Assessment of the future cash-generating ability of a company's
underlying assets
(markets, products,
competition, pricing and costs).
1931
- Arnold Bernhard, former analyst with Moody's Investor Service
(laid off in 1929), later account executive managing
investments, founded Arnold Bernhard & Company, Inc.; published
Value Line Investment Survey; 1965 - invented
complex mathematical formula, called Timeliness Ranking System,
served as basis for its survey picks; 1982 -
organized as Value Line, Inc. (successor to substantially all of
the operations of Arnold Bernhard & Company, Inc.
1934 - Economist
Harold Dorsey founded Argus Research Company; one of first firms
to provide systematic, independent research and analysis on U.S.
equities; used top-down methodology;
1976 - acquired Vickers Stock Research
(tracks stock holdings data including both Insider Holdings and
Institutional Holdings).
January 1, 1945 - Financial Analysts Journal first
published.
Alex Berenson (2003).
The Number: How the Drive for Quarterly Earnings Corrupted Wall
Street and Corporate America. (New York, NY: Random
House, 274 p.). Business Reporter (New York Times).
Corporations--Accounting--Corrupt practices--United States;
Corporations--Accounting--Corrupt practices--United
States--Prevention; Financial statements--United
States--Auditing.
Arnold Bernhard (1959).
The Evaluation of Common Stocks. (New York, NY: Simon &
Schuster, 182 p.). Stocks.
Abraham J. Briloff (1976).
More Debits than Credits: The Burnt Investor's Guide to
Financial Statements. (New York, NY: Harper & Row, 453
p.). Financial statements; Accounting--United States--History.
Ed. Lawrence D. Brown (2000). I/B/E/S
Research Bibliography: The Annotated Bibliography of Earnings
Expectations Research. (New York, NY: I/B/E/S International
Inc., 169 p. [6th ed.]). Stocks--Prices--Research--Bibliography;
Stock price forecasting--Research--Bibliography.
Benjamin M. Cole (2001).
The Pied Pipers of Wall Street: How Analysts Sell You Down the
River (Princeton, NJ: Bloomberg Press, 234 p.).
Investment advisors--United States; Stockbrokers--United States;
Investment analysis--United States.
Aswath Damodaran (1996).
Investment Valuation: Tools and Techniques for Determining the
Value of Any Asset. (New York, NY: Wiley, 519 p.).
Corporations--Valuation--Mathematical models.
Emanuel Derman (2004).
My Life as a Quant: Reflections on Physics and Finance.
(Hoboken, NJ: Wiley, 304 p.). SunGard/IAFE Financial Engineer
(2000); Risk Hall of Fame (2002); Director of the Program in
Financial Engineering (Columbia University). Derman, Emanuel;
Investment advisors--Biography; Physicists--Biography; Options
(Finance); Quantum theory; Mathematical physics.
Martin S. Fridson (1993).
Investment Illusions : A Savvy Wall Street Pro Explodes
Popular Misconceptions about the Markets. (New York, NY:
Wiley, 230 p.). Merrill Lynch Junk Bond Department. Investment
analysis; Stocks; Bonds; Securities.
Robert J. Froehlich (2001).
Where the Money Is: How to Spot Key Trends to Make Investment
Profits. (New York, NY: Wiley, 292 p.). Investment
analysis; Investments; Securities.
Charles Gasparino (2005).
Blood on the Street: The Sensational Inside Story of How Wall
Street Analysts Duped a Generation of Investors. (New
York, NY: Wall Street Journal, 368 p.). Former Reporter (Wall
Street Journal). Investment advisors--United States;
Stockbrokers--United States; Investment analysis.
Gary Giroux (2006).
Earnings Magic and the Unbalance Sheet: The Search for Financial
Reality. (Hoboken, NJ: Wiley, 304 p.). Shelton Professor
of Accounting (Texas A&M University). Accounting -- Practices;
Accounting -- United States -- History; Financial statements;
Financial Analysis. Search
for financial reality through maze of potentially misleading
earnings and accounting disclosures.
Benjamin Graham and David L. Dodd (2004).
Security Analysis. (New York, NY: McGraw-Hill, 770 p.
[3rd ed.; orig. pub. 1934]). Professor of Finance (Columbia
University); born Benjamin Grossbaum. Securities; Investments;
Speculation; Securities -- United States.
