Companies are under more pressure than ever to "beat by a penny," but you don't need to be a forensic accountant to uncover where the spin ends and the truth begins. With the help of a powerhouse team of authors, you can avoid losing a chunk of your portfolio when the next overhyped growth stock fails by knowing What's Behind the Numbers?
Investing experts John Del Vecchio and Tom Jacobs mix a potent combination of earnings quality analysis, long-side investing, and short-side portfolio risk management to help you create a long-short portfolio with less volatility and greater returns, while avoiding landmine stocks that will blow a hole in your financial security.
First, the authors explain the practical side of financial analysis. They demystify widely held assumptions about stock performance, expected returns, earnings quality, and short sellers. Then they comb the financial statements to find the places where companies hide poor earnings quality. Finally, they provide the value and special situations investing to pair with the short-side thinking and offer a tactical manual for applying what you've learned in the technical, day-to-day world of portfolio management.
Armed with this wealth-saving guide, you can confidently trade based on clear data-not the aggressive accounting tactics companies use to make their numbers look better than they are. Better still, it helps you start protecting yourself right away with:
Rules for finding companies playing with-rather than by-the numbers
Repeatable methods for uncovering what companies don't tell you about their numbers
Multistep approach to deciding when to sell a stock and when to short sell it
Reliable formulas for determining when a stock will get hit
The next time a company goes south, you can be the successful investor who knew What's Behind the Numbers?
Audible Audio Edition
Most Helpful Customer Reviews
When a friend suggested I read “What’s Behind the Numbers” I quietly made a point to avoid it all costs. I love thinking and philosophizing about markets, but a book about numbers is the last way I’d like to approach the subject, not to mention about the most sleep inducing. Fortunately, “What’s Behind the Numbers” is as good as it is mis-titled. This is not a technical trading book and it's not even that esoteric. It's certainly not dry. Who knows what makes a book sell, but more accurate titles might have been “How To Analyze the Way Others Want You To Think” or “What You Want To Believe Versus What’s True”. The title, "What's Behind the Numbers" gave me a misguided first impression. This book would be a worthy introduction to how stock markets really work for those of you interested on an intellectual level. For those reading the book as a learning tool for money management (probably...
"What's Behind the Numbers?" is a great read for two categories of people. First, it is very informative for those people with an active interest in fundamental stock analysis. The authors do a nice job of revealing common warning flags in key parameters such as revenue recognition and inventory management/valuation. Second, people with any intention of buying a stock should at least read Chapter 1! This chapter provides a factual basis for reasonable expectations relative to stocks and stock investing. I found it to be a well-rounded presentation of the realities facing anyone who invests in stocks and the challenges to be faced.
This book does a great job of exposing very subtle methods that companies employ to manipulate the earnings, inventory, cash flow and revenue numbers. What struck me most was how many inventive ways companies have concocted to keep up appearances, particularly surrounding revenue. The authors very effectively dispel the myth that top line is hardest to fudge. They also do a nice job of keeping the material balanced, so you don't need to be a CPA to comprehend it, nor does it get so trivial to render the information useless ; a common complaint I've had with other stock market investing books. Further, the technical analysis section provides an unemotional look at market trends, and gives some extremely simple indicators to assist in the decision to exit stocks and head for cash or bonds. Again, the authors don't overdo it , they've achieved a happy medium of keeping the material useful, uncomplicated, yet interesting. In conclusion, I'd recommend this book for those who have the...
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