Security Analysis on Wall Street [Hardcover]

Jeffrey C. Hooke (Author)

Book Description

Series: Frontiers in Finance Series | Publication Date: April 6, 1998

A dynamic real-world approach to security analysis.

For more than 65 years, Graham and Dodd's Security Analysis has been the number-one guide on the subject. Offering an up-to-the-minute, real-world view of security analysis as it is currently practiced, this book picks up where Graham and Dodd leave off. Jeffrey Hooke describes the four major valuation techniques now in use, emphasizing the differences between academic abstraction and the nitty-gritty of actual securities trading. He also provides detailed coverage of special situations such as distressed securities, unusual industries, and foreign securities.

Jeffrey C. Hooke (Potomac, Maryland) is a corporate financial consultant. Formerly an investment executive for the International Finance Corporation, he also spent ten years with Lehman Brothers and Schroder Wertheim. He is an adjunct professor at the University of Maryland School of Business.

Editorial Reviews

Review

"Mr. Hooke does an admirable job of stripping away the wrapping paper to reveal the fundamentals of analyzing companies and their stocks and bonds that are traded in the public marketplace."
—Samuel L. Hayes III, Jacob H. Schiff Professor of Investment Banking, Harvard University Graduate School of Business Administration

"Jeffrey Hooke has provided a comprehensive and readable explanation of the issues involved in determining company valuations. This book should become required reading for analysts and investment managers."
—Steven W. Golann, Director, Mercury Asset Management International Ltd.

"One of the toughest issues facing an investment professional is valuation. Jeff Hooke in his book Security Analysis on Wall Street deals with this issue in a comprehensive manner by providing not only a framework to evaluate the dynamics that determine value, but also tools that can be put to practical use. I consider this book a serious contribution to the art of valuation."
—George Konomos, Investment Manager Cambridge Capital Fund, L.P.

From the Publisher

A dynamic real-world antidote to the abstract approach to securities analysis found in other books on the subject. For more than 65 years, Graham and Dodd's Security Analysis has been the number-one guide on the subject. Offering an up-to-the-minute, real-world view of security analysis as it is currently practiced on Wall Street, this book picks up where Graham and Dodd leave off. A welcome departure from the rarefied approach taken at most business schools, Security Analysis teaches by example with dozens of recent securities issues.

See all Editorial Reviews

Product Details

• Hardcover: 448 pages
• Publisher: Wiley; 1 edition (April 6, 1998)
• Language: English
• ISBN-10: 0471177415
• ISBN-13: 978-0471177418
• Product Dimensions: 10.1 x 7.3 x 1.3 inches
• Shipping Weight: 2.2 pounds
• Average Customer Review: 4.5 out of 5 stars  See all reviews (28 customer reviews)
• Amazon Best Sellers Rank: #724,671 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

10 of 10 people found the following review helpful:

5.0 out of 5 stars 2nd edition, May 23, 2010

By 

Dmitry Mikhaylov (Arlington, VA USA) - See all my reviews
(REAL NAME)   

This review is from: Security Analysis and Business Valuation on Wall Street + Companion Web Site: A Comprehensive Guide to Today's Valuation Methods (Wiley Finance) (Hardcover)

I just wanted to add several comments. Overall I am very familiar with the first edition of this book, because I had to use it as a major source of guidelines at my previous job. The book was a great source! I had some background in structured finance and investments analytics, but I had zero experience in equity valuation before. In some 40-60 hours I was able to learn a lot about firm valuation (especially useful material - dividend discount model, market comparables, and free cash flow models) so that I could start preparing my first equity valuation reports. The second edition is an extended version, which still has all the advantages of the first edition: straightforward approach to valuation, a lot of examples, as little cumbersome math as possible. It is definitely a must read for any private investor and novice financial analyst. By the way, some sections of this book (industry analysis) are still included in the CFA curriculum (level 2, Equity valuation).

10 of 11 people found the following review helpful:

5.0 out of 5 stars Terrific summary of how to value a stock!, October 11, 1998

By A Customer

This review is from: Security Analysis on Wall Street (Hardcover)

The book is a terrific summary of how to value a stock. It gives a step by step outline of the process for a variety of stock categories. For example,you can value a manufacturing company with one technique, while savings and loans stocks and hi tech stocks , for example, require other methods. The book explains how all these different industries are handled.

The first five chapters really gave me the insiders view of how Wall Street operates, and how it prices IPO's, for example. The author, Jeffrey Hooke, worked on Wall Street a lot, and he doesn't pull any punches. Many things that go on are only semi-honest and he isn't afraid to reveal the dark underbelly of the securities business. I really liked the way he showed how many firms exaggerate their sales and earnings per share. You nevre see this sort of thing in other books.

Just by following his advice on pricing stocks on a relative value basis saved me about $3,000 on a recent trade. I recommend this book.

5 of 5 people found the following review helpful:

4.0 out of 5 stars Very resourceful from a broad persperctive, April 16, 2004

By A Customer

This review is from: Security Analysis on Wall Street (Hardcover)

I would recommend this book to someone who wants a broad exposure of "Security Analysis on Wall Street." Mr. Hooke gives a great overview of the many facets of securities analysis. The drawback of this book is that it lacks specifics. For example, I was interested in getting a deeper analysis of valuation methodologies, however, what I found was a general overview of this section--the author then jumped right on to the next section. This example relates to all of the topic areas. Going deeper into topic areas so that more educated and experienced readers could get insight was not available for the most part. Nevertheless, I rate this book 4 stars because it does a great job of giving a strong overview of security analysis. I would recommend this book, especially for beginners and intermediate students and practitioners.