3 comments about Investment Strategies of Hedge Funds (The Wiley Finance Series).

1. The best attribute of this book is that it doesn't mislead the book buyer by presenting a big and juicy carrot on its title, only to fail the reader expectations throughout the book. In a nutshell, if you want to know what does mean covertible arbitrage, market neutral, distressed securities, merger arbitrage and so so, you'll get a detailed answer in there.
   
   Chances are, however, the book buyer is searching for sources of inspiration for her own investment portfolio or her hedge fund selection process. In that case, the book is not worth it because it doesn't provide any evidence of what could be the strategies that might benefit the most from the current state in financial markets or which might benefit from future states or under uncertainty, etc. The book is just a compilation of known hedge fund strategies, a technical dictionary if you will, where you get a detailed explanation of this and that but no insight on when or where.



2. A great book of explanations on investment strategies. An easy read that explains each strategy a hedge fund might employ. If you want to invest in hedge funds or you are studying to someday run a hedge fund, you need to know what they do. There are so many blogs, articles, news reports out there telling how risky these vehicles are. Make your own mind up. Read this book.



3. To get a quick overview of hedge-fund strategies, this is the book to read. Descriptions are not so precise that you can start trading afterwards, but sufficiently detailed that get an idea of what's going on without resorting to too many unexplained lingo.

2 comments about The Best Test P CLEP Financial Accounting w/ CD-ROM (REA)-The Best Test Prep for (CLEP).

1. I don't know how I would have made it through without this book. It makes the CLEP feel like a breeze!



2. I used this book for the CLEP financial accounting test. I only studied three days and took the test and passed! This book is no nonsense and is easier to understand than most accounting books. The examples are easy to follow. Overall great study guide for the test.

5 comments about Schaum's Financial Accounting 2 Ed..

1. I bought this book to complement a senior level financial accounting course that I took. The book is concise, provides plenty of examples, and helps to solidify theories & actual practices of financial accounting. There are plenty of exercises to go through to help solidify your practical understanding of the material. I found that it was particulary useful to help me review & brush up before my tests in my financial accounting course. Overall a good investment.



2. I am an accounting student. I love this book! I have bought all the Schaum's books related to Accounting. If I had to choose just one book, it would be this one. I get lost trying to follow our textbook. I open this puppy up and it has everything. I'm able to follow the explanations and examples without any problem. Trust me! You will not be disappointed. I was very impressed by how fast my books got to me. I had books coming to me within 2 days. In less than one week's time, I had all 7 books. It really is worth it. :-)



3. Schaum's Financial Accounting is a well-written book which augmented my accounting studies.
   
   I especially like the way the table of content is organized. The first three chapters provide an introduction to financial accounting, financial statements and the process of analyzing and recording transactions.
   
   The next three chapters spend time on adjusting and closing entries and then on trial balance worksheets (both for service-oriented and merchandise-oriented businesses). This sets the stage for examining all major aspects of the balance sheet, which chapters 7 through 12 cover.
   
   Following Schaums Outlines typical format, this book presents material in an easy-to-understand manner and then offers the reader with opportunities to solidify their understanding of course material through "Solved Problems" and chapter-end questions.
   
   Shim and Siegel do a fine job of keeping material concise while discussing all major topical points.
   
   They conclude their book with chapters covering partnerships, financial statement analysis, statement of cash flows and multinational operations.
   
   This book merits a 3 1/2 star rating. You might consider Schaums Principles of Accounting I and II for a more thorough examination of the same topical material. However, if you wish to buy just "one book" to augment your studies, "Financial Management" would be a fine choice.



4. Most texts I've read on Accounting (from my father's extensive library) are long on explanation and short on worked examples. The Schaum series on Accounting is just the opposite. No need to wade through a ton of explanation. A short explanation is followed by worked examples and numerous test questions followed by the answers, fully worked. I'm just starting out in accounting, and sometimes the concepts didn't really gel with me. But by doing the test questions, and in particular being able to check the results and supplied workings, I found that I learnt the principles much more quickly than I would have otherwise, and was able to retain the understanding.
   
   I borrowed this book from my local library, but then I decided it was a perfect reference book to own.
   
   And I bought almost the entire set of the Schaum's accounting series on the strength of my experience with this learning approach.
   
   An excellent book - an excellent series.



5. By the 10th question I had a strong feeling I would pass the test. My final score exceeded my expectations. The test prep questions were harder than the actual test. The practice questions were very complex and involved, which created a comfort when I took the real test. At times you may feel like chapters are lacking content, but the test section makes up for it.

