The book, "Five Rules for Successful Stock Investing," is an outstanding read.

It covers ALL aspects of choosing equity investments (though stocks are the focus). Best of all, it takes a fairly complex subject and breaks it into digestible chunks. For example, the author goes through the process of reading financial statements (annual report and 10k), showing where the money appears and disappears without requiring a bachelor degree in accounting.

Digestible chapters simple means that there is one idea which is developed for each section and not so much detail that it becomes a textbook exercise. (One does not lose the point of the discussion.)

It is illustrated with examples of well known companies, with an explanation of why the best answer is not always the obvious answer.

Finally, it is written in a style that is thoroughly readable.

I really really like this book and keep going back to it. Mr. Dorsey has a knack for presenting what could be very confusing obtuse financial information and definitions into concise and simple manner without dumbing down the reader. The book has some simple rules that could be incorporated into a stock picking stategy. Combined with other books from william O'Neill and Peter Lynch, it just adds to what goes into picking a great stock. Isn't it wonderful that most of the information is available free on the net? I don't invest in stock recommendation services for the simple fact that I want to learn how to pick good stocks for myself without having to fall back on the crutch of someone else's opinion, cuz that's basically all it is, an opinion.

I have been looking for someone to help me better understand how to fundamentally analyze a stock. Mr. Dorsey's book does exactly that. It requires prior basic knowledge, but it leads you to a more complete understanding of how to really know a company. As an individual, I try to invest my small capital as wisely as possible. This book helps me eliminate guestwork. I will read more of his material. THANKS

This book gives everything you need about fundamental analysis, including how to see in detail company business. Sangat layak dibeli,tapi tidak banyak menyediakan strategi trading. Not much trading strategies in this book

This is the first book which demonstrates how to calculate the intrinsic value of a stock. I read through many famous books like The intelligent investor, How to make money in stocks, Only 3 questions that count, How to beat the street, Technical Analysis of Financial Markets etc etc, but non explained me this most basic fact of how to calculate the intrinsic value.
This book do require basic mathematical knowledge(+ - * / %) but nothing fancy. If you practice the value calculation twice you will get it how to do it for life. Putting it in excel just makes things far easier.

Does not get too bogged down in details and tells you what you need to know. at the same time, if you want to know the details, this book gives you a helping hand and points you to places where you can become even more knowledgable.

I have tried a lot of investing books but never been so lucky to have one of this kind. a very neat explanation and step by step guide for novel investors. I would recommend this book for any one who would like to step his or her first steps toward right investing career. a second step is always little easier than the first one, I would like you to read and understand what Pat Dorsey is trying to explain to you and then you may expand your knowledge with more in-depth finance/investing books.

Good luck for your investing.

I bought this book because I wanted to understand every detail of fundamentals. Author did not describe all lines that are in income statement, balance sheet, and cash flow and he jumps around a little bit. I think book has useful reminders how to better read SEC filings and what to look for. Companies author mentions are in completely different place today and that gives us all reminder that things are not written in stone and changes comes quickly. Writting useful book on this topic is not an easy task, so I would recommend this book as supplemental reading. You might find here some useful information.

Dorsey is one of the people behind the Morningstar system for evaluating mutual funds, stocks and electronically traded funds - the system that has made Morningstar one of the most respected names in investing.

Dorsey presents the nitty-gritty of investing in this book. Most of the book is very understandable, and is the perfect book for anyone wanting to learn how to invest effectively in the stock market. There is probably no better general introduction to investing on the market.

The only difficulty is the material from chapters 3 - 6, where Dorsey explains the math and concepts behind all of the letters you see when you look at market information (like P/E Ratio, P/S Ratio, ROI, ROE, etc.). It can be a bit intimidating, but (a) you can read the book and skip these chapters with no problem, and (b) it is worth the effort to at least look at the math, since Dorsey tells you what figures are helpful, what figures are not, what figures are very important in evaluating an investment, and what figures are misleading.

Before you invest $10 in the market, spend the money on this book. Your portfolio will love you for it.

Dorsey is one of the people behind the Morningstar system for evaluating mutual funds, stocks and electronically traded funds - the system that has made Morningstar one of the most respected names in investing.

Dorsey presents the nitty-gritty of investing in this book. Most of the book is very understandable, and is the perfect book for anyone wanting to learn how to invest effectively in the stock market. There is probably no better general introduction to investing on the market.

