investing, Money Machine will teach you how to: Judge a stock by the cash it generates Determine the stock’s intrinsic value Use key investment benchmarks such as price-earnings ratio and dividend-price ratio Recognize stock market bubbles and profit from panics Avoid psychological traps that can trip you up Investing in the market doesn’t have to be reckless speculation. Invest in value, not ventures, and find the financial success all those gamblers are still looking for!

Accounting for Value

Accounting for Value

Author: Stephen Penman

Publisher: Columbia University Press

Published: 2010-12-30

Total Pages: 265

ISBN-13: 0231521855

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Accounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book's novel approach shows that valuation and accounting are much the same: valuation is actually a matter of accounting for value. Laying aside many of the tools of modern finance the cost-of-capital, the CAPM, and discounted cash flow analysis Stephen Penman returns to the common-sense principles that have long guided fundamental investing: price is what you pay but value is what you get; the risk in investing is the risk of paying too much; anchor on what you know rather than speculation; and beware of paying too much for speculative growth. Penman puts these ideas in touch with the quantification supplied by accounting, producing practical tools for the intelligent investor. Accounting for value provides protection from paying too much for a stock and clues the investor in to the likely return from buying growth. Strikingly, the analysis finesses the need to calculate a "cost-of-capital," which often frustrates the application of modern valuation techniques. Accounting for value recasts "value" versus "growth" investing and explains such curiosities as why earnings-to-price and book-to-price ratios predict stock returns. By the end of the book, Penman has the intelligent investor thinking like an intelligent accountant, better equipped to handle the bubbles and crashes of our time. For accounting regulators, Penman also prescribes a formula for intelligent accounting reform, engaging with such controversial issues as fair value accounting.


Book Synopsis Accounting for Value by : Stephen Penman

Download or read book Accounting for Value written by Stephen Penman and published by Columbia University Press. This book was released on 2010-12-30 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book's novel approach shows that valuation and accounting are much the same: valuation is actually a matter of accounting for value. Laying aside many of the tools of modern finance the cost-of-capital, the CAPM, and discounted cash flow analysis Stephen Penman returns to the common-sense principles that have long guided fundamental investing: price is what you pay but value is what you get; the risk in investing is the risk of paying too much; anchor on what you know rather than speculation; and beware of paying too much for speculative growth. Penman puts these ideas in touch with the quantification supplied by accounting, producing practical tools for the intelligent investor. Accounting for value provides protection from paying too much for a stock and clues the investor in to the likely return from buying growth. Strikingly, the analysis finesses the need to calculate a "cost-of-capital," which often frustrates the application of modern valuation techniques. Accounting for value recasts "value" versus "growth" investing and explains such curiosities as why earnings-to-price and book-to-price ratios predict stock returns. By the end of the book, Penman has the intelligent investor thinking like an intelligent accountant, better equipped to handle the bubbles and crashes of our time. For accounting regulators, Penman also prescribes a formula for intelligent accounting reform, engaging with such controversial issues as fair value accounting.

The Smart Money Method

The Smart Money Method

Author: Stephen Clapham

Publisher: Harriman House Limited

Published: 2020-11-24

Total Pages: 226

ISBN-13: 0857197037

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In The Smart Money Method, the stock-picking techniques used by top industry professionals are laid bare for investors. This is the inside track on how top hedge funds pick stocks and build portfolios to make outsize returns. Stephen Clapham is a retired hedge fund partner who now trains stock analysts at some of the world’s largest and most successful institutional investors. He explains step-by-step his research process for picking stocks and testing their market-beating potential. His methodology provides the tools and techniques to research new stock ideas, as well as maintain and eventually sell an investment. From testing your thesis and making investment decisions, to managing your portfolio and deciding when to buy and sell, The Smart Money Method covers everything you need to know to avoid common pitfalls and invest with confidence. Unique insight is presented in several specific areas, including how to: • Find stock ideas • Assess the quality of any business • Judge management’s ability • Identify shady accounting and avoid dying companies • Value any business to find bargain shares • Navigate the consequences of COVID-19 And throughout, there are real-life investing examples and war stories from a 25-year career in stock markets. The message is clear – you can beat the market. To do so, you need to learn and apply the insider secrets contained within this book.


