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Description
Accounting for ValueAccounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book's novel approach shows that valuation and accounting are much the same: valuation is actually a matter of accounting for value. Laying aside many of the tools of modern finance the cost of capital, the CAPM, and discounted cash flow analysis Stephen Penman returns to the common sense principles that have long guided fundamental
Accounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book's novel approach shows that valuation and accounting are much the same: valuation is actually a matter of accounting for value. Laying aside many of the tools of modern finance--the cost-of-capital, the CAPM, and discounted cash flow analysis--Stephen Penman returns to the common-sense principles that have long guided fundamental investing: price is what you pay but value is what you get; the risk in investing is the risk of paying too much; anchor on what you know rather than speculation; and beware of paying too much for speculative growth. Penman puts these ideas in touch with the quantification supplied by accounting, producing practical tools for the intelligent investor. Accounting for value provides protection from paying too much for a stock and clues the investor in to the likely return from buying growth. Strikingly, the analysis finesses the need to calculate a "cost-of-capital," which often frustrates the application of modern valuation techniques. Accounting for value recasts "value" versus "growth" investing and explains such curiosities as why earnings-to-price and book-to-price ratios predict stock returns. By the end of the book, Penman has the intelligent investor thinking like an intelligent accountant, better equipped to handle the bubbles and crashes of our time. For accounting regulators, Penman also prescribes a formula for intelligent accounting reform, engaging with such controversial issues as fair value accounting.Binding Type: Hardcover
Publisher: Columbia University Press
Published: 12/10/2010
ISBN: 9780231151184
Pages: 244
Weight: 1.06lbs
Size: 9.24h x 6.36w x 0.87d
Review Citations: Choice 06/01/2011
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4.5 ★★★★★
Based on 22 reviews
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Product Reviews
★★★★★ 5
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Format: Paperback
Esoteric book on becoming a section 8 investor. The uncertain times we are living in, the timing is now to rent out to section 8 tennants. McLean and Cipriano have shared mistakes and very helpful advice to be super successful. I was taken back and very grateful how helpful this book is.
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Reviewed in the United States on June 12, 2025
★★★★★ 4
Insightful, funny, but a bit unforgiving
This book is an absolutely no holds barred guide for preparing a current/future Section 8 Landlord for difficult situations and tenants. The authors own over 300 rental properties and prefer to remove anything and absolutely everything not strictly required for passing a property inspection. This means ripping out things like screen doors, washing machine hookups, dishwashers, etc. Following their method, you end up with a relatively spartan property that easily passes inspection. They're a bit light on the empathy side, but overall, this is still excellent business advice. The writer is also really funny and some of the anecdotal stories are great. Definitely worth the money!
The only reason I'm giving it 4 stars is the Diversified Real Estate Investor Group papers (written by James M. Bennett) in Chapter 18 are incredibly difficult to read on a kindle (see the picture). Otherwise, this is a 5 star book full of excellent advice.
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Reviewed in the United States on August 28, 2016
★★★★★ 5
Nuts and Bolts of Section 8 for Landlords
Format: Paperback
Learned so much from this book. Lots of practical information and
entertaining to read. I bought all of the books by this team of do-it-
your-selfers. They even include access to a rental contract they
advertise as ironclad.
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Reviewed in the United States on April 25, 2025
★★★★★ 5
Very open. No BS
Format: Paperback
I normally dont give reviews unless the product is exceptionally well. I am learning and will enter into this area of real estate thanks to this book series. I have read and highlighted the hell out of book one. Because, of the plain talk this book is written in make it easier to understand. Great job. After I finish all 3 of these. I will order the other. Thank you for sharing you knowledge, expertise and experiences. You really tell people the truth and I wasn't expecting that. I was expecting some truth with alot of BS. You delivered.
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Reviewed in the United States on November 26, 2025
★★★★★ 5
Great, Practical, Real
Format: Paperback
Finally a real estate book that has real, practical tips and methods to go out and get deals done.
I almost didn’t read this as in the last few months I have poured through dozens of books and got sick of the “have a solid goal and motivate yourself” or the “this is why real estate is a great investment” that plagues 99% of books in this area while providing no real context. This book should have been my first go-to book. It’s real, authentic, full of real world advice and tips. Read it and you finally get an idea of how to do it from the guys who actually do it.
This isn’t a “feel good” book written by an author or journalist. It’s a practical, raw, real-world guide to Section 8 real estate from the guys who have hundreds of units. A must read
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Reviewed in the United States on January 27, 2021