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The Number: How the Drive for Quarterly Earnings Corrupted Wall Street and Corporate America
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Sales rank 130,923
Customers rating (based on 22 reviews)
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With a new Afterword by the author and a new Foreword by Mark CubanIn this commanding big-picture analysis of what went wrong in corporate America, Alex Berenson, a top financial investigative reporter for The New York Times, examines the common thread connecting Enron, Worldcom, Halliburton, Computer Associates, Tyco, and other recent corporate scandals: the cult of the number.Every three months, 14,000 publicly traded companies report sales and profits to their shareholders. Nothing is more important in these quarterly announcements than earnings per share, the lodestar that investors—and these days, that’s most of us—use to judge the health of corporate America. earnings per share is the number for which all other numbers are sacrificed. It is the distilled truth of a company’s health.Too bad it’s often a lie.Alex Berenson’s The Number provides a comprehensiv, brutally factual overview of how Wall Street and corporate America lost their way during the great bull market that began in 1982. With wit and a broad historical perspective, Berenson puts recent corporate accounting (or accountability) disasters in their proper context. He explains how the wheels came off the wagon, giving readers the information and analysis they need to understand Enron, Tyco, WorldCom, Halliburton, and the rest of the corporate calamities of our times.
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| Publisher | Random House Trade Paperbacks | | Release date | 04/2004 | | Availability | Usually ships in 24 hours | | Edition | Paperback |
| | List price | $14.95 | | Our price | $14.65 (you save 2.01%) | | Used price | from $6.9 |
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trippy, makes you question wall street
this book was an interesting read, and tripped me out at some points. The guy definitely did his research.
 A must read for any who would invest in financial markets
Alex Berenson has done the public a huge public service with this book. He clearly and logically describes serious problems with the US Stock markets, based on corporate avarice, greed and cowardly, dishonest politicians. His sections on the creation then the gutting of the SEC are perceptive and insightful. His overview of the decline of corporate accounting standards, led by the big US accounting firms, including, of course Arthur Anderson give a clear picture of the problems and what needs to be done.
We need transparent and honest markets. We don't have them.
A great book for experienced investors and for novices.
 The Number
A book about accounting written by a nonaccountant. A waste of your time and money. My copy went into the trash.
Very good
Concise and crisply written. Shows in a way how the 1990s were an inevitable outcome of prior history
What Might Those Quarterly Earnings Mean?
New York Times business reporter Alex Berenson has written a book that every investor should read. "The Number" traces the history of Wall Street trends, bubbles, busts, and the accounting fashions that accompanied them from the 1920s to the present day. He explains how the cult of The Number was born, making quarterly earnings reports the last word on any company's health, and how this facilitated the chicanery at Enron, Tyco, and the scandalously large paydays for incompetent corporate executives that have made headlines across the nation in recent years. "The Number"'s primary focus is actually on the evolution of accounting practices over the past 80 years. Berenson asserts that a disintegration of standards and an increase in conflicts of interest in the accounting profession prevent potential and current shareholders from understanding any company's health or its stock's true value. In other words, accounting slight of hand is such that it would take a detective to figure out if a company is making money or losing it. In explaining how and why, "The Number" gives us a fascinating, very readable history of the numbers and the people behind the trends since this nation first went crazy over the stock market in the 1920s. Mr. Berenson definitely has a viewpoint. He is in favor of stricter regulation for the accounting industry, perhaps more than is necessary or practical. But he makes some good points. And "The Number"'s chronicle of how things are on Wall Street and how they got that way is invaluable for any investor. Alex Berenson's writing is interesting, easy for anyone to understand, and his insights are essential to understanding what quarterly earnings reports do and don't mean, whether they be for big corporations that are the backbone of our economy, or little ones that may make or break your nest egg.
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