Book Description
This book shows how to successfully research a company who to--see and what to ask--before investing any money. It shows investors how to use innovative techniques and fundamental business analysis to spot Wall Street bargains.
Customer Reviews:
One of the 20 all time best.......2006-07-15
This book is one of the 20 all time best critical works on investment. The idea of a company selling at a multiple of it's annual sales and how to incorporate that priinciple into your investment strategy is significant. I can never evaluate the auto group without thinking of this text and Fisher's analysis of the historically correct price per sales ratio for the group. I almost bought Ford several weeks ago and just this morning saw the Wall Street Journal article in which Ford sited "unforseen headwinds" for the company. Thank you Kenneth Fisher once again.
One of the top-5 stock books I've read:.......2005-12-30
I strongly recommend this book for your consumption: this book is extremely valuable for both its investing intelligence and its unique nature. No other book that I know of provides such a complete, and reasonable evaluation of revenue analysis, value opportunities via temporary profit margin squeezes, and screening for these opportunities via Price-to-Sales Ratios (PSRs.)
The heart of the book is that many investor's extreme focus on short-term bottom-line (P/E and earnings growth percentage movements) results can create extremely undervalued purchasing points in a great company with a temporary problem (determining this 'temporary' part is where his discussions about qualitative and margin anaylsis comes in.) Because revenue percentage movements tend to be both much more stable than earning percentage movements, and much less appreciated, PSR scanning may be the beginning of the most accurate type of mid-/long-term undervalued selection. (A good free scanner that has PSRs can be found here: http://moneycentral.msn.com/investor/finder/customstocks.asp)
Even if you reject the PSR method, this book's focus on profit margins and revenues can help you focus on what goes into the companies earning's movements. Not all earning growths are the same: you need both revenue growth for sustained earnings growth (you can only cut so much for so long,) and you need a healthy profit margin so that you can finance this revenue growth without large dept or share dilution. I would recommend being skeptical of a company that has growing sales but a sustained falling profit margin, I would be even more skeptical of earnings growth that isn't closely followed by revenue growth (almost disregarding it if it was a profit margin squeeze.) I think balance is key in this area.
The book also has good qualitative insights, has good appendixes, and is fairily concise to boot.
Some on this review page have objected to this book by claiming the author is arrogant. Nothing stood out to me in this book, however in "Common Stocks and Uncommon Profits and Other Writings" by his father Phil Fisher (probably the best qualitative fundamentals book by the way) he wrote in the preface about how his greater success comes from being a harder worker, being more driven, etc that was tasteless in my opinion (especially since Phil was then on his deathbed and it had a bit of a 'tribute' nature to it.) He's not that bad for what it's worth; I was surprised at how modest he seemed when he explained about how he turned a company around (when asked by the board he was on to act as a temporary CEO): he stuck to the point the appendix was making (i.e. that market research is much more important than expensive product R&D.) Anyhow, you're buying access to the author's ideas, not his friendship.
When part of me is secretly happy that this book seems to be out of print, my greed should be your hint. The Fisher's know what they're talking about, and Ken presents un-rehashed information.
Focuses on PSR as a valuation tool.......2002-07-07
I was first introduced to Fisher's concept of Super Stocks about 10 years ago. The idea behind the concept is buying stocks with a low Price-to-Sales Ratio (PSR), typically 1.0 or less. Simply having a low PSR is not sufficient to be a Super Stock. The valuation tool is combined with fundamental analysis (e.g. growth, margin analysis, balance sheet analysis, etc.) of companies to identify stocks with favorable characteristics that will make them Super Stocks. Fisher also introduces a complementery tool Price-to-Research Ratio (PRR) which is a measure of the company's reinvestment rate into growth.
Fisher spends a lot of time discussing how to make money off the "Glitch". Basically, he believes that many Super Stocks are stocks that have been hit by a "Glitch". A "Glitch" is a temporary setback experienced by a company that makes the out of favor (e.g. product life cycle delay, revenue short-fall, etc.) This attitude is indicative of his value-orientation in investing. In other words, his fundamental analysis may find a great stock, but he will wait for a pull-back from a "Glitch" to a more appropriate PSR before investing.
Overall, the concept of PSR is not so different from other valuation measures for "low-priced" stocks such as Price-to-Earnings or Price-to-Book. However, it doesn't hurt to have another tool in the kit.
On a more interesting side-note, Wall Street analysts have definitely not read this book. It is amusing to note that analysts in the hey-day of the Internet boom touted stocks with PSRs in excess of 10x. A careful fundamental analysis would have resulted in concluding that the growth, margins, and balance sheets of these companies did not justify such high valuations. Nothing in the business models indicated superior performance on any dimension. Even if a business model was found to be superior, prudence would have dictated waiting for a "Glitch".
