The interpretation of financial statements : the classic 1937 edition

The Volume Is Benjamin Graham's Timeless Guide To Interpreting And Understanding Financial Statements. It Has Long Been Out Of Print, But Now Joins Graham's Other Masterpieces, The Intelligent Investor And Security Analysis, As The Three Keys To Understanding Graham And Value Investing. Readers Will Learn To Analyze A Company's Balance Sheets And Income Statements And Arrive At A True Understanding Of Its Financial Position And Earnings Record. Graham Provides Simple Tests Any Reader Can Apply To Determine The Financial Health And Well-being Of Any Company. This Volume Is An Exact Text Replica Of The First Edition Of The Interpretation Of Financial Statements, Published By Harper & Brothers In 1937. Graham's Original Language Has Been Restored, And Readers Can Be Assured That Every Idea And Technique Presented Here Appears Exactly As Graham Intended.--jacket. Pt. I. Balance Sheets And Income Accounts -- I. Balance Sheets In General -- Ii. Debits And Credits -- Iii. Total Assets And Total Liabilities -- Iv. Capital And Surplus -- V. Property Account -- Vi. Depreciation And Depletion -- Vii. Non-current Investments -- Viii. Intangible Assets -- Ix. Prepaid Expenses -- X. Deferred Charges -- Xi. Current Assets -- Xii. Current Liabilities -- Xiii. Working Capital -- Xiv. Current Ratio -- Xv. Inventories -- Xvi. Receivables -- Xvii. Cash -- Xviii. Notes Payable -- Xix. Reserves -- Xx. Book Value Or Equity -- Xxi. Calculating Book Value -- Xxii. Book Value Of Bonds And Stocks -- Xxiii. Other Items In Books Value -- Xxiv. Liquidating Value And Net Current Asset Value -- Xxv. Earning Power -- Xxvi. Typical Public Utility Income Account -- Xxvii. Typical Industrial Income Account -- Xxviii. Typical Railroad Income Account -- Xxix. Calculating Earnings -- Xxx. Maintenance And Depreciation Factor -- Xxxi. Safety Of Interest And Preferred Dividends -- Xxxii. Trends -- Xxxiii. Common Stock Prices And Values -- Xxxiv. Conclusion -- Pt. Ii. Analyzing A Balance Sheet And Income Account By The Ratio Method -- Pt. Iii. Definitions Of Financial Terms And Phrases. By Benjamin Graham And Spencer B. Meredith ; Introduction By Michael F. Price. "All investors, from beginners to old hands, should gain from the use of this guide, as I have." From the Introduction by Michael F. Price, president, Franklin Mutual Advisors, Inc. Benjamin Graham has been called the most important investment thinker of the twentieth century. As a master investor, pioneering stock analyst, and mentor to investment superstars, he has no peer. The volume you hold in your hands is Graham's timeless guide to interpreting and understanding financial statements. It has long been out of print, but now joins Graham's other masterpieces, The Intelligent Investor and Security Analysis, as the three priceless keys to understanding Graham and value investing. The advice he offers in this book is as useful and prescient today as it was sixty years ago. As he writes in the preface, "if you have precise information as to a company's present financial position and its past earnings record, you are better equipped to gauge its future possibilities. And this is the essential function and value of security analysis." Written just three years after his landmark Security Analysis, The Interpretation of Financial Statements gets to the heart of the master's ideas on value investing in astonishingly few pages. Readers will learn to analyze a company's balance sheets and income statements and arrive at a true understanding of its financial position and earnings record. Graham provides simple tests any reader can apply to determine the financial health and well-being of any company. This volume is an exact text replica of the first edition of The Interpretation of Financial Statements, published by Harper & Brothers in 1937. Graham's original language has been restored, and readers can be assured that every idea and technique presented here appears exactly as Graham intended. Highly practical and accessible, it is an essential guide for all business people--and makes the perfect companion volume to Graham's investment masterpiece The Intelligent Investor.