5 comments about Financial Statement Analysis: Step-by-Step Exercises and Tests to Help You Master Financial Statement Analysis, Workbook.

1. in all likelihood, average investors will not get much out of this book, as average investors don't pore over 10-ks, annual reports and conduct industry analysis prior to investing (which they should!). but for those above average investors who do (read: intelligent investors, per ben graham), this book is an excellent read.

   2/3 of the book deals w/ alterting the investor to some of the areas where company mgmt can play games w/ the #s in order to goose the stock price. the examples were helpful, but the insights were not exactly earth shattering for experienced investors.

   however, the last 1/3 of the book, on forecasts & security analysis, is worth the price of the book. in 100pgs, you get an MBA-level text on security / credit / financial statement analysis, complete w/ ratio definitions, caveats(!), and applicability. excellent stuff for the beginning or experienced analyst, and i will doubtless refer to the last 1/3 time and again.




2. I needed this book for a Financial Statement Analysis class. It is a decent book, full of examples, so that makes it very interesting; however, the themes are very repetitive. It not an exciting book by any stretch, but it does have some usefulness.



3. I'm not a financial analyst but I'm interested in analysing companies for my own investments. I found the book easy to read. It's a big eye-opener for someone who was not aware of all the accounting gimmicks that aggressive companies can play. I'm certainly a better investor now.
   
   That being said, please note that this book won't tell you much about what you need to do to value a company and invest in it. It will help you spot troublesome companies and accounting tricks that don't look right, but after that you're on your own. You need more than this book to be a good investor, but this book is a pretty important part of being a good investor.



4. This book is very basic. The solutions book for this book is difficult to read and I did not go anywhere with it. It is probably much better for a general overview of financial shenanigans than anything. If you are a credit analyst then a much better book and much more in depth analysis (not accounting though) is Financial Statement Analysis by John J. Wild and others. Get the CD though if possible because it will help out greatly.



5. Very surface coverage...at about $1.00 per page you should get more in depth analysis. Entire format of the book is very strange.

4 comments about Analysis of Financial Statements.

1. I have bought every edition of this book, and it just keeps getting better and better. As a 25 year veteran of corporate finance, I continue to use this book myself on a regular basis and to recommend it to less experienced employees who are still developing their expertise. Every finance library should have this book.



2. I did not finish this book because it is written in a very academic and hard to grasp language. Authors, please make your sentences a little shorter and simpler, the book is very boring and verbose! However, I must give credit to the authors for including almost all of the tools one will need for analysis of financial statements.



3. I am not a CPA or Finance major. I am a physicist so the math is not intimidating. I have been investing as an amateur since retirement and this book gives solid and easily understood ways to get at the valuation of a company and its stock by investigating the financial statements. There is a good comprehensive case study at the end of the book, but I wish the authors would give more examples either within or at the end of each chapter.



4. I purchased this book to assist me with some finance and accounting courses. It was one of the best purchases I could have made. The book is clear, concise, and informative. It made understanding several of the concepts behind financial statement analysis much much simpler. It is certainly worth every bit of the cost.

5 comments about Business Analysis with Microsoft Excel (3rd Edition) (Business Solutions).

1. Surprisingly, this is an incredible book. I take my MBA at University of Delaware. To apply how to use MS Excel effectively, this is the all-in-one book that can serve me for many classes such as Financial Reporting and Analysis, Data Analysis and Management Control, Financial Management, Marketing Management, Operation Management and Management Science, etc. The book is about intermediate level not too easy or too advance.
   
   Before you buy other books in Excel, you should check the content first.
   If the content focus on the function such as how to use date function, do not buy it. The content that you looking for should like this book. For example, the book should show you how you deal with balance sheet. Then, it explaints what Excel function can do for you.



2. This book was well written for anyone starting out in spreadsheet analysis work. Each chapter provides many examples to get you going and provides carefull desciption of analysis tools.



3. I'm generally disappointed at what the book seems to promise and what it delivers. My take on the book is that it is not thorough enough, and topped with a number of typos and reference errors. I find that several examples and references are hard to follow. Perhaps expanding on the explanation on the examples would help. I would also recommend adding a CD for examples. I wouldn't mind paying more to be able to follow the concepts and fully understand them. Afterall, this is business analysis with "Microsoft Excel." There's just no "Excel", just text. Trying to go through this book is more like reading a cliff note version of a "real" book (again, hard to follow leading to discouragement and disappointment. If you're patient, you can find some values, no doubt, just be prepared to spend some time more than you would expect, and to reference a couple more books for validation/clarification of concepts discussed in this book.



