The Intelligent Investor - The Definitive Book On Value Investing

TABLE 17-1 Ling-Temco-Vought Inc., 1958–1970 (In Millions of Dollars Except Earned Per Share) A. Operating Results 1958 1960 196 ...

The company’s expansion period was not without an inter- ruption. In 1961 it showed a small operating deficit, but—adopting a p ...

At the end of 1967 the bank loans had reached $161 million, and a year later they stood at $414 million—which should have been ...

which had $43 million of long-term debt, $101 million of stock cap- ital, $219 million of sales, and $2,929,000 of net earnings. ...

step is found in the fact that the new 5% bonds did not sell higher than 42 cents on the dollar during the year of issuance. Thi ...

indeed: “amortization of equity over cost of investment in sub- sidiary: Cr. $1,650,000.” In one of the footnotes we find an ent ...

adopted lower depreciation rates. These accounting changes added about $1 per share to the reported earnings of NVF before dilut ...

rated his business. In that year he sold $5,800,000 of mobile homes and earned $61,000 before corporate tax. By 1968 he had join ...

This did not seem so brilliant a deal for the clients of the sell- ing houses. They were asked to pay about ten times the book ...

cents. What happened in the next months was literally incredible. The company lost $4,365,000, or $1.49 per share. This consumed ...

financial terms it cannot count beyond 3. It will buy anything, at any price, if there seems to be some “action” in progress. It ...

COMMENTARY ON CHAPTER 17 The wisdom god, Woden, went out to the king of the trolls, got him in an armlock, and demanded to know ...

A closer reading of Lucent’s report sets alarm bells jangling like an unanswered telephone switchboard: Lucent had just bought ...

CONCLUSION: In August 2001, Lucent shut down the Chromatis division after its products reportedly attracted only two customers.^ ...

As you can see, the MORON charges—which are supposed to be nonrecurring—showed up in four out of five years and totaled a whoppi ...

In fact, an investor couldn’t even tell what Tyco’s pastearnings were. In 1999, after an accounting review by the U.S. Securitie ...

darling, Time Warner shareholders overwhelmingly approved the deal. But they overlooked a few things: This “merger of equals” w ...

What kind of business did buyers get for that price? eToys’ sales had risen 4,261% in the previous year, and it had added 75,000 ...

Commentary on Chapter 17 445 FIGURE 17-3 A Toy Story eToys Inc. Toys “R” Us, Inc. Fiscal year Fiscal quarter ended 3/31/1999 end ...

CHAPTER 18 A Comparison of Eight Pairs of Companies In this chapter we shall attempt a novel form of exposition. By selecting ei ...