Value Investing For Dummies (For Dummies (Business & Personal Finance))
by Peter J. Sander, Janet Haley
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Book Summary Information
Author: Janet Haley, Peter J. SanderEdition: Paperback
Audio: English (Original Language); English (Unknown); English (Published)
Published: 2008-03-31
ISBN: 0470232226
Number of pages: 364
Publisher: For Dummies
Book Reviews of Value Investing For Dummies (For Dummies (Business & Personal Finance))
Book Review: Overall a bit sloppy.
Summary: 2 Stars
This book is an introduction to Value Investing. The book gives you an overview of what you need to understand, but it will not make you an expert, and it will not serve as a reference manual either (which it claims to be). The book does have its good points, but it is overall a bit sloppily written. If the authors were to fix some of the issues I describe next, I would give this book 4 or maybe even 5 stars instead. In the meantime you may instead want to consider the book: Getting Started in Value Investing, by Charles Mizrahi.
As another reviewer has pointed out, one problem with this book is that figures containing crucial financial statements are printed in a low resolution making them utterly unreadable (a magnifying glass will not help). These financial statements however, can be found in the 10K reports as the book suggests, and actually makes a good exercise for the reader to obtain and study annual reports. It is still a mistake on the authors/editors/printers part that shouldn't have been made though.
Some formulas are incorrect, for instance the intrinsic value formulas on top of page 204, which should have been exponential. These formulas are crucial to value investing and it's again embarrassing to see such a mistake.
Large parts of the book are simply poorly written. Some text passages here and there are almost incomprehensible, and require effort to grasp.
The authors are also very repetitive and often say the same things twice or more, even within the same paragraph. I don't mind repeating oneself to aid in clarifying something, but it often appears the authors have forgotten what they wrote just two lines ago.
There are many intermediate overviews of sections to come, which are too abstract to be understood for a novice in these matters, and merely serve to confuse the reader and waste time.
There is too much focusing on accounting in the first part of the book, yet without going into enough detail or examples to truly understand what is going on. You will not become an accounting expert from reading this book, and many of the sections on accounting could have been significantly shorter, with references to more detailed books on the subject. The trick for an author is to gradually extend the reader's knowledge as needed, and not to present a complete theory at a point where the reader does not know how to apply it.
There are too many assumptions on the reader. Phrases like "this ratio is just as it sounds", "this ratio is straightforward", etc. appear often. If the reader felt these were trivial matters, then why pick up a book called "... for dummies"?
The authors put an effort into being funny (and sometimes succeed). But this is bad for readers who are novices however, because they do not know what is irony and what is serious. The section titles are also too 'clever' and do not convey much meaning to those who are not already in the know. I also do not like how the authors liken investment to flying airplanes, etc. because it's merely confusing to the reader.
Summary of Value Investing For Dummies (For Dummies (Business & Personal Finance))
Want to follow in Warren Buffett's investing footprints? Value Investing For Dummies, 2nd Edition, explains what value investing is and how to incorporate it into your overall investment strategy. It presents a simple, straightforward way to apply proven investment principles, spot good deals, and produce extraordinary returns.This plain-English guide reveals the secrets of how to value stocks, decide when the price is right, and make your move. You'll find out why a good deal is a good deal, no matter what the bulls and bears say, get tips in investing during jittery times, and understand how to detect hidden agendas in financial reports. And, you'll uncover the keys to identifying the truly good businesses with enduring and growing value that continually outperform both their competition and the market as a whole. Discover how to:
- Understand financial investments
- View markets like a value investor
- Assess a company's value
- Make use of value investing resources
- Incorporate fundamentals and intangibles
- Make the most of funds, REITs, and ETFs
- Develop your own investing style
- Figure out what a financial statement is really telling you
- Decipher earnings and cash-flow statements
- Detect irrational exuberance in company publications
- Make a value judgment and decide when to buy
Complete with helpful lists of the telltale signs of value and "unvalue," as well as the habits of highly successful value investors, Value Investing For Dummies, 2nd Edition, could be the smartest investment you'll ever make!
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