Financial Statement Analysis
Investing by the Book — value a business from its statements via the reformulated balance sheet and residual income.
目录
· 共 64 篇先有正确的思维框架，才有可重复、可测量的投资实践
把抽象的价值投资落为十条可执行的纪律
效率假说不否定分析价值——它只重定义了你的对手
为什么主动管理很难战胜指数，以及何时仍值得
用会计语言把一家公司装进自己的分析框架
Valuation with Multiples 把估值浓缩成一个比值，却藏起了驱动因子
拆解 P/E Ratio 的驱动因子，看穿「低市盈率陷阱」
拆解 P/B Ratio，理解账面价值与市场价值的缺口
Value versus Growth 不是风格标签，而是会计现象
把第 2 章的批判收束为可执行的价投原则
No-arbitrage Principle 如何把价格锚定在价值上
Valuation Models 家族与它们的共同缺陷
Accounting for Value: Cash vs Accrual Accounting
Anchoring on the Balance Sheet 与 Protection from Growth
Thinking by the Book 与 Valuation by the Book 的方法论闭环
Separating What We Know from Speculation
Continuing the Conversation: The Market's Growth Rate
把报价当成对手的要约，而非真理
“What Is the Cost of Capital?” This Is a Trick Question
用市场隐含的成长预期做逆向筛选
杠杆如何影响风险、价值与估值
The Reformulated Balance Sheet — 估值视角的报表重构
The Reformulated Income Statement — 看清盈利的真正来源
Leverage and ROE — 高 ROE 未必是高质经营
Unlevered Valuation 与 Protection from Buying Leverage
The Profitability Driver, RNOA — 净经营资产报酬率
Operating Liability Leverage — Microsoft 预收款案例
Economic vs Accounting Profitability — 会计如何扭曲回报
The Profitability Trap — Protection from Paying Too Much
Protection from Manipulated Earnings — 识别盈余管理
What Is a Growth Company? — Growth is From the Business
Residual Income Drivers — 把成长拆成可分析的部分
First & Second Level Decomposition — Profit Margin and Asset Turnover
Challenging the Market's Growth Forecast — 用驱动因子检验定价
The Analysis of Sustainable Operating Profitability & Net Operating Assets
Good Thinking About Risk and Return — 追寻要求回报是徒劳
What We Know About Risk — 风险的三个可识别来源
The Analysis of Fundamental Risk — Driver Structure and Margin of Safety
Accounting Conveys Risk and Uncertainty — Revenue Recognition & Conservative Accounting
Managing Risk — Safe Equities 与风险的可操作对策
The Safe Balance Sheet — 安全报表意味着可挑战的安全成长率
Accounting for Off-balance Sheet Items — 负债、载体与期权悬垂
Accounting for Items on the Balance Sheet — Fair Value, Long-lived & Inventory
Defined-benefit Pensions, Deferred Tax Assets & Leases
The Safe Balance Sheet: How to Get There & Understanding the Business
Quality Earnings — 利润里有多少是「真金」
The Predictive Income Statement — 把利润重排为可预测结构
The Quality of GAAP and IFRS Accounting — 准则如何塑造利润
The Quality of the Application & High-level Red Flags
第 10 章小结 — Quality Earnings 到 Red Flags 的方法论收束
Investing in a P&C Insurer — Understanding, Reformulating, Buying Markel
Understanding Value Added in M&A & The Terms of the Deal
Steps for Evaluating an Acquisition & Evaluating the Success
Special Situations 收束 — 保险与并购的统一分析框架
Value vs Growth & The Value Trap — E/P and B/P are Accounting Phenomena
Buying Firm Size — Payoffs to Firm Size & The Large Firm Size Trap
Indicators of Growth at Risk & The Large Firm Size Trap
Investing in Style 收束 — 价值/成长/规模的账簿本质
The Default Point — 用会计定义触发违约的边界
Keeping a Book on Liquidity — The Treasurer's Rule & Pro Forma
Default Prediction — 结合违约点、流动性与质量的综合判断
Negotiation with Mr. Market — Principles of the Final Bargain
Knowing Mr. Market (Behavioral Finance) & Knowing Yourself
Closing the Book — 从建账到谈判的完整闭环