4. Overall, I was not impressed with this book. I was hoping to get a book with examples of functions for use in financial analysis. Instead, the book focused more on financial analysis fundamentals.



5. i am a small business guy and am looking to better manage my business projects including calculation of project costs and prediction of revenues, sales forcasting, scenario analysis etc... i know that i can probably buy a ton of software to do this for me or hire consultants. However, i believe that any help that you get from external sources is basically a crutch when i am disabled by myself, so i like to learn the thing myself first and then maybe hire outsiders... and this book is GREAT for me... i wont talk about specific sections because honestly, i got it delivered only yesterday... but it appears to cover all the topics i wanted in a very clean business way... this is a business book with MS Excel as the tool that it uses to do what it does... so, it tells you how to calculate IRR and then does it in excel. how to calculate times-interest earned ration and shows tips, tricks and means in excel...

5 comments about Creative Cash Flow Reporting: Uncovering Sustainable Financial Performance.

1. Mulford and Comiskey have delivered a tour de force for the financial and accounting community in this book. Whether you are a financial analyst, corporate accountant, auditor or an executive with a small or large firm, you absolutely will benefit from this book. It is one of the most important books of the last 20 years, and in my opinion, it is the finest book ever written on the concepts and methods of deciphering Operating Cash Flow, it's relationship to earnings, calibrating and measuring free cash flow, as well as the mechanics and drivers (and sometimes deliberate manipulation by unscrupulous management) within the business system that can lead to distortions in the Cash Flow statement.
   
   What about earnings supported by artificial means? What are the core drivers of cash flows? What should our view be, vis a vis the Operating Cash flows, regarding non recurring charges and depreciation? Are capital expenditures really as cut and dry as we like to think they are, under GAAP? How does it impact our cash flows, in the real world? How is it sometimes manipulated, to distort the underlying cash flow realities?
   
   If you are a financial or accounting professional, read this book. Read it twice. Read it three times. An absolutely extraordinary book. Well written, insightfull, never boring, always intriguing with unique content. The authors have such an extraordinary grasp of accounting and financial flows, and bring such groundbreaking concepts and ideas to the field, that you won't put this book down, and there are not many accounting or finance books we can say that about !! "Creative Cash Flow" by Mulford and Comiskey is absolutely a virtuoso performance. Amongst, and compared to, the entire literature that exists in the field of accounting and financial analysis, this book is an extraordinary achievement.



2. this book serves more as a dictionary of cash flow related items rather than offering any prescription for active monitoring of cash flow related mischief.
   
   save your time and money.



3. This is not your typical accounting/finance book (i.e., unclear, unfocused and boring). Creative Cash Flow Reporting is the best and most important accounting/finance book I've read in many years. The authors are certainly focused on the right area (determining sustainable cash flow from operations). The interesting nuances of cash flow reporting are laid out in simple terms (e.g., debt funding and repayments are reported with Financing cash flows, but the related interest expense is reported with Operating cash flows). The authors also go beyond the numbers to provide good background re: a number of strategic alternatives (e.g., why one might enter into a sale/leaseback transaction). There are many other reasons to recommend the book.
   
   In summary, this book is a "must have" for accountants and financial analysts, and I would strongly recommend for CEOs, COOs, corporate and securities attorneys, and corporate middle managers.



4. I was a student of Dr. Mulford during my MBA, and I can say that the book is as great as his class. He definitvely was one of the best professors I ever had.
   We are used to see in many valuation books to take Free Cash Flow as a given; therefore not understanding the real implication of FCF manipulation in enterprise value.
   This book explains how the FCF can be calculated and what are the usual "tricks" that companies do in order to show better (or worse?) results. And that is what is all about: building financial criteria for managers in order to make the best decisions.



5. While most accounting books tell you the basic mechanics of cash flow (not to mention being extremely dry), and most finance/investing books basically stop at `earnings can be manipulated wildly, cash is king, and thus free cash flow is paramount', this is the best book I have read that is focused on how cash flow can be manipulated/misclassified and how to think about sustainable cash flow from operations. For example, learn how an acquisition of a company can boost operating cash flow (CFO) by more than the CFO of the acquired company. Or how messing around with vendor financing can increase reported CFO. Representative chapter titles include: "Is It Operating or Investing Cash Flow", "Is It Operating or Financing Cash Flow?", "Nonrecurring Sources and Uses of Operating Cash Flow", "Measuring Sustainable Operating Cash Flow".
   
