The Art of Short Selling by Kathryn F Staley

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 · 454 ratings  · 28 reviews

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Mar 03, 2017 Asif rated it it was amazing

Pleasantly surprised with this volume as I had low expectations to begin with. The actual book was fun and even for an analyst like me with 8 years of experience I managed to get a lot of new insights. The writing is direct and to the point without the storytelling flair that people like Michael Lewis has managed in his books.

April 23, 2013 Matthew rated it really liked it

Superb. I've heard Kathryn Staley speak and she is sharp, thoughtful and dry, a very charming combination. (http://www.frankvoisin.com/2012/05/15...) This book is on hedge fund reading lists merely I hadn't felt compelled to pick it up until after I heard her speak and then I felt I really should. No regrets there. Instead of theory, she discusses case study after case study. The chapters are loosely organized by type of short sell candidate. A brief background is given, and then a summary of the short Superb. I've heard Kathryn Staley speak and she is abrupt, thoughtful and dry out, a very charming combination. (http://world wide web.frankvoisin.com/2012/05/fifteen...) This book is on hedge fund reading lists only I hadn't felt compelled to pick it up until afterward I heard her speak then I felt I actually should. No regrets there. Instead of theory, she discusses case report after case written report. The chapters are loosely organized past type of brusk sell candidate. A brief background is given, and so a summary of the short thesis, and then a discussion of how the trade actually played out, in terms of corporate events, street reaction and marketplace pricing. There are a lot of lessons to be drawn, which she then summarizes in a more than theoretical final 13th chapter. This is skillful but don't expect anything unique, amazing and game-irresolute -- the value of the volume is really in the overall tone/attitude/opinion (which demonstrates her mindset) and in the historical case studies. I'd employ a one-star deduction as the examples do experience dated and I think that financial statement manipulation may have evolved and become more than sophisticated as analysts take learnt from precisely books similar this ane (for upward to engagement examples, read the Bronte Capital blog in its historical entirety). As well the analysis she also gives useful practical tips such as checking the brusk interest relative to the free bladder to see how far the idea has also been used and whether y'all might be exposed to a curt squeeze. And finally, admirable for this quote of last communication: "Short sellers are entitled to their opinions, as are executives and analysts. And so are yous. Practice not take it also seriously; it is only money." ...more than

Dec 29, 2017 Godfrey rated information technology it was astonishing

If yous were hoping for a book that blindly cheerleads the piece of work of short sellers, you came to the wrong place. Kathryn F. Staley is a charming writer, incisive thinker, and this excellent and ageless work is every bit full with well-told stories of brusk selling gone horribly (and I use the word horribly advisedly) as of it gone well; and both types of stories are incredibly informative.

Some of my favorite quotes below:

"The main weakness of professional person brusque sellers—an disability to guess the timing of

If you were hoping for a book that blindly cheerleads the work of short sellers, you came to the wrong place. Kathryn F. Staley is a charming writer, incisive thinker, and this splendid and ageless work is as full with well-told stories of short selling gone horribly (and I use the word horribly carefully) equally of it gone well; and both types of stories are incredibly informative.

Some of my favorite quotes below:

"The main weakness of professional brusk sellers—an inability to approximate the timing of collapses—is a strong statement for attention to brusk selling by whatever entity that owns stocks. Brusque sellers are consistently years too early when they sell stocks. Stockholders are e'er slow to sell even when the evidence is irrefutable and the future for profit bleak. The years of irrational price behavior in a deteriorating company provide stock owners with years to sell a problem stock. Portfolio managers or individuals who endeavor to educate themselves about the reason for escalating brusque interest in stock holdings tin can radically better [their] returns by avoiding torpedo hits—they tin use the weakness of the bailiwick equally a forcefulness." (page 13)

"Roberston feels valuation bets on price alone make bad short sales: There must be either a key change in the outlook for the visitor or a major misconception by the stock-buying public." (page 24)

"DiMenna shorts five types of situations: frauds, earnings disappointments, hyped stocks where he can shoot holes in Wall Street's consensus expectations, industry themes were macroforces are negative, and deteriorating balance sheets. He reassesses curt positions continually and, before he shorts, tries to make up one's mind the goad that volition cause a stock to fall. He generally volition non short stocks with strong relative strength and earnings momentum solely on the basis of overvaluation. Typically, he waits for these stocks to suspension before getting involved. He avoids short candidates in a crowded field unless the company is terminal." (page 25)

