I bought all three of these a few years ago — definitely recommended. The CD is the most expensive item and is useful, but I already knew how to create financial models as I was taught at work. I thought it was a good reference; however, I haven’t looked at it in a few years and don’t know if it is the best for someone starting out. If anything, I would recommend buying the book and the CD. The workbook is decent, but is similar to the CFAI BOK. book:
“Benjamin Graham is the father of investment analysts everywhere, originally sparking the debate for a credential to professionalize the industry which led to the CFA Charter. He transformed the practice of financial analysis from trade to science, starting with his groundbreaking book, Security Analysis, first published in 1934. This edition, with new commentary by some of today’s finest investors, belongs on every investment professional’s shelf.” —Jeffrey J. Diermeier, CFA, president and CEO, CFA Institute
Regarding initiating coverage reports, i know u said discount broker or library…im affiliated w/a discount broker so i can only use mine…we use independent research firms like Ned Davis, Zacks, etc…doesnt seem to be very clear on whats initiating and continuing…the reports arent that great.
Library isnt an option for me
We have a bloomberg terminal here, but Im not really at liberty to just go to one and bring up a bunch of reports at my leisure.
Any recommendation on paid services that aren’t unnecessarily expensive/too deep for someone just learning? Subscription to Zacks or Valueline 600 or anything to just begin getting used to reading these things?
Some of the companies you mentioned (I think Zacks, if memory serves?) barely add any value - they basically run the stock through a series of screens and filters, and then show you what decile the stock falls into, compared to the market and peers. “This company has historically earned a return on operating capital of 8.28%. This puts it in the 7th percentile of firms in the universe that CrapAnalytics covers. Over the past four quarters, earnings per share has declined at a 15.2% rate. This is worse than 57% of the companies in the universe that CrapAnalytics covers…”
If the report you’re reading reads like the crap I just made up, move along, nothing to see there. That is really not a research report, in my view (at least, not fundamental research). You want a report that was clearly written by a human. You’ll know it because it’ll have their name on the cover (Analyst: Pdub, CFA) and probably their contact info, too.
If your discount broker doesn’t offer decent research, then look elsewhere. You say that the library or a bloomberg terminal isn’t an option, then, that’s too bad. A bit of tough love for you: You want to research stocks, be prepared to spend lots of time tracking down info that isn’t easy to find or nicely formatted when you find it.
If you were going to pay for a service, ValueLine is OK, but not really the types of reports I was talking about. Part of valueline’s “value-added” is the fact that their reports can get you up to speed on a company very quickly. The little simplified income statement/balance sheet / cash flow thing they do isn’t perfect, but it’s a very very good tool for checking out a company quickly.
i see. makes sense and yes i wouldnt want to subscribe to something thats consolidating down or running computer simulations, since the idea is to get familiar with the construction of the real deal.
i can make the attempt on bloomberg, but its been 2 years since i touched the terminal and id look kinda weird just walking up to it. my role at work doesnt require me to use it, but we have some groups that do. i can always go at night or early in the morning to get what im looking for. i guess i just never realized you could pull full initiating coverage reports. im guessing, from memory, that when you bring up the info on the company that just like you can look at management, bod, etc, there will be a section for analyst coverage? and you can print this?
sorry for the newb questions…really wanna learn…just tough to do when its not a part of your regular job
and thank you for the info…its really nice that charterholders stick around to discuss these things
Oh god, I’m terrible with Bloomberg terminals, aside from the stuff I’ve done a million times - someone else help this guy out here? I have no idea what you’d punch in specifically but I’m sure there’s a query or command.
No problem. In general (but not always), AF people will make an effort to help you if it’s clear you’re making an effort to help yourself. Keep plugging away and actually do the things people on here suggest, you’ll almost certainly get some mileage out of some of these if you try.
found out that i have a bloomberg terminal 50 feet from me…it was recently moved…the command is BRC and there is a section for initiating coverage reports
they were a little different than what i was expecting…some of them very formal:
Title:
Firm:
Analyst:
Body:
Some of them not so much…some of them 3 pages and some of them 15…still trying to figure out how to print them so that i can read them at home rather than sit here at work reading them…but thanks again for the help
