---
product_id: 3696990
title: "The Interpretation of Financial Statements"
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---

# The Interpretation of Financial Statements

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desertcart.com: The Interpretation of Financial Statements: 9780887309137: Benjamin Graham, Spencer B. Meredith, Michael F. Price: Books

Review: Historically significant look at the balance sheet - What this book is: The 1936 edition of "The Interpretation of Financial Statements" by Benjamin Graham, the father of the modern academic discipline of financial analysis. In brief chapters with examples, Graham explains different entries you might find on a corporation's public balance sheet, how those assets and liabilities (debits and credits) add up, and what the meaning is with regard to that corporation's financial health. There are occasional glimpses of average figures by industry, but given that they were compiled in 1935, they are more interesting as a glimpse into the past - some things have changed, much more has remained the same. What this book is not: 1. It's not a primer on double-entry accounting. If you really don't know anything about double-entry bookkeeping, you'll find the book rough going, as basic familiarity is assumed. 2. It's not an editorial. There's remarkably little opinion given about how to value companies based on their balance sheet entries. That task is performed in the author's mammoth magnum opus, Security Analysis (I prefer the 1940 edition). This book does function admirably as a tableside glossary to that work. 3. It won't tell you how to get rich by investing. Readers looking for get-rich-quick guides should look elsewhere. 4. GAAP- or SOAP-compliant. Both Generally Accepted Accounting Principles and Sarbanes-Oxley postdated the publication of this book by many years. I enjoyed this book and found it a pleasant, intelligent and necessary introduction to Graham's Security Analysis. If you have interest in learning about the history of financial analysis, you will probably find this book of interest as well.
Review: Meet the father of value investing... and Warren Buffett's mentor - "In 1984, [Warren] Buffet returned to Columbia to give a speech commemorating the fiftieth anniversary of the publication of "Security Analysis". During that speech, he presented his own investment record as well as those of Ruane, Knapp, and Schloss [other successful investment managers who were students of Graham at Columbia]. In short, each of these men posted investment results that blew away the returns of the overall market. Buffett noted that each of the portfolios varied greatly in the number and type of stocks, but what did not vary was the managers' adherence to Graham's investment principles." It is difficult to encapsulate Benjamin Graham's investing style in a few sentences or paragraphs. Readers are strongly urged to refer to his "The Intelligent Investor" to obtain a more thorough understanding of his investment principles. In brief, the essence of Graham's value investing is that any investment should be worth substantially more than an investor has to pay for it. He believed in thorough analysis, which we would call fundamental analysis. He sought out companies with strong balance sheets, or those with little debt, above-average profit margins, and ample cash flow. (For more insight, see Introduction To Fundamental Analysis and Testing Balance Sheet Strength.) He coined the phrase "margin of safety" to explain his common-sense formula that seeks out undervalued companies whose stock prices are temporarily down, but whose fundamentals, for the long run, are sound. The margin of safety on any investment is the difference between its purchase price and its intrinsic value. The larger this difference is (purchase price below intrinsic), the more attractive the investment - both from a safety and return perspective - becomes. The investment community commonly refers to these circumstances as low value multiple stocks (P/E, P/B, P/S). Graham also believed that market valuations (stock prices) are often wrong. He used his famous "Mr. Market" parable to highlight a simple truth: stock prices will fluctuate substantially in value. His philosophy was that this feature of the market offers smart investors "an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal."

## Technical Specifications

| Specification | Value |
|---------------|-------|
| ASIN  | 0887309135 |
| Best Sellers Rank | #47,526 in Books ( See Top 100 in Books ) #28 in Financial Accounting (Books) #85 in Investment Analysis & Strategy #94 in Stock Market Investing (Books) |
| Customer Reviews | 4.6 4.6 out of 5 stars (612) |
| Dimensions  | 5 x 0.65 x 7.25 inches |
| ISBN-10  | 9780887309137 |
| ISBN-13  | 978-0887309137 |
| Item Weight  | 10.4 ounces |
| Language  | English |
| Print length  | 144 pages |
| Publication date  | January 15, 1998 |
| Publisher  | Harper Business |

## Images

![The Interpretation of Financial Statements - Image 1](https://m.media-amazon.com/images/I/61q5ViYnY1L.jpg)

