Financial Statement Analysis: A Practitioner's Guide (Wiley Finance)
Product ID: 50288129
Praise for Financial Statement Analysis FOURTH EDITION "I love this book. It helps to develop the questioning mind—the mind of a financial detective. It teaches the art of skepticism and critical thinking. Readers go beyond definition and calculation and learn interpretation." — Philip L. Cooley , PhD, Prassel Distinguished Professor of Business, Trinity University "Over my decades of involvement with high-yield bonds, Marty Fridson has been the leading speaker of truth. As he so accurately states in Financial Statement Analysis , the credit investor is required to engage in a game of cat-and-mouse with company management's intent on minimizing their cost of capital by putting a positive gloss on their financial statements. The Fourth Edition of Marty's terrific book is the bible on how to detect and deal with these efforts." — Howard Marks , Chairman, Oaktree Capital Management " Financial Statement Analysis is a unique text; it combines great academic work with numerous real-life examples to form a highly useful reference for equity investors, debt holders, and investors who straddle both asset classes. Whether you are an investor, an investment advisor, or a teacher, Financial Statement Analysis will prove very valuable." — Margaret M. Cannella , former head of Global Credit Research, J.P. Morgan and Adjunct Professor, Columbia Business School "Marty has seen it all! He has had a front-row seat to see the birth, death, and rebirth of the high-yield bond market . . . several times over! In the Fourth Edition of Financial Statement Analysis , Marty clearly demonstrates that despite the enactment of Sarbanes-Oxley in 2002, and other attempts to curtail abuse of the system, one needs a critical analytical eye to be certain that management is not trying to obfuscate the truth. The case studies provide excellent and timely examples of some of the techniques that companies have used to mislead investors." — Edward Z. Emmer , former global head of Corporate and Government Ratings and Equity Research, Standard & Poor's "Those who read financial statements without understanding the strategic context in which they are written will land on the losing end of the gripping episodes with which bond-market legend Marty Fridson illustrates in the Fourth Edition of his classic reference, Financial Statement Analysis . And all of us who depend on the markets sending capital to its best use should hope that investors read this book first." — David Musto , Professor of Finance, the Wharton School of the University of Pennsylvania "This book rightly urges resolute skepticism when inspecting financial statements. Its great value, though, is in the plain-spoken stripping down of real-world and illustrative examples that show how to see past the numbers to the practicalities and incentives behind them—and so help analysts and journalists alike ask the right questions." — Richard Beales , Assistant Editor, Reuters Breakingviews Review: Great book on Analyzing Financial Statements - One of my favourite books on this topic. You can't have enough books on this topic if this is your thing. Penman is great, but big. Graham and Dodd are great, but old. English is great too, but short. I'd recommend reading all of them but cannot understand the bad reviews for this book. Review: Five Stars - Worth the price
| Best Sellers Rank | 1,546,818 in Books ( See Top 100 in Books ) 13,606 in Professional Finance |
| Customer Reviews | 4.5 out of 5 stars 164 Reviews |
N**N
Great book on Analyzing Financial Statements
One of my favourite books on this topic. You can't have enough books on this topic if this is your thing. Penman is great, but big. Graham and Dodd are great, but old. English is great too, but short. I'd recommend reading all of them but cannot understand the bad reviews for this book.
W**I
Five Stars
Worth the price
J**N
Very Good but could be better
Very enlightening and provides a wealth of information. However I found the information on normalising earnings in Chapter 14 rather disconcerting as it failed to provide information on the mathematical terms used, which to a non-mathematician, is unhelpful.
J**E
Disappointed
A practitioner's guide? I've read books that are basic on this matter and are even better than this one. Well, these are one of the cons we face when buying online.
A**R
Two Stars
Not as good as expected.
R**I
Too expensive
Price too high for content it carries
H**Y
Reads better than a text book
I am reading it a chapter at a time, because certainly it is not an overly exciting read; but there is a lot of fiction in Financial statements, and this book urges you to be aware of them. It is thankfully not set up as dry text book you would find in a college or university. In fact.. some of the chapters are a bit of a mystery, a who and how they done it. Fidgeting their income, or expenses, and showing how the outside auditors should be detectives, but that no longer seems to be the case as they want to keep their own expenses down, and now instead of being an antagonist, tout themselves more as team players on the team of their 'client', which is like a referee offering to be helpful to a team. The author wisely points out that although we want Financial statements to accurately reflect the financial health of a company, the numbers can be fudged to help gain a bonus for the CEO or make sure that Wall st. looks positively on their numbers. This book gives you an inside view of the cat and mouse game that you must play to interpret the numbers, and I think this is a must read for any financial analyst.
A**R
A great introduction
The book covers a wide range of tools that are used in the financial statements analysis. There are a lot of real-life use cases that stress the limits of these tools and how they could have been used to avoid a risky investment. I'd say, it can be used as an introduction to the world of analysis; however, this is not an easy read. I've re-read it twice and started it anew even more times. The fact that I have started to invest and actually apply some of the advices from the book has has helped me to finish it. Most of the topics should be further researched through Google or sites like Investopedia and some of them require a week+ to settle in. If you're in love with the idea of investment and have little to none experience in the field, this read is totally worth your dollars.
C**N
Completo pero caro para el contenido
El libro se centra en ejemplos de compañías que intentan dar una imagen falsa a través de su contabilidad, incluso casos de fraude. Los ejemplos están actualizados y están bien explicados. En cuanto al análisis y valoración de empresas, acciones y bonos, es más básico de lo que esperaba, pero también es claro.
J**5
I recommend.
Great book if you enjoy reading about failures and accounting quirks.
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