Security Analysis Part II Chapter 9。

1. All security analysis involves the analysis of financial statements。

2. 使用財報的假設：Past record in pertinent to the future，這也是證券分析不科學的地方 (姑且昇華為藝術)，不然我們還能怎樣？

3. 證券分析三大面向

• The company's business and properties (it may include also some historical data and some details about the management.) 這是我的弱點。之前賣的股票，我居然沒看過公司年報，這點太疏忽了，值得檢討。
• Financial material, viz.: (1) the capitalization, (2) the record of earnings and dividends for a considerable number of years, and (3) a recent balance sheet. (balance sheet 將要改名為 statement of financial position)
• The prospects of the enterprise and the merits of the security.

4. 看數據的要領：average、minimum (maximum 應該也要看)、trend。

5. Nonrecurrent items 處理要領：

• Nonrecurrent items should be excluded in arriving at the results for a single year. 應該更留意一點，這會讓財報分析失真。
• Nonrecurrent items should be included in the overall results for a period of years. 這點郭恭克沒有特別強調，值得留意。