The only difficulty is the material from chapters 3 - 6, where Dorsey explains the math and concepts behind all of the letters you see when you look at market information (like P/E Ratio, P/S Ratio, ROI, ROE, etc.). It can be a bit intimidating, but (a) you can read the book and skip these chapters with no problem, and (b) it is worth the effort to at least look at the math, since Dorsey tells you what figures are helpful, what figures are not, what figures are very important in evaluating an investment, and what figures are misleading.

Before you invest $10 in the market, spend the money on this book. Your portfolio will love you for it.

This is by far the best stock market book I read. I read a lot of good books, Intelligent Investor, One up on wall street. The Warren Buffett Way, The Essays of Warren Buffett, The little book that beats the market, and this is by far the most helpful ccause it guides you step by step and it really goes into details. Most of the books just narrates with generalities. I really like the part where it teaches you how to look look at the income statement, balance sheet and cash flow, how to compute the future cash flow and get its present value and how to compute the intrinsic value. After discusing the procedures, it completes it with real life example the goes tru step by step. After each chapter, theres a summary. Highly Recommended!

This book is one of the best starting point. After reading this book, I have read many other books, I think this is the best starting point.

The book is a great introduction to the basics of corporate accounting and valuation. It's a sound strategy for the average investor interested in long-term capital gains for retirement, college etc. But why not just buy a good mutual fund? Morningstar is basically applying the same principles of mutual fund investing to stocks. Odds of finding the next microsoft with this strategy....basically nil, odds of buying and holding microsoft for the next millenium....very good. If you are an aggressive young investor who wants to find the next gold mine and can handle the risk of losses, look elsewhere. I suggest anything by William O'neil.

This book shows you how to calculate the value of a stock like Morningstar it also tells you the percents that Morningstar uses when they calculate the fair value on a stock and what price to buy a stock at. If you like figuring this stuff out yourself BUY THIS BOOK, I haven't found any other book that gives this information yet.

I agree with the other reviewers that this book is an outstanding essay for those who want to learn how to select stocks for a value portfolio. Where we differ is that for the typical investor he does not have the resources to build a properly diversified portfolio- either financial or mental resources. Value stocks do provide returns in excess of broad market returns but in order to have adequate diversification you must assemble several hundred issues well beyond the resources of the average investor. Further one must have the time and skill to evaluate several thousand issues.

I can offer a solution to this problem.I want to recommend for you a book titled How to Make Money in the Stock Market-Buy 2,500 different stocks for $1000 - Pay no Commission This book is a must for those wanting to find out about indexing (passive investing) and why it is the superior method for the small investor (and big one too). This book is an outstanding guide to personal investing. It will be useful to all investors from novices to highly the highly experienced. This book prepares the reader to approach investing from the standpoint of the underlying science. It is the antithesis of a 'get rich quick scheme'.

All aspects of Modern Portfolio Theory and passive (index) investing are explained in a through and easily understood manner. The aspect I like most is that as well as a solid theoretical foundation the book is very practical and shows the reader how to create (and more importantly) and manage over time a successful portfolio. This is a great book- for the beginning investor, it's a great place to start and for the experienced investor there are many valuable suggestions.

It's a shame to think of how much money investors have lost "investing" in the stock market over the years. I wish I had read this little book years ago. The chapter on automatic investing recommends a number of portfolios that follow modern portfolio theory and adjust risk as you age without any effort on the part of the reader at all. Had this book been written years ago and had I followed its directions I would be rich today of that I am certain. Nevertheless I will pursue one of the portfolios recommended and stick to my chosen asset plan.

I love this book. It teaches you all the things that you need to know about value investing in an easy to understand format.
I highly recomend it to anyone who truly wants to learn about value investing.

Also i suggest you to buy the Investing Workbook series.

Don't just read this book and let it languish on your library shelf. STUDY this book carefully, and keep it with you for reference.

Chapter 5, "Financial Statements Explained" is in my opinion, the most important part of the book. As an investor, understanding what the Cash Flow Statement and Balance Sheet is telling you is the only way to understand what's really going on in the company.

Did you know that the Accounts Receivable entry can tip you off that the company may be in trouble? The Balance Sheet can tell you if anything is tying up the companies cash flow and reducing earnings.