"The Feshbachs do not find company visits or Wall Street analysts productive means to gather information. Talks with management are not fruitful: 'The visitor didn't go to exist a good curt without management's aid.' Wall Street is no help: 'That's the place to go the bull story, non the bear story. The bias negates their usefulness to usa in a lot of incidents.'" (page 29)

"Analytically, Chanos says he does non practice anything that is very unlike from other managers, just his use of return on invested capital every bit a primal indicator is unique. 'Using this, we've been able to find companies that are not what they appeared to exist.' His calculation is: earnings earlier interest and taxes divided by average full capital (which is defined as total liabilities plus equity minus electric current liabilities plus curt-term debt or, to say it another way, the return on all involvement-bearing liabilities plus disinterestedness plus deferred taxes and short-term debt. 'That ratio will reveal a lot of wormy companies and poor businesses. It's a tough number to screw around with." (page 35)

"The single almost of import section in a prospectus is the gamble-gene department called 'Investment Considerations.' The company always tells you why information technology volition fail." (page 58)

"Does this work—is the prospective return worth the risk for the stockholders? The second question is: How soon will the new company run out of money? Shorts almost always approximate correctly if the business is dying. On the timing of the demise, they are seldom right. Someone is usually available to buy stock, loan money, offer short-term bank debt long later on the company is in nigh concluding status. Add two years to a short's best project, and you might only have a couple more years to look." (page 64)

"View the IPO document as a business person. Does the business brand sense? Tin prices exist high enough to back up the uppercase investment in glitzy store interiors? Can the necessary expansion be funded?" (page 81)

"The very backbone of a bull market is growth—new products, new presentation, new technology—spectacular growth opportunities that offer an investor the portfolio appreciation of the adjacent Xerox. Brusque sellers itch to short these stocks. More savvy investors know how to own them, so sell them twice." (page 93)

"When a company switches or expands its business line into something completely unlike, it generally means management fears that growth volition slow in the main line." (folio 108)

"Practise YOUR Own Work." (page 142)

"The beginning and biggest reason for failure in stock selection on either the short side or the long side is besides fiddling work. Particularly treacherous on the short side, the absence of a carefully reasoned instance can have painful consequences." (page 223)

"Most exceptional brusk sellers are investors, not brusk-term traders. On occasion, they might make assisting trades abandoned on temporary imbalances in the financial statements. Only on the whole, even if they know the company common cold, it is impossible to be prescient about the timing. When they make those bets, they do it with the noesis that they are departing from fundamental wisdom; and, if the bet does non piece of work chop-chop, it is smart to exit. Novices, fools, and retail brokers sell short for quick trades." (page 225)

"'The mistake is always shorting the visitor that'southward not that bad.' He used the case of New England Critical Care, Systems Software Associates, and L.A. Gear. The analyst has to be convinced that the core business will be overwhelmed by the problem and non simply hiccup. 'The biggest mistakes nosotros've made are where we've seen a visitor that is overstating earnings simply where the internal engine of the business concern is still stiff.'" (page 233)

"Or, in the words of Bernard Baruch, 'No law can protect a man from his own errors. The main reason why money is lost in stock speculation is not because Wall Street is dishonest, but because and then many people persist in thinking that y'all can brand money without working for it and that the stock commutation is the place where this miracle can be performed." (page 248)

"The sixth stride is to continue paying attending: If you decide not to short a stock subsequently the preliminary analysis, information technology might exist a great idea side by side year. If you do short it at present, lookout man it. Events motion so slowly in the fiscal globe that it is difficult to maintain concentration." (page 274)

"The facts are somewhere, gratuitous for the digging." (page 275)

"Difficult piece of work is outmoded, so if you practise a little, you will be far ahead. Analysts wait at company PR rather than fundamentals and financials, and that provides opportunities and longe periods of market inefficiencies." (page 275)

...more than

Jul 15, 2017 Johnny rated information technology information technology was amazing

"Growth is a good stock to own and a groovy stock to brusque if you can time both sides of the pyramid." "Growth is a good stock to own and a bang-up stock to brusk if you can fourth dimension both sides of the pyramid." ...more

As I am non into short selling, this book felt little dry out. But the writer was articulate with the concept and definitely a good read.

