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How To Pick Quality Shares

A three-step process for selecting profitable stocks

By Phil Oakley

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About the Author

Phil Oakley

Phil Oakley is an investment analyst and private investor. He works for Ionic Information, the makers of the market-leading ShareScope and SharePad software for private investors.
Phil spent 13 years as a professional investment analyst, with ten years working for fund managers and stockbrokers in the City. He left the City in 2009 and began writing educational articles for private investors. He ... Read more on Phil Oakley

Contents Listing

About the author
Preface
Introduction

Part 1: How to Find Quality Companies
1. Profits
2. A Company's Interest Rate
3. Introducing Free Cash Flow
4. Free Cash Flow Analysis
Part 1 Summary

Part 2: How to Avoid Dangerous Companies
5. The Dangers of Debt
6. How Debt Can Fool You
7. Hidden Debts
8. The Dangers of Pension Fund Deficits
Part 2 Summary

Part 3: How to Value a Company's Shares
9. The Basics of Share Valuation
10. Calculating a Company's Cash Profits
11. Using Cash Profits to Value Shares
Part 3 Summary

Appendices
1. The Power of Lease-Adjusted ROCE
2. FTSE 100 Data
3. High-Quality Companies and Shareholder Returns (2007-2016)
4. FTSE All-Share Sector ROCE Analysis
5. Glossary
6. Where to Find Data
About the author
Preface
Introduction

Part 1: How to Find Quality Companies
1. Profits
2. A Company's Interest Rate
3. Introducing Free Cash Flow
4. Free Cash Flow Analysis
Part 1 Summary

Part 2: How to Avoid Dangerous Companies
5. The Dangers of Debt
6. How Debt Can Fool You
7. Hidden Debts
8. The Dangers of Pension Fund Deficits
Part 2 Summary

Part 3: How to Value a Company' ...

Jacket Text

How to Pick Quality Shares provides a three-step process for analysing company financial information to find good investments: finding quality companies; avoiding dangerous or risky companies; and not paying too much for companies’ shares. Applying the in-depth techniques described here will give investors a fuller understanding of how companies really work, and an edge over other investors, including professional investors and analysts.

Phil Oakley, an experienced investment analyst and private investor, guides the reader step-by-step through these three stages:

1. For the first step, he shows how to identify the kind of high-quality companies that are likely to be profitable investments over the long term. Important themes are how much a company earns on the money it invests, reliable measures of profit, and the importance of cash flow.

2. Next, he shows how to spot dangers and risks that can lead to a company that is superficially attractive turning out to be a bad investment. Here the focus is on how to analyse debt, in particular hidden debt and pension fund deficits.

3. Lastly, he shows how to value a company's shares and determine what is a reasonable price to pay to invest in that company. Phil shows why some common shortcuts to valuing shares are unhelpful, and how to use cash profits to value shares more reliably.

No longer is in-depth financial data and analysis the preserve of the City. Private investors have access to all the information they need to make well-informed investment decisions. But still many investors lack the confidence to back their own judgment. How to Pick Quality Shares will give you this confidence - improving your skills and making you a more profitable investor.

Professional Reviews

"This should be at the top of every investor's reading list." Matthew Partridge, MoneyWeek


Media Coverage

MoneyWeek

Few people will disagree that accounting is one of the least interesting parts of investing. However, an ability not only to read a balance sheet, but also to know which are the most important parts ...

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Master Investor

Stick it on your shelf!
This is an excellent first book from Phil Oakley... It is a worthy addition to any investment library

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UK Value Investor

It's full of practical ideas with lots of detail on how to calculate ratios ... a solid addition to your investment library.

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Academia de Inversion

How to Pick Value Shares serves to acquire very useful knowledge about financial analysis

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MoneyWeek

... If you read this book in conjunction with Picking Quality Shares by MoneyWeek contributor Phil Oakley, which focuses more on reading balance-sheets, you will end up with a ...

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