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The #1 Guide to Do-It-Yourself Stock Analysis– Now Fully Updated with Powerful New Shortcuts!
“Harry’s book is among my most recommended readings because it provides a step-by-step process that enables any investor to analyze potential investment opportunities and ultimately become a much better investor.”
– Charles E. Kirk, The Kirk Report
“This is a thoughtful book that will stir the imagination and whet the appetite of anyone considering investing in stocks. It will serve as a foundation for lifelong education in how to improve your wealth.”
– Victor Niederhoffer, Chief Speculator, Manchester Investments, and author of the best-selling Education of a Speculator
“This book is sensible, balances risks with rewards, has a lot of real-world practical examples carefully worked out, and a lot of tangible parameters. This is the book I wish I had time to write.”
– David Edwards, President, Heron Capital Management, Inc.
“Fire Your Stock Analyst! grabbed my attention early and held it to the very end. This is a good book if you are interested in being your own stock guru or just getting started in common stock investment analysis.”
– Nicholas D. Gerber, Portfolio Manager, Ameristock Funds
“A refreshing antidote to run-of-the-mill investing ‘how-tos.’ The net result is an insightful and useful treatise on investing that works for both growth and value plays.”
– Charles Mulford, Invesco Chair and Professor of Accounting, Georgia Institute of Technology, and coauthor of The Financial Numbers Game: Detecting Creative Accounting Practices
“Fire Your Stock Analyst! offers honest and up-to-the minute advice and guidance on the investment-research process. Domash offers up a great combination of textbook knowledge backed by real-world examples.”
– Richard H. Driehaus, Driehaus Capital Management, Inc.
“Fire Your Stock Analyst! provides well-thought-out, sensible, step-by-step strategies for analyzing stocks, including when to sell. These analytical methods, used by pros though rarely explained to individual investors, will help you improve your results in the market right away.”
– Jon D. Markman, Senior Investment Strategist and Portfolio Manager, Pinnacle Investment Advisors
- Sales Rank: #782560 in Books
- Brand: Domash, Harry
- Published on: 2009-11-15
- Released on: 2009-11-05
- Original language: English
- Number of items: 1
- Dimensions: 8.94" h x .85" w x 6.00" l, 1.18 pounds
- Binding: Paperback
- 416 pages
From the Back Cover
The #1 Guide to Do-It-Yourself Stock Analysis-Now Fully Updated with Powerful New Shortcuts!
“Harry's book is among my most recommended readings because it provides a step-by-step process that enables any investor to analyze potential investment opportunities and ultimately become a much better investor.
- Charles E. Kirk, The Kirk Report
“This is a thoughtful book that will stir the imagination and whet the appetite of anyone considering investing in stocks. It will serve as a foundation for lifelong education in how to improve your wealth.
- Victor Niederhoffer,Chief Speculator, Manchester Investments, and author of the best-sellingEducation of a Speculator
“This book is sensible, balances risks with rewards, has a lot of real-world practical examples carefully worked out, and a lot of tangible parameters. This is the book I wish I had time to write.
- David Edwards,President, Heron Capital Management, Inc.
“Fire Your Stock Analyst!grabbed my attention early and held it to the very end. This is a good book if you are interested in being your own stock guru or just getting started in common stock investment analysis.
- Nicholas D. Gerber,Portfolio Manager, Ameristock Funds
“A refreshing antidote to run-of-the-mill investing ‘how-tos.' The net result is an insightful and useful treatise on investing that works for both growth and value plays.
- Charles Mulford,Invesco Chair and Professor of Accounting, Georgia Institute of Technology, and coauthor ofThe Financial Numbers Game: Detecting Creative Accounting Practices
“Fire Your Stock Analyst!offers honest and up-to-the minute advice and guidance on the investment-research process. Domash offers up a great combination of textbook knowledge backed by real-world examples.
- Richard H. Driehaus,Driehaus Capital Management, Inc.
“Fire Your Stock Analyst!provides well-thought-out, sensible, step-by-step strategies for analyzing stocks, including when to sell. These analytical methods, used by pros though rarely explained to individual investors, will help you improve your results in the market right away.
