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Quality of Earnings Paperback – October 1, 1998
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O'glove is a former securities analyst who started the Quality of Earnings Report , used by many investment firms. With business historian Sobel, O'glove details a methodology to help the investor understand the role of the corporate annual report, cash flow and debt analysis, accounts receivable and inventories, the differences between shareholder reports and tax reports, and other documentation submitted to shareholders and potential investors. He advises investors to look carefully at all of the above, and he explains how to do research for more information. The book has a style suited to the investor with some experience and is technical. But it offers a great deal of substantive information that may be useful to those who use business libraries and collections. Steven J. Mayover, Free Library of Philadelphia
Copyright 1987 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.
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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.