You can't discover this essential information any other way than by reading the financial statements and understanding them. Pat Dorsey, the author, is a master at explaining these important concepts without talking down to the reader. You probably won't take everything in on the first pass through the book. It will require some time and work on your part to really understand what Dorsey is saying, but then when has anything worthwhile in life come without effort?

If you can buy only one book on investing this year, buy this one. If only it had been available when I first started investing.

I hope the second printing corrected some of the many errors that found their way into the original. I'm referring to incorrect numbers, for the most part. For example, p. 150 Step 3 for Clorox shows "perpetuity value = (412.8 X 1.03) / (.09 - .03) = $16,777.61." Way off. The 412.8 should be 977.3. There are many such errors. I'm afraid the beginning researcher/investor will become frustrated at not being able to replicate the analyses. Take all calculations with a grain of salt.

However, for $12 or $17 it's hard to beat. Dorsey goes through the discounted cash flow approach to analyzing a company and valuing a stock step by step. Very clear. Once the errors are fixed it could be a great book. I know how it is rushing a book to the printer before it's ready and I don't want to be too harsh. Even eliminating all practical examples it's still a good read.

This book is great for getting a basic understanding of what to look for in companies before you invest. However, I have to warn you that the information does not apply to "non-value" stocks that well. The chapters in the back of the book are great in terms of breaking down each industry and giving a quick overview of what to look for in each of these sectors. Overall, the book is a good read even if it is more tailored to value investors because a lot of the lessons are universal such as not falling in love with the product or finding companies with large competitive advantages.

This is the most practicle book on value investing that I have ever read. The book is easy to understand and really presents difficult financial conepts well. It contains real world examples which have helped me evaluate companies, industries, and sectors with the objectivity required to truely benifit from value investing.

I highly reccomend this book for anyone tryig to bolster their investing knowledge or looking get a fresh perspective on Graham's investment principles.

Though I strongly dislike how this book preaches to you and tries to convince you that the only way to make money is by being a value investor (which is simply not true, though value investing is a very useful strategy), I believe the text does a brilliant job of covering the nuts and bolts of long-term value investing. More importantly, Pat Dorsey is a good writer, who uses clear and concise language, which makes it a lot more enjoyable to read if you are a practitioner. The book also does a brilliant job of covering specific industries, and it is this part of the book that sets it apart from other value books, which only touch on the broad macro-economic aspect of the market.

I believe this book will provide any investor with a good foundation for successful investing.

This book is best suited to those that have some understanding of stock investing, and are wanting take greater control over managing their portfolio. Unlike so many "how toos" on stock investing, Morningstar's Guide starts with a basic explanation of understanding financial statements (something that too many investors simply ignore), and building upon those basics then introduces the reader to how to value the stocks market value relative to "real" value. Finally, the Guide ends with an almost 100-page analysis of the pertinent characteristics of stocks in major industry groups (eg, energy; healthcare).

For a great and complete primer, this one hits the mark.

Borrowed this from the library and decided to buy it after reading. Dorsey gives the "morningstar" method of evaluating stocks, which emphasizes safety through choosing stocks with a wide "economic moat," cash flow and income to survive worst case scenario. In fact, one of his rules for investing is to envision the worst case scenario for each stock. The method he outlines here is extremely rigorous and time-consuming. I don't see how anyone could take the time to evaluate each stock in a 10-20 stock portfolio using his method unless you didn't do anything else, i.e, unless you're a professional investor. That said, he does give lots of good points and cautions. The section one evaluating a company's financial statement is very thorough and detailed. Also valuable is an in-depth chapter on the ins and outs of all the major and minor market sectors, banks, technology, energy, health, and etc.

If you know very little about investing and financial statements, you might get more out of this book. However, a large portion of it is dedicated to summarizing and explaining the financial statements. If you know this information already you will skip a large portion of this book. On top of this the style and flow of the book make for a rather boring read.
Also, this book is promoting the specific investing philosophy of the author, which essentially is a buy and hold strategy. Attempts are made throughout the book to discourage most other types of strategies, so if you believe in a different strategy and do not want to be preached to this is not the book for you.
The most helpful information comes at the end of the book with a little more detail about specific industries and what to look for when investing in those industries, although some of the information is obsolete. Other than this section of the book you will find yourself skipping over much of the content if you have any kind of knowledge about investing. To summarize, if you are new to investing, this book might be able to help you to a certain extent, but if you are an experienced investor there are much better and less boring books out there.

