Money and Finance
From Security Analysis:
- Hussman Weekly Market Comment: A Warning From Graham And Dodd
Link to: A Warning from Graham and Dodd “During the latter stage of the bull market culminating in 1929, the public acquired a completely different attitude towards the investment merits of common stocks… Why did the investing public turn...
- Whitman, Diz On Net-nets
From the book Modern Security Analysis: Understanding Wall Street Fundamentals:Our definition of net nets is taken from Graham and Dodd’s Security Analysis, but with a few twists. Graham and Dodd relied on a GAAP classified balance sheet to definite...
- Seth Klarman Quote
From Margin of Safety(Source):Many investors insist on affixing exact values to their investments, seeking precision in an imprecise world, but business value cannot be precisely determined. Reported book value, earnings, and cash flow are, after...
- Hussman Weekly Market Comment: Are Corporate Balance Sheets Really The Strongest In History?
It is freely accepted by investors as fact that U.S. corporate balance sheets are the stronger than ever before in history. This view is largely driven by the significant amount of cash (checking deposits, savings deposits, money market funds, commercial...
- Understanding The Numbers
The three pieces which help you put the puzzle together are the Balance Sheet, Income Statement (Profit & Loss) and Cash Flow (+ the footnotes.) These are the key financial statements which together help you fully appreciate a company's current...
Money and Finance
Graham and Dodd quote
From Security Analysis:
When in his capacity as investor or speculator the business man elects to pay no attention whatever to corporate balance sheets, he is placing himself at a serious disadvantage in several different respects: In the first place, he is embracing a new set of ideas that are alien to his everyday business experience. In the second place, instead of the twofold test of value afforded by both earnings and assets, he is relying upon a single and therefore less dependable criterion. In the third place, these earnings statements on which he relies exclusively are subject to more rapid and radical changes than those which occur in balance sheets. Hence an exaggerated degree of instability is introduced into his concept of stock values. In the fourth place, the earnings statements are far more subject to misleading presentation and mistaken inferences than is the typical balance sheet when scrutinized by an investor of experience.
- Hussman Weekly Market Comment: A Warning From Graham And Dodd
Link to: A Warning from Graham and Dodd “During the latter stage of the bull market culminating in 1929, the public acquired a completely different attitude towards the investment merits of common stocks… Why did the investing public turn...
- Whitman, Diz On Net-nets
From the book Modern Security Analysis: Understanding Wall Street Fundamentals:Our definition of net nets is taken from Graham and Dodd’s Security Analysis, but with a few twists. Graham and Dodd relied on a GAAP classified balance sheet to definite...
- Seth Klarman Quote
From Margin of Safety(Source):Many investors insist on affixing exact values to their investments, seeking precision in an imprecise world, but business value cannot be precisely determined. Reported book value, earnings, and cash flow are, after...
- Hussman Weekly Market Comment: Are Corporate Balance Sheets Really The Strongest In History?
It is freely accepted by investors as fact that U.S. corporate balance sheets are the stronger than ever before in history. This view is largely driven by the significant amount of cash (checking deposits, savings deposits, money market funds, commercial...
- Understanding The Numbers
The three pieces which help you put the puzzle together are the Balance Sheet, Income Statement (Profit & Loss) and Cash Flow (+ the footnotes.) These are the key financial statements which together help you fully appreciate a company's current...