Financial Statement Analysis: A Practitioner's Guide

400 Pages·2011·1.4 MB·English

by  Martin S. Fridson

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Additional Praise for
Financial Statement Analysis, Fourth Edition
“Thisisanilluminatingandinsightfultouroffinancialstatements,howthey
canbeusedtoinform,howtheycanbeusedtomislead,andhowtheycan
beusedtoanalyzethefinancialhealthofacompany.”
—JayO.Light,DeanEmeritus,HarvardBusinessSchool
“Financial Statement Analysis should be required reading for anyone who
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thesame.”
—JackL.Rivkin,Director,NeubergerBermanMutualFundsandIdealab
“FridsonandAlvarezprovideavaluablepracticalguideforunderstanding,
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ommendtheirbooktoanyoneinterestedingettingbehindthenumbersasa
meansofpredictingfutureprofitsandstockprices.”
—Paul Brown, Associate Dean, Executive MBA Programs,
LeonardN.SternSchoolofBusiness,NewYorkUniversity
“Let this book assist in financial awareness and transparency and higher
standardsofreporting,andaccountabilitytoallstakeholders.”
—PatriciaA.Small,TreasurerEmeritus,UniversityofCalifornia;
Partner,KCMInvestmentAdvisors
“This book is a polished gem covering the analysis of financial statements.
Itisthorough,skeptical,andextremelypracticalinitsreview.”
—DanielJ.Fuss,ViceChairman,Loomis,Sayles&Company,LP
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Financial
Statement
Analysis
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Founded in 1807, John Wiley & Sons is the oldest independent publish-
ing company in the United States. With offices in North America, Europe,
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and personal knowledge and understanding.
The Wiley Finance series contains books written specifically for finance
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nancialinstrumentanalysis,aswellasmuchmore.
For a list of available titles, visit our Web site at www.WileyFinance.com.
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Financial
Statement
Analysis
A Practitioner’s Guide
Fourth Edition
MARTIN FRIDSON
FERNANDO ALVAREZ
John Wiley & Sons, Inc.
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Copyright (cid:2)c 2011 by Martin Fridson and Fernando Alvarez. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.
No part of this publication may be reproduced, stored in a retrieval system, or transmitted in
any form or by any means, electronic, mechanical, photocopying, recording, scanning, or
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LibraryofCongressCataloging-in-PublicationData
Fridson,MartinS.
Financialstatementanalysis:apractitioner’sguide/MartinS.FridsonandFernando
Alvarez.–4thed.
p.cm.–(Wileyfinance;597)
Includesbibliographicalreferencesandindex.
ISBN978-0-470-63560-5(hardback);ISBN978-1-118-06418-4(ebk);
ISBN978-1-118-06419-1(ebk);ISBN978-1-118-06420-7(ebk)
1.Financialstatements. 2.Ratioanalysis. I.Alvarez,Fernando,1964– II.Title.
HF5681.B2F7722011
657(cid:2).3–dc22
2010054229
PrintedintheUnitedStatesofAmerica
10 9 8 7 6 5 4 3 2 1
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In memory of my father, Harry Yale Fridson, who introduced
me to accounting, economics, and logic, as well as the fourth
discipline essential to the creation of this book—hard work!
M. F.
For Shari, Virginia, and Armando.
F. A.
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