This book gives you a blueprint for finding a great growth stock for the next decade without taking on a lot of risk in the process. Inspired by the writings of Benjamin Graham, "It's Earnings That Count" examines a firm's earnings quality from the perspective of a "defensive" investor who wants to avoid committing ruinous mistakes, as well as the "enterprising" investor who seeks Wall Street's next great opportunities. Unfortunately, as recent market history has shown, the traditional income statement is ill-suited to meeting the needs of these sometimes opposing viewpoints. As a result, investors can buy shares of a seemingly profitable company that, in fact, has poor earnings quality. However, the author's trademarked Earnings Power Chart combines Graham's two personalities to reveal, in picture form, whether a company possesses authentic earnings power for long-term growth. Using the world-famous William Wrigley Jr. Company gum-maker as a case study, you will learn how to build these two alternate profit-and-loss statements to protect yourself. Since this book is written in plain English, you do not need to be an MBA or accountant to follow these step-by-step instructions. Giving investors the tools they need to turn the tables in their favor, "It's Earnings That Count" covers: the four limitations of the income statement found in every annual report, 10-K, and 10-Q A quick-hitting, five minute test to sift out the obvious losers so you can save time and focus on analyzing potential winners; how to spot when a company is forging an Earnings Power Staircase - that's your hallmark of a low-risk growth stock like Microsoft and Paychex; why the charts of Lucent Technologies, WorldCom, Enron, and Tyco signaled trouble ahead of traditional income statement. It also includes: the 2 earnings power ratios you need before making your next investment; 12 ways to check whether management's interests are aligned with yours; a list of 15 items to check for to make sure the companies in your stock portfolio have a competitive advantage. (Hint: great growth stocks always have competitive advantages.); 16 kinds of companies to avoid; 20 indicators that it may be time to sell. "Well-written, intellectually sound, "accessible" to those who take the time to understand, and a poke in the eye to those who abused our capitalistic system and those (pros) who let them get away with it." - John C. Bogle, the founder and former CEO of The Vanguard Group. "In a single, easy to use index, Hewitt Heiserman captures the essence of growth and value - a most insightful approach to stock picking." - Charles W. Mulford, co-author, "The Financial Numbers Game", Director, DuPree Financial Analysis Lab and professor of Accounting, Georgia Institute of Technology. "Clear and engaging, Heiserman shows how to easily evaluate a growth company's investment potential for both conservative and aggressive investors. The result - the 'cautiously greedy' investor wins." - Tom Jacobs, Senior Analyst, "The Motley Fool". "Heiserman's unique and thorough analysis not only provides methods for avoiding companies with suspect earnings, but also uncovering the true gems that are able to grow well into the future." - Timothy M. Mulligan, J.D., LL.M., CPA., CEO, Forensic Advisors, Inc. "Hewitt Heiserman's innovative financial analysis techniques goes a long way towards providing an investor with an extra edge in identifying the growth stocks of tomorrow without being unduly exposed to excessive investment risk today." - Thornton L. Oglove, founder, Quality of Earnings Report. "This book lays the groundwork for becoming a successful long-term investor." - Mark Sellers, Equities Strategist & Portfolio Manager, Morningstar, Inc.

    Most of these books present different interpretations of value investing and are generally introductory based. Until now, there has not been an advanced hands-on guide for investors and executives who may want to apply the powerful value investing discipline outside of stocks and bonds.Applied Value Investing takes the same time-proven approach Graham introduced with David Dodd in their 1934 masterpiece, Security Analysis, and extends it in a variety of unique and practical ways--including mergers and acquisitions, alternative investments, and financial strategy.This in-depth guide shows financially sophisticated readers how to use value investing in a macroinvesting framework and how to apply it to the emerging area of super catastrophe valuation. It illustrates how to put value investing to use with case studies on:Eddie Lampert's acquisition of SearsWarren Buffett's acquisitions of GEICO and General Reinsurance CorporationThe recent "new economy" boom and bust, and its aftermathThe underwriting of the Pepsi Play for a Billion sweepstakesApplied Value Investing also demonstrates how to incorporate the cornerstones of valuation into an integrated business framework that can be used to assess and manage a franchise (or a firm operating with a sustainable competitive advantage).In addition to its cutting-edge applications of value investing principles, Applied Value Investing sets itself apart by drawing on material published in leading academic journals to form the foundation of its presentation. However, value investing is inherently practical, and this comprehensive resource provides helpful guidance for successfully implementing value investing strategies in the real world.To profit like the masters you have to think like them. Applied Value Investing can open new doors to value creating opportunities.

