A reading thought

[Scorpion Man]

(edit -- sorry i did not realize this was supposed to be posted elsewhere and i don't know how to move it)

Ok i hope i don't get banned here soon for posting too much (been retired for 18 months, now, getting a little bored)

One book I did not see listed in the suggestions that I think is beyond outstanding is "Classics, and investor's anthology" by Charles Ellis.

It is a collection of short pieces from some of the greatest minds in investing history.

It's been mentioned before but I also put my vote in for :

The other one is Security Analysis: The Classic 1940 Edition by Benjamin Graham and David Dodd

Sorry if "classics" has already been suggested, but it kicks ass on many of these other books (which are good, but nothing like these babies).

Oh, and one more thing for the folks asking about how to get into finance. You MUST learn ACCOUNTING. Saying you want to be an investor and refusing to learn accounting is like saying you want to be an expert poker player but you want to be a translator but refusing to learn the other language.

[NoTalent]

What sort of accounting are you talking about? College level courses of financial accounting or are there some books that teach what you are talking about? Or do you mean the ability to read and fully understand balance sheets and the various forms that companies file.

Thanks for everything you are contributing to this forum. You and a few other posters have really helped me along in my financial understanding.

[Scorpion Man]

I am talking about everyday financial accounting. You need to be able to download a 10Q or a 10k (periodic reports filed by public companies) from Edgar and truly be able to understand what the income statement, balance sheet, cash flow statement, and notes mean.

This can generally be accomplished, at least at a basic level, in a couple of college level (if its a good college) courses.


Also, I realized there is a full phrase in my original post that I meant to delete in the last sentence...oh well.

[NoTalent]

MIT puts some of their classes online:

"15.511 Financial Accounting, Summer 2004"
http://ocw.mit.edu/OcwWeb/Sloan-Scho...Home/index.htm

Lecture List
[ QUOTE ]
L1 Overview and Introduction to Financial Statements (PDF)

Administrative Matters, Discussion of Accounting Framework
L2 The Balance Sheet (PDF)
L3 The Income Statement and Principles of Accrual Accounting (PDF)
L4 The Accrual Accounting Process of Preparing Financial Statements (PDF)
L5 The Accrual Accounting Process of Preparing Financial Statements (cont.) (PDF)
L6 The Accounting Process
L7 Statement of Cash Flows (PDF)
L8 Statement of Cash Flows (cont.)

Financial Statement Analysis (PDF)
L9 Receivables and Revenue Recognition (PDF)
L10 Receivables and Revenue Recognition (cont.) (PDF)
L11 Inventories (PDF)
L12 Long-lived Assets (PDF)
L13 Matching Principle for PP&E (PDF)
L14 Current Liabilities and Contingencies (PDF)
L15 Time Value of Money (PDF)

Long-term Debt (PDF)
L16 Long-term Debt and Leases (PDF)
L17 Deferred Taxes (PDF)

Marketable Securities (PDF)
L18 Investments, and Business Combinations (PDF)
L19 Business Combinations and Course Review (PDF)

[/ QUOTE ]

This seems like a decent place for us to start? The book is pretty expensive but I should be able to find a similar one at the library (or on the internet--I'm sure the concepts are the same)

[Scorpion Man]

yes, but do you go to MIT? I wouldn't want my first accounting to be self taught...I think a class is a much easier way to go if possible. If you are out of school, maybe a night course? I dunno...i took it in college (just one course...rest was learned on the job) but the 101 stuff is confusing at first - -not rocket science by any means...but takes some getting used to.