{"product_id":"security-analysis-and-business-valuation-on-wall-street-companion-web-site-isbn-9780470277348","title":"Security Analysis and Business Valuation on Wall Street, + Companion Web Site","description":"\u003cp\u003e\u003cb\u003eAn insider's look at security analysis and business valuation, as practiced by Wall Street, Corporate America, and international businesses\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTwo 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 \u003ci\u003eBarron's\u003c\/i\u003e as a \"welcome successor to Graham and Dodd\" and used in the global CFA exam.\u003c\/p\u003e \u003cp\u003eThis 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 \u003ci\u003eSecurity Analysis\u003c\/i\u003e - for decades considered the definitive word on the subject - leaves off. Providing a practical viewpoint, \u003ci\u003eSecurity Analysis on Wall Street\u003c\/i\u003e 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.\u003c\/p\u003e \u003cp\u003eThe \u003ci\u003eSecond Edition\u003c\/i\u003e of \u003ci\u003eSecurity Analysis on Wall Street\u003c\/i\u003e 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.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eShows the methodical process that practitioners use to value common stocks and operating companies and to make buy\/sell decisions\u003c\/li\u003e \u003cli\u003eDiscusses the impact of the two stock market crashes, the accounting and financial scandals, and the new regulations on the evaluation process\u003c\/li\u003e \u003cli\u003eCovers how Internet and computing power automate portions of the research and analytical effort\u003c\/li\u003e \u003cli\u003eIncludes 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\u003c\/li\u003e \u003cli\u003eIs a perfect tool for professors wishing to show their MBA students the essential tools of equity and business valuation\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eSecurity analysis and business valuation are core financial disciplines for Wall Streeters, corporate acquirers, and international investors. The \u003ci\u003eSecond Edition\u003c\/i\u003e of \u003ci\u003eSecurity Analysis on Wall Street\u003c\/i\u003e is an important book for anyone who needs a solid grounding in these critical finance topics.\u003c\/p\u003e \u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003eWhat Is Security Analysis? xiv\u003c\/p\u003e \u003cp\u003eRecent Trends xv\u003c\/p\u003e \u003cp\u003eWhy Study Security Analysis and Business Valuation? xvii\u003c\/p\u003e \u003cp\u003eOverview of the Contents xviii\u003c\/p\u003e \u003cp\u003eWhat’s New in the Second Edition xviii\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART ONE The Investing Environment 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 1 Why Analyze a Security? 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Origins of Security Analysis 3\u003c\/p\u003e \u003cp\u003eNo Profit Guarantee 5\u003c\/p\u003e \u003cp\u003eDay-to-Day Trading and Security Analysis 6\u003c\/p\u003e \u003cp\u003eHerd Psychology and Security Analysis 6\u003c\/p\u003e \u003cp\u003eMomentum Investors 7\u003c\/p\u003e \u003cp\u003eGame Theory and Security Analysis 8\u003c\/p\u003e \u003cp\u003eThe Premise of Security Analysis 9\u003c\/p\u003e \u003cp\u003eScientific Method 10\u003c\/p\u003e \u003cp\u003eSecurity Analysis Techniques 12\u003c\/p\u003e \u003cp\u003eBasic Valuation Approaches 12\u003c\/p\u003e \u003cp\u003eOther Valuation Approaches 14\u003c\/p\u003e \u003cp\u003eSummary 16\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 2 Who’s Practicing Security Analysis and Business Valuation? 