Offers an understanding of the financial heritage, along with value investing insights for various types of markets and financial environments. Preface to the Second Edition
vii
Preface to the First Edition
ix
Introduction
1(16)
PART I SURVEY AND APPROACH
The Scope and Limits of Security Analysis. The Concept of Intrinsic Value
17(14)
Fundamental Elements in the Problem of Analysis. Quantitative and Qualitative Factors
31(15)
Sources of Information
46(11)
Distinctions between Investment and Speculation
57(12)
Classification of Securities
69(8)
PART II FIXED-VALUE INVESTMENTS
The Selection of Fixed-Value Investments
77(14)
The Selection of Fixed-value Investments: Second and Third Principles
91(15)
Specific Standards for Bond Investment
106(11)
Specific Standards for Bond Investment (Continued)
117(17)
Specific Standards for Bond Investment (Continued)
134(11)
Specific Standards for Bond Investment (Concluded)
145(12)
Special Factors in the Analysis of Railroad and Public-utility Bonds
157(20)
Other Special Factors in Bond Analysis
177(7)
The Theory of Preferred Stocks
184(12)
Technique of Selection of Preferred Stocks for Investment
196(12)
Income Bonds and Guaranteed Securities
208(12)
Guaranteed Securities (Continued)
220(15)
Protective Covenants and Remedies of Senior Security Holders
235(14)
Protective Covenants (Continued)
249(12)
Preferred-stock Protective Provisions. Mainteance of Junior Capital
261(13)
Supervision of Investment Holdings
274(10)
PART III SENIOR SECURITIES WITH SPECULATIVE FEATURES
Privileged Issues
284(11)
Technical Characteristics of Privileged Senior Securities
295(13)
Technical Aspects of Convertible Issues
308(10)
Senior Securities with Warrants. Participating Issues. Switching and Hedging
318(12)
Senior Securities of Questionable Safety
330(13)
PART IV THEORY OF COMMON-STOCK INVESTMENT. THE DIVIDEND FACTOR
The Theory of Common-stock Investment
343(19)
Newer Canons of Common-stock Investment
362(10)
The Dividend Factor in Common-stock Analysis
372(17)
Stock Dividends
389(12)
PART V ANALYSIS OF THE INCOME ACCOUNT. THE EARNINGS FACTOR IN COMMON-STOCK VALUATION
Analysis of the Income Account
401(15)
Extraordinary Losses and Other Special Items in the Income Account
416(11)
Misleading Artifices in the Income Account. Earnings of Subsidiaries
427(18)
The Relation of Depreciation and Similar Charges to Earning Power
445(20)
Public-utility Depreciation Policies
465(14)
Amortization Charges from the Investor's Standpoint
479(27)
Significance of the Earnings Record
506(15)
Specific Reasons for Questioning or Rejecting the Past Record
521(9)
Price-earnings Ratios for Common Stocks. Adjustments for Changes in Capitalization
530(11)
Capitalization Structure
541(13)
Low-priced Common Stocks. Analysis of the Source of Income
554(13)
PART VI BALANCE-SHEET ANALYSIS. IMPLICATIONS OF ASSET VALUES
Balance-sheet Analysis. Significance of Book Value
567(11)
Significance of the Current-Asset Value
578(16)
Implications of Liquidating Value. Stockholder-management Relationships
594(17)
Balance-sheet Analysis (Concluded)
611(24)
PART VII ADDITIONAL ASPECTS OF SECURITY ANALYSIS. DISCREPANCIES BETWEEN PRICE AND VALUE
Stock-option Warrants
635(13)
Cost of Financing and Management
648(11)
Some Aspects of Corporate Pyramiding
659(10)
Comparative Analysis of Companies in the Same Field
669(15)
Discrepancies Between Price and Value
684(20)
Discrepancies between Price and Value (Continued)
704(25)
Appendix
729(102)
Index
831
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