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Title: The Interpretation of Financial Statements by Benjamin Graham, Spencer Meredith ISBN: 0-88730-913-5 Publisher: HarperBusiness Pub. Date: 15 January, 1998 Format: Hardcover Volumes: 1 List Price(USD): $30.00 |
Average Customer Rating: 4.43 (7 reviews)
Rating: 5
Summary: A concise, yet quite exhaustive book on financial statements
Comment: This booklet is just over a hundred and twenty small pages, yet manages to deliver a brief but comprehensive overview on the various items figuring both on Balance Sheets and on Income Statements.
This book is typically Ben Graham. Short, concise, elegantly written, laid back, it boils down to essential considerations while, of course, nothing is taken for granted. A brief and pleasant overview on useful considerations when one is checking financial statements, except for the fact that there is no treatment of the nowadays standard Cash Flow Statement, which can be seen either as a default or as an advantage, considering that there is some sound treatment of the Balance Sheet cash positions and of the quality of earnings in view of certain depreciation and maintenance charges.
At the end, there is also an over thirty pages lexicon of financial terms and phrases which can be quite useful.
Rating: 3
Summary: Why This Edition Instead of 3rd/4th Edition?
Comment: Why they republished this edition when they might have republished the Second or Third Revised Edition (by Graham and Charles McGolrick, published in 1964 and 1975, respectively) beats me. The latter two editions are unquestionably better,as both are more current, and contain more useful tips regarding contextual interpretation.
It's true that the primary value of Graham's text is its framework, which provides concision in summarizing a potentially confusing topic. This framework persists through all four editions. Also, it's true that all four editions are pretty dated (there is no discussion of cash flow statement interpretation in any edition obviously, for example, although Graham alludes to the significance of cashflow interpretation somewhat disparagingly in the latter editions).
But all of Graham's guidelines for balance sheet analysis are still current in the latter two editions, as are his brief guidelines for bond analysis and earnings power. The first edition seems less useful in these respects.
One might assume that there is value in going back to the first edition of this small volume as one might go back to the first edition of Security Analysis. There are indeed nuggets in the first edition of Security Analysis which have been mysteriously removed from later editions. But that isn't true with The Interpretation of Financial Statements. If you can get your hands on a copy of the 1964 or 1975 edition of this book, you will likely find either more useful than this original edition.
Rating: 5
Summary: Valuable
Comment: For the novice or the professional - this short, concise book is worth it's price.
Ben Graham was the author of many books and the voice of sound advice, his principles are not dated even today.
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Title: The Intelligent Investor: The Definitive Book On Value Investing, Revised Edition by Benjamin Graham, Jason Zweig ISBN: 0060555661 Publisher: HarperBusiness Pub. Date: 08 July, 2003 List Price(USD): $19.95 |
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Title: Security Analysis: The Classic 1940 Edition by Benjamin Graham, David Dodd ISBN: 007141228X Publisher: McGraw-Hill Trade Pub. Date: 10 October, 2002 List Price(USD): $60.00 |
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Title: The Intelligent Investor: The Classic Bestseller on Value Investing by Benjamin Graham ISBN: 0060155477 Publisher: HarperBusiness Pub. Date: 22 January, 1986 List Price(USD): $30.00 |
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Title: Common Stocks and Uncommon Profits and Other Writings by Philip A. Fisher, Kenneth L. Fisher ISBN: 0471445509 Publisher: John Wiley & Sons Pub. Date: 22 August, 2003 List Price(USD): $19.95 |
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Title: Security Analysis: The Classic 1934 Edition by Benjamin Graham, David Dodd ISBN: 0070244960 Publisher: McGraw-Hill Trade Pub. Date: 01 October, 1996 List Price(USD): $50.00 |
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