A good book that teaches true, disciplined value investing.......2002-03-16
If you've read a few of Fisher's regular columns in Forbes, you know that he 1) is primarily a value-oriented investor, 2) applies numerous, diverse tools in formulating his opinions, and 3) is quite self-confident. I think most people would objectively agree that a combination of all three of these qualities is key to being a successful long-term investor. Super Stocks, which I read a decade ago and still refer to today, effectively captures and displays Fisher's approach. Fisher does an admirable job of describing his investment philosophy, then providing a detailed walk-through of how he implements it - that type of focus is lacking in so many other investment books. Beyond that, Super Stocks introduced me to several investment resources that I was not aware of and Fisher even closes the loop by providing advice on selling out of winners. Two primary concepts that have stuck with me over the years and still weigh heavily on my thinking today are the idea of what margins a company with a low PSR SHOULD produce on its sales and the opportunities presented by product/earnings glitches. In both cases, it allows me to look past a company's current difficulties and determine what the magnitude and probability of upside is going forward. Though my core approach is as a buy and hold, small cap growth investor, I can attest to the numerous profitable stocks I have uncovered thanks to the tools this book gave me. So, don't let any preconceived notions of the author get in the way of your enhancement of your investing skills. Buy the book, learn from it, and I honestly believe you'll pay yourself back many times over.
Ok but similar to Common Stocks..........2001-08-25
This is a good intro book to this type of investment. It is similar to his father's Common Stocks Uncommon Profits. If you want to do seriously what he is describing then find more detailed books. He righly emphasises the business not the numbers, as they change each quarter and its the mangement within a 'fundamentals context' who will make them change. He currently runs Fisher Investments.
Book Description
Determining the value of a small business can seem like an obscure and incomprehensible art form of interest only to potential buyers and sellers, and only when a business is about to change hands. The situation is complicated by the fact that there are a number of different ways to set a value on a given business.
The Small Business Valuation Book is an invaluable resource for business owners or buyers who need to make an accurate appraisal of a small business-offering easy-to-use techniques for determining a fair price, resolving disputes, and minimizing taxes.
In a clear and concise manner, author Lawrence Tuller outlines the major valuation methods, including:
Discounted cash flow
Excess earnings
Asset value
Income capitalization
He also describes 32 specific examples covering the entire range of potential valuation situations.
Customer Reviews:
Thanks for your high commitment.......2005-08-02
First shipment seemed lost, and after notice given I got immediate replacement. Thanks a lot!
not bad but .......2004-12-02
This book is good for a quick overview of some valuation methods, but I found it to be a little too simplified, although it's not bad for mom-and-pop retail and service businesses. If you are actually don't going to do the calculations and want more professional results, take a look at "Unlocking the Value of Your Business".
More about managing that buying a business.......2003-08-12
This book wasn't bad, especially for the price, but there are better ones out there. ("The Upstart Guide to Buying, Valuing and Selling Your Business" for example.) About half the book is special situations or special types of companies, which is great if you happen to be one of those but not if you aren't. This book did cover the basics of business valuation, but I actually found it more useful for looking at the value of a business as a tool to improve its operations.
The Small Business Valuation Book.......2003-07-12
Recommended highly, but for persons with a strong background in Accounting, Business and Finance. Not for the beginner. A Harvard Education helps..
A decent book but.......2001-01-01
Provides a summary treatment of this subject, but a book I like better is "Unlocking the Value of Your Business", which seems to be more complete, but easy to use and understand.