   In summary, this is a well-written book with great examples of how cash flow can and has been manipulated by companies. I highly recommend this book for advanced and professional investors who focus on fundamental analysis, and anyone else who is interested in improving their ability to analyze cash flow.

1 comments about Budgeting for Managers.

1. I'm amazed at the amount of useful information in this book. Using this text I was able to develop a working budget for my department and the budget for two small projects. This is a very good text for managers of small departments. It provides usable information and it concise.

5 comments about Extraordinary Circumstances: The Journey of a Corporate Whistleblower.

1. COMPELLING ACCOUNT OF UNCONTROLLED GROWTH AND GREED, AND HOW A DOWN HOME GIRL WITH EXCEPTIONAL UP-BRINGING FOUND HERSELF IN A SITUATION THAT WENT AGAINST ALL HER STANDARDS.
   A VERY EASY READ.



2. Cynthia Cooper was a true corporate whistleblower. She became famous, not by choice, but because of the WorldCom financial statement fraud valued at $11 billion. She was the Vice President of Internal Audit at WorldCom, a position that was not easily obtained. She almost single-handedly created the internal audit department at WorldCom, and her book Extraordinary Circumstances: The Journey of a Corporate Whistleblower details the struggle to get management to take internal audit seriously.
   
   Things started going wrong at WorldCom very early. The company went on an acquisition spree, and the merging of many small companies, managers, and accounting systems was a disaster waiting to happen. Cynthia says that WorldCom was much better at acquiring companies than integrating them, and that is clear.
   
   From an accounting perspective, it was next to impossible to create a properly controlled system. There were too many small systems being pieced together, and it was easy for numbers and authorizations to get lost in the shuffle. This struggle is well-documented by Cynthia, who no doubt painstakingly researched the various acquisitions in order to give such a complete history.
   
   At times the book seems to get a little off-topic as Cynthia goes through each player's background briefly. Honestly, that information isn't really relevant to the story and, while it was probably intended to make these characters relatable human beings, it really just serves to make the book longer than necessary. It prolongs the process of getting to the real heart of the story.
   
   I was drawn into the parts detailing the background of Bernie Ebbers and his early entrepreneurial ventures. I don't think Cynthia came right out and said that Ebbers wasn't equipped to run WorldCom, but that's exactly how it appears when you're done reading.
   
   Where this book is so good is in detailing the fraud and how it happened. I don't think most consumers know how and where WorldCom's fraud started: all in the "line costs." You don't need an accounting background to understand the details of the fraud once Cynthia explains how things went down. Earnings were too low and management was, quite simply, looking for a place to reduce expenses.
   
   When management realized they were paying too much for capacity that they weren't selling to customers, it became clear. Take some of those "line costs" and capitalize them, which essentially amounts to moving them off the profit and loss statement (decreasing expenses and increasing profits) and onto the balance sheet (increasing assets).
   
   WorldCom moved those line costs into something that the executives called "prepaid capacity." The company's financials instantly looked better, and CFO Scott Sullivan found that this was an easy way to rehabilitate the financial statements each quarter. Wall Street wanted lots of growth, and that's exactly what the executives delivered by the time the fraudulent accounting entries were completed.
   
   Yet the process of uncovering this fraud, as Cynthia and her team would soon find out, was grueling. Their investigation into the accounting shenanigans was long because the accounting entries behind this manipulation of the financial statements were complex. Hundreds of entries were made to a variety of accounts in order to confuse anyone who might later look at them. And the investigation was hard because management didn't want Cynthia and her people looking into the entries, for obvious reasons.
   
   After the fraud became clear to Cynthia and her team, there was a long fight over whether something should or could be done about it. Scott Sullivan was determined to find an accounting rule to justify the fraudulent accounting entries. It is no surprise that there is not an accounting rule that backs up what was done, because it wasn't done with the accounting rules in mind. It was done with only Wall Street in mind.
   
   And WorldCom's audit committee wasn't completely behind the internal auditors' investigation or results. The audit committee should be the independent group of individuals to whom an employee can voice concerns and be taken seriously. Yet Cynthia didn't seem to be given as much consideration as she should have been, and she relates this struggle nicely in the book.
   
   The story of the investigation comes to life through Cynthia's words. I found myself drawn into the story, and I could feel myself sitting there as the internal auditors were going through entry after entry, always watching their backs because the executives didn't want them investigating.
   
   Lots of clichés and heartwarming stories of family interactions are woven into the book. Again, these things aren't really all that relevant to the story and merely provided a distraction from the business at hand: the collapse of WorldCom.
   
