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Summary: Very helpful book
Review: A lot of investing today is momentum driven, and many ignore the fundamentals. Hooke explains the analytical process extremely well, and you can apply his techniques to many different stocks. He gives an unvarnished review of the way The Street prices IPO's and stocks and he has a healthy skepticism. Unlike other books I've bought, he has a lot of clear numerical examples, and less verbal BS. Take a flyer and buy it.
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Summary: MORE REVIEWS:
Review: Business Week Online, SEPT.17, 1998 WHAT EVERY INVESTOR SHOULD KNOW ABOUT STOCK ANALYSIS This book has something even better than Graham and Dodd: It gives the reader an easy-to-understand glimpse into the process of stock analysis and doesn't hold anything back about the shady side of the profession. For instance, Hooke goes into great detail about the inherent conflict-of-interest of sell-side analysts. "Brokerage firms are primarily in the business of generating banking fees, commissions, and trading profits," he writes. "Providing unbiased research to investors ranks low on their list." So why pay any attention to sell-side analyst reports in the first place? Because they still can provide important bits of information. You just have to know how to interpret them through the fog of the multiple conflicts-of-interests involved in the company-analyst relationship. And this book does a good job of teaching the individual investor how to do that. Hooke doesn't stop at revealing the underside of the analyst community. The book also warns investors how companies often massage financial statements to make them say what they want them to. . . . The most important tool an individual investor can have is an ability to chip through all the rocks to find a nugget of gold. This book is an invaluable, although expensive, pickax.--by Sam Jaffee, STREET WISE, Business Week Online Copyright 1998 The McGraw-Hill Companies. All rights reserved ABCNEWS.com by TheStreet.com, Sept. 2, 1998 NEW HANDBOOK FOR STOCK JOCKS: SECURITY ANALYSIS ON WALL STREET TOOLS FOR PICKING STOCKS In the weighty text, Hooke has written a step-by-step explanation of how to analyze stocks and research reports. He takes the reader from basic yardsticks used to judge companies -intrinsic value, relative value and acquisition value-and goes all the way to analyzing stocks in emerging, overseas markets. . . . Hooke infuses Security Analysis on Wall Street with clear thought and healthy skepticism . . . . Hooke explains financial pitfalls to avoid, like not confusing growth in companywide revenues and earnings with earnings per share, which is where things ultimately matter to individual stockholders. As with other parts of the book, he cites a specific company. . . . He also walks through special cases, such as cash-flow stocks, or those companies judged by the cash they generate from operations rather than bottom-line earnings. Others discussed include natural-resource stocks, financial-industry stocks, highly speculative stocks and distressed securities and turnarounds. A 424-page volume that's priced at $69.95, Security Analysis on Wall Street isn't your average weekend-at-the-beach read. Targeted at serious investors, investment professionals, corporate managers and MBA students, the book isn't as simple a read as a "Ten Stocks to Watch" article you might find in a glossy investment magazine. . . . Whether Hooke will inherit Graham & Dodd's mantle is too early to tell. But for diligent investors, it's a good start.--George Mannes, TheStreet.com for ABCNEWS.com Copyright (c) 1998, ABCNEWS
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Summary: REVIEW: From Barron's, December 7, 1998
Review: Graham & Dodd, The Sequel It's a rotten world, when books on day-trading outsell more deserving books like Jeffrey Hooke's. "Security Analysis on Wall Street" is a welcome successor to Graham and Dodd's "Security Analysis," that ancient scroll that's still available in the umpteenth edition. Traditional books of this type dwell on financial ratios, filling their inside covers with lists of those fractions. Hooke explains the ratios, but goes on to urge readers beyond the reported numbers. Too often, the numbers used in financial ratios have been biased by Wall Street's obsession with quarterly results - whether a corporation's earnings or a money manager's returns. Therefore, even a reader with a shelf of texts on reading financial statements will benefit from Hooke's chapters on the limits of accounting analysis in an era when corporate managers manipulate profits and mutual funds buy stocks on momentum. He makes readers hip to such tricks as Oracle shipping software before sales were finalized, or Mattel stuffing distributors with unneeded toys. Investors could have saved a bundle this year if they had seen Hooke's warning about acquirers like Computer Associates that seem to manufacture profits with excessive writeoffs. This book, which is subtitled "A Comprehensive Guide to Today's Valuation Methods," shows an appreciation of the conflicting interests in our financial world. My minor gripe is that Hooke's distrust of corporate managers does not extend to stock analysts, whom he describes as "professionals, well versed in the principles and methods of assessing common stocks." The research and the investment performance of most analysts suggest that they don't do their homework, and could stand to bone up with a book like Hooke's.-- Bill Alpert, Barron's staff writer. Copyright 1998, Barron's
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Summary: Hooke's book is a good practical guide
Review: Hooke's book was a fine overall review of how Wall Street pros evaluate common stocks. He showed many examples of actual firms, and he supplies a lot of anecdotes. The book reads pretty well, and it covers a good variety of industries, including hi-tech, distressed companies and emerging markets.
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Summary: Very resourceful from a broad persperctive
Review: I would recommend this book to someone who wants a broad exposure of "Security Analysis on Wall Street." Mr. Hooke gives a great overview of the many facets of securities analysis. The drawback of this book is that it lacks specifics. For example, I was interested in getting a deeper analysis of valuation methodologies, however, what I found was a general overview of this section--the author then jumped right on to the next section. This example relates to all of the topic areas. Going deeper into topic areas so that more educated and experienced readers could get insight was not available for the most part. Nevertheless, I rate this book 4 stars because it does a great job of giving a strong overview of security analysis. I would recommend this book, especially for beginners and intermediate students and practitioners.