Product Description
Biotechnology Venture Capital Valuations is an authoritative, insider's perspective on biotech venture capital for both the venture capitalist and the entrepreneur. Featuring partners, presidents, and CEOs of top venture capital and investment firms, Biotechnology Venture Capital Valuations provides best practices for venture capitalists and entrepreneurs at all stages of investment with a focus on determining valuations and structuring deals. These industry experts discuss their strategies for considering a biotech investment, locating investment opportunity, assessing risk, and negotiating with the entrepreneur, as well as offering different valuation methods for a variety of common scenarios. This book provides valuable insight for those investing capital as well as those needing it, including explanation of the different goals of the venture capitalist and entrepreneur, common mistakes made on both sides, and how best to establish a productive relationship between the two. Entrepreneurs seeking to secure financing will benefit from the authors advice on how to determine the target amount of capital, how to approach an initial meeting, and how to increase the chances of higher valuation. The different niches presented and the breadth of perspectives represented enable readers to get inside some of the leading minds of today, as these insiders offer up their thoughts around the keys to successful investment within this rapidly growing industry. Chapters include: 1. Frederick R. Blume, Partner, CB Health Ventures, A Venture Capitalists Advice to Biotech Entrepreneurs: Guidance on How to Secure Financing for Your Enterprise; 2. Charlotte P. Clark, Managing Partner, POSCO BioVentures, Venture Capital in the Biotech Industry; 3. Jonathan J. Fleming, General Partner, Oxford Bioscience Partners, Biotech Venture Capital: A Look Back and a Look Ahead; 4. William Kieger, President, Aurora Capital Group, Assembling the Pieces of a Successful Deal; 5. A. Dana Callow Jr., General Partner, Boston Millenia Partners, Early-Stage Health Care Investing: The Core Company Approach; 6. Alfred (Buz) Brown, Ph.D., President, BCM Technologies Inc., Locating and Investing in Biotech Opportunities; 7. T. Forcht Dagi, M.D., Managing Partner, Cordova Ventures, Relationships, Skills, and a Little Bit of Luck; 8. Christine D. Copple, Ph.D., President & CEO, Starise Ventures Inc., Biotech Venture Capital: A Contact Sport.
Average customer rating:
- A Terrible Text
- Rich in substance
- Master piece of this subject!
|
Financial Statement Analysis & Security Valuation w/ S&P package
Stephen Penman
Manufacturer: McGraw-Hill/Irwin
ProductGroup: Book
Binding: Hardcover
 Finance
| Business & Investing
| Subjects
| Books
| Banks & Banking
| Corporate Finance
| Foreign Exchange
| Inflation
| Interest
General
| Business & Investing
| Subjects
| Books
Financial
| Accounting
| Industries & Professions
| Business & Investing
| Subjects
| Books
Look Inside Business Books
| Trip
| Specialty Stores
| Books
All Titles
| Qualifying Textbooks - Fall 2007
| Stores
| Books
Business & Investing
| Qualifying Textbooks - Fall 2007
| Stores
| Books
Professional
| Qualifying Textbooks - Fall 2007
| Stores
| Books
ASIN: 0072508094 |
Book Description
This text focuses on the output of financial statements, not the input. As such, the book asks what financial statements tell you, not how they are prepared. The idea is to get students to see accounting "working." The particular use of financial statements that the book focuses on is valuation. The text takes the approach that the best way to accurately value a firm is to look at the future earnings of the firm. The main pretext of the book is that financial statement analysis and valuation analysis are inextricably entwined: valuation is an exercise in financial statement analysis. Financial statement analysis is directed by the need to get information for valuation. Accordingly, the book brings finance and accounting concepts together. The book stresses concepts, but the idea is to show how to move from concepts to practice.
Customer Reviews:
A Terrible Text.......2003-06-23
This is a required text for Bussiness Analysis and Valuation at the University of Western Australia, so unfortunately I had to read it.
This book explains everything in a very long winded, round about way, making simple ideas difficult to comprehend. There are no key points that are highlighted seperate from the main body of witing, making revision tedious. The exercises at the back of this book often miss out vital parts of the question, or have errors, making them impossible to do with out the solutions, that do not come with book.
If possible I would highly recommend that you avoid this book.
Rich in substance.......2002-10-03
The book spans from the introduction of financial statements to the theory and application of complex accounting analysis and valuation. It brings both fields together in accounting based valuation. It has a good structure, many examples, is clearly written (albeit at times lenghty), and is very rich in substance.
What I really liked about the text, though, is that it is grounded in principles and uses these to take you through many of the currently relevant, controversial and complex accounting issues many of us who have been dealing with the subject matters will have run into. This will make you think these issues through and reach an informed opinion.
Master piece of this subject!.......2001-03-02
This is by far the best one available in the market. Each chapter is well structured and tied together. You can not afford to miss any of them to get a good understanding of this topic. Basic finance background is needed to benefit from this book. Great insight and understanding.
Customer Reviews:
Simplifies the Process..........2007-08-31
I found this book to be very informative and helpful in determining the purchasing power and investment value in a given area. I have used it in evaluation of my own property as well as client's properties. In today's market all tools for trend predictions are important and this book and Mr. Ross's methodology simplifies the process.
I have shared and recommended this book and information with colleagues as well as clients.
Stay away.......2007-07-04
I must warn any prospective buyer away from buying this sloppily thrown together disaster of a book. As far as I can tell, it is nothing more than a book-length advertisement for the author's website, which, of course, offers services and information available by subscription. I can't double check this though since I just now tried to look at the author's webste and it was completely down, server can't be found.
