Security analysis : principles and technique / 2nd ed.

Table Of Contents:
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