17\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSecurities Firms and Their Analysts 18\u003c\/p\u003e \u003cp\u003eMajor Institutional Investors 20\u003c\/p\u003e \u003cp\u003eA Dying Art? 21\u003c\/p\u003e \u003cp\u003eIndex Funds and Exchange-Traded Funds 24\u003c\/p\u003e \u003cp\u003eSmall Money Management Firms 25\u003c\/p\u003e \u003cp\u003eRating Agencies 26\u003c\/p\u003e \u003cp\u003eIndividual Investors: A Special Category 26\u003c\/p\u003e \u003cp\u003eBusiness Valuation 28\u003c\/p\u003e \u003cp\u003eSummary 28\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 3 Seeking a Level Playing Field 29\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBrief History of Securities Regulation 30\u003c\/p\u003e \u003cp\u003eThe Chief Regulator: The Securities and Exchange Commission 32\u003c\/p\u003e \u003cp\u003eSales and Trading Practices 34\u003c\/p\u003e \u003cp\u003eMargin Regulation 37\u003c\/p\u003e \u003cp\u003eThe Life Cycle of a New Security Issue 37\u003c\/p\u003e \u003cp\u003eSummary 49\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 4 Other Sources of Information 51\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Business Media 51\u003c\/p\u003e \u003cp\u003eThe Free Internet 53\u003c\/p\u003e \u003cp\u003eThe Fee-for-Service Internet 53\u003c\/p\u003e \u003cp\u003eTrade Associations, Consulting Firms, Government Publications, and Financial Organizations 54\u003c\/p\u003e \u003cp\u003eCredit Rating Agencies 54\u003c\/p\u003e \u003cp\u003eSecurities Firm Research 55\u003c\/p\u003e \u003cp\u003eNewswires 56\u003c\/p\u003e \u003cp\u003eIndependent Expert Services 56\u003c\/p\u003e \u003cp\u003eSummary 57\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART TWO Performing the Analysis and Writing the Research Report 59\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 5 Starting the Analysis 61\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Security Analysis Process 62\u003c\/p\u003e \u003cp\u003eModel Research Report 63\u003c\/p\u003e \u003cp\u003eThe Analyst’s Responsibility 64\u003c\/p\u003e \u003cp\u003eThe Cascade of Projections 66\u003c\/p\u003e \u003cp\u003eSelecting Stocks for Study: Top-Down versus Bottom-Up 67\u003c\/p\u003e \u003cp\u003eLimited Time and Resources 68\u003c\/p\u003e \u003cp\u003eThe Margin of Safety 69\u003c\/p\u003e \u003cp\u003eSummary 70\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 6 Industry Analysis 73\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBackground 73\u003c\/p\u003e \u003cp\u003eOrganizing an Industry Analysis 75\u003c\/p\u003e \u003cp\u003eIndustry Classification 75\u003c\/p\u003e \u003cp\u003eExternal Factors 81\u003c\/p\u003e \u003cp\u003eDemand Analysis 86\u003c\/p\u003e \u003cp\u003eSupply Analysis in the Industry Study 92\u003c\/p\u003e \u003cp\u003eProfitability, Pricing, and the Industry Study 94\u003c\/p\u003e \u003cp\u003eInternational Competition and Markets 95\u003c\/p\u003e \u003cp\u003eSummary 98\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 7 Company-Specific Analysis 99\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSystematic Approach of a Business Analysis 101\u003c\/p\u003e \u003cp\u003eOverview and Business Description 106\u003c\/p\u003e \u003cp\u003eProducts and Markets Section 106\u003c\/p\u003e \u003cp\u003eProduction and Distribution 110\u003c\/p\u003e \u003cp\u003eCompetition 111\u003c\/p\u003e \u003cp\u003eOther Topics Included in the Business Review114\u003c\/p\u003e \u003cp\u003eSummary 117\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 8 Financial Statement Analysis of an Established Business 119\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBeginning the Investigation 120\u003c\/p\u003e \u003cp\u003eThe Raw Materials of an Analysis 121\u003c\/p\u003e \u003cp\u003eEvolution of the Approach to Financial Statements 122\u003c\/p\u003e \u003cp\u003eIllustration of the Basic Approach 123\u003c\/p\u003e \u003cp\u003eReview of Neiman Marcus Financial Analysis 135\u003c\/p\u003e \u003cp\u003eSummary 137\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 9 The Limitations of Accounting Data 139\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBasic Accounting Issues 141\u003c\/p\u003e \u003cp\u003eGlobal Issues 141\u003c\/p\u003e \u003cp\u003eCompany-Specific Accounting Issues 145\u003c\/p\u003e \u003cp\u003eThe Fundamental Objective of Public Companies 149\u003c\/p\u003e \u003cp\u003eCase Study: Stability Corporation 150\u003c\/p\u003e \u003cp\u003eSummary 163\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 10 Financial Analysis and Company Classification 165\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCompany Classifications 166\u003c\/p\u003e \u003cp\u003eThe Mature Company 166\u003c\/p\u003e \u003cp\u003eThe Growth Company 167\u003c\/p\u003e \u003cp\u003eThe Cyclical Company 169\u003c\/p\u003e \u003cp\u003eThe Declining Company 175\u003c\/p\u003e \u003cp\u003eThe Turnaround 175\u003c\/p\u003e \u003cp\u003eThe Pioneer 175\u003c\/p\u003e \u003cp\u003eFinancial Games 176\u003c\/p\u003e \u003cp\u003eExtra Shares Outstanding? 