This is a rather readable book abounds with good tips for amateur (or even professional) investors. It tells you which industries to put your money and which not, e.g. Energy is a luscious industry but not Power Generation and why; it tells you why a bank is preferred to an insurance company, and why larger banks are preferred to smaller ones...etc. It also pinpoints the bottleneck of various popular industries and draws our attention to where usually the pitfalls are as far as the management and their financial reports are concerned. It is most insightful in its rather up-to-date discriptions of the nitty gritties of some popular industries.

However, this book doesn't touch upon asset allocation things like how bonds, commodities and cash could help your investment in stocks. There is little, if at all, on any derivatives. It is not meant to be a replacement of Warren Buffet or Soros or Peter Lynch's wisdom, still less the fundamentals of Grantham. In particular, note that with the change of a single element in investment environment (& there are huge differences between Asia or Bric and US!!!), and then the choice of stocks should or could be the other way round, and if one chooses to follow the advice of this book to its letters, it might prove to be very costly.

This is a most readable book abounds with good tips for amateur or even professional investors. It tells you which industries to invest in and which not, e.g. Energy is a luscious industry and not Power Generation and why; it tells you why a bank is preferred to an insurance company, and why a larger bank is preferred to a smaller one...etc. It even pinpoints the bottleneck of various popular industries and where generally the pitfalls might be as far as the management and its financial reports are concerned. It is most insightful in its rather up-to-date discriptions of the nitty gritties of some popular industries and also in their categorization.

However, this book doesn't touch on asset allocation like how bonds, commodities and cash could help your investment in stocks. There is little, if at all, on any derivatives. It is not meant to be a replacement of Warren Buffet or Soros or Peter Lynch's wisdom, still less the fundamentals of Grantham. Moreover, note that often with the change of a single factor in investment environment (& there is huge differences between Asia or Bric and US!!!), and your choice of stock should or could be completely different and if you still follow the advice of this book to every word, this might prove to be costly.

This book scarcely touches on asset allocation like what bonds, commodities and cash could do to help your investment in stocks. There is little if at all on any derivatives. It is still less any replacement of Warren Buffet or Peter Lynch's wisdom and not even the fundamentals of Grantham.

Yet this is by itself a most readable book that contains some very good tips for both amateur and professional investors alike. It tells you which industries to invest and which not , e.g. Energy is a luscious industry and not Electricity Generation and why... It also pinpoints the bottleneck of various industries and where the pitfalls might be and what investors should watch out as far as the management and their financial reports are concerned. It is most insightful in its rather up-to-date depictions of the nitty-gritties of a number of the leading companies and also in their categorization.

This book scarcely touches on asset allocation like what bonds, commodities and cash could do to help your investment in stocks in times of inflation or deflation. And there is little if at all on any derivatives. It is still less any replacement of Warren Buffet or Peter Lynch's wisdom.

Yet this is by itself a most readable book that contains some very good tips for both amateur and professional investors alike. It tells you which industries to invest and which not , e.g. Energy is a luscious industry and not Electricity Generation and why... It also pinpoints the bottleneck of various industries and where the pitfalls might be and what investors should watch out as far as the management and their financial reports are concerned. It is most insightful in its rather up-to-date depictions of the nitty-gritties of a number of the leading companies and also in their categorization.

This book scarcely touches on business cyle or asset allocation-- things like what bonds, commodities and cash could do to helf your investment in stocks in times of inflation or deflation etc. And there is little if at all on any of the derivatives. Yet this is nonetheless a most readable book that contains some very good tips for both amateur and professional investors alike. It tells you which industries to invest and which not and why, e.g. Energy is a luscious industry and not Electricity Generation... It also gives you the limitations/impasse of various industries and where the pitfalls might be and what you should watch out as far as the management and their financial reports are concerned. It is most insightful in its rather up-to-date depictions of the nitty-gritties of a number of the leading companies and also their categorization.