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Summary: Very resourceful from a broad persperctive
Review: I would recommend this book to someone who wants a broad exposure of "Security Analysis on Wall Street." Mr. Hooke gives a great overview of the many facets of securities analysis. The drawback of this book is that it lacks specifics. For example, I was interested in getting a deeper analysis of valuation methodologies, however, what I found was a general overview of this section--the author then jumped right on to the next section. This example relates to all of the topic areas. Going deeper into topic areas so that more educated and experienced readers could get insight was not available for the most part. Nevertheless, I rate this book 4 stars because it does a great job of giving a strong overview of security analysis. I would recommend this book, especially for beginners and intermediate students and practitioners.
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Summary: sUPERLATIVE REVIEW OF SECURITY AND WALL STREET
Review: MR. HOOKE HAS WRITTEN AN EXCELLENT BOOKOF THE SECURITY MARKETS, WALL STREET AND SECURITY ANALYSIS. IT SURPASSES A SIMILAR ONE WRITTEN BY GRAHAM & DODD. AS A 20 YEAR STUDENT OF BUSINESS AND SECURITY ANALYSIS, I STRONGLY RECOMMEND MR. HOOKE' S ANALYSIS OF SECURITIES, SECURITY ANALYSIS AND ITS RELATIONSHIP TO THE ECONOMY. THIS IS MR. HOOKE'S SECOND BOOK. HIS FIRST BOOK CONCERNED MERGERS AND ACQUISITIONS . BOTH BOOKS USE PLAIN ENGLISH MAKING IT EASILY UNDERSTANDABLE TO THE AVERAGE PERSON AND NOT JUST A STUDENT OF THE SECURITY MARKET. THIS IS A GOOD BOOK FOR TEACHERS AND PROFESSORS WHO WANT THEIR STUDENTS TO READ , INFORMATIVE AND BOOKS WELL WRITTEN BOOKS ON THE SECURITY MARKET. MR. HOOKE HAS 20 YEARS OF EXPERIENCE OF CORPORATE FINANCE, M AND A, INVESTMENT BANKING AND INTERNATIONAL FINANCE.HE HAS WORKED ON WALL STREET AND FOR THE WORLD BANK. HIS EXPERIENCE IS WELL EXEMPLIFIED IS HIS SECOND BOOK. I HAVE REFERRED MR. HOOKE'S BOOK TO ALL OF MY ASSOCIATES ESPECIALLY THOSE IN THE INSURACE INDUSTRY WHICH IS MY PLACE OF WORK.
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Summary: sUPERLATIVE REVIEW OF SECURITY AND WALL STREET
Review: MR. HOOKE HAS WRITTEN AN EXCELLENT BOOKOF THE SECURITY MARKETS, WALL STREET AND SECURITY ANALYSIS. IT SURPASSES A SIMILAR ONE WRITTEN BY GRAHAM & DODD. AS A 20 YEAR STUDENT OF BUSINESS AND SECURITY ANALYSIS, I STRONGLY RECOMMEND MR. HOOKE' S ANALYSIS OF SECURITIES, SECURITY ANALYSIS AND ITS RELATIONSHIP TO THE ECONOMY. THIS IS MR. HOOKE'S SECOND BOOK. HIS FIRST BOOK CONCERNED MERGERS AND ACQUISITIONS . BOTH BOOKS USE PLAIN ENGLISH MAKING IT EASILY UNDERSTANDABLE TO THE AVERAGE PERSON AND NOT JUST A STUDENT OF THE SECURITY MARKET. THIS IS A GOOD BOOK FOR TEACHERS AND PROFESSORS WHO WANT THEIR STUDENTS TO READ , INFORMATIVE AND BOOKS WELL WRITTEN BOOKS ON THE SECURITY MARKET. MR. HOOKE HAS 20 YEARS OF EXPERIENCE OF CORPORATE FINANCE, M AND A, INVESTMENT BANKING AND INTERNATIONAL FINANCE.HE HAS WORKED ON WALL STREET AND FOR THE WORLD BANK. HIS EXPERIENCE IS WELL EXEMPLIFIED IS HIS SECOND BOOK. I HAVE REFERRED MR. HOOKE'S BOOK TO ALL OF MY ASSOCIATES ESPECIALLY THOSE IN THE INSURACE INDUSTRY WHICH IS MY PLACE OF WORK.
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Summary: The book is a 1990's version of the Graham & Dodd classic!
Review: Mr. Hooke's book is a very readable explanation of how Wall Street professionals value common stocks today in the 1990's. Unlike most books on Security Analysis, this book was written by someone who actually worked on Wakk Street for 10 years. It shows all the techniques in use to value many different stocks, and I liked the fact that the book had a lot of examples and charts. It was easy to follow, and it wasn't an academic book like some others I've bought. Hooke has a easy to read style, and I think the book is a good reference book for a Wall Streeter and corporate executive. For the serious individual investor, it should be mandatory reading and it 's an excellent primer for an MBA that likes investments. I just wish he had published the book sooner because it could have helped my portfolio and my job which is analyzing stocks and bonds.
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Summary: Good in a broad sense, not very in depth
Review: My opinion, this book is good in a broad sense, but certainly not thatin depth. Comparing it to Graham and Doddville is streching. Sorry, I disagree. Of course, this is my opinion and other might have different opinion.
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