1934 edition is the best in my opinion
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…
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…
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…
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…
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…