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Quality of Earnings Paperback – 28 Jan 1994
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Offers advice on analyzing the profits of corporations in order to plan investment strategies and discusses how to interpret company financial reports. --This text refers to an out of print or unavailable edition of this title.
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- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market
Most helpful customer reviews on Amazon.com
I'm about 75% done reading QofE and I felt compelled to make a recommendation because I find that the tools O'glove outlines for determining true earnings to be quite helpful. Thus far I have learned about some of the conflicts of interest that exist between major investment banks and their equity analysts (they rarely give 'sell' ratings for fear of losing valuable business), as well as some insightful analytic tools such as adjusting earnings for non-operating & non-recurring charges, hidden tax benefits, inventory and AR management, and more. The book still has much more to teach me and I'm glad I bought it. QofE is full of real world examples from the 1980's and the author asserts that an astonishingly high percentage of analysts are lazy and would avoid all kinds of trouble if they utilized some of the fairly straight-forward techniques outlined in this book.
In my opinion, you can't get a better education on the subject for $11
I would reccommend this to any serious investor without the slightest doubt that it would improve his understanding of companies and their value, other than those persons who are already conversant with examining financial reports in depth. But even they might gain from it.
I shall definately return to read chapters of this book again.
of accounting -- such as the timing of receivables, depreciation, and writeoffs --
which are all perfectly legal and standards accounting choices -- collectively
make a big difference in reported earnings. As a result, to make a truly
well-founded judgment, you would have to dig down into the 10-K to figure out
the "quality" of earnings -- i.e. you would have to correct the work of the company's
accountants to a "standard" standard before believing it.
It is good to read it together with "The Art of Short Selling (A Marketplace Book)
by Kathryn F. Staley, which is even more amusing to the point of being biting.
Both are excellent.
Staley: Acid and cutting. Her companies don't just bend the rules, they break them.
A lot of them file for bankruptcy while she is shorting them.
O'glove: More subtle. His companies only shade the earnings. So they're off
by 15%, or 37%, i.e. the company isn't quite worth its price, that's ll.