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1、c14FinancialStatementAnalysis.inddPage71007/10/1111:50AMF-497208/MHBR201/ben29421_disk1of1/0073529421/ben29421_pagefilesFinancialStatementChapter14AnalysisFeatureStoryItPaystoBeMr.Buffettepitomizesavalueinvestor.Tothisday,heappliesthePatientsamebasictechniqueshelearnedi
2、nArecentissueofForbesmagazinethe1950sfromthegreatvaluelistedWarrenBuffettastherichestinvestorBenjaminGraham.Thatpersonintheworld.Hisestimatedmeanshespendshistimelookingforwealthwas$62billion,giveorcompaniesthathavegoodlong-termtakeafewmillion.Howmuchispotentialbutarecur
3、rentlyunder-$62billion?Ifyouinvested$62billionpriced.Heinvestsincompaniesthatinaninvestmentearningjust4%,havelowexposuretodebtandthatyoucouldspend$6.8millionperreinvesttheirearningsforfuturedayeverydayforever.Howdidgrowth.HedoesnotgetcaughtupinMr.Buffettamassthiswealth?
4、fadsorthelatesttrend.Instead,heThroughcarefulinvesting.looksforcompaniesinindustrieswithsoundeconomicsandonesthathaveHowever,ifyouthinkyoumightwanthighreturnsonstockholdersequity.tofollowMr.BuffettsexampleandHelooksforsteadyearningstrendstransformyourhumblenest-eggintoa
5、ndhighmargins.amountainofcash,bewarned:HistechniqueshavebeenwidelycirculatedMr.Buffettsatoutonthedot-comandemulated,butneverpracticedmaniainthe1990s.Whenotherwiththesamedegreeofsuccess.investorsputlotsofmoneyinto?TheNavigatorLearningObjectivesScanLearningObjectivesAfter
6、studyingthischapter,youshouldbeableto:ReadFeatureStory1Discusstheneedforcomparativeanalysis.ReadPreview2Identifythetoolsof?nancialstatementanalysis.ReadTextandanswerDOIT!p.7163Explainandapplyhorizontalanalysis.p.729p.734p.7364Describeandapplyverticalanalysis.WorkCompreh
7、ensiveDOIT!p.7375Identifyandcomputeratiosusedinanalyzinga?rm’sliquidity,pro?tability,andsolvency.ReviewSummaryofLearningObjectives6Understandtheconceptofearningpower,andhowirregularAnswerSelf-TestQuestionsitemsarepresented.CompleteAssignments7Understandtheconceptofquali
8、tyofearnings.GotoWileyPLUSforpracticeandtutorials?TheNavigatorReadALookatIFRSp.760710c14FinancialStatementAnal