Book Synopsis The Smart Money Method by : Stephen Clapham

Download or read book The Smart Money Method written by Stephen Clapham and published by Harriman House Limited. This book was released on 2020-11-24 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: In The Smart Money Method, the stock-picking techniques used by top industry professionals are laid bare for investors. This is the inside track on how top hedge funds pick stocks and build portfolios to make outsize returns. Stephen Clapham is a retired hedge fund partner who now trains stock analysts at some of the world’s largest and most successful institutional investors. He explains step-by-step his research process for picking stocks and testing their market-beating potential. His methodology provides the tools and techniques to research new stock ideas, as well as maintain and eventually sell an investment. From testing your thesis and making investment decisions, to managing your portfolio and deciding when to buy and sell, The Smart Money Method covers everything you need to know to avoid common pitfalls and invest with confidence. Unique insight is presented in several specific areas, including how to: • Find stock ideas • Assess the quality of any business • Judge management’s ability • Identify shady accounting and avoid dying companies • Value any business to find bargain shares • Navigate the consequences of COVID-19 And throughout, there are real-life investing examples and war stories from a 25-year career in stock markets. The message is clear – you can beat the market. To do so, you need to learn and apply the insider secrets contained within this book.

How to Make Money in Stocks: A Winning System in Good Times or Bad

How to Make Money in Stocks: A Winning System in Good Times or Bad

Author: William J. O'Neil

Publisher: McGraw Hill Professional

Published: 1994-09-22

Total Pages: 282

ISBN-13: 007139480X

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William J. O'Neil's proven investment advice has earned him millions of loyal followers. And his signature bestseller, How to Make Money in Stocks, contains all the guidance readers need on the entire investment processfrom picking a broker to diversifying a portfolio to making a million in mutual funds. For self-directed investors of all ages and expertise, William J. O'Neil's proven CAN SLIM investment strategy is helping those who follow O'Neil to select winning stocks and create a more powerful portfolio. Based on a 40-year study of the most successful stocks of all time, CAN SLIM is an easy-to-use tool for picking the winners and reducing risk in today's volatile economic environment.


Book Synopsis How to Make Money in Stocks: A Winning System in Good Times or Bad by : William J. O'Neil

Download or read book How to Make Money in Stocks: A Winning System in Good Times or Bad written by William J. O'Neil and published by McGraw Hill Professional. This book was released on 1994-09-22 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: William J. O'Neil's proven investment advice has earned him millions of loyal followers. And his signature bestseller, How to Make Money in Stocks, contains all the guidance readers need on the entire investment processfrom picking a broker to diversifying a portfolio to making a million in mutual funds. For self-directed investors of all ages and expertise, William J. O'Neil's proven CAN SLIM investment strategy is helping those who follow O'Neil to select winning stocks and create a more powerful portfolio. Based on a 40-year study of the most successful stocks of all time, CAN SLIM is an easy-to-use tool for picking the winners and reducing risk in today's volatile economic environment.