    Combine this with the fact that the discipline of distress investing doesn't always follow what conventional wisdom says, and you can see why it is one of the most challenging areas in finance.Nobody understands this better than Martin Whitman--the legendary founder of Third Avenue Management LLC and a pioneer in the field of distressed markets--and leading academic Dr. Fernando Diz of Syracuse University. That's why they decided to write Distress Investing. As an outgrowth of annual distress and value investing seminars the two have taught together at Syracuse University's Martin J. Whitman School of Management, this reliable resource will help you gain a better understanding of the essential principles and techniques associated with distress investing and show you how to effectively apply them in the real world.Divided into four comprehensive parts--the General Landscape of Distress Investing, Restructuring Troubled Issuers, the Investment Process, and Cases and Implications for Public Policy--this book comprehensively covers the practice of buy-and-hold investing in distressed credits, whether it be performing loans or the reinstated issues of a reorganized issuer.From the recent changes to U.S. bankruptcy code and creditor rights to cash bailouts, you'll quickly learn how to analyze distressed situations such as pricing issues, arbitrage opportunities, tax disadvantages, and the reorganization of funding plans. Along the way, case studies of both large and small distress investing deals--from Kmart to Home Products International--will give you a better perspective of the business.Critical topics addressed throughout these pages include: Chapter 11 bankruptcy and why it's not considered an ending, but rather a beginning when it comes to distress investing The "Five Basic Truths" of distress investing The difficulty of due diligence for distressed issues Distress investing risks--from reorganization risk to risk associated with the alteration of priority of payments in bankruptcy Valuing companies by both going concern as well as their resource conversion attributes In today's turbulent economic environment, distress investing presents some enticing opportunities. Put yourself in a better position to excel at this endeavor with Distress Investing as your guide.

    Follow Graham and you will profit from folly rather than participate in it."-Warren E. Buffett. "[Graham] is the genius who literally created the framework for investment analysis that leads to successful investing. Like that other genius Edison, Graham created light where there was none." -Bill Ruane, Sequoia Fund. "It's never the wrong time to invoke the name of Benjamin Graham, value investor par excellence." -Money "The search for intelligent investing should begin with the remarkable Benjamin Graham's timeless teachings. Read Lowe's book and you'll learn to seek what the original master sought as she helps Graham reclaim his rightful place as the most important and extraordinary investment writer of any generation."-Kenneth Lee, author of Trouncing the Dow. Known as the "father of value investing," Benjamin Graham was-and is-one of America's most lauded financial thinkers. Billionaire investor Warren Buffett, a former student of Graham, extols him to this day. Brilliant, successful, and ethical, he revolutionized investment philosophy by introducing the concepts of security analysis, fundamental analysis, and value investing-theories that have become timeless essentials of the field. Now, Janet Lowe, author of Benjamin Graham on Value Investing and Warren Buffett Speaks, reintroduces the foundations of Graham's eminence-including his ever-relevant market observations and his assessment of long-term economic problems-by presenting a unique compilation of his writings that contains rare and/or previously unpublished articles, lectures, andinterviews. Almost twenty-five years after his death, Benjamin Graham continues to have one of the largest and most loyal followings of any investment philosopher of this century. A prolific and popular writer whose trademark was blending original ideas with wit and intelligence, he has guided and inspired Wall Street professionals with his thoughtful ruminations and piercing insights on a host of investment and economic topics. Though bits and pieces of this material are widely quoted even today, the full writings have not always been easy to find-until now. The result of in-depth research, The Rediscovered Benjamin Graham brings together the very best the investment legend had to offer, including such incisive works as: * "Inflated Treasuries and Deflated Stocks: Are Corporations Milking Their Owners?" * "The Ethics of American Capitalism". * "Proposals for an International Commodity-Reserve Currency". * "The New Speculation in Common Stocks". * "Is American Business Worth More Dead Than Alive?". * "The Simplest Way to Select Bargain Stocks". A groundbreaking volume that fills an important niche in investment literature, The Rediscovered Benjamin Graham is destined to become as timeless a classic as its distinguished subject. Jacket Design: Don Welsh

    Written in a way that even the financial novice can easily absorb, this is a new edition of the bestselling guide to understanding and using business accounts and accounting principles.