"The Five Rules for Successful Stock Investing" is a guide to value investing by Morningstar's Director of Stock Analysis Pat Dorsey and the folks at Morningstar, Inc. The book's goal is to educate investors in how to "find wonderful businesses and purchase them at reasonable prices." Its title is a little misleading in that the "Five Rules" are a small part of this book. The five principles to which the title refers are: 1. Do your homework, 2. Find companies with strong competitive advantages (or economic moats), 3. Have a margin of safety, 4. Hold for the long term, 5. Know when to sell. Those are vague principles, but most of this book is dedicated to telling you just what homework you need to do and exactly how to do it. Pat Dorsey and Morningstar are advocates of long-term investing who are skeptical of trading and portfolio churning, so this book's intended audience is value investors. No technical analysis here. This is all fundamental analysis, but traders may find the advice on analyzing company finances useful as well.

"The Five Rules for Successful Stock Investing" has 2 parts: Chapters 1-12 are a "how-to" for analyzing companies, their finances, and determining what their stock should be worth. Key points include how to evaluate a company's competitive advantages, what to look for in financial statements, analyzing a company's management, spotting financial chicanery, and how to determine a company's intrinsic value. This is all fairly complex, and there is math involved, but the book takes you through the process, with examples, explaining why and how every step of the way. Chapters 13-26 provide overviews of 13 industries, from banks to software to industrial materials, including information on what the industries do, how they make money, hallmarks of successful companies, and risks to look out for. Each of these chapters concludes with an "Investor's Checklist" for that sector to help you identify key factors when choosing a stock. "The Five Rules for Successful Stock Investing" is among the best books I've seen for learning how to pick apart financial statements, and it packs a great deal of advice on evaluating companies within their sectors into one concise and readable volume. Highly recommended to value investors.

Very good! This book is a very interesting approach into fundamental analisys. I recommend it if you need to know how to analyse several sectors of economy.

It is absurd how good this book is.

Sadly, it's also overlooked by many and doesn't seem to get the "shelf space" it deserves. I guess in a way that's good --the more knowledgeable the masses become, the harder it is for us folk to capture and exploit pricing inefficiencies in the market (greater fool theory).

Anyways, back to the book: It is pure genius -- insightful and easy to read.

Dorsey is a CFA who knows stocks like the back of his hand.

The best part about this book is when Dorsey goes off and breaks each sector down to its most important metrics for study.

For those just beginning to dabble in the market, I can't think of a better introduction -- in fact, if this is your first book on stocks, consider yourself way ahead of the the crowd, who is probably off somewhere reading Suze Orman, buying expensive mutual funds that lag the S&P, and drinking 5$ latte when they should be buying SBUX and betting on rapid expansion abroad.

Have been meaning to put in a good word for this book for a long time. It's a gem. I've read an embarrassingly large number of introductions to investing in equities and this is probably the best. Other books purport to tell you how to identify hot stocks; Dorsey shows how to value companies. This isn't just a matter of understanding PE ratios and other traditional metrics, which most books explain more or less adequately. Instead, it means analyzing balance sheets and cash flow and income statements. _Five Rules_ provides as reader-friendly an introduction to assessing a company's financial statements as I've come across, with plenty of real-world examples. The object in the end is to determine the present value of a company's future cash flows, and Dorsey's explanation of a simplified version of Fisher's and William's discounted cash flow model is lucid and lively. Clorox is the company evaluated in this chapter, and en route there are instructive comparisons of HP and Dell, Best Buy and Circuit City, and, finally, AMD and Biomet. Chapter 8, Avoiding Financial Fakery, is particularly helpful. Obviously, having read this book and nothing else, you're not going to be able to spot something fishy in the footnotes to Microsoft's income statement that has escaped the attention of all the analysts. But for someone without a background in accounting, _Five Rules_ is a godsend.

Dorsey then conducts a very informative tour d'horizon of 13 industries. It should go without saying that before you invest in a company, you'd want to find out something about the economics of its industry, so you can compare apples with apples. The chapter on health care is especially good, but I found them all excellent.

In an Ameritrade ad that aired this week, a teenager asks her dad for $80 for a pair of jeans. The dad is nonplused, but the girl assures him that everyone is buying these jeans. He asks her who the manufacturer is, promptly logs onto Ameritrade, checks a chart, and buys the company's stock. The guy then gives his daughter the $80, a reward for the hot tip, presumably. He might do OK this time, but you have to figure he'd be a lot better off in the long run investing a fraction of that $80 in _Five Rules_.

Bottom line: there are a ton of books on trading strategies, but if you're looking for a practical book on value investing, this is the best.

I had a bit of a tough time going through certain parts of this book, partly because I'm just not the kind of person that can pick apart financial statements. But it does help you go through them [financial statements] and learn what they mean, and how cash flows through a company. If you can understand what they are trying to tell you; you are WAY ahead of your average investor, even the smart ones.

