Security Analysis
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1934 edition is the best in my opinion

[1940] Ch. 48 SOME ASPECTS OF CORPORATE PYRAMIDING
5 months, 2 weeks ago

Summary: This chapter delves into the concept of corporate pyramiding in finance, which involves creating a speculative capital structure using holding companies. The primary aim of such structures is to allow organizers to control a large business with minimal capital investment while reaping s…

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[1940] Ch. 47 COST OF FINANCING AND MANAGEMENT
5 months, 2 weeks ago

Summary: This chapter discusses the cost of financing and management in the context of investment trusts, particularly using the example of Petroleum Corporation of America. The chapter outlines three primary costs incurred by buyers of the corporation's stock: 1. Cost of Financing: The diffe…

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[1940] Ch. 45 BALANCE-SHEET ANALYSIS (Concluded)
6 months, 1 week ago

Summary: Comparing balance sheets over multiple years can provide important insights into a company's financial health beyond just looking at the income statement. It can reveal issues with reported earnings per share, the effect of losses/profits on financial position, and long-term trends in e…

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[1940] Ch. 44 IMPLICATIONS OF LIQUIDATING VALUE. STOCKHOLDER-MANAGEMENT RELATI..
7 months, 3 weeks ago

Summary: Stockholder-management relationships have often been problematic, with management having significant power and sometimes acting in their own interests rather than those of stockholders. Stockholders have often been passive and docile, deferring to management even when management's in…

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[1940] Ch. 43 SIGNIFICANCE OF THE CURRENT-ASSET VALUE
9 months, 1 week ago

Summary: Stocks Selling Below Liquidation Value: Bargain or Warning Sign? It's not uncommon during major market downturns for stocks to fall to levels below their liquidation value, or the estimated amount shareholders would receive if the company was dissolved and assets sold off. While this m…

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