Much of the book talks about what information you will need to input into the website in order to come up with a projection regarding a property's appreciation in the next few years. However, it does not show you how to do the calculations and projections. Rather, you must go to the author's website for this.
In addition, the author throws in a bit of material about how to be successful in real estate in general and how to get rich and retire off of real estate. He also adds in a touch of motivational material, such as "the five C's." He tells you for example to have confidence, believe in yourself, and even to eat a proper diet and to exercise 15 minutes a day. My guess is that the author knows that the audience for get-rich-quick-in-real-estate literature is used to seeing lots of this Tony Robbins/Robert Kiyosaki type of motivational stuff, and felt he had to throw it in so that that particular audience would feel at home.
What really destroyed the credibility of the book very early on was how badly it was written. The author's command of English and of real estate terminology is marginal at best, and within a few pages I knew that I was reading the work of an amateur. Here are some gems from the book that brought me some laughs:
On page 89, he says to do a lead disclosure form because "this helps detour further legal action." (He means "deter")
On page 181 he says that you can "quick claim a property to an LLC." (He means "quitclaim")
On page 176 he talks about a "law suit" from his insurance company. (He means "lawsuit")
On page 186 he lists the tools you need to become a successful real estate investor. In addition to "access to internet" and "calculator" he also lists "blank sheets of paper." (Wow, what a powerful insider secret!)
So, the book purports to be about how to get rich in real estate, and also attempts weakly to motivate you (p. 163: "You can do it"). I promise you that if you have even the most rudimentary knowledge of real estate you will learn nothing at all of value from this book. If you are a beginner and know nothing, you will also learn nothing from this book, and would be much better served by a more thorough, less self-serving and better written book than this one.
The Spill Zone.......2006-07-15
My take away from reading this book is that the Spill Zone is a powerful tool to assist investors to understand how to maximize returns on their real estate portfolios and at the same time minimize their risks. It is not a "How to" book or one of the psychological, pump yourself up books. Rather, it is an interesting read that logically leads the novice or informed, on the underlying principles of real estate investing. Anyone who reads this book will learn a great deal and definitely increase the ROI on transactions.
Well done ED!
Dennis Eversole
CEO and President
Toshiba America Business Solutions, Inc.
What an amazing concept..........2006-07-11
After only a short reading, I have to say I'm truly intrigued. It seems as though the Author has found answers to all the real estate questions that until now, have been largely unanswerable. There's a certain quality to the writing which indicates that Mr. Ross has done quite a bit of research on this topic. Initially, I was very skeptical of any book that would make such grandiose claims, but the examples and principles are so clear and easy to understand that it all makes logical sense. If learning and applying the book's concepts truly make it possible for regular investors to accurately predict the value of any property, then anyone interested in making money in real estate should consider this book.
Book Description
Never HIGHLIGHT a Book Again! Virtually all testable terms, concepts, persons, places, and events are included.look no further for study resources or reference material. Cram101 Textbook Outlines gives all of the outlines, highlights, notes, and practice-tests for your textbook. Only Cram101 is Textbook Specific. Cram101 is NOT the Textbook.
Product Description
What makes a company worth investing in? Learning to make the right investments is both complicated and crucial, and author Russell Cleveland has developed a revolutionary and highly effective method for making the best possible picks. His secret: look at the leadership. This unique approach highlights the impact of an individual on a company's success--an excellent leader who believes in his or her organization, has a personal stake in the business, and possesses the abilities and vision the company's market demands--while grounding the strategy with quantifiable, comparable, and easily accessed measures to analyze the CEO and the company. Finding Midas: Investing in Entrepreneurial CEOs with the Golden Touch explains his CEO assessment strategy in a manner that is accessible to beginners while containing insights that can benefit the most experienced investor. Fleshing out his financial analyses with plenty of relevant anecdotes, Cleveland convincingly argues that the companies with the strongest and most involved leaders are the ones that bring in the biggest profits for their investors.
Book Description
Never HIGHLIGHT a Book Again! Virtually all testable terms, concepts, persons, places, and events are included.look no further for study resources or reference material. Cram101 Textbook Outlines gives all of the outlines, highlights, notes, and practice-tests for your textbook. Only Cram101 is Textbook Specific. Cram101 is NOT the Textbook.
Customer Reviews:
Excellent book.......2007-01-23
This is a great investments textbook. Very easy to read and arranged in a readable format.
Don't waste your money.......2006-11-27
I was forced to buy this book for a finance class. I look forward to throwing it away. The explanations in this book are poor, and as a financial reference, this book is useless. I had better luck with Google. There are a lot of finance books out there that do a much better job covering the same topics in this book. Don't waste your money on this one.
This seller sucks!!!.......2006-09-21
This seller took a month to get me my book, never responded to my e-mails, and then sent me the wrong edition! Order at your own risk!!!
The worst financial textbook I have EVER seen.......2006-03-19
This book is the biggest waste of money that I have been forced to suffer through. The examples in each chapter are poorly written and are so much simpler than the actual "test questions" at the end of each chapter so as to be useless. Additionally, the selected answers in the back of the book seem to be wrong as often as they are right. You couldn't pay me enough to recommend this book to anyone.
Book Description
Never HIGHLIGHT a Book Again! Virtually all testable terms, concepts, persons, places, and events are included.look no further for study resources or reference material. Cram101 Textbook Outlines gives all of the outlines, highlights, notes, and practice-tests for your textbook. Only Cram101 is Textbook Specific. Cram101 is NOT the Textbook.
Product Description
Inside the Minds: Venture Capital Valuations is an indispensable guide for both venture capitalists and entrepreneurs alike on the art and science of valuing companies. Featuring managing directors and senior partners representing some of the world's top venture capital firms, this book offers proven strategies for establishing valuations and protecting ones investment. From the steps involved in conducting due diligence to strategies around handling negotiations, evaluating factors like the rate of return, market size, and exit potential, these experts offer tips for the best ways to navigate the intricacies of the valuation process. How do valuations differ for a startup or established company? Profitable or non-profitable? Public or private? The authors address these questions and more as they reveal the secrets to their successful investments and offer invaluable tips for newcomers to the valuation process. The different niches represented and the breadth of perspectives presented enable readers to get inside some of the great minds powering the venture world, as experts offer up their thoughts around the keys to success within this facet of venture capital - where investing, strategizing, and deal-making intersect. About Inside the Minds: Inside the Minds provides readers with proven business intelligence from C-Level executives (Chairman, CEO, CFO, CMO, Partner) from the world's most respected companies nationwide, rather than third-party accounts from unknown authors and analysts. Each chapter is comparable to an essay/thought leadership piece and is a future-oriented look at where an industry, profession or topic is headed and the most important issues for the future. Through an exhaustive selection process, each author was hand-picked by the Inside the Minds editorial board to author a chapter for this book.
Customer Reviews:
A Misleading Book Title.......2006-09-22
I was expecting a book discussing and employing actual valuation methods for different stage start-up companies, rounds of financing and maybe, the valuation of the different classes of stock that get issued in the subsequent rounds.
Instead, the book talked in generalities about how difficult valuing start-up entites is and how VCs focus on the product, the market and the management team. There was only one page where exit multiples and time to exit were discussed. In another section, there were some numbers presented regarding the effect of per share round on the price, but it was so poorly written and the exhibits so badly laid out, I could not follow what they were trying to say.
Each chapter was written by a different VC and reflected their own opinions and experiences, which was good.
There was good information in the book, but not at all what the title implied.
Books:
- Survey of Accounting: Making Sense of Business
- Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications (New York Institute of Finance)
- The Book Thief (Book Sense Book of the Year Children's Literature (Awards))
- The Compensation Handbook
- The Essays of Warren Buffett : Lessons for Corporate America
- The Infinite Asset: Managing Brands to Build New Value
- The McGraw-Hill 36-Hour Course In Finance for Non-Financial Managers
- The Political Economy of the Asian Financial Crisis
- The Ratings Game
- The Strategy-Focused Organization: How Balanced Scorecard Companies Thrive in the New Business Environment
Books Index
Books Home
Recommended Books
- Implementing Electronic Card Payment Systems
- Decimation: X-Men - The Day After
- The ValueReporting Revolution: Moving Beyond the Earnings Game
- The End of Marketing as We Know It
- What's Love Got to Do With It
- Brokeback Mountain: Now a Major Motion Picture
- Advertising Research: The Internet, Consumer Behavior and Stategy
- Competition and Chaos: U.S. Telecommunications Since the 1996 Telecom Act
- The Yen / Dollar Agreement: Liberalizing Japanese Capital Markets
- Who Killed the Queen of Clubs
The Only Three Questions That Count: Investing by Knowing What Others Don't
100 Minds That Made the Market (The Fisher Investment Series)
Paths to Wealth Through Common Stocks (Wiley Investment Classics)
The Little Book That Makes You Rich: A Proven Market-Beating Formula for Growth Investing (Little Book Big Profits)
Wall Street Waltz
