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[1940] Ch. 42 BALANCE-SHEET ANALYSIS. SIGNIFICANCE OF BOOK VALUE
6 months, 2 weeks ago

Summary: The Balance Sheet Deserves Investor Attention The balance sheet provides important information for investors, but has been neglected on Wall Street in recent years. Studying the balance sheet can show how much capital is invested in the business, reveal the company's financial strength…

1 Security Analysis
[1940] Ch. 41 LOW-PRICED COMMON STOCKS. ANALYSIS OF THE SOURCE OF INCOME
7 months ago

Summary: Low-priced common stocks possess certain advantages, primarily their capacity to appreciate more readily than they depreciate. Research conducted on industrial stocks between 1926 and 1935 demonstrated that these low-priced stocks tend to vary more than their high-priced counterparts. D…

1 Security Analysis
[1940] Ch. 40 CAPITALIZATION STRUCTURE
7 months, 1 week ago

Summary: The capitalization structure, dictating how a company allocates its total capital between senior securities and common stock, profoundly affects its overall valuation. To illustrate, consider three theoretical industrial companies: A, B, and C. While each company maintains an earning po…

1 Security Analysis
[1940] Ch. 39 PRICE-EARNINGS RATIOS FOR COMMON STOCKS. ADJUSTMENTS FOR CHANGE...
Edited: 7 months, 1 week ago

Summary: The concept of price-earnings ratios for common stocks and the adjustments needed for changes in capitalization are discussed in Chapter 39. According to the chapter, the value of a common stock is typically determined by its current earnings and is measured by a multiplier. Prior to th…

1 Security Analysis
[1940] Ch. 38 SPECIFIC REASONS FOR QUESTIONING OR REJECTING THE PAST RECORD
Edited: 7 months, 2 weeks ago

Summary: Analyzing a company necessitates a meticulous examination of the various factors that dictate its operating results. This scrutiny is particularly crucial in sectors like mining where the mine's life span, annual yield, production expenses, and selling price significantly influence the …

1 Security Analysis
[1940] Ch. 37 SIGNIFICANCE OF THE EARNINGS RECORD
Edited: 7 months, 2 weeks ago

Summary: This chapter underlines the role of a company's earnings record in security analysis, acknowledging its limitations. While historical performance can indicate future earnings, it's not invariably reliable. The chapter introduces the concept of earning power, which blends past earnings w…

1 Security Analysis
[1940] Ch. 34 THE RELATION OF DEPRECIATION AND SIMILAR CHARGES TO EARNING POWER
Edited: 7 months, 2 weeks ago

Summary: Chapter 34 investigates the link between depreciation and similar charges, and their effect on a company's earnings. Depreciation, the anticipated decrease in asset value due to wear and tear or obsolescence, can take various forms and is complex to account for. Accounting rules may all…

1 Security Analysis
[1940] Ch33 MISLEADING ARTIFICES IN THE INCOME ACCOUNT. EARNINGS OF SUBSIDIARIES
Edited: 7 months, 3 weeks ago

Summary: In the early 20th century, there were several examples of companies engaging in questionable accounting practices. One notable case was Park and Tilford, Inc., which padded its income account by increasing the item of Good-will and Trade-marks and deducting these increases from expenses…

0 Security Analysis
[1940] Ch. 32 EXTRAORDINARY LOSSES AND OTHER SPECIAL ITEMS IN THE INCOME ACCOUNT
8 months ago

Summary: Chapter 32 focuses on the challenges faced in analyzing income accounts, specifically in determining whether certain losses should be classified as extraordinary or not. In the 1930s, businesses experienced significant write-downs in inventories and receivables, although the methods emplo…

0 Security Analysis
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君の名は Kimi no Na wa
Edited: 9 months ago

< Plot> Your Name follows the story of Mitsuha and Taki, two high school students in Japan who inexplicably begin to switch bodies intermittently with each other. As they navigate each other's lives and try to communicate through notes and messages, they discover a connection that transcends time …

2 新海 誠/Makoto Shinka