There's a wealth of knowledge for investors hidden in the pages of books that haven't become all-time best sellers like The Intelligent Investor. Here's several that I not only found insightful on first read but also found myself referring back to from time to time. Quality of Earnings - Thornton L O'Glove Scrutinising financial statements is a core skill for fundamental investors and this book, written back in 1987 by a veteran analyst who turned his curiosity as a stockbroker (meaning he reviewed disclosure documents) into an institutional advisory service scrutinising financials and "telling people what stocks not to buy". O'Glove walks the reader through some colourful stories of company attempts to cover-up or gloss over deficiencies. It takes a talented writer who has mastered his craft to explain how to read accounts and what trickery to look out for and still keep the reader engaged. From time to time I've wondered about following down O'Gl
Showing posts from September, 2021
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Apparently , Confucius didn’t say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy. We kick off with Equitable Investors' updated study on the distribution of five year returns for ASX-listed industrials. The FT highlights the recent surge in global M&A activity. Leading electronics retailer JB Hi-Fi (JBH) suffered a decline in like-for-like sales amid COVID-19 lockdowns in eastern Australia, ending a long sequence of continual growth, as charted by Evans & Partners. And Wilsons shows how ASX stocks were divided into the winners and losers as the latest round of lockdowns in Sydney and Melbourne were initiated. Westpac highlights how volatile iron ore spot prices have become - at the same time the cost of
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