180\u003c\/p\u003e \u003cp\u003eSummary 180\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 11 Financial Projection Pointers 181\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Cascade of Projections 182\u003c\/p\u003e \u003cp\u003eThe Typical Financial Projection 182\u003c\/p\u003e \u003cp\u003eAlternate Means of Forecasting 183\u003c\/p\u003e \u003cp\u003eCritiquing the Huntsman Chemical Projection 185\u003c\/p\u003e \u003cp\u003ePreparing Projections 186\u003c\/p\u003e \u003cp\u003eCyclical Company Forecast 189\u003c\/p\u003e \u003cp\u003eHockey Stick Phenomenon 190\u003c\/p\u003e \u003cp\u003eSummary 192\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART THREE Valuation and the Investment Decision 193\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 12 Valuation Methodologies 195\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAssessing Each Methodology 196\u003c\/p\u003e \u003cp\u003eApplying Multiple Methodologies 197\u003c\/p\u003e \u003cp\u003eSummary 198\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 13 Intrinsic Value and Discounted Cash Flow 199\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIssues in Applying Discounted Cash Flow 200\u003c\/p\u003e \u003cp\u003eDiscounted Cash Flow versus Relative Value 203\u003c\/p\u003e \u003cp\u003eDiscounted Cash Flow and the P\/E Ratio 203\u003c\/p\u003e \u003cp\u003eThe Discounted Cash Flow Valuation Process 205\u003c\/p\u003e \u003cp\u003eSummary 208\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 14 Discounted Cash Flow: Choosing the Right Discount Rate 209\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBeta 211\u003c\/p\u003e \u003cp\u003eThe Buildup Method for the Equity Rate of Return 212\u003c\/p\u003e \u003cp\u003eSpecial Cases 213\u003c\/p\u003e \u003cp\u003eSummary 215\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 15 The Relative Value Approach 217\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eReal Estate Analogy 218\u003c\/p\u003e \u003cp\u003eWhat’s the Right P\/E Ratio? 218\u003c\/p\u003e \u003cp\u003eCase Study: Temporary Staffing Services 219\u003c\/p\u003e \u003cp\u003eValuing an Initial Public Offering 222\u003c\/p\u003e \u003cp\u003eBalance Sheet Items and Relative Value 223\u003c\/p\u003e \u003cp\u003eHow High Is Up? 223\u003c\/p\u003e \u003cp\u003eSummary 223\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 16 Marginal Performers 225\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDefining the Problem Company 226\u003c\/p\u003e \u003cp\u003eSmall Companies and Relative Value 232\u003c\/p\u003e \u003cp\u003eSummary 232\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 17 The Mergers and Acquisitions Market, Security Analysis, and Valuation 233\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eUnderstanding Leveraged Buyouts 235\u003c\/p\u003e \u003cp\u003eLBO Mechanics 236\u003c\/p\u003e \u003cp\u003eCase Study: Keane, Inc. 237\u003c\/p\u003e \u003cp\u003eHow Much Can the PE Firm Pay? 237\u003c\/p\u003e \u003cp\u003eLBO Valuation and the Security Analysis of a Publicly Traded Company 239\u003c\/p\u003e \u003cp\u003eStrategic Takeover Values 240\u003c\/p\u003e \u003cp\u003eSummary 241\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 18 Sum-of-the-Parts Analysis 243\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBackground 243\u003c\/p\u003e \u003cp\u003eTaxes Favor Spin-Offs versus Cash Sales 244\u003c\/p\u003e \u003cp\u003eSample Sum-of-the-Parts Analysis 245\u003c\/p\u003e \u003cp\u003eBusiness Division Valuation 245\u003c\/p\u003e \u003cp\u003eNonoperating Corporate Assets and Liabilities 250\u003c\/p\u003e \u003cp\u003eUnlocking Sum-of-the-Parts Values 250\u003c\/p\u003e \u003cp\u003eSummary 251\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 19 The Investment Recommendation 253\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSummary Top-Down Analysis 255\u003c\/p\u003e \u003cp\u003eDiscounted Cash Flow Valuation 257\u003c\/p\u003e \u003cp\u003eRelative Value\/Sum-of-the-Parts Valuation Approach 259\u003c\/p\u003e \u003cp\u003eAcquisition Value 261\u003c\/p\u003e \u003cp\u003eLeveraged Buyout Method 262\u003c\/p\u003e \u003cp\u003eInvestment Recommendation 265\u003c\/p\u003e \u003cp\u003eSummary 266\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART FOUR Special Cases 267\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 20 Private Equity 269\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIndustry Segmentation and Size 269\u003c\/p\u003e \u003cp\u003eFee Structure 270\u003c\/p\u003e \u003cp\u003ePrivate Equity Does Not Beat the S\u0026amp;P 500 271\u003c\/p\u003e \u003cp\u003ePrivate Equity Funds and Information Collection 271\u003c\/p\u003e \u003cp\u003ePrivate Equity Changes to the Public Company\u003c\/p\u003e \u003cp\u003eValuation Methodology 272\u003c\/p\u003e \u003cp\u003eLiquidity and Control Adjustments 273\u003c\/p\u003e \u003cp\u003eSummary 277\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 21 Natural Resource Companies 279\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGeneral Methodology 279\u003c\/p\u003e \u003cp\u003eThe Financial Reporting of Natural Resource Companies 281\u003c\/p\u003e \u003cp\u003eCase Study: Encore Acquisition Company 284\u003c\/p\u003e \u003cp\u003eMining Companies 290\u003c\/p\u003e \u003cp\u003eSummary 292\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 22 Financial Industry Stocks 293\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eProduct Lines 295\u003c\/p\u003e \u003cp\u003eThe Nature of Financial Assets 296\u003c\/p\u003e \u003cp\u003eTwo Sets of Skills 298\u003c\/p\u003e \u003cp\u003eLending 298\u003c\/p\u003e \u003cp\u003eLarge Commercial Banks 304\u003c\/p\u003e \u003cp\u003eSummary 307\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 23 Insurance Companies 309\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGeneral Background 309\u003c\/p\u003e \u003cp\u003ePrincipal Functions of an Insurance Company 311\u003c\/p\u003e \u003cp\u003eInsurance Company Regulation 312\u003c\/p\u003e \u003cp\u003eFinancial Statement Analysis: Property and Casualty Company 313\u003c\/p\u003e \u003cp\u003eFinancial Statement Ratios 317\u003c\/p\u003e \u003cp\u003eLife Insurance Companies 317\u003c\/p\u003e \u003cp\u003eSummary 319\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 24 Highly Speculative Stocks 321\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBackground 321\u003c\/p\u003e \u003cp\u003eDiscounted Cash Flow 323\u003c\/p\u003e \u003cp\u003eCase Study: Ballard Power Systems 324\u003c\/p\u003e \u003cp\u003eVenture Capital Markups and IPOs 328\u003c\/p\u003e \u003cp\u003eHistorical Perspective 329\u003c\/p\u003e \u003cp\u003eSecurity Analysis, Technology Stocks, and Portfolio 329\u003c\/p\u003e \u003cp\u003eSummary 330\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 25 Distressed Securities and Turnarounds 331\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInvestment Opportunities 332\u003c\/p\u003e \u003cp\u003eScreening Technique 333\u003c\/p\u003e \u003cp\u003eRecognize the Options of an Unsuccessful Turnaround 334\u003c\/p\u003e \u003cp\u003eFinancial Analysis of a Company with Leverage Problems 335\u003c\/p\u003e \u003cp\u003eThe Investment Decision 338\u003c\/p\u003e \u003cp\u003eEvaluating Turnarounds 339\u003c\/p\u003e \u003cp\u003eLiquidations 340\u003c\/p\u003e \u003cp\u003eSummary 342\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 26 International Stocks 343\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Role of Security Analysis 343\u003c\/p\u003e \u003cp\u003eAmerican Depositary Receipts 345\u003c\/p\u003e \u003cp\u003eDeveloped Country Markets 346\u003c\/p\u003e \u003cp\u003eRelative Value Multiples 349\u003c\/p\u003e \u003cp\u003eSummary 350\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 27 The Emerging Markets 351\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEmerging Markets and Security Analysis 353\u003c\/p\u003e \u003cp\u003eStock Pricing Guidelines 357\u003c\/p\u003e \u003cp\u003eFinancial Projections 360\u003c\/p\u003e \u003cp\u003eEmerging Market Equity Discount Rate 361\u003c\/p\u003e \u003cp\u003eRelative Value in the Emerging Markets 364\u003c\/p\u003e \u003cp\u003eSummary 366\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART FIVE In Conclusion 367\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 28 Asset Booms and Busts 369\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe 2008 Crash: Contributing Causes 369\u003c\/p\u003e \u003cp\u003eCollapse of the U.S. Housing Bubble 370\u003c\/p\u003e \u003cp\u003eFailure of the Referees 371\u003c\/p\u003e \u003cp\u003eThe Certainty of Another Crash 375\u003c\/p\u003e \u003cp\u003eHow Might Security Analysis and Business Valuation Change? 377\u003c\/p\u003e \u003cp\u003eSummary 378\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 29 Closing Thoughts 379\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eNotes 383\u003c\/p\u003e \u003cp\u003eAbout the Author 385\u003c\/p\u003e \u003cp\u003eIndex 387\u003c\/p\u003e  \u003cb\u003ePraise for the First Edition\u003c\/b\u003e  \u003cp\u003e\"A cross between a textbook for analysts-in-training and a tell-all expose of the analyst profession.\"\u003cbr\u003e —\u003ci\u003eBusiness Week\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"Hooke has written a step-by-step explanation of how to analyze stock. He takes the reader from the basic yardsticks used to judge companies -- intrinsic value, relative value and acquisition value - and goes all the way to analyzing stocks in emerging overseas markets.\"\u003cbr\u003e —ABC News.com\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAdvance Praise for the Second Edition\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"A welcome successor to Graham and Dodd's Security Analysis.\"\u003cbr\u003e —\u003ci\u003eBarron's\u003c\/i\u003e Advance Praise for the \u003ci\u003eSecond Edition\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"Jeff Hooke has written an excellent overview of the process of valuing individual equities and entire companies. It is useful for a variety of readers, ranging from active investors, to financial advisors, to principals of companies contemplating a sale or public offering. It has a tremendous amount of material between the covers of a single volume.\"\u003cbr\u003e —William H. Heyman, Vice Chairman and Chief Investment Officer, The Travelers Companies, Inc.; and former director, Division of Market Regulation, U.S. Securities and Exchange Commission\u003c\/p\u003e \u003cp\u003e\"The Second Edition is released at a propitious time. As we recover from the worst financial crisis in recent memory, the need for thorough analysis is critical. Hooke's primer is readable and easily understood, even by those without CFA credentials. It should help practitioners avoid the mistakes of casual decision making.\"\u003cbr\u003e —Dennis Flannery, retired executive vice president, Inter-American Development Bank\u003c\/p\u003e \u003cp\u003e\"This book is more than a textbook for anyone who wants to make a living as a valuation expert or securities analyst —it is a living, breathing, 'how to' guide on the latest methods, with plenty of real-life examples that hit home.\"\u003cbr\u003e —Ron Everett, Managing Partner, Certified Business Appraiser, Business Valuation Center\u003c\/p\u003e \u003cp\u003e\"The financial crises of the past decade highlight the imperative for disciplined valuation. Hooke provides a broad array of concepts and tools to achieve this. He goes beyond a purely formulaic approach to focus on idiosyncratic characteristics in both public and private equity contexts.