Benjamin Graham and Spencer B. Meredith with
an introduction by Michael F. Price (1998).
The Interpretation of Financial Statements: The Classic 1937
Edition. (New York, NY: HarperBusiness, 122 p.).
Financial statements.
James L. Grant and James A. Abate (2001).
Focus on Value: A Corporate and Investor Guide To Wealth
Creation.
(New York, NY: Wiley, 192 p.). Valuation; Rate of return;
Investment analysis.
Kenneth S. Hackel and Joshua Livnat (1996).
Cash Flow and Security Analysis. (Chicago, IL: Probus,
518 p. [2nd ed.]). President of an investment advisory firm,
Professor of Accounting (NYU). Investment analysis; Cash flow.
Mark E. Haskins (2008).
What Financial Reports Tell You: The Back Stories that Can
Protect Your Investment Decisions. (New York, NY:
McGraw-Hill, 288 p.). Professor in the Darden Graduate School of
Business (University of Virginia). Financial statements;
Investment analysis. Road
map for seeing past noise, jargon in company reports to infer
"the real story" behind company's financial performance;
critical aspects of annual report, fourteen underlying
"secrets"; main purposes, fundamental premises, basic content,
embedded compromises, inherent shortcomings of documents;
detailed coverage of: balance sheets, income statements,
statements of cash flow; auditor's report, financial statement
notes, management's discussion and analysis; variety of
strategies for applying information.
Jeffrey C. Hooke (1998).
Security Analysis on Wall Street: A Comprehensive Guide to
Today's Valuation Methods. (New York, NY: Wiley, 434
p.). Investment analysis; Securities--Research.
Scott A. Hoover (2005).
Stock Valuation: A Practical Guide to Wall Street's Most Popular
Valuation Models. (New York, NY: McGraw-Hill, 368 p.).
Assistant Professor (Washington and Lee University).
Corporations--Valuation. Limitations and idiosyncrasies of major valuation models; how
money managers and bankers apply them to valuation.
Timothy C. Jacobson (1997). From Practice
to Profession: A History of the Financial Analysts Federation
and the Investment Profession. (Charlottesville, VA: AIMR,
144 p.). Financial Analysts Federation--History; Investment
advisors--United States--History.
Henry Kaufman with a foreword by Paul A.
Volcker (2000).
On Money and Markets: a Wall Street Memoir. (New York,
NY: McGraw-Hill, 388 p.). Former vice Chairman of Salomon
Brothers. Kaufman, Henry; Capitalists and financiers--United
States--Biography; Finance--United States--History--20th
century.
Andy Kessler (2003).
Wall Street Meat: Jack Grubman, Frank Quattrone, Mary Meeker,
Henry Blodget and Me. (Palo Alto, CA: Escape Velocity
Press, 208 p.). Securities Analyst (Paine Webber , Morgan
Stanley), Fund Manager. Wall Street; Financial Services.
Michelle Leder (2003).
Financial Fine Print: Uncovering a Company’s True Value.
(Hoboken, NJ: Wiley, 192 p.). Corporations--Valuation;
Corporations--Finance. Tools to break down annual reports, SEC
filings, make sense of language of footnotes.
Arthur Levitt with Paula Dwyer (2002).
Take on the Street: What Wall Street and Corporate America Don't
Want You To Know, and What You Can Do To Fight Back.
(New York, NY: Pantheon Books, 352 p.). Fomer Chairman,
Securities and Exchange Commission. Investments; Investment
analysis; Investments--United States. Battle for truth in corporate
auditing and against fraud in capital markets.
Benoit B. Mandelbrot and Richard L.
Hudson (2004).
The (Mis)behavior of Markets: A Fractal View of Risk,
Ruin, and Reward. (New York, NY: Basic Books,
328 p.). Sterling Professor of Mathematical Sciences
(Yale University); managing editor of the Wall Street
Journal's European edition. Capital market; Investment
analysis; Stocks --Prices; Securities; Risk management.
Fractal geometry to propose new, more
accurate way of describing market behavior;
straightforward formulae that yield far better model of
risk; how financial markets really work.
Richard J. Maturi (1993).