The Intelligent REIT Investor

The Intelligent REIT Investor

Author: Stephanie Krewson-Kelly

Publisher: John Wiley & Sons

Published: 2016-08-16

Total Pages: 254

ISBN-13: 1119252768

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The go-to guide for smart REIT investing The Intelligent REIT Investor is the definitive guide to real estate investment trusts, providing a clear, concise resource for individual investors, financial planners, and analysts—anyone who prioritizes dividend income and risk management as major components to wealth-building. The REIT industry experienced a watershed event when Standard & Poors created a new Global Industry Classification Standard (GICS) sector called Real Estate. Publicly traded equity REITs have been removed from Financials, where they have been classified since their creation in 1960, and have begun trading as their own S&P Sector. This separation from banks and financial institutions has attracted new investors, but REITs require an industry-specific knowledge that is neither intuitive nor readily accessible to newcomers—until now. Using straightforward language and simple example to illustrate important concepts, this book will enable any reader to quickly learn and understand the lexicon and valuation techniques used in REIT investing, providing a wealth of practical resources that streamline the learning process. The discussion explains terminology, metrics, and other key points, while examples illustrate the calculations used to evaluate opportunities. A comprehensive list of publicly-traded REITs provides key reference, giving you access to an important resource most investors and stockbrokers lack. REITs are companies that own or finance commercial rental properties, such as malls and apartment buildings. Despite historically high total returns relative to other investments, such as the Nasdaq or S&P 500 index, most investors are unfamiliar with the REIT industry, and wary of investing without adequate background. This book gets you up to speed on the essentials of REIT investing so you can make more informed—and profitable—decisions. Understand REITs processes, mechanisms, and industry Calculate key metrics to identify suitable companies Access historical performance tables and industry-specific terminology Identify publicly-traded REITs quickly and easily REITs have consistently outperformed many more widely known investments. Over the past 15-year period, for example, REITs returned an average of 11% per year, better than all other asset classes. Since 2009, REITs have enjoyed positive returns; large cap stocks and cash are the only other classes that paralleled that record. Even in 2015, a 'year of fear' related to rising rates, REITs returned 2.4%, beating most all other asset classes. REITs have a long history (over fifty years) of performance, and have entered the big leagues. If you feel like you've been missing out, don't keep missing out. Prepare yourself, and your portfolio, to benefit from the demand for REITs that have followed the creation of a Real Estate GICS sector. The Intelligent REIT Investor gives you the information you need to invest wisely and manage your real estate risk effectively. By maintaining a tactical exposure in the brick and mortar asset class, investors should benefit from the information contained in The Intelligent REIT Investor. Join the REIT world and look forward to owning stocks that will help you to sleep well at night.


Book Synopsis The Intelligent REIT Investor by : Stephanie Krewson-Kelly

Download or read book The Intelligent REIT Investor written by Stephanie Krewson-Kelly and published by John Wiley & Sons. This book was released on 2016-08-16 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: The go-to guide for smart REIT investing The Intelligent REIT Investor is the definitive guide to real estate investment trusts, providing a clear, concise resource for individual investors, financial planners, and analysts—anyone who prioritizes dividend income and risk management as major components to wealth-building. The REIT industry experienced a watershed event when Standard & Poors created a new Global Industry Classification Standard (GICS) sector called Real Estate. Publicly traded equity REITs have been removed from Financials, where they have been classified since their creation in 1960, and have begun trading as their own S&P Sector. This separation from banks and financial institutions has attracted new investors, but REITs require an industry-specific knowledge that is neither intuitive nor readily accessible to newcomers—until now. Using straightforward language and simple example to illustrate important concepts, this book will enable any reader to quickly learn and understand the lexicon and valuation techniques used in REIT investing, providing a wealth of practical resources that streamline the learning process. The discussion explains terminology, metrics, and other key points, while examples illustrate the calculations used to evaluate opportunities. A comprehensive list of publicly-traded REITs provides key reference, giving you access to an important resource most investors and stockbrokers lack. REITs are companies that own or finance commercial rental properties, such as malls and apartment buildings. Despite historically high total returns relative to other investments, such as the Nasdaq or S&P 500 index, most investors are unfamiliar with the REIT industry, and wary of investing without adequate background. This book gets you up to speed on the essentials of REIT investing so you can make more informed—and profitable—decisions. Understand REITs processes, mechanisms, and industry Calculate key metrics to identify suitable companies Access historical performance tables and industry-specific terminology Identify publicly-traded REITs quickly and easily REITs have consistently outperformed many more widely known investments. Over the past 15-year period, for example, REITs returned an average of 11% per year, better than all other asset classes. Since 2009, REITs have enjoyed positive returns; large cap stocks and cash are the only other classes that paralleled that record. Even in 2015, a 'year of fear' related to rising rates, REITs returned 2.4%, beating most all other asset classes. REITs have a long history (over fifty years) of performance, and have entered the big leagues. If you feel like you've been missing out, don't keep missing out. Prepare yourself, and your portfolio, to benefit from the demand for REITs that have followed the creation of a Real Estate GICS sector. The Intelligent REIT Investor gives you the information you need to invest wisely and manage your real estate risk effectively. By maintaining a tactical exposure in the brick and mortar asset class, investors should benefit from the information contained in The Intelligent REIT Investor. Join the REIT world and look forward to owning stocks that will help you to sleep well at night.