financial statement analysis

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1、c14FinancialStatementAnalysis.inddPage71007/10/1111:50AMF-497208/MHBR201/ben29421_disk1of1/0073529421/ben29421_pagefilesFinancialStatementChapter14AnalysisFeatureStoryItPaystoBeMr.Buffettepitomizesavalueinvestor.Tothisday,heappliesthePatientsamebasictechniqueshelearnedi

2、nArecentissueofForbesmagazinethe1950sfromthegreatvaluelistedWarrenBuffettastherichestinvestorBenjaminGraham.Thatpersonintheworld.Hisestimatedmeanshespendshistimelookingforwealthwas$62billion,giveorcompaniesthathavegoodlong-termtakeafewmillion.Howmuchispotentialbutarecur

3、rentlyunder-$62billion?Ifyouinvested$62billionpriced.Heinvestsincompaniesthatinaninvestmentearningjust4%,havelowexposuretodebtandthatyoucouldspend$6.8millionperreinvesttheirearningsforfuturedayeverydayforever.Howdidgrowth.HedoesnotgetcaughtupinMr.Buffettamassthiswealth?

4、fadsorthelatesttrend.Instead,heThroughcarefulinvesting.looksforcompaniesinindustrieswithsoundeconomicsandonesthathaveHowever,ifyouthinkyoumightwanthighreturnsonstockholdersequity.tofollowMr.BuffettsexampleandHelooksforsteadyearningstrendstransformyourhumblenest-eggintoa

5、ndhighmargins.amountainofcash,bewarned:HistechniqueshavebeenwidelycirculatedMr.Buffettsatoutonthedot-comandemulated,butneverpracticedmaniainthe1990s.Whenotherwiththesamedegreeofsuccess.investorsputlotsofmoneyinto✔TheNavigatorLearningObjectivesScanLearningObjectivesAfter

6、studyingthischapter,youshouldbeableto:ReadFeatureStory1Discusstheneedforcomparativeanalysis.ReadPreview2Identifythetoolsoffinancialstatementanalysis.ReadTextandanswerDOIT!p.7163Explainandapplyhorizontalanalysis.p.729p.734p.7364Describeandapplyverticalanalysis.WorkCompreh

7、ensiveDOIT!p.7375Identifyandcomputeratiosusedinanalyzingafirm’sliquidity,profitability,andsolvency.ReviewSummaryofLearningObjectives6Understandtheconceptofearningpower,andhowirregularAnswerSelf-TestQuestionsitemsarepresented.CompleteAssignments7Understandtheconceptofquali

8、tyofearnings.GotoWileyPLUSforpracticeandtutorials✔TheNavigatorReadALookatIFRSp.760710c14FinancialStatementAnal