    

    Whether you are a long term investor, short term investor, or invest in mutual funds, Trading the Trends is the book for you. The market never moves in a straight line, you must avoid bear markets, and learning to invest and trade with the market trends will place you miles ahead of the average investor and trader. You will learn how to recognize market trends early, as they are starting, and you'll learn when to move your money to safety. You will see actual trades, and experience the thoughts of the investor as the decisions are being made to enter and exit the market. Entering and exiting each actual trade, always carefully, always wisely, and always protecting the investment capital at all times. Learn from the master trader. Don't get caught in the next major market downturn and watch your portfolio be decimated.This book will show you how to avoid the pitfalls of treacherous market.

    Find all of the following, explained in plain-English with no legal jargon:Business Taxation 101: A brief primer on tax topics in general, especially as they apply to businesses.Home Office Deduction: How to ensure you qualify for it and how to calculate it.Estimated Tax payments: When and how to pay them, as well as an easy way to calculate each payment.Self-Employment Tax: What it is, why it exists, and how to calculate it.Business Retirement Plans: What the different types are, and which one is best for you.Numerous Business Deductions: Several deductions explained in detail, including how to make sure you can qualify to take them and how to maximize them.Audit Protection: Learn what records you need to keep (and how long to keep them) in order to protect yourself in case of an audit.

    If you don’t have a great investment idea, there is nothing to pitch. If you have a great idea but cannot communicate it, your pitch will fall on deaf ears.As said by Nicholas Galluccio, CEO of Teton Advisors, “To the active portfolio manager, beating the market is essential. It’s refreshing to read a book that stresses the importance of fundamental research in stock analysis, especially when active portfolio management is under attack by ETFs and passive investment vehicles.” Given this intense pressure, managers are desperate for good investment ideas and look to analysts to provide them. Pitch the Perfect Investment shows the reader how to satisfy this need by developing the perfect investment and crafting it into the perfect pitch.Although these skills are so essential, they are rarely taught on Wall Street. As a result, analysts are forced to develop this expertise on their own through an agonizing process of trial and error. Pitch the Perfect Investment provides the tools to significantly accelerate this learning process. In this era of hyper-competition on Wall Street, even the smallest edge can make the difference between success and failure. Arnie Ursaner, a 43-year Wall Street sell side veteran said, “I wish I had this book when I started in the business. I remember my early days being characterized by a lot of hits and misses. Sonkin and Johnson provide the newcomer with valuable shortcuts so they can experience more ‘hits’ and fewer ‘misses’.”In an increasingly competitive job market, the stakes are also extremely high. The book gives the college or MBA student the edge they need to succeed, whether they are pitching a stock idea in a job interview, in a stock pitch competition, or for a student-run investment fund. Pitch the Perfect Investment accelerates the learning process of the recent college or MBA graduate who is embarking on their career on Wall Street by giving them most of what they need to know in a single book. Echoing this sentiment, Aswath Damodaran, a prolific author of over 20 books on valuation and a professor at New York University, said, “…this is a book that most of my students would have loved to have had before their first interview and job.”Sonkin and Johnson also seek to push the open-minded, seasoned investment professional out of their comfort zone to think about familiar concepts differently. In an industry where even the most successful veterans must worry about younger managers snapping at their heels, the authors provide tools to augment and improve their investment process. Pitch the Perfect Investment equips the Chief Investment Officer and Research Director with new tools, enabling them to tighten their analytical process and significantly improve communication and efficiency throughout their organization. As said by Geoffrey Moore, author of several highly-acclaimed strategy books in the technology industry, “Much heartache will be avoided and faster decisions will be reached by any organization that adopts these recommendations.”Questions? Email psonkin@pitchtheperfectinvestment.com

    It identifies the common steps used to yield misleading cash flow amounts, demonstrates how to adjust the cash flow statement for more effective analysis, and how to use adjusted operating cash flow to uncover earnings that have been misreported using aggressive or fraudulent accounting practices. Charles W. Mulford, PhD, CPA (Atlanta, GA), is the coauthor of three books, including the bestselling The Financial Numbers Game: Identifying Creative Accounting Practices. Eugene E. Comiskey, PhD, CPA, CMA (Atlanta, GA), is the coauthor of the bestselling The Financial Numbers Game: Identifying Creative Accounting Practices.

    Students learn to view a firm through its financial statements and to carry out the appropriate financial statement analysis to value the firm's debt and equity. The book takes an activist approach to investing, showing how the analyst challenges the current market price of a share by analyzing the fundamentals. With a careful assessment of accounting quality, accounting comes to life as it is integrated with the modern theory of finance to develop practical analysis and valuation tools for active investing.

