| The Intelligent Investor Ch. 12 |
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Bo Diddley once said, “You can get ripped off much easier by a dude with a pen that a dude with a gun.” Bo knows this fact and we all should too especially with the Bernie Madoff scandal fresh in our minds. Chapter 12 of the Intelligent Investor teaches us how to look at the numbers games that companies play in order to find the truth. Zweig in the commentary on Ch. 12 gives example after example of companies like Qwest Communications, Global Crossing, Micron Technology and SBC who manipulated their financial statements to make themselves look better than advertised. Check out these tips.
Read backwards: When researching a company’s financial statement, start reading the last pages and work forward. This may seem counter intuitive, but that is exactly why company’s put all the things they don’t want you to know in the back.
Read the notes: Graham and Zweig say to NEVER buy a stock without reading the footnotes to the financial statements in the Annual Report. These notes summarize how a company recognizes Revenue, records inventories, expenses cost and accounts for the other aspects of its business. Be sure and check for words that signal changes in accounting practice. This doesn’t mean that the company is up to no good, but chances are….
Get your read on: Zweig also recommends for the hardcore investors to read books about financial reporting. He specifically mentions The Financial Numbers Game and Financial Shenanigans.
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