I thank the writer for getting us to know near the mysterious world of short selling.

Jan 24, 2009 Yes & Non Yep rated it really liked information technology

This IS most short selling, only its besides about how to read financial statements to find the kickoff signs of a bad or unprofitable company. Very skillful read.

In that location are very few books on fundamental brusk selling of stocks but this is ane of the more well-known ones. It covers many aspects of the trade very well but leaves others out. Unfortunately we are still waiting for the definite volume on shorting, preferably written by some of the veterans of the game.

There are three parts to the book where the starting time gives an okay background to the expanse and its practitioners. Short candidates are categorized into companies that a) lie to investors through their

There are very few books on fundamental brusk selling of stocks just this is one of the more well-known ones. Information technology covers many aspects of the merchandise very well only leaves others out. Unfortunately nosotros are still waiting for the definite book on shorting, preferably written by some of the veterans of the game.

In that location are 3 parts to the book where the first gives an okay background to the surface area and its practitioners. Curt candidates are categorized into companies that a) prevarication to investors through their accounting, b) have expensive valuations and c) will be negatively affected past external events. Signals used past those shorting are co-ordinate to the writer a) accounting warning flags, b) signs of "insider sleaze", c) stellar stock price rises, d) cash consuming companies and e) overvalued assets or ugly balance sheets.

Then the accented bulk of the book is a number of rather old case studies meant to exemplify different types of brusk selling cases – although not exactly linking to the categories in role one. The author has had good access to commentary from a number of veteran short sellers through interviews. I however call back the author could have drawn more than explicit deductions from these, as they at present mostly resemble a line-upwardly of successful war stories.

The storyline is that clever short sellers first see something that daft Wall-Street analysts or long-merely investors couldn't discover. Then the investment example either takes longer to pan out than expected or the brusque sellers are tormented by fierce brusque squeezes causing pain just in the finish they are always vindicated and the company lead by the evil managers dwindles into disaster. Finally, there is a short wrap up where Staley draws some general conclusions about the field merely also gives a historical account of shorting.

Kathryn Staley accept, as I empathize it from the sleeve of the volume, worked with both hedge funds and brokerages in trying to find stocks to short. She has taught financial argument assay for AIMR, the Association for Investment Management Research and "reads residual sheets and footnotes for fun and turn a profit". Despite her feel every bit a brusque seller there is very little of technical particular in the volume as it is written in an anecdotal, most journalistic, style. As an example, if Days Sales of Inventory is one of the most reliable signs of trouble as is claimed, how is the ratio calculated, what are the pros and cons of using it and which other indicators are useful to complement it with? Fifty-fifty though the championship points to the "art" or short selling I think the "craft" could have deserved some infinite.

Even though the tone can sometimes go a flake besides idolizing the strong aspect of the volume is that you get a off-white grip of the psychology of shorting and above all of the graphic symbol of brusk sellers. Their contrarian nature is described as ambitious, cynical, driven, single minded – fifty-fifty pigheaded – and sometimes frugal and anti-social. They are curious, hard working and observe pleasure in finding the truth and being smarter than the gullible investment oversupply equally stocks blow up. The writer describes an almost moralist disposition since short sellers enjoy exposing the corporate fraudsters who waste the shareholders money. I also like how the book defuses brusk selling and shows how very similar the enquiry into investment cases is on the brusque side and the long side. Long-only investors can really learn plenty from the attention to accounting detail among brusque sellers.

Despite the mixed review the unfortunate truth is that there aren't many other books to recommend instead so the book could still be worth purchasing. We are nonetheless waiting for the definite reference book on shorting.

...more

Oct 24, 2021 Dave Sangjoon rated information technology really liked information technology

"The Art of Short Selling" is a comprehensive inquiry into how and why one would bet confronting a unmarried stock. Published in 1996, the volume not simply delivers the details of several high-profile instance studies just also conveys the writer's mindset on why curt is necessary even during market upwards-wheel. While the example studies are dated, some of the principles and phenomena are ageless. Fads & Bubbles (e.g. Snapple in 1992), aggressive accounting (e.thousand. Integrated Resources in tardily 1980s), and unscrupulou "The Fine art of Short Selling" is a comprehensive research into how and why one would bet against a single stock. Published in 1996, the book non just delivers the details of several high-profile example studies merely also conveys the author's mindset on why brusk is necessary even during market up-cycle. While the case studies are dated, some of the principles and phenomena are ageless. Fads & Bubbling (e.g. Snapple in 1992), aggressive accounting (east.k. Integrated Resources in late 1980s), and unscrupulous management are the characteristics that remain largely universal

