Valueguy134

I've been doing some work on Badger Daylighting and like the company, but just curious if someone with a VIC account would be able to send me the recent short thesis posted on the company. Any help is much appreciated.

http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/industry-primers-10852/?topicseen Check out the Bank Credit Analysis handbook, pricey but I learned so much and use it as a reference manual. Nate also posted some links that are very useful too.

http://www.amazon.ca/Investment-Banking-Valuation-Leveraged-Acquisitions/dp/1118656210/ref=sr_1_1?ie=UTF8&qid=1431369085&sr=8-1&keywords=investment+banking

I was putting something together in the book section. http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/industry-primers-10852/msg176975/#msg176975

If you wouldn't mind posting the list, it would be greatly appreciated.

Depends on the type of turbine and the plant and the situation you are in. A hot start will be very flexible as the turbine is essentially good to go. From a cold start, it depends on the turbine. I have built some plants where it's about 4 hours to bring online, others which much larger turbines that take a lot longer. With combined cycle plants it takes a long time, mostly due to the fact that it is not economical to run it without the steam turbine (something that takes a very long time to bring online from a cold start upwards of 24hrs).

No expert in coal Plan, but a couple of items come to mind from recent articles. There are new EPA regulations for coal plants in the states, from what I remember, all new plants require carbon capture technology (very expensive technology, and typically reduces the output of power available from the plant). The other items I would check out is the effect of peak steel (and the effect of China's slowing construction) and petcoke (from shale oil/heavy oil) on the coal market. Europe is importing more coal given the low cost to produce power vs nat gas (USA is dumping coal for nat gas plants) this could change if the US ends up opening up exports for refined products (hard to say with the huge job boom vs issues in Ukraine and energy security for Europe), either way there are LNG terminals that are given the green light. FInally there is an article on the FT, but I could only dig up a similar one on the NYtimes. http://www.nytimes.com/2014/08/17/opinion/sunday/china-confronts-its-coal-problem.html?_r=0

I agree with you 100%, but IFRS does allow for a fair value number on the balance sheet, but as i mentioned it must be revalued each year, which gives rise to fluctuating balance sheets and could be an issue for covenants given the higher leverage in RE. Also, it could provide swings to the equity value. This is also coupled with the cost of valuing a portfolio, something that could be quite expensive for some of the larger firms. Also, while in most markets buildings hold value well, that's not to say 2008/2009 doesn't roll around again and destroys the value.

You could say the same thing with almost any company. Equipment get worn down and maint. capex gets spent to make it last longer, but you depreciate the value on the books. My understanding is that with PPE, you need to be able to prove that the value on the books is equal to the greater of its liquidation value or cash flows it can generate. IFRS provides the option of maintaining the value of PPE at cost or fair value, but if the fair value option is chosen you cannot revert back to a cost basis in the future. Either way, most of the time management does not like the fluctuation of their balance sheet (with values changing in booms and busts). Also the PPE must be revalued each year which has an associated cost. I'm not an accountant and I'm digging deep into my memory, but I'm almost certain that is the reason. Also, to answer Laxputs question. Depreciation is a way of matching a unit of revenue with a unit of expense (in this case, the amount of wear and tear required to produce something). Since land cannot be worn out, it becomes an issue of matching expenses to your revenues, and as such land has no depreciation value.

I had Guy Spier on twitter, but all he had been doing was promoting his book and how great it was (flooding my feed), I got rid of him. After reading the review, it will most likely be a book I pass on.

Match with Offset is pretty good too. So is Alt + =

No problem. If you want a detailed outline check this book out. http://www.amazon.ca/Bank-Credit-Analysis-Handbook-Investors/dp/0470821574/ref=sr_1_1?s=books&ie=UTF8&qid=1397943983&sr=1-1&keywords=bank+credit+analysis+handbook It is very pricey but I gained a lot out of it.

While I am also not a fan of formulas, Penman is looking at things from a purely value perspective (albeit at a GARP sense). This book is definitely not geared towards a Graham stock, but closer towards Buffet. He outlines his thinking early in the book to indicate that he targets growth and ways to reasonably value it along with the risks. Either way, it's a bit heavy as there are a lot of formulas, but it helps get his point across. I read the book and flagged a lot of pages, I enjoyed the book as it was different than most value books that repeat the same things over (although the same things always keep on working).

You want a hard copy. Lots of flipping back and forth, and yes lots of tables.

As part of the risk weighted assets, I believe it would represent cash, investments, OREO, etc... The A/B/C should represent the different types of capital (equity, preferred, reserves, Long-term/Mid-Term debt)

Definitely a solid book.

http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/financial-services/

No problem, I think the only item that isn't really discussed for the banks portion is liquidity, but that in itself is also difficult to analyze (not saying it can't be done).