\"\u003cbr\u003e —Alex Triantis, Chair, Finance Department, Robert H. Smith School of Business, University of Maryland\u003c\/p\u003e \u003cp\u003e\"This book represents an impressive effort to offer comprehensive coverage of business valuation. It combines the deep insight of an insider with the rigor of top academics. Jeff is not shy about giving his opinion, which makes the reading experience unique and exciting.\"\u003cbr\u003e —Ludovic Phalippou, Professor of Finance, University of Amsterdam\u003c\/p\u003e \u003cp\u003e\"This is an invaluable reference for the M\u0026amp;A professional. Hooke provides a view of the forest, in giving the rationale for the methods in use and how they compare with each other. The text is punctuated by his own wry commentary and frequent examples.\"\u003cbr\u003e —Gary Nelson, Chairman, Sigma Federal, former vice chairman of SRA International\u003c\/p\u003e \u003cp\u003e\"This book is a highly useful resource for any existing or soon-to-be professional in the financial analysis field. It is a must-read presentation of the valuation methodologies utilized in the private equity business.\"\u003cbr\u003e —Matt Newton, Partner, Columbia Capital\u003c\/p\u003e \u003cp\u003e\"Hooke's book provides an insightful approach to both financial analysis and business valuation. It should be required reading for anyone involved in the securities industry, from money managers to investment bankers.\"\u003cbr\u003e —George Konomos, Senior Advisor, Latigo Partners\u003c\/p\u003e \u003cp\u003e“The new edition of \u003cb\u003eJeffrey Hooke’s\u003c\/b\u003e (Hooke Associates and FOCUS, LLC) \u003ci\u003e\u003ca href=\"http:\/\/www.amazon.com\/Security-Analysis-Business-Valuation-Companion\/dp\/0470277343\/ref=sr_1_1?ie=UTF8\u0026amp;s=books\u0026amp;qid=1272910382\u0026amp;sr=8-1\"\u003eSecurity Analysis and Business Valuation on Wall Street\u003c\/a\u003e\u003c\/i\u003e contains fresh insights and updates on the fundamentals of security analysis and business valuation, new case study examples, and four new chapters.\u003c\/p\u003e \u003cp\u003eAmong other reasons, Hooke points out why experts should read this practitioner-oriented book: \"Two market crashes -- and the attendant fallout -- suggest that business appraisers consider the use of higher discount rates, the need for recessions in many forecasts, and the inclusion of political risk in certain US business evaluations…The validity of each methodology -- be it guideline companies or discounted cash flow, to give two examples -- has to be cross checked against its counterparts now more than ever, or the appraiser can get false readings.”\u003cbr\u003e — \u003ci\u003eBusiness Valuation Review, May 5, 2010\u003c\/i\u003e\u003c\/p\u003e  \u003cp\u003e\u003cb\u003ePHILIP PLAIT, Ph.D.,\u003c\/b\u003e works in the physics and astronomy department at Sonoma State University in California. He maintains the Web site badastronomy.com and writes monthly articles on astronomy for the German newspaper \u003ci\u003eDie Frankfurter Allgemeine Zeitung.\u003c\/i\u003e His work has appeared in the \u003ci\u003eEncyclopedia Britannica Yearbook of Science and the Future\u003c\/i\u003e and \u003ci\u003eAstronomy\u003c\/i\u003e magazine. He also writes a monthly column for astronomy.com.   \u003c\/p\u003e\u003cp\u003eTwo major market crashes, numerous financial and accounting scandals, growth in private equity and hedge funds, Sarbanes-Oxley and related regulations, and international developments have changed security analysis and business valuation substantially over the past fourteen years. These events necessitated a second edition of this modern classic, praised earlier by \u003ci\u003eBarron's\u003c\/i\u003e as a \"welcome successor to Graham and Dodd\" and regarded by certified financial analysts (CFAs) as one of the most insightful valuation guides available.  \u003c\/p\u003e\u003cp\u003eThe \u003ci\u003eSecond Edition\u003c\/i\u003e of \u003ci\u003eSecurity Analysis and Business Valuation on Wall Street\u003c\/i\u003e 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 economic environment.  \u003c\/p\u003e\u003cp\u003eCompletely updated to reflect the latest methodologies—and featuring a companion Website (www.wiley.com\/go\/hooke) containing valuation spreadsheets—this reliable resource represents the most comprehensive look at this discipline by someone who has actually worked as an investment banker, a private equity executive, and an international institutional investor.  \u003c\/p\u003e\u003cp\u003eFilled with in-depth insights and expert advice, this timely guide: \u003c\/p\u003e\u003cul\u003e \u003cli\u003eShows the methodical process that practitioners use to value common stocks and operating companies and to make buy\/sell decisions\u003c\/li\u003e \u003cli\u003eAddresses how the Internet and computing power automate portions of the research and analytical effort\u003c\/li\u003e \u003cli\u003eIncludes new case study examples representative of valuation issues faced daily by professionals in this field\u003c\/li\u003e \u003cli\u003eDiscusses the impact of the two stock market crashes, the accounting and financial scandals, and new regulations on the evaluation process\u003c\/li\u003e \u003cli\u003eIs a perfect tool for professors wishing to show their MBA students the essential tools of equity and business valuation\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eSecurity analysis and business valuation are core financial disciplines for those on Wall Street as well as corporate acquirers, business appraisers, and international investors. The \u003ci\u003eSecond Edition\u003c\/i\u003e of \u003ci\u003eSecurity Analysis and Business Valuation on Wall Street\u003c\/i\u003e is an important book for anyone who needs a solid grounding in these critical financial topics.  \u003c\/p\u003e\u003cp\u003e\u003cb\u003eAdvance praise for Philip Plait's\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"\u003ci\u003eBad Astronomy\u003c\/i\u003e is just plain good! Philip Plait clears up every misconception on astronomy and space you never knew you suffered from.\"\u003cbr\u003e—\u003cb\u003eStephen Maran\u003c\/b\u003e, Author of \u003ci\u003eAstronomy for Dummies\u003c\/i\u003e and editor of \u003ci\u003eThe Astronomy and Astrophysics Encyclopedia\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"Thank the cosmos for the bundle of star stuff named Philip Plait, who is the world's leading consumer advocate for quality science in space and on Earth. This important contribution to science will rest firmly on my reference library shelf, ready for easy access the next time an astrologer calls.\"\u003cbr\u003e—\u003cb\u003eDr. Michael Shermer\u003c\/b\u003e, Publisher of \u003ci\u003eSkeptic\u003c\/i\u003e magazine, monthly columnist for \u003ci\u003eScientific American\u003c\/i\u003e, and author of \u003ci\u003eThe Borderlands of Science\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"Philip Plait has given us a readable, erudite, informative, useful, and entertaining book. \u003ci\u003eBad Astronomy\u003c\/i\u003e is Good Science. Very good science . . .\"\u003cbr\u003e—\u003cb\u003eJames \"The Amazing\" Randi\u003c\/b\u003e, President, James Randi Educational Foundation, and author of \u003ci\u003eAn Encyclopedia of Claims, Frauds, and Hoaxes of the Occult and Supernatural\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"\u003ci\u003eBad Astronomy\u003c\/i\u003e is a fun read. Plait is wonderfully witty and educational as he debunks the myths, legends, and 'conspiracies' that abound in our society.\u003c\/p\u003e \u003cp\u003e'The Truth Is Out There'—and it's in this book. I loved it!\"\u003cbr\u003e—\u003cb\u003eMike Mullane\u003c\/b\u003e, Space Shuttle astronaut and author of \u003ci\u003eDo Your Ears Pop in Space?\u003c\/i\u003e\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989998551269,"sku":"NP9780470277348","price":100.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470277348.jpg?v=1761786160","url":"https:\/\/k12savings.com\/products\/security-analysis-and-business-valuation-on-wall-street-companion-web-site-isbn-9780470277348","provider":"K12savings","version":"1.0","type":"link"}