An insider’s look at security analysis and business valuation, as practiced by Wall Street, Corporate America, and international businesses. Two major market crashes, numerous financial and accounting scandals, growth in private equity and hedge funds, Sarbanes Oxley and related regulations, and international developments changed security analysis and business valuation substantially over the last fourteen years. These events necessitated a second edition of this modern classic, praised earlier by Barron’s as a ‘welcome successor to Graham and Dodd’ and used in the global CFA exam. The Second Edition of Security Analysis on Wall Street examines how mutual funds, private equity funds, hedge funds, institutional money managers, investment banks, business appraisers, and corporate acquirers perform their craft of security analysis and business valuation in today’s highly charged environment. Completely updated to reflect the latest methodologies, this reliable resource represents the most comprehensive book written by someone who has actually worked as an investment banker, private equity executive, and international institutional investor. The key features of the book include: shows the methodical process that practitioners use to value common stocks and operating companies and to make buy/sell decisions; discusses the impact of the two stock market crashes, the accounting and financial scandals, and the new regulations on the evaluation process; covers how Internet and computing power automate portions of the research and analytical effort; includes new case study examples representative of valuation issues faced daily by mutual funds, private equity funds, hedge funds, institutional investors, investment banks, business appraisers, and corporate acquirers; is a perfect tool for professors wishing to show their MBA students the essential tools of equity and business valuation. Security analysis and business valuation are core financial disciplines for Wall Streeters, corporate acquirers, and international investors. The Second Edition of Security Analysis on Wall Street is an important book for anyone who needs a solid grounding in these critical finance topics.
