Modern Security Analysis


Book Description

A legendary value investor on security analysis for a modern era This book outlines Whitman's approach to business and security analysis that departs from most conventional security analysts. This approach has more in common with corporate finance than it does with the conventional approach. The key factors in appraising a company and its securities: 1) Credit worthiness, 2) Flows—both cash and earnings, 3) Long-term outlook, 4) Salable assets which can be disposed of without compromising the going concern, dynamics, 5) Resource conversions such as changes in control, mergers and acquisitions, going private, and major changes in assets or in liabilities, and 6) Access to capital. Offers the security analysis value approach Martin Whitman has used successfully since 1986 Details Whitman's unconventional approach to security analysis and offers information on the six key factors for appraising a company Contains the three most overemphasized factors used in conventional securities investing Written by Martin J. Whitman and Fernando Diz, Modern Security Analysis meets the challenge of today's marketplace by taking into account changes to regulation, market structures, instruments, and the speed and volume of trading.




Security Analysis and Business Valuation on Wall Street


Book Description

An insider's look at security analysis and business valuation, as practiced by Wall Street, Corporate America, and international businesses Two major market crashes, numerous financial and accounting scandals, growth in private equity and hedge funds, Sarbanes Oxley and related regulations, and international developments changed security analysis and business valuation substantially over the last fourteen years. These events necessitated a second edition of this modern classic, praised earlier by Barron's as a "welcome successor to Graham and Dodd" and used in the global CFA exam. This authoritative book shows the rational, rigorous analysis is still the most successful way to evaluate securities. It picks up where Graham and Dodd's bestselling Security Analysis - for decades considered the definitive word on the subject - leaves off. Providing a practical viewpoint, Security Analysis on Wall Street shows how the values of common stock are really determined in today's marketplace. Incorporating dozens of real-world examples, and spotlighting many special analysis cases - including cash flow stocks, unusual industries and distressed securities - this comprehensive resources delivers all the answers to your questions about security analysis and corporate valuation on Wall Street. The Second Edition of Security Analysis on Wall Street examines how mutual funds, private equity funds, hedge funds, institutional money managers, investment banks, business appraisers, and corporate acquirers perform their craft of security analysis and business valuation in today's highly charged environment. Completely updated to reflect the latest methodologies, this reliable resource represents the most comprehensive book written by someone who has actually worked as an investment banker, private equity executive, and international institutional investor. Shows the methodical process that practitioners use to value common stocks and operating companies and to make buy/sell decisions Discusses the impact of the two stock market crashes, the accounting and financial scandals, and the new regulations on the evaluation process Covers how Internet and computing power automate portions of the research and analytical effort Includes new case study examples representative of valuation issues faced daily by mutual funds, private equity funds, hedge funds, institutional investors, investment banks, business appraisers, and corporate acquirers Is a perfect tool for professors wishing to show their MBA students the essential tools of equity and business valuation Security analysis and business valuation are core financial disciplines for Wall Streeters, corporate acquirers, and international investors. The Second Edition of Security Analysis on Wall Street is an important book for anyone who needs a solid grounding in these critical finance topics.