-Jon D. Markman,Senior Investment Strategist and Portfolio Manager, Pinnacle Investment Advisors
About the Author
Harry Domash is best known for his investing tutorial columns that have appeared regularly in print publications such as Business 2.0 Magazine, the San Francisco Chronicle and other newspapers, and on numerous Web sites including MSN Money and Morningstar.
He publishes DividendDetective.com, a site specializing in high-dividend investing, and WinningInvesting.com, a free site featuring “how-to” investing tutorials and other resources. Domash conducts fundamental analysis workshops and is a frequent speaker at Money Show investing seminars in Las Vegas, San Francisco, and at the American Association of Individual Investors’ meetings. His books include The Everything Online Investing Book: How to Use the Internet to Analyze Stocks and Mutual Funds.
Most helpful customer reviews
16 of 16 people found the following review helpful.
I teach from this book
By Cem Kaner, J.D, Ph.D.
I teach a software engineering course in Quantitative Investment Modeling. My main course texts are Kirkpatrick & Dahlquist's Technical Analysis and Domash's Fire Your Stock Analyst. I also rely on Damodaran's Investment Fables, Hirsh & Hirsch's Stock Trader's Almanac, Tracy's How to Read a Financial Report, Shadish, Cook & Campbell's Experimental & Quasi-Experimental Designs, and Pardo's Evaluation & Optimization of Trading Strategies. My typical students are graduate students or seniors in software engineering, computer science, business, or psychology. Some of them have trading experience, most have programming experience, all of them are interested in applying research methods to trading models. We do a lot of data mining in the course (it IS a software engineering course), we use a lot of tools, but we also look carefully at the characteristics of individual stocks. My bias as a reasonably successful investor is that technical analysis helps me identify interesting stocks and fundamental analysis helps me decide (from that pool) which ones to actually invest in or trade. Even in fast-turnaround trades, I won't buy (or sell a put on) a stock if I am not willing to keep it for a while if the trade goes against me. I convey that bias to my students and several (definitely not all) consider it carefully in their analyses.
Domash provides an approachable, sensible introduction to fundamental analysis that doesn't oversimplify the problems. I like that he points to sources on the web and makes clear enough what he is looking for that if one source goes away, students can find an alternative. The value of the book is not in these sources, but in what he does with them. Domash's analyses are not always straightforward. It is sometimes very difficult to estimate some parameters because of conflicting or missing information about a particular stock -- hmmm, maybe those are red flags. Domash's analyses don't always lead to converging results--one parameter might point toward a buy, another toward a sell -- hmmm, welcome to the real world of investing. If you could really just do a few calculations and get the "right" answer, everyone would be rich (or really, everyone would do the calculations and they wouldn't be effective for achieving high returns any more). Domash is maybe a little too directive sometimes. Why is 30% a magic number? But once you apply his analysis to real stocks, it becomes obvious that these specific numbers are just heuristics, and just intended as heuristics.
When I first read this book, I wish I had read it when I first started analyzing stocks. It summarized many lessons that I learned the hard way. As a teacher, I find that it helps me organize the learning of my students (the ones who come to me with little or no background in the market) and get to the interesting questions relatively quickly. It is not the ultimate book in valuation, but it is a darned good starting point.
19 of 20 people found the following review helpful.
Deeply flawed approach to investing
By Excimer
I read "Fire Your Stock Analyst!" cover to cover, understood everything in it, thinking it was great. I later realized that it isn't. This is a classic situation you can run into where you read something and your first thought is, wow, that really makes sense, but when you really start to think about it (and apply it) -- you begin to realize that there are serious flaws in the thesis.
Growth investing: the methodology leads you to pick certain stocks. If after you follow the methodology carefully and pick the stocks you actually look at the chart and see how they've done, you will see they've done incredible. Destroyed the S&P 500. It's amazing. Then you get thinking, wow, this obviously really works.
The problem (which I discovered after I picked my stocks) is, just because the chart did great from wherever in the past right up until yesterday, doesn't mean that the stock will, prospectively. Stocks selected with this methodology tend to trade for a lot more than what they're really worth. This is because they've been growing so fast that investors pour money into them, driving the price up further. That's fine as long as the rate of growth stays constant.
This means that any slowdown at all -- any shortfall at all from analyst expectations -- even the slightest -- and down, down goes the stock on reporting day, faster than you can blink (literally -- and I mean "literally" in the literal sense, not in the slang/idiomatic sense.
