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Accounting for Value (Columbia Business School Publishing)
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Produktbeschreibungen
Pressestimmen
Penman's book...contains gems on every page -- to the point that no one who deals with the market in any capacity should pass by this text until they have committed to memory as many points therein as their limited, mark one, human brains, can hold. -- Anthony Harrington QFinance Blog 5/11/2011
Kurzbeschreibung
Accounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book's novel approach shows that valuation and accounting are much the same: valuation is actually a matter of accounting for value. Laying aside many of the tools of modern finance - the cost-of-capital, the CAPM, and discounted cash flow analysis - Stephen Penman returns to the common-sense principles that have long guided fundamental investing: price is what you pay but value is what you get; the risk in investing is the risk of paying too much; anchor on what you know rather than speculation; and beware of paying too much for speculative growth. Penman puts these ideas in touch with the quantification supplied by accounting, producing practical tools for the intelligent investor. Accounting for value provides protection from paying too much for a stock and clues the investor in to the likely return from buying growth. Strikingly, the analysis finesses the need to calculate a "cost-of-capital," which often frustrates the application of modern valuation techniques. Accounting for value recasts "value" versus "growth" investing and explains such curiosities as why earnings-to-price and book-to-price ratios predict stock returns. By the end of the book, Penman has the intelligent investor thinking like an intelligent accountant, better equipped to handle the bubbles and crashes of our time. For accounting regulators, Penman also prescribes a formula for intelligent accounting reform, engaging with such controversial issues as fair value accounting.
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Buchdeckel | Copyright | Inhaltsverzeichnis | Auszug | Stichwortverzeichnis | Rückseite
Buchdeckel | Copyright | Inhaltsverzeichnis | Auszug | Stichwortverzeichnis | Rückseite
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39 von 40 Kunden fanden die folgende Rezension hilfreich
Another Book Review from the Aleph Blog
22. März 2012
Format:Gebundene Ausgabe
I have never taken a course in accounting. But I have had to do accounting for most of my working life, including doing financial reporting inside life insurers, which is the most complex industry for accounting. I have even opined on 10+ financial accounting standards over time. And Aleph Blog is a leading accounting website as a user of accounting. (Dubious distinction, I know, but when you are a blogger, you take what you can get. ;) )
As a value investor, I have taken a skeptical view toward the accounting of the companies that I invest in. Cash entries can be trusted; accrual entries are less trustworthy in proportion to the length of time and uncertainty to the collection of cash.
This book relates accounting principles to value investing principles, and it is uncanny as to how they overlap. It also attempts to connect it to Modern Portfolio Theory [MPT] concepts where it makes sense, but with less success. (No surprise, because value investing has a decent theory behind it and MPT doesn't.)
The cornerstone of this book is return on net operating assets [RNOA]. The idea is to split the company in two, and separate operating results from financing results. Give little value to financing results, which are likely no repeatable, and give significant value to operating results.
Note: this means that there is no way of evaluating financial companies under this rubric, but that's a common problem. Financial companies are a bag of accruals; value is difficult to discern. That is why I spend most of my time analyzing the management teams of financial companies to see if they are conservative or not.
The book offers two measures of accounting quality, the Q-score and the S-score. You would have to do more digging to make these practical, but at least you get some direction in the matter.
There are two simple prizes that the book gives to readers:
1) Profit results mean-revert; don't trust strong or weak current ROEs. (or RNOAs)
2) Stocks with low P/Es and P/Bs do well. Each works well, but they work better together. Maybe if Ben Graham were still alive, he would not have been dismissive of his life's work at the end, value works. It's an ugly brain dead strategy, but it works.
Quibbles
None.
Who would benefit from this book: Those who want to improve their perception of investment value would benefit from this book.
As a value investor, I have taken a skeptical view toward the accounting of the companies that I invest in. Cash entries can be trusted; accrual entries are less trustworthy in proportion to the length of time and uncertainty to the collection of cash.
This book relates accounting principles to value investing principles, and it is uncanny as to how they overlap. It also attempts to connect it to Modern Portfolio Theory [MPT] concepts where it makes sense, but with less success. (No surprise, because value investing has a decent theory behind it and MPT doesn't.)
The cornerstone of this book is return on net operating assets [RNOA]. The idea is to split the company in two, and separate operating results from financing results. Give little value to financing results, which are likely no repeatable, and give significant value to operating results.
Note: this means that there is no way of evaluating financial companies under this rubric, but that's a common problem. Financial companies are a bag of accruals; value is difficult to discern. That is why I spend most of my time analyzing the management teams of financial companies to see if they are conservative or not.
The book offers two measures of accounting quality, the Q-score and the S-score. You would have to do more digging to make these practical, but at least you get some direction in the matter.
There are two simple prizes that the book gives to readers:
1) Profit results mean-revert; don't trust strong or weak current ROEs. (or RNOAs)
2) Stocks with low P/Es and P/Bs do well. Each works well, but they work better together. Maybe if Ben Graham were still alive, he would not have been dismissive of his life's work at the end, value works. It's an ugly brain dead strategy, but it works.
Quibbles
None.
Who would benefit from this book: Those who want to improve their perception of investment value would benefit from this book.
5 von 5 Kunden fanden die folgende Rezension hilfreich
Great practical book on value investing
3. Juli 2011
Format:Gebundene Ausgabe|Von Amazon bestätigter Kauf
It is a very good practical book. Far better than any valuation text book that teaches you theoretical models that yield extremely bad results in real life. The author does a great job at explaining why to do things. It also has thoughtful discussions around value investmenting versus other philosophies, truly getting to the heart of what this investment philosophy is about (much more than buying low price-to-book stocks).
A very good read!
A very good read!
4 von 5 Kunden fanden die folgende Rezension hilfreich
EEOO
19. Mai 2011
Format:Gebundene Ausgabe|Von Amazon bestätigter Kauf
If you are active investor.
If you are fan of Stephen Penman.
If you wanna know what a pragmatic valuation of company is.
Please buy it with the author's another book - Financial Statement Analysis
If you are fan of Stephen Penman.
If you wanna know what a pragmatic valuation of company is.
Please buy it with the author's another book - Financial Statement Analysis
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