Divining the Dow: 100 of the World's Most Widely Followed Stock
Market Prediction Systems. (Chicago, IL: Probus, 186
p.). Stock price forecasting; Investments.
Stephen T. McClellan (2007).
Full of Bull: Do What Wall Street Does, Not What It Says, To
Make Money in the Market. (Upper Saddle River, NJ: FT
Press, 222 p.). First Vice President at Merrill Lynch (high-tech
stocks as a supervisory analyst) for 18 years, Ranked on the
Institutional Investor All-American Research Team 19 consecutive
years. Stocks--United States; Investments--United States;
Investment analysis; Wall Street (New York, N.Y.).
Street's secrets and misleading
signals; how to do your own research, systematically evaluate a
company's prospects, choose investments based on core principles
that work.
Charles W. Mulford and Eugene E. Comiskey
(2002).
The Financial Numbers Game: Detecting Creative Accounting
Practices. (New York, NY: Wiley, 395 p.). Invesco Chair
and Professor of Accounting; Callaway Chair and Professor of
Accounting in the DuPree College of Management (Georgia
Institute of Technology). Financial statements--United States.
--- (2005).
Creative Cash Flow Reporting and Analysis: Uncovering
Sustainable Financial Performance. (Hoboken, NJ: Wiley,
432 p.). Invesco Chair and Professor of Accounting; Callaway
Chair and Professor of Accounting in the DuPree College of
Management (Georgia Institute of Technology). Cash
flow--Accounting.
Thornton L. O'Glove with Robert Sobel (1987).
Quality of Earnings: The Investor's Guide to How Much
Money a Company is Really Making. (New York, NY: Free
Press, 204 p.). Financial statements; Business
enterprises--Finance; Accounting.
Alfred Rappaport, Michael J. Mauboussin;
Foreword by Peter L. Bernstein (2001).
Expectations Investing: Reading Stock Prices for Better Returns.
(Boston, MA: Harvard Business School Press, p.). Author of
Creating Shareholder Value, Chief U.S. Investment Strategist at
Credit Suisse First Boston. Investment analysis; Portfolio
management; Stocks--Prices.
Riccardo Rebonato (2007).
Plight of the Fortune Tellers: Why We Need to Manage Financial
Risk Differently. (Princeton, nj: Princeton University
Press, 304 p.). Global Head of Market Risk, Quantitative
Research and Quantitative Analysis at the Royal Bank of Scotland
Group, London, Former Head of Complex Derivatives Trading Desk
and of the Complex Derivatives Research Group at Barclays
Capital. Finance--Mathematical models; Finance--risk;
probability; financial risk. Excessive reliance on
quantitative precision by top financial-risk professionals in
attempts to assess financial risk is misleading; must apply
probability, experimental psychology, decision theory to genuine
decision making.
Howard M. Schilit (2002).
Financial Shenanigans: How to Detect Accounting Gimmicks and
Fraud in Financial Reports. (New York, NY: McGraw-Hill,
296 p. [2nd ed.]). Professor (American University). Financial
statements, Misleading; Fraud.
William A. Sherden (1998).
The Fortune Sellers: The Big Business of Buying and Selling
Predictions (New York, NY: Wiley, 308 p.). Recognized
expert on business forecasting. Forecasting; Forecasting --
History.
Andrew Smithers, Stephen Wright (2002).
Valuing Wall Street: Protecting Wealth in Turbulent Markets.
(New York, NY: McGraw-Hill, 356 p.). Founder of Smithers & Co.;
Teacher, Researcher at Birkbeck College (University of London).
Investment analysis. How q ratio (developed by Nobel Laureate
James Tobin of Yale University) applies to principles of
stock-market risk and return, how it has determined value of
Wall Street in past, will continue to do so, how to apply it as
practical investing tool to show why stocks are overvalued, what
to do to protect assets from dramatic downturn.
Michael C. Thomsett (2007).
Annual Reports 101: [What the Numbers and the Fine Print Can
Reveal About the True Health of a Company]. (New York,
NY: American Management Association, 242 p.). Corporation
reports--Evaluation--Handbooks, manuals, etc.
Guide to reading primary
financial documents of annual report, extracting more
information than some companies want the public to know.
Eds. Jan Viebig, Thorsten Poddig and Armin
Varmaz (2008).