Interestingly, many of the short-selling cases mentioned spread across multiple years. It took ~four years for Integrated Resources and v+ years for Summit Technologies stocks to cleft. As the author pointed out, "short sellers are consistently years too early when they sell stocks. Stockholders are always slow to sell even when the bear witness is irrefutable and the time to come for profit bleak." At my fund, we give 3~half dozen months for and then-chosen 'beta shorts' and 6~12 months for 'alpha shorts' - no wonder why we have become victims of 'selling too early' (east.g. Celltrion in Korea, Alter Inc in Japan)

There is no remedy for timing the shorts. Brusk sellers, it seems, accept systematically underestimated the insanity of the public market place. Investor ebullience tin keep a stock price upward for a long time, fifty-fifty in the face of no earnings. Yet, the author offered tips in when to short which I found were quite helpful: "Robertson feels valuation bets on toll solitary brand bad short sales: At that place must exist either a fundamental change in the outlook for the company or a major misconception past the stock-buying public... Institutional favorites crash more than chop-chop than marginal companies because large numbers of portfolio managers blitz to dump the stock of the favorites when the analysts are finally convinced."

All in all, this book offers idea-provoking cases and timeless principles that would be helpful for novice and experienced investors akin. Side by side steps for me is to apply some of the technical analysis the author discussed, such as observing the growth of prepaid acquisition costs or quality of business relationship receivables, into my existent piece of work. Having entered the industry years later on the Enron scandal and the GFC, I remain skeptical whether we can notwithstanding spot frauds or accounting gimmicks. Yet, I believe that these in-depth analysis can requite me extra subject field and differentiated view in a time when blastoff is hard to come up by

...more

Nov eleven, 2018 Dawei Liu rated information technology really liked information technology

While dated, the Art of Brusque Selling was a very educational review of many of the peachy short cases of the 80'south and ninety's. Many of the examples are now well known, merely the book notwithstanding does a great task of summarizing why you should short and how you should short. Similar to an bookish paper, it actually goes over the history of shorting in various countries besides as many of the most famous practitioners in the past. The volume too goes over famous short sellers of the 90s; many of which are stil
While dated, the Art of Brusque Selling was a very educational review of many of the great curt cases of the 80'due south and 90's. Many of the examples are at present well known, but the book nevertheless does a dandy task of summarizing why you should short and how you lot should short. Like to an academic paper, information technology actually goes over the history of shorting in diverse countries likewise as many of the nearly famous practitioners in the by. The book besides goes over famous short sellers of the 90s; many of which are nevertheless famous today (for example Jim Chanos and Julian Robertson). My favorite part of the volume was how it spent time not only describing what happened during each short, merely likewise the various reactions of many of the public marketplace participants during the events.

Just put, the book'southward great takeaway about shorting is that it'southward hard. Most of the final quarter of the volume is near how to utilize the lessons described before into your own work. There's simply no substitute for putting the work in and it's clearly much harder to be curt a stock than it is to be long a stock. Though each case seems out-dated and far off, there are multiple bang-up nuggets anddetails sprinkled within each chapter. Reading this volume is absolutely an agile activeness that requires a reader to recall specific lessons that are still applicable in today'southward market.

The Art of Curt Selling isn't the easiest read. The tone is funny but at times dry. Obviously since it's not a "mod" work, many of the references will exist lost to those who haven't lived in that era, just if you're willing to dig in and spend some time, information technology's a book that actually does teach some good lessons.

