Praise for Its Earnings That Count
Well-written, intellectually sound, accessible to those who take the time to understand, and a poke in the eye to those who abused our capitalistic system and those (pros) who let them get away with it.
John C. Bogle, founder and former CEO, The Vanguard Group
In a single, easy to use index, Hewitt Heiserman captures the essence of growth and valuea most insightful approach to stock picking.
Charles W. Mulford, co-author, The Financial Numbers Game, director, DuPree Financial Analysis Lab and professor of Accounting, Georgia Institute of Technology
Clear and engaging, Heiserman shows how to easily evaluate a growth companys investment potential for both conservative and aggressive investors. The result? The cautiously greedy investor wins.
Tom Jacobs, senior analyst, The Motley Fool
Heisermans unique and thorough analysis not only provides methods for avoiding companies with suspect earnings, but also uncovering the true gems that are able to grow well into the future.
Timothy M. Mulligan, J.D., LL.M., CPA., CEO, Forensic Advisors, Inc.
Hewitt Heisermans innovative financial analysis technique goes a long way towards providing an investor with an extra edge in identifying the growth stocks of tomorrow without being unduly exposed to excessive investment risk today.
Thornton L. Oglove, founder, Quality of Earnings Report
This book lays the groundwork for becoming a successful long-term investor.
Mark Sellers, equities strategist & portfolio manager, Morningstar, Inc.
As an avid reader of investment books, I recommend this book wholeheartedly.
Arne Alsin, Real Money.com and The Turnaround Fund
In a clear, sound and practical way, Heiserman provides an investment road map that enhances the odds of your becoming a successful long-term investor.
Robert L. Rodriguez, chief executive officer, First Pacific Advisors and two-time recipient of Morningstar Mutual Funds Manager of the Year
You really do have to understand earnings if you are to succeed long term in investing.
Jim Rogers, author, Adventure Capitalist and Investment Biker
Heiserman shows investors how to uncover Wall Street earnings quackery and frauds. A must read.
Kenneth Lee, author, Trouncing the Dow
Like a professional athlete, Hewitt Heiserman Jr. brings intensity and brainpower to the world of investing. You need the graduate school that Its Earnings That Count can provide. Buy the book and do your homework.
John D. Spooner, director-investments SmithBarney Citgroup and author of Confessions of a Stockbroker, Sex and Money, and Do You Want to Make Money or Would You Rather Fool Around?
Great addition to the literature! Hewitt Heiserman has crafted an easy read, basic tutorial on avoiding the most common mistakes caused by accounting phony baloney-combined with some age old investment wisdom. Mandatory for the intermediate investor!
Kenneth L. Fisher, CEO of Fisher Investments Inc. and Forbes Portfolio Strategy columnist
Copyright 2004 Hewitt Heiserman Jr. All rights reserved. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher.
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To Dad
A kind and generous man.
CONTENTS
FOREWORD
A HISTORIC BUBBLE INFLATES
It is only a matter of time until the Great Stock Market Bubble of 19982000 takes its proper place, at least metaphorically, in a new edition of Extraordinary Popular Delusions and the Madness of Crowds, the classic 1841 compilation of market manias by Charles Mackay. But we already know many of its causes.
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