    Bookshelves are groaning under the weight of titles written on investment strategy in bull markets, but there is little guidance on how to invest in range bound markets. In this book, author and respected investment portfolio manager Vitaliy Katsenelson makes a convincing case for range-bound market conditions and offers readers a practical strategy for proactive investing that improves profits. This guide provides investors with the know-how to modify the traditional, fundamentally driven strategies that they have become so accustomed to using in bull markets, so that they can work in range bound markets. It offers new approaches to margin of safety and presents terrific insights into buy and sell disciplines, international investing, Quality, Valuation, and Growth framework, and much more.Vitaliy Katsenelson, CFA (Denver, CO) has been involved with the investment industry since 1994. He is a portfolio manager with Investment Management Associates where he co-manages institutional and personal assets utilizing fundamental analysis. Katsenelson is a member of the CFA Institute, has served on the board of CFA Society of Colorado, and is also on the board of Retirement Investment Institute. Vitaliy is an adjunct faculty member at the University of Colorado at Denver - Graduate School of Business. He is also a regular contributor to the Financial Times, The Motley Fool, and Minyanville.com.

    But how did they know they were making the right investments? What did Buffet and his partners look for in an up-and-coming company, and how can others replicate their approach?A gift to Buffett followers who have long sought a pattern to the investor's success, Inside the Investments of Warren Buffett presents the most detailed analysis to date of Buffett's long-term investment portfolio. Yefei Lu, an experienced investor, starts with Buffett's interest in the Sanborn Map Company in 1958 and tracks nineteen more of his major investments in companies like See's Candies, the Washington Post, GEICO, Coca-Cola, US Air, Wells Fargo, and IBM. Accessing partnership letters, company documents, annual reports, third-party references, and other original sources, Lu pinpoints what is unique about Buffett's timing, instinct, use of outside knowledge, and postinvestment actions, and he identifies what could work well for all investors in companies big and small, domestic and global. His substantial chronology accounts for broader world events and fluctuations in the U.S. stock market, suggesting Buffett's most important trait may be the breadth of his expertise.

    Even more amazing, this incredible rate of return was produced with very low rates of risk. Long considered one of the most powerful and profitable of Buffett’s investment operations, but the least understood, these special types of investments have been the edge that made Warren Buffett so phenomenally successful. Warren Buffett and the Art of Stock Arbitrage is the first book to examine Buffett’s special brand of arbitrage investing. Buffettologists Mary Buffett and David Clark explore the previously secret domain of Warren Buffett’s stock arbitrage investments. They explain how Buffett finds deals, evaluates them, picks the winners from the losers, and when he is willing to use leverage to help boost his performance in these investments to make amazing profits. Basic mathematical equations are included to help readers determine the projected rate of return, evaluate risk, and determine the probability of the deal being a success. Buffett and Clark provide detailed explanations and examples of Warren Buffett’s methods for arbitrage, and for investing in tender offers, liquidations, spin-offs, and reorganizations. They take readers step by step from the initial public announcement to tendering shares, explaining how Buffett evaluates risk and maximizes his profit at every step. Warren Buffett and the Art of Stock Arbitrage is a valuable companion to the other books in Buffett and Clark’s successful series—Buffettology, The Buffettology Workbook, The New Buffettology, The Tao of Warren Buffett, Warren Buffett and the Interpretation of Financial Statements, and Warren Buffett’s Management Secrets.

    Perhaps you thought of grocery stores or something sexy like internet retailing, but chances are you didn’t think of banking. Yet, most likely you interact with a bank every time you’re paid and when you pay your bills. Banks facilitate the flow of money through the economy and even if you don’t interact with a bank daily, the businesses you deal with on a daily basis do. For all the interaction people have with banks, few understand how they work or why they work. Even fewer understand why they should consider including bank stocks in their investment portfolio. There are a lot of misconceptions about banks, including understanding what they are and what they do. For many people the word “bank” evokes images of receiving a toaster upon opening an account, or thoughts of security related to the storing of precious items in a safety deposit box. Others might go further and tap their inner Michael Moore and talk about how banks are greedy and evil. It’s our belief that banks aren’t just places to store idle savings (on which you receive virtually nothing in interest) or to cash checks, but that they should be an integral part of an investor’s portfolio. The goal of this book is to provide you with a foundation and framework with which you can both begin to understand banks, but also learn the basic tools used to analyze banks as investments.