   These minor criticisms don't take away from the book as a whole. It is a detailed account of what happened, and digs much deeper into the WorldCom fraud than I ever expected. The detail behind how the fraud occurred is told in a fascinating manner, and I found myself able to picture WorldCom executives sitting around and comparing the company's financial results to the expectations of Wall Street ... and making fraudulent accounting entries to meet those expectations.
   
   Congratulations, Cynthia, on a successful first book. And many thanks for being willing to stand up for the truth and fight to expose the WorldCom fraud.



3. The book is as the title suggests - an ordinary person faced with extraordinary circumstances.
   
   If there is one book that I would encourage every current and potential internal auditor to read it would be Cynthia's book.
   
   It shows the challenges and risks that she and her team had to take and demonstrates why being in Internal Audit is both a huge privilege and a huge responsibility.
   
   I had the pleasure of meeting Cynthia and spending time with her during a recent Australian book tour.
   
   Her courage was admirable but what was more impressive is that - when it mattered most - she stood up and was counted.
   
   How many amongst us can say the same.



4. Cynthia Cooper, ex-WorldCom VP and former head of its internal auditing department, is a genuine hero. Despite her supervisors' pressure, browbeating and subterfuge, Cooper uncovered and exposed the massive WorldCom corporate fraud. When her information became public, it set off a cataclysmic chain of events: WorldCom exploded like dynamite. It filed for bankruptcy. Investors lost billions on the suddenly worthless stock. CEO Bernie Ebbers went to jail for 25 years. Other executives received prison sentences. Being a whistleblower is painfully difficult, but Cooper stuck to her guns, as she relates in this personal and sometimes even chatty saga. getAbstract recommends her instructive, inspiring book as a gripping corporate story and a cautionary tale.



5. Cynthia has a way of writing that makes this book incredibly accessible. If you've ever been a college grad, accountant, auditor, mother, experienced personal hardship or been faced with tough decisions you will relate to Cythia's story and think "That could have been me."
   
   Every auditor and corporate accountant should read this book. It should be a mandatory read for all business students.
   
   Todd Davies
   www.todddavies.com.au

5 comments about Self-employed Tax Solutions: Quick, Simple, Money-Saving, Audit-Proof Tax and Recordkeeping Basics for the Independent Professional (Self-Employed Tax Solutions: Quick, Simple, Money-Saving,).

1. "Self-Employed Tax Solutions" is an excellent self help start to treating your cottage industry as a business and working your way through the intricacies of filing federal taxes as a small business. Ms. Walker's explanations are clear and well illustrated.
   We had no trouble understanding each point and applying the rules to our own small business situation. The only problem we found was her citing a court ruling, putting it in quotes, and not providing a bibliographic source.
   Both the glossary and the index are adequate for the novice readers. The style was breezy and light, which made the reading easy.
   A good place to start for an entry level "indie" who needs basic tax information. She has several "wish I'd thought of that" ideas for keeping records and saving time.
   Nash Black, author of "Taxes, Stumbling Blocks and Pitfalls for Authors."



2. By far the best self-employed book on taxes that I have read to this day! A must read for anyone who has been in business and would like to understand better what the CPA is saying, and a definite must for anyone thinking about being self-employed.



3. This book was OK. I agree with the alliteration criticism of the other reader. Too much like fantasy. Too many references and suggestions that you MUST get a professional preparer or take your records to a professional preparer/accountant. Why bother reading this book if I wanted to pay someone else to do my taxes? The author's "Most Simple System" is a re-hash of Fluery's "No Entry Accounting" system in his book from years ago called "Small Business Survival Guide" only Fluery takes it a step further and recommends you doing your own taxes. Ms. Walker takes you to the brink of this but falls short. You've already done 95% of the work with her "system" so why not finish it? I recommend you start with this book then read "Small Business Survival Guide" and you'll be in good shape and not have to pay an accountant to do your taxes. Fluery's book is out of date but the Schedule C hasn't changed all that much since that book was published. Get a new version of Sch. C, combine the info from both books and you are all set.
   
   Finally, this book repeats itself over and over. It could be half as long.



4. This book is head and shoulders above most other books on the market of its kind. Most books gloss over and repeat what is freely available in the tax booklets; this book explains and expands on that information. Plus, it gives you tips on how to plan ahead so as to take legal advantage of the tax opportunities offered within the tax code. It is well organized and a certain reliable resource for self employed individuals.



5. I'm a full time artist and bought this book to make sense of my tax mess. It was entertaining to read, and laid out a clear and easy plan for me to follow. This is EXACTLY what every artist needs to read.