## Customer Reviews

### ⭐⭐⭐⭐⭐ Historically significant look at the balance sheet
*by N***E on November 17, 2007*

What this book is: The 1936 edition of "The Interpretation of Financial Statements" by Benjamin Graham, the father of the modern academic discipline of financial analysis. In brief chapters with examples, Graham explains different entries you might find on a corporation's public balance sheet, how those assets and liabilities (debits and credits) add up, and what the meaning is with regard to that corporation's financial health. There are occasional glimpses of average figures by industry, but given that they were compiled in 1935, they are more interesting as a glimpse into the past - some things have changed, much more has remained the same. What this book is not: 1. It's not a primer on double-entry accounting. If you really don't know anything about double-entry bookkeeping, you'll find the book rough going, as basic familiarity is assumed. 2. It's not an editorial. There's remarkably little opinion given about how to value companies based on their balance sheet entries. That task is performed in the author's mammoth magnum opus, Security Analysis (I prefer the 1940 edition). This book does function admirably as a tableside glossary to that work. 3. It won't tell you how to get rich by investing. Readers looking for get-rich-quick guides should look elsewhere. 4. GAAP- or SOAP-compliant. Both Generally Accepted Accounting Principles and Sarbanes-Oxley postdated the publication of this book by many years. I enjoyed this book and found it a pleasant, intelligent and necessary introduction to Graham's Security Analysis. If you have interest in learning about the history of financial analysis, you will probably find this book of interest as well.

### ⭐⭐⭐⭐⭐ Meet the father of value investing... and Warren Buffett's mentor
*by D***D on October 30, 2008*

"In 1984, [Warren] Buffet returned to Columbia to give a speech commemorating the fiftieth anniversary of the publication of "Security Analysis". During that speech, he presented his own investment record as well as those of Ruane, Knapp, and Schloss [other successful investment managers who were students of Graham at Columbia]. In short, each of these men posted investment results that blew away the returns of the overall market. Buffett noted that each of the portfolios varied greatly in the number and type of stocks, but what did not vary was the managers' adherence to Graham's investment principles." It is difficult to encapsulate Benjamin Graham's investing style in a few sentences or paragraphs. Readers are strongly urged to refer to his "The Intelligent Investor" to obtain a more thorough understanding of his investment principles. In brief, the essence of Graham's value investing is that any investment should be worth substantially more than an investor has to pay for it. He believed in thorough analysis, which we would call fundamental analysis. He sought out companies with strong balance sheets, or those with little debt, above-average profit margins, and ample cash flow. (For more insight, see Introduction To Fundamental Analysis and Testing Balance Sheet Strength.) He coined the phrase "margin of safety" to explain his common-sense formula that seeks out undervalued companies whose stock prices are temporarily down, but whose fundamentals, for the long run, are sound. The margin of safety on any investment is the difference between its purchase price and its intrinsic value. The larger this difference is (purchase price below intrinsic), the more attractive the investment - both from a safety and return perspective - becomes. The investment community commonly refers to these circumstances as low value multiple stocks (P/E, P/B, P/S). Graham also believed that market valuations (stock prices) are often wrong. He used his famous "Mr. Market" parable to highlight a simple truth: stock prices will fluctuate substantially in value. His philosophy was that this feature of the market offers smart investors "an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal."

### ⭐⭐⭐⭐⭐ Basic Accounting Covered.
*by S***P on December 25, 2009*

Classic. Very Concise. And Clear. Written in 1937, but a great deal of it is applicable today. Warren Buffet constantly mentions Return on Tangible Net Assets. This book describes what it is and explains this apporach. Graham might surprise you on his thoughts about Book Value. Book goes item by item on Balance Sheet and then Income Statement, and later ties them together. I am currently studying Financial Accounting and this book solidified what I've learned so far. I used to have a hard time reading Graham, but if you understand that his whole psyche was to concentrate his efforts on the safety of capital, then his writings become very clear. One thing that disappointed me was that Graham didn't cover Treasury Stock(Buybacks), as they weren't common practice in his day.

## Frequently Bought Together

- The Interpretation of Financial Statements
- Security Analysis, Seventh Edition: Principles and Techniques
- The Intelligent Investor Rev Ed.: The Definitive Book on Value Investing

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