Equity Valuation: Models from Leading Investment Banks.
(Hoboken, NJ: John Wiley, 409 p.). Managing Director at DWS
Investment GmbH; Professor of Business Administration and
Finance (University of Bremen); Post-Doctoral Research Fellow
(University of Bremen). Stocks --Mathematical models; Portfolio
management --Mathematical models; Valuation --Mathematical
models; Investment analysis --Mathematical models.
Three most sophisticated
valuation models used in leading institutions; how analysts
estimate cash flows, calculate discount rates, adjust for
accounting distortions, take uncertainty into consideration.
Stan Weinstein (1988).
Stan Weinstein's Secrets for Profiting in Bull and Bear Markets.
(Homewood, IL: Dow Jones-Irwin, 348 p.). Editor and Publisher of
The Professional Tape Reader. Stock exchanges--United States;
Securities--United States; Investment analysis.
___________________________________________________________________________________
LINKS:
Association for Investment Management
and Research
http://www.aimr.org/
BestCalls.com
http://www.bestcalls.com/
Operates the Internet's first and largest public directory of
investor conference calls.
CEASA: The Center for Excellence in
Accounting and
Security Analysis at Columbia Business School
http://www0.gsb.columbia.edu/ceasa/index.html
Provides an independent, objective voice for practical solutions
in financial reporting and analysis. The mission of CEASA is to:
Develop workable solutions to issues in financial reporting and
accounting policy; Produce a core set of principles for equity
analysis; Collect and synthesize best thinking and best
practices; Disseminate ideas to regulators, analysts, investors
and management; Promote and encourage sound research on relevant
issues.
CFA Institute
http://www.cfainstitute.org/
A global membership organization that awards the Chartered
Financial Analyst CFA designation, CFA Institute leads the
investment industry by setting the highest standards of ethics
and professional excellence and vigorously advocating fair and
transparent capital markets. CFA Institute has more than 78,000
members in 121 countries and territories, including the world’s
66,000 CFA charterholders, as well as 131 affiliated
professional societies in 52 countries and territories.
Company Earnings Calendar
http://forbes.ccbn.com/earning.asp?date=20070213&client=forbes
FirstCall Events
http://www.firstcallevents.com/
Leading directory of financial events: Earnings Dates;
Conference Calls; Webcast Events; Brokerage Conferences;
Split/Dividend Information; Economic Events; IPOs and
Secondaries; Transcripts and Call Reports.
Footnoted
http://footnoted.org/
Author of Financial Fine Print, studies corporate financial
reports, found in the footnotes of SEC filings, to uncover
non-shareholder related executive expenses.
How To Read the Future in Company
Financial Reports
http://www.facsnet.org/tools/biz_econ/covering_biz/lev.php3
Backgrounder for reporters on decoding financial statements will
be equally useful for investors.
New York Society of Security Analysts
(Founded by Benjamin Graham)
http://www.nyssa.org/
Obsolete Securities - SEC
http://www.sec.gov/answers/oldcer.htm
Financial Information Inc. - Directory of Obsolete Securities is
designed to identify old stock certificates with a chronological
record including the details of the final action which rendered
it obsolete.
Obsolete Securities - OTC Stock Summary
http://72.14.253.104/search?q=cache:dAewnfXDbRYJ:
www.pinksheets.com/ products/summary.jsp+OTC+SEMI-ANNUAL+STOCK+SUMMARY.&hl=en&ct=clnk&cd=1&gl=us
OTC Stock Summary - over 12,000 equities listed, current
reference to over 17,000 companies, historic reference to
capital changes, other corporate actions.
Obsolete Securities Directory
http://www.goldsheetlinks.com/obsolete.htm
Shareholder Value
Stock Research Sites on the Web (Sites
Evaluated)
http://depts.washington.edu/balib/stocksites/listsites.cgi
Valuation Resources
http://www.valuationresources.com/
Provides information and links to resources "for business
appraisers, CPA's, and other parties interested in business
valuation." Covered topics include publications; economic data
and forecasts; industry overviews, issues, trends, and outlook;
financial benchmarking; compensation surveys; transaction data;
valuation discounts and premiums; law; taxes; online research;
company profiles and credit reports; trade association
directories; and forums. Subjects: Business enterprises --
Valuation.
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