Financial Statement Analysis

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Praise for Financial Statement Analysis FOURTHEDITION "I love this book. It helps to develop the questioningmind--the mind of a financial detective. It teaches the art ofskepticism and critical thinking. Readers go beyond definition andcalculation and learn interpretation." --Philip L. Cooley, PhD, Prassel DistinguishedProfessor of Business, Trinity University "Over my decades of involvement with high-yield bonds, MartyFridson has been the leading speaker of truth. As he so accuratelystates in Financial Statement Analysis, the credit investoris required to engage in a game of cat-and-mouse with companymanagement's intent on minimizing their cost of capital by puttinga positive gloss on their financial statements. The Fourth Editionof Marty's terrific book is the bible on how to detect and dealwith these efforts." --Howard Marks, Chairman, Oaktree CapitalManagement "Financial Statement Analysis is a unique text; itcombines great academic work with numerous real-life examples toform a highly useful reference for equity investors, debt holders,and investors who straddle both asset classes. Whether you are aninvestor, an investment advisor, or a teacher, Financial StatementAnalysis will prove very valuable." --Margaret M. Cannella, former head of Global CreditResearch, J.P. Morgan and Adjunct Professor, Columbia BusinessSchool "Marty has seen it all! He has had a front-row seat to see thebirth, death, and rebirth of the high-yield bond market . . .several times over! In the Fourth Edition of Financial StatementAnalysis, Marty clearly demonstrates that despite the enactmentof Sarbanes-Oxley in 2002, and other attempts to curtail abuse ofthe system, one needs a critical analytical eye to be certain thatmanagement is not trying to obfuscate the truth. The case studiesprovide excellent and timely examples of some of the techniquesthat companies have used to mislead investors." --Edward Z. Emmer, former global head of Corporate andGovernment Ratings and Equity Research, Standard & Poor's "Those who read financial statements without understanding thestrategic context in which they are written will land on the losingend of the gripping episodes with which bond-market legend MartyFridson illustrates in the Fourth Edition of his classic reference,Financial Statement Analysis. And all of us who depend onthe markets sending capital to its best use should hope thatinvestors read this book first." --David Musto, Professor of Finance, the Wharton Schoolof the University of Pennsylvania "This book rightly urges resolute skepticism when inspectingfinancial statements. Its great value, though, is in theplain-spoken stripping down of real-world and illustrative examplesthat show how to see past the numbers to the practicalities andincentives behind them--and so help analysts and journalistsalike ask the right questions." --Richard Beales, Assistant Editor, ReutersBreakingviews

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Martin S. Fridson

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"Financial Statement Analysis: A Practitioner's Guide is awell-organized, thorough exploration of the challenges facingpractitioners who rely on financial statements to make investmentand lending decisions. Reference books about accounting, whilevaluable for their insights, are seldom this enjoyable to read.This book is different because the authors seamlessly integratefascinating real-life examples and instructive fictional scenariosinto each chapter to illustrate their points. For anyone with apassing interest in the subject, or for new analysts learning thetrade, Financial Statement Analysis is an amazingresource." --Christopher Shayne, CFA, Director of ProductOperations for Enterprise Risk Solutions at Moody's Analytics "Any book that reaches its 4th edition (updated to 2011) shouldbe good. That's true in spades for Financial StatementAnalysis. Fridson and Alvarez have written a classic. It shouldbe required reading and a constant reference source on thebookshelf of any investor intending to buy individual companystocks or bonds." --Canadian Financial DIY blog "In the 1990s, Benjamin Graham's Security Analysis served as[Value Partners'] reference book, but since then they havebeen using Martin Fridson's Financial Statement Analysis: APractioner's Guide." --excerpt from The Value Investors: Lessons from theWorld's Top Fund Managers by Ronald Chan, Bruce C. N. Greenwald(Foreword)
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