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Jun 01, 2021 Abir Kar rated information technology it was amazing

Short Selling gets a bad reputation - cheers to the countless instances of insider trading, big hedge funds blowing up royally considering of a wrong short bet and the general degeneracy shown by those Wallstreetbets weirdos. Kathryn F. Staley brings Benjamin Graham levels of seriousness into an area of finance which most people consider akin to gambling. She takes the usual route of instance studies to illustrate her points. The book is divided into various sections which focus on various kinds of comp Short Selling gets a bad reputation - thank you to the countless instances of insider trading, big hedge funds blowing upward royally considering of a incorrect brusk bet and the full general degeneracy shown by those Wallstreetbets weirdos. Kathryn F. Staley brings Benjamin Graham levels of seriousness into an area of finance which most people consider akin to gambling. She takes the usual route of case studies to illustrate her points. The volume is divided into various sections which focus on various kinds of companies which make good short candidates - chimera companies, companies with obsolete products,
companies which constantly need fresh capital to keep the lights on, companies with deep-seated direction problems etc. The last affiliate is like a summary which gives you pointers on what to look at while evaluating a company- receivables, inventory build upwardly, direction compensation, shareholders etc. The book is non but for brusque sellers - readers can hands employ the teachings of the volume in whatsoever situation. The one line summary of the book is this - companies do a lot of creative accounting to make their figures look skilful and 1 needs to dig a little deeper than simply analyst reports( which are biased) to take any kind of advantage. There are very few books which goes into this much item about this detail topic and I tin very conspicuously see why this book came so highly recommended past wall street bigwigs. ...more

Oct 22, 2018 Ethan J rated it it was amazing

This is a pretty awesome book on brusk selling, which I should revisit often.

* shorting is hard piece of work
* I learnt virtually short clasp and short interest
* margin of condom is very of import
* talk to other people is important
* timing is hard
* can short fad product that does non have long life
* proficient management tin can fix valuation problems
* don't add to brusk fearless when scissure finally comes
* the oldest living all-brusk professional shorter is only 52 years erstwhile...
* high institutional buying can

This is a pretty awesome volume on short selling, which I should revisit oftentimes.

* shorting is difficult work
* I learnt nearly short squeeze and brusque involvement
* margin of safe is very important
* talk to other people is of import
* timing is difficult
* can curt fad product that does non accept long life
* proficient management can gear up valuation problems
* don't add to curt fearless when crack finally comes
* the oldest living all-short professional shorter is only 52 years one-time...
* high institutional ownership tin can make for a quick collapse
* statistically, the later the earnings release, the worse they are??

...more

Mar 29, 2018 J Brown rated it actually liked information technology

This review has been hidden because it contains spoilers. To view it, click here. I thought that information technology would exist a lesson in stock prices, when to get in and out, and how. Instead the book was filled with classic examples of curt sales and the mechanics behind the companies that were sold curt. There are a few adept bits of wisdom peppered throughout the book dealing with the growth and lack there of companies. It also provides a "quasi-timeline" of short selling eras if that is what yous would call them. It also details the average life span of a curt seller in a few places. I thought that it would be a lesson in stock prices, when to arrive and out, and how. Instead the book was filled with archetype examples of short sales and the mechanics behind the companies that were sold short. There are a few adept bits of wisdom peppered throughout the book dealing with the growth and lack there of companies. It too provides a "quasi-timeline" of brusk selling eras if that is what you lot would call them. It also details the average life bridge of a curt seller in a few places. ...more

Jun eleven, 2020 Robert rated information technology really liked information technology

The Art of Brusque Selling is a mix between a manifesto and a practical guide. Written at a fourth dimension when curt selling was even more taboo than it is today, with only a few players taking the "road less travelled" and actively shorting, you tin forgive the nigh narcissistic battle-hardened tone.

Not for the faint of heart – the majority of the volume is plow-by-turn case studies of brusk equity trades (including analysis of the financial statements), which are very helpful if you're willing to spend t

The Art of Short Selling is a mix between a manifesto and a applied guide. Written at a fourth dimension when curt selling was even more taboo than it is today, with only a few players taking the "road less travelled" and actively shorting, you tin can forgive the almost narcissistic battle-hardened tone.

Not for the faint of heart – the majority of the volume is turn-past-turn case studies of brusque disinterestedness trades (including assay of the financial statements), which are very helpful if you lot're willing to spend the time grappling with the accounting technicals only some of them are quite dry out.

