Free Cash Flow: Seeing Through the Accounting Fog Machine to Find Great Stocks (Wiley Finance)
An Incomplete Definition of Financial Performance. Investing in an Economic Vacuum. Beware the Balance Sheet. Fixed Assets and Depreciation. Leverage and Debt Service. Whose Return on Equity? What is to be Done? Free Cash Flow versus Net Income. A Vast Media Conspiracy? An Alternative to the Government Number. The Free Cash Flow Statement. Building the Free Cash Flow Statement. Capex and Investor Return. Free Cash Flow Yield. John rated it really liked it Jan 24, Anthony Garafalo rated it it was amazing Feb 12, Arron rated it it was amazing Dec 07, Matt rated it it was ok Sep 20, James Mishra rated it it was amazing Mar 18, Julio Loo rated it really liked it Dec 06, Adrian Lee rated it it was amazing Oct 06, Richard Konrad rated it really liked it Feb 09, Pablo Baustian rated it liked it Mar 14, Kcc rated it liked it Aug 20, Hienle rated it it was amazing Jun 23, Amitabh Dash rated it really liked it Jan 16, Christian Villarroel rated it liked it Jun 25, Attila Rebak rated it it was ok Aug 10, Matt marked it as to-read Aug 01, Scott marked it as to-read Apr 26, John added it Apr 16, Josh marked it as to-read Jan 07, Dfuller marked it as to-read Jan 08, Franco marked it as to-read Apr 21, Stuart Schrick marked it as to-read Nov 11, Munro Richardson marked it as to-read Nov 23, Bassel marked it as to-read Jan 13, Ryan marked it as to-read Feb 17, When Real Estate Investors say: In order to manage, you must first measure.
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Please try again later. Really enjoyed George's book! I like how the author focused the concepts all around free cash flow. Also, he highlighted Management compensation, focusing on free cash flow which was something that got me thinking. Most of it was straight to the point and easy to understand. While reading I had some difficulties understanding some points and decided to contact George.
He was fast in responding clearing my confusion promptly. Highly recommend this book!
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- Free Cash Flow : Seeing Through the Accounting Fog Machine to Find Great Stocks!
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One person found this helpful. Kindle Edition Verified Purchase. This book is, in essence, a superb explanation of why investors should, when analyzing company accounts, look very closely at 'free cash flow' rather than simply accepting 'earnings per share' as their predominant guide. But the author also explains, at length, exactly what his definition of 'free cash flow' is, and how it is derived.
Free cash flow : seeing through the accounting fog machine to find great stocks
Readers can elect to either just work through the basic principles, or use the book, along with its accompanying spreadsheets to carry out in depth analysis. The best book of its type that I have read. Good insight, use it often. Takes time to read but totally worth it. Recommended for professionasl in the finance industry.
This book is worthwhile reading for any businessperson.
Free Cash Flow: Seeing Through the Accounting Fog Machine to Find Great Stocks by George C. Christy
A must read for those would like to be retail investors. Good book, very insightful. If your not a math person don't worry, everything is pretty simple, and broken down in a way so that everyone can understand. The author's definition of operating cash flow from which he derives a profit margin that is important in his selection process has a major flaw.
In excluding all working capital changes from operating cash flow, his model misevaluates companies that are forced to make large accruals for deferred revenue.
Refine your editions:
Any company that recognizes revenue ratably over the term of a contract falls in this category. Changes in deferred revenue accruals flow back into cash flow in the working capital line. This is one of the most important adjustments one must make to understand the earnings of companies with ratable revenue recognition. The simplistic analysis of capital expenditures also causes many problems that lead one to cast out too many good stocks.
Take for example WMS, a maker of slot machines. A large chunk of WMS's capex is the cost of machines that are leased by casinos rather than purchased. How does one evaluate the ROI?