Most importantly, they teach you about "economic moats". These are the strengths of the company that keep competition at bay for a long period of time, allowing the company to continue to grow for years (and thus, the stock price and dividends as well). It also goes through the businesses represented in the stock market, sector by sector, to tell you how to analyze a particular stock from each sector and its good and bad characteristics.

A little tough, and certain parts require some math, but even if you don't "get it" all 100%, you're still way ahead of your average investor, as I said. You definitely come out of this book with more knowledge about companies and mistakes made by average investors than you knew before you turned the first page.

My only wish is that some of its more acute parts didn't go over my head quite so high...and that is why I give it 4 instead of 5 stars. Otherwise, a FANTASTIC book. Definitely pick it up and don't be afraid of not understanding all of it: you'll at least absorb something out of it that will get you ahead.

It is one of the best book that I read, refered to stock investemnt. The fundamental analysis are very clear, and he explain how to read well all the statement of the corporate.
The sector analysis that Pat Dorsey made, is very interesting and is a great contribution for the book.

Excellent book! Well written, orderly and professional. I originally bought Smartmoney's stock book and returned it because it gave me such a headache and sections seemed to be skipped over. Morningstar's book is the way to go for any investore, whether just starting out or for the professional.

The Five Rules for Successful Stock Investing has recently replaced Buffettology as the best stock investing book I have ever read. Morningstar.com is always a great source of investing advice, and they have produced a very informative book.

Other titles I highly recommend:
The New Buffettology by Mary Buffett (Stocks)
A Random Walk Down Wall Street by Burton G. Malkiel (Mutual Funds)
The Theory of Investment Value by John Burr Williams (Stocks & Bonds)

I could write pages on the +'s I found in this book and it is an outstanding "textbook" for the investor.
In summary, the book goes BEHIND the numbers and how to make a purposeful evaluation.
Best stock book I have ever read.

This book is the best book on fundamental investing that I have ever read. It is clear, concise and filled with simply stated useful information. For anyone interested in value investing this is a perfect place to start. Financial information is demystified, and the worth and usefulness of each financial statement is explained methodically and completely enabling any investor to analyse a company in a logical and competent manner. Financial ratios and the importance of each is covered.
Additionally, and unusually, a number of industries are discussed, giving the salient factors to consider in each.
There is also an excellent bibliography for additional reading.
All in all, this is a superb book.

I retired at 51 on my investments and have spent much of my time trying to counterbalance the instant-gratification claims of so many of those selling seminars and "help" to the investor.

While few people would be so foolish as to pay $40,000 for a Honda Civic despite that car's solid engineering, many will buy a stock with no concept of what its fair-market value may be. Of this number, some are subscribers to the Greater Fool School of investing. They'll happily overpay for a popular stock in the arrogant belief that they'll be able to unload it for a profit to some Greater Fool. Sometimes, they will indeed make a profit. (At other times, they'll make an excuse.) This book is not for them.

The rest overpay not because they subscribe to the Greater Fool school but because they simply have no idea of how to value a stock. THAT is where this book shines. It will make the investor more conscious of what a stock is worth -- thereby avoiding the payment of $40,000 for a Honda or (in some cases) the payment of $100,000 for a Yugo!

Will the identification of value stocks and the discipline of not overpaying for a stock guarantee a profit? On any given purchase, of course not. However, it is a fool's task to argue that conscious investing based upon some sense of a company's true value will not reward more of its practitioners than Greater Fool speculations will over time.

If you're a serious investor with at least the discipline and patience than you demand of your own children, following this book's counsel should help you to make more money with greater safety. It's more accessible than The Intelligent Investor and a must read both for the novice and for the experienced investor who would like to pick up some distinctions that will improve his or her performance.

The best investing principles, as clearly reiterated here, are stable and evergreen. As an investor, you'll welcome author Pat Dorsey's unambiguous, straightforward presentation of the always valid wisdom of the markets. This conveniently organized book offers several chapters of general relevance to investors in all markets and industries, including an industry-by-industry examination of the determinants of value. The title is cute, but the content isn't about the title's rules - it is about learning and obeying the basics of stock investing. We recommend the author's long term perspective. Many of the directions he sets for potential investments could still be valid years hence.