...more

Jul 25, 2018 Russ rated it really liked information technology

Staley is to short selling what Graham and Dodd are to security assay. This is a wonderful book about the taboo subject of selling short. Information technology is loaded with stories near actual events too as instruction on the art of curt selling. At 20 years onetime, it feels a little dated but strangely appropriate for the current land of the stock market place. If y'all've ever wondered about selling curt or consider yourself a short seller, this is the book to read. Staley is to short selling what Graham and Dodd are to security assay. This is a wonderful volume almost the taboo subject of selling brusque. Information technology is loaded with stories about actual events as well as teaching on the art of short selling. At twenty years old, information technology feels a little dated but strangely appropriate for the current state of the stock market. If you've ever wondered about selling short or consider yourself a curt seller, this is the book to read. ...more than

Apr 11, 2019 Azi Nu rated information technology did not similar it

information technology's simply stories virtually companies that went bankrupt... and how others short them... doesn't teach u annihilation about short selling.... if it does, it's definitely not in start v capacity of the volume. not what i was expecting information technology to be. therefore i wish i could give less than 1 *.
it'southward a waste of time and money. it's just stories virtually companies that went broke... and how others short them... doesn't teach u anything about brusk selling.... if it does, it's definitely not in beginning 5 chapters of the book. not what i was expecting it to be. therefore i wish i could give less than 1 *.
it's a waste product of fourth dimension and money. ...more

Aug 03, 2017 Plato So rated it really liked it

the philosophy and practical details are skilful, merely examples are a picayune far fetched and perchance too colorful in give-and-take option

Jun xiv, 2020 Santosh Shetty rated it really liked it

Skilful quick read. Companies are a fleck dated obviously but the patterns are unmistakable. In that location are very few books on short selling anyhow this is a good one.

Fiscal markets are a game. Those who figure out the gaps/errors in the game find the edge the quickest. Must read for individuals interested in those errors.

Very thorough, very informative, very elementary.

I'd like to develop the habit for myself of reading financials with the skepticism of brusk sellers. Going long with the skepticism of a short seller would prevent looking for confirming evidence which leads to self-serving bias and other unfortunate biases inhibiting rational investment decisions.

Thanks, Kathryn!

I think this book would have been a bit better if Kathryn included some shorts that did Not piece of work out. Y'all want to learn about when a phil

Very thorough, very informative, very simple.

I'd like to develop the habit for myself of reading financials with the skepticism of short sellers. Going long with the skepticism of a brusk seller would preclude looking for confirming evidence which leads to self-serving bias and other unfortunate biases inhibiting rational investment decisions.

Thanks, Kathryn!

I think this book would have been a bit ameliorate if Kathryn included some shorts that did NOT work out. You lot want to learn about when a philosophy has worked and when it hasn't in lodge to better judge it.

...more

Aug 02, 2008 Mike S rated it information technology was amazing

Recommends it for: Anyone wanting to learn more virtually fundamental short selling (non day trading)

Neat introduction to brusque selling based on fundamentals (not for day traders). Thorough word with lots of examples, the writer illustrates her points very clearly, this book was written a few years ago only it's notwithstanding a very proficient read. I would recommend this book to anyone who wants to know what it takes to be a successful short trader. Great introduction to brusque selling based on fundamentals (not for day traders). Thorough discussion with lots of examples, the author illustrates her points very clearly, this book was written a few years agone just information technology's still a very good read. I would recommend this volume to anyone who wants to know what it takes to be a successful brusk trader. ...more

Oct xvi, 2011 Brian Zheng rated it it was amazing

Recommended past a few high profile fund managers as a must read and the best volume almost brusk selling. A very analytical book. The author categorizes different blazon of curt selling opportunities which is supplied with big number of examples in 80s and 90s. The last chapter is peculiarly helpful every bit the writer lay out the research framework for a shortselling opportunity.

Jan 28, 2009 Ming rated it really liked it

a good book with anecdotal prove and what to look for in a short. Illustrates invariably the most of import lesson in shorting: timing. Also goes over the basics of how to recognize signs of business deterioration and direction mumbo jumbo to cover it up.

Mar 01, 2010 Tyson Strauser rated information technology really liked it

Should exist on every investor's shelf, a diagnostic of some of the well-nigh common short selling themes, including fads and bubbles commonly with loftier multiples, bookkeeping management, and poor cash period as a leading predictor of earnings deterioration. Should be on every investor'southward shelf, a diagnostic of some of the most common short selling themes, including fads and bubbles usually with high multiples, accounting direction, and poor cash flow every bit a leading predictor of earnings deterioration. ...more

December 05, 2014 Sid1983 rated it really liked it

Cocky note: generally filled with examples but chapters outlined and so relevant points in intro and at end of each chapter. terminal few chapters summarize the *process* quite well. Have incorporated into checklist

The bible on brusque selling

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