The Annotated Mrs. Dalloway


Book Description

Virginia Woolf’s groundbreaking novel, in a lushly illustrated hardcover edition with illuminating commentary from a brilliant young Oxford scholar and critic. “Mrs. Dalloway said she would buy the flowers herself.” So begins Virginia Woolf’s much-beloved fourth novel. First published in 1925, Mrs. Dalloway has long been viewed not only as Woolf’s masterpiece, but as a pivotal work of literary modernism and one of the most significant and influential novels of the twentieth century. In this visually powerful annotated edition, acclaimed Oxford don and literary critic Merve Emre gives us an authoritative version of this landmark novel, supporting it with generous commentary that reveals Woolf’s aesthetic and political ambitions—in Mrs. Dalloway and beyond—as never before. Mrs. Dalloway famously takes place over the course of a single day in late June, its plot centering on the upper-class Londoner Clarissa Dalloway, who is preparing to throw a party that evening for the nation’s elite. But the novel is complicated by Woolf’s satire of the English social system, and by her groundbreaking representation of consciousness. The events of the novel flow through the minds and thoughts of Clarissa and her former lover Peter Walsh and others in their circle, but also through shopkeepers and servants, among others. Together Woolf’s characters—each a jumble of memories and perceptions—create a broad portrait of a city and society transformed by the Great War in ways subtle but profound ways. No figure has been more directly shaped by the conflict than the disturbed veteran Septimus Smith, who is plagued by hallucinations of a friend who died in battle, and who becomes the unexpected second hinge of the novel, alongside Clarissa, even though—in one of Woolf’s many radical decisions—the two never meet. Emre’s extensive introduction and annotations follow the evolution of Clarissa Dalloway—based on an apparently conventional but actually quite complex acquaintance of Woolf’s—and Septimus Smith from earlier short stories and drafts of Mrs. Dalloway to their emergence into the distinctive forms devoted readers of the novel know so well. For Clarissa, Septimus, and her other creations, Woolf relied on the skill of “character reading,” her technique for bridging the gap between life and fiction, reality and representation. As Emre writes, Woolf’s “approach to representing character involved burrowing deep into the processes of consciousness, and, so submerged, illuminating the infinite variety of sensation and perception concealed therein. From these depths, she extracted an unlimited capacity for life.” It is in Woolf’s characters, fundamentally unknowable but fundamentally alive, that the enduring achievement of her art is most apparent. For decades, Woolf’s rapturous style and vision of individual consciousness have challenged and inspired readers, novelists, and scholars alike. The Annotated Mrs. Dalloway, featuring 150 illustrations, draws on decades of Woolf scholarship as well as countless primary sources, including Woolf’s private diaries and notes on writing. The result is not only a transporting edition of Mrs. Dalloway, but an essential volume for Woolf devotees and an incomparable gift to all lovers of literature.




Security Analysis on Wall Street


Book Description

Table of Contents




Annotations to William Faulkner's The Hamlet


Book Description

The annotations in this volume, originally published in 1996, intend to assist the reader of Faulkner's The Hamlet to understand obscure or difficult words and passages, including literary allusions, dialect, and historical events that Faulkner uses or alludes to. This title will be of great interest to students of literature.




One Up On Wall Street


Book Description

THE NATIONAL BESTSELLING BOOK THAT EVERY INVESTOR SHOULD OWN Peter Lynch is America's number-one money manager. His mantra: Average investors can become experts in their own field and can pick winning stocks as effectively as Wall Street professionals by doing just a little research. Now, in a new introduction written specifically for this edition of One Up on Wall Street, Lynch gives his take on the incredible rise of Internet stocks, as well as a list of twenty winning companies of high-tech '90s. That many of these winners are low-tech supports his thesis that amateur investors can continue to reap exceptional rewards from mundane, easy-to-understand companies they encounter in their daily lives. Investment opportunities abound for the layperson, Lynch says. By simply observing business developments and taking notice of your immediate world -- from the mall to the workplace -- you can discover potentially successful companies before professional analysts do. This jump on the experts is what produces "tenbaggers," the stocks that appreciate tenfold or more and turn an average stock portfolio into a star performer. The former star manager of Fidelity's multibillion-dollar Magellan Fund, Lynch reveals how he achieved his spectacular record. Writing with John Rothchild, Lynch offers easy-to-follow directions for sorting out the long shots from the no shots by reviewing a company's financial statements and by identifying which numbers really count. He explains how to stalk tenbaggers and lays out the guidelines for investing in cyclical, turnaround, and fast-growing companies. Lynch promises that if you ignore the ups and downs of the market and the endless speculation about interest rates, in the long term (anywhere from five to fifteen years) your portfolio will reward you. This advice has proved to be timeless and has made One Up on Wall Street a number-one bestseller. And now this classic is as valuable in the new millennium as ever.







Interest Rate Models: an Infinite Dimensional Stochastic Analysis Perspective


Book Description

This book presents the mathematical issues that arise in modeling the interest rate term structure by casting the interest-rate models as stochastic evolution equations in infinite dimensions. The text includes a crash course on interest rates, a self-contained introduction to infinite dimensional stochastic analysis, and recent results in interest rate theory. From the reviews: "A wonderful book. The authors present some cutting-edge math." --WWW.RISKBOOK.COM




Applied Equity Analysis: Stock Valuation Techniques for Wall Street Professionals


Book Description

Applied Equity Analysis treats stock valuation as a practical, hands-on tool rather than a vague, theoretical exercise—and covers the entire valuation process from financial statement analysis through the final investment recommendation. Its integrated approach to valuation builds viable connections between a firm’s competitive situation and the ultimate behavior of its common stock. Techniques explained include EVA, newer hybrid valuation techniques, and relative multiple analysis.