Value investing: Domash uses a historical average of P/E (specifically, the variant, price/sales) to determine whether the stock is undervalued. His theory is that if a stock traditionally sold at say 4:1 P/S and now it's 2:1, that means it's a value stock.
That's totally wrong. The problem is that he's confounding price and value. Value is totally independent of what the stock market says a stock is worth. P/E and P/S on the other hand are direct measures of what the stock market says the stock is worth.
Value has nothing to do with P/E or P/S. The value of a company is its net future capital inflows returned to the shareholders (i.e. profit after all expenses), from tomorrow to forever into the future, discounted (using an interest rate) to today. This is called "discounted cash flow." Something can traditionally have 4:1 P/S, and now be at 2:1 but still be overvalued. Or vice versa, and still undervalued. Value as nothing to do with P/S or P/E.
If you want to understand value investing, download Buffett's 1984 essay, the Superinvestors of Graham-and-Doddsville. You can google that and get it for free. You'll understand value investing in 15 minutes. Buffett: "Price is what you pay, value is what you get." And Buffett explains in simple language what value actually is.
Once you read Buffett, you'll realize that Buffett is saying the exact opposite of Domash. Buffett says: "the market ("Mr. Market") is nothing more than an agent that buys and sells stocks from you at any day at a given price. Sometimes that price has nothing to do with what the stock is worth."
Domash says: the historical P/E assigned to the stock by the market is right.
Some clever readers will point out that "over time" the market is right, but the problem is you don't know if the market is wrong now and right on the historical average -- which is the basic assumption Domash relies on -- or whether the market was wrong historically and right now. Buffett totally avoids this by saying, "Don't rely on the stock market to tell you what something is worth!"
Then buy Dorsey's "The Five Rules for Successful Stock Investing." Costs about 20 bucks. The whole book is a terrific "how to" guide to value investing. Dorsey (then an analyst at Morningstar) does a fine job of explaining how to value a company, how to compute a "margin of safety," what to look for in specific economic sectors (transportation, energy, services, consumer products, utilities, you name it) with a view to finding a "economic moat." You'll be well on your way to beat the S&P500 consistently.
I'm sure Mr. Domash is a smart guy but he's totally missing the fundamentals.
Domash's whole treatise reads like a graduate thesis that seems well written -even after you read it - but doesn't hold up to scrutiny.
Similarly, it recalls the unfortunate experience just about any serious college or university student has at least once during his/her undergraduate studies, where the student has a professor or an instructor who, the student begins to realize after a few days or weeks, really doesn't know their stuff.
Domash points out on his website "I work to deadlines." Not to bash the author, but that comment is telling.
I've got a fair few books in my trading and investing library, and most of them are excellent. There are a couple of baddies, and unfortunately this is one of them. The contrast between Domash's book and Dorsey's book is exceptional: the former is one of the worst and the latter, one of the best.
10 of 10 people found the following review helpful.
Great Investment Book for people who want to analyze companies before buying
By Amazon Customer
I have read many books from Rule #1 to the Intelligent Investor. This book i would says is somewhere in the middle of that range for content. It tops all investment books I have read so far for its structure and its ability to be comprehensive to all levels of readers.
For those who have read Rule #1 and the Intelligent Investor the above statement will make sense.
For those who have not: Rule #1 is very basic and does not explain why you are looking at certain numbers from a companies financial statements or how some useful ratio is calculated. It just states what you want to see in a small list of variables that affect a companies stock price in the market. The Intelligent Investor on the other hand is considered a must read for many professional stock analyst/traders. It gives examples and great detail on how investments (stocks, bonds, treasury notes, etc...) work in relation to their fundamentals. Even that book requires good back ground in knowing fundamental analysis and I find modern examples easier to follow.
Fire Your Stock Analyst in comparison gives two different strategies (Value and Growth). Within these strategies the author has broken down from start to finish how an at home investor can screen for companies that meet those definitions. He also tells why each of his criteria are used and suggests others. He then gives a analytical approach to researching the companies selected based on their business plan, financial statements, and price action. He uses examples from 2009 period so you can follow through with what the authur was expecting to happen based on his analysis with actuals.
This book in my opinion is the best book for someone who is not a professional but wants to begin making a systematic way of reviewing companies to invest in.
See all 15 customer reviews...
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