Came across this in another forum. Found that it gave a pretty good high level understanding of FIs. It's not the end all be all, but it should highlight areas of focus. 1) Banks How Do Banks Make Money? Net Interest Income (50-75% of revenues). The interest they receive on their interest-earning assets (loans), less the cost of: The interest they pay on their interest-bearing liabilities (deposits) The cost of bad loans (mortgages they foreclose on) Banks hold deposits, for which they pay little interest, and use them to make loans, for which they earn as much interest as they can. They also have to eat the cost of loans that default, how much of which is dependent on the quality of said loans and what collateral (if any) is associated with them. Besides just deposits, banks can also fund their lending activities using wholesale funding from other financial institutions, the government (i.e., the Fed), and the capital markets. Together, these comprise a bank’s interest-bearing liabilities. Equity contributions are also a source of capital, though it is usually fairly limited because of how banks deliver value to shareholders and the capital requirements associated with how they maintain their balance sheets. The investments banks “interest-earning assets” are primarily composed of loans (mortgages, commercial financings, construction loans, etc.), but can also include investments in other sources (securities, proprietary PE-type investments, stocks and bonds, etc.) depending on a bank’s capital position. The reason that interest expense is included “above” the top line (in net revenues) is because interest expense for a bank is analogous to COGS for a widget company. The uses of the liabilities drive bank interest expenses are fungible between being operational and being a traditional source of financing since again, their assets are their capital. Non-interest income (25-50% of revenues): Mostly composed of fees, but can include other fun stuff as well. Banks charge fees for pretty much anything they can get away with – likely the best know examples are investment banks charging advisory fees and commercial banks charging lending and deposit fees (think ATM fees and the like). Besides fees, other common sources of non-interest income include: • Principal Transactions– for certain sources of their capital, banks are not limited solely to fixed income able to make principal investments which are slightly more risky – merchant banking, for example. • Asset Management – Detailed further below, but also a fee - on the assets being managed • Credit cards – Besides the loans associated with the card, banks also use them to generate interchange fees (essentially a transaction fee – the reason so many delis in the city don’t take AmEx is because their interchange fees are much higher than other issuers) • Some investment income not included in interest income (typically from principal transactions) • Anything else that doesn’t involve interest income. Income Statement and Profitability Ratios Income Statement: Now, taking the above and walking through the rest of the Income Statement, we have the following (explanations below): Interest Income Less: Interest Expense = Net Interest Income Add: Non-interest Income = Total Revenues Less: Non-interest Expense = Pre-Tax, Pre-Provision Earnings Less: Credit Loss Provisions = EBT Less: Taxes = Net Income Definitions: Non-interest Expense – Essentially SG&A. Includes compensation expense, technology and equipment, marketing and sales, etc. Credit Loss Provisions – Banks have to assume that some portion of their loans are going to default. In anticipation of that, they set aside a certain amount of capital each period to match what they estimate the losses will be for the loans they originated. This is charged against the I/S in the period during which the loan is originated – i.e., not when the loans actually default (if they default). The capital they set aside and charge against their revenues goes to a reserve fund (a contra asset) on the B/S called Loan Loss Reserves – discussed below. Key Profitability Ratios: Net Interest Margin (NIM) – Net Interest Income / Average Earning Assets • Higher is better • How effectively bank is using assets to generate income Efficiency Ratio = Non-Interest Expense / Net Revenues • Lower is better • Measure of operational efficiency Return on Average Assets (ROAA) = Net Income / Avg. Assets • Higher is better • How effectively bank is using assets to generate income Return on Average Common Equity (ROAE) = Net Income / Avg. Common Equity • Higher is better • Ability to generate returns to investors in its common stock Loan Loss Reserves and Asset Quality Loan Loss Reserves As mentioned above, banks set aside a provision each period based on the loans they originated in that period. This goes to a contra asset called Loan Loss Reserves, which is basically an “emergency fund” for when loans go bad and the bank has to cover the cost of default. Where it gets tricky is that a loan can be behind on payments and not be considered a default. The process of disposing of bad loans therefore involves the following steps: 1. Loan is made 2. Borrower stops repaying loan 3. Up until 90 days past due, the bank accrues the interest on the loan as if it will eventually be paid back. 4. After 90 days past due, the loan goes to nonaccrual (they stop assuming they will get paid back any interest) and is considered a Non-performing Loan (NPL) 5. The NPL is appraised (based on the value of the collateral and any money the borrower can repay) and the expected loss from the loan is charged against the reserves (the Net Charge-offs, or NCO) 6. After the loan is foreclosed, any collateral is sold, and any recaptured principal is added back to the reserve as Recoveries. In the case of mortgages or real-estate loans, the collateral is called Other Real Estate Owned (OREO) – basically all the houses the bank has repossessed that they haven’t been able to sell yet. Each period, the reserve calculation is as follows: Loan Loss Reserve, BOP - NCO + Recoveries + Credit Loss Provision Expense (from I/S) = Loan Loss Reserves, EOP Asset Quality Ratios A banks asset quality is determined by what portion of their earning assets are not performing – i.e., not paying up. A bank with a lower portion of NPLs and Non-performing Assets (NPAs) (any earning asset that isn’t earning, whether due to default or non-payment) is going to perform better, so banks want to minimize these kinds of loans while also making sure they have enough reserves to cover the loss potentially associate with them. NPLs / Loans and NPAs / (Loans + OREO) • Lower is better • Reflect the portion of assets not earning money NCOs / Avg. Loans • Lower is Better • Amount of loan losses caused by customers default and lack of collateral Loan Loss Reserves / Total Loans • Higher is better, but too high means a bank could have money used for reserves that could be put to better use • Indicates adequacy of size of reserves Capital Adequacy and Regulation To reiterate, a bank wants as many interest earning assets as possible... and it wants to earn as much interest on those assets as possible. The problem is that, generally, loans with higher interest rates are also loans with higher risk profiles. Since the deposit base utilized by banks is one of the foundations of the financial system, there are all sorