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Title: Quality of Earnings by Thornton L. O'glove ISBN: 0-684-86375-8 Publisher: Free Press Pub. Date: 01 October, 1998 Format: Paperback Volumes: 1 List Price(USD): $15.75 |
Average Customer Rating: 4.6 (5 reviews)
Rating: 5
Summary: Excellent to learn financial analysis
Comment: This book is very effective in introducing people to critical financial statement analysis. It helps to have some accounting background though. The material in this book will reinforce a lot of the important financial/accounting concepts that all investors should at least understand before committing to an investment. The author makes the accounting concepts interesting and accessible for most people. In short, the book is a great way to learn/reinforce important financial analysis techniques.
Rating: 5
Summary: Indespensible for fundamental analysis
Comment: I got a lot out of this book. It has helped me a lot in my personal schooling of fundamental analysis. It is easily understood and comprehended by most anybody of average intelligence and belongs on every investor/traders bookshelf. You can tell that Thornton L. O'Glove knows his stuff and I only wish that he was still doing his Quality Of Earnings Report. I have owned it for a little over a month as of this review and have read it three times now getting more and more out of it every time. I obviously love it.
Happy Trading,
David Taggart
Rating: 4
Summary: Financial Rapport
Comment: Investors who want to survive need to avoid torpedo stocks - the one's you don't see coming to blow a hole in your portfolio. This requires arming yourself with a healthy skepticism. Your stock analyst may be under pressure not to disrupt investment banking deals with negative reports. The auditor's independent review may be compromised by a desire to secure "fat fees" for a host of additional advisory services. Bottom line: Investors need to trust in their own abilities and do the job of reading corporate reports themselves. Read the annual report and more detailed SEC required 10-K filing. This is the simple message of QUALITY OF EARNINGS. Interpreting trends in accounts receivable and inventory levels from publicly available reports are useful tools to spot problems before they impact a stock's price. This is the author's "most important" chapter and it is as good a discussion as I have seen on the subject. The importance of understanding accounting practice changes and their immediate impact on how earnings are reported is another important matter that gets attention here. We also see why "big bath" restructuring charges that lower the bar for short term earnings growth expectations have become a predictable consequence of corporate acquisitions and CEO transitions. Much of this material will be familiar to readers of more current books on the topic, but O'glove's clear explanations and use of the numbers to support his conclusions are instructive. Because this book was written in 1987 the majority of examples used are quaint at best (e.g., Church's Fried Chicken, Coleco, Adademy Insurance Group, etc.). On the other hand, describing accounting changes at IBM or GE's managed use of tax losses through its Credit Corporation unit (GECC) may resonate rather differently with today's wary investor. A chapter dealing with dividends, the "tender trap", reflects recent, not current, thinking. O'glove's position is that "minimal or no dividends" is the best corporate policy. It is a fair discussion. This has been a general consensus for years because of the issues of double taxation and a conviction that capital can be more efficiently employed in a company's core business development. Currently, in the throes of a bear stock market, investors have sought dividend bearing stocks to hedge market volatility, as a tangible sign of legitimate profits (showmethemoney) when accounting scandals are discovered, and more broadly as way of supplementing retirement income. Preferences change, but one thing is certain. The issue of transparency in the markets is critical to assessing value. This book is an excellent introduction to the topic.
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Title: Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports, Second Edition by Howard Schilit ISBN: 0071386262 Publisher: McGraw-Hill Trade Pub. Date: 01 March, 2002 List Price(USD): $27.95 |
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Title: The Financial Numbers Game: Detecting Creative Accounting Practices by Charles W. Mulford, Eugene E. Comiskey ISBN: 0471370088 Publisher: John Wiley & Sons Pub. Date: 18 January, 2002 List Price(USD): $39.95 |
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Title: The Art of Short Selling by Kathryn F. Staley, Marketplace Books ISBN: 0471146323 Publisher: John Wiley & Sons Pub. Date: 20 December, 1996 List Price(USD): $45.00 |
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Title: John Neff on Investing by John Neff ISBN: 0471417920 Publisher: John Wiley & Sons Pub. Date: 30 March, 2001 List Price(USD): $16.95 |
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Title: Financial Statement Analysis: A Practitioner's Guide, 3rd Edition by Martin Fridson, Fernando Alvarez, Martin S. Fridson ISBN: 0471409154 Publisher: John Wiley & Sons Pub. Date: 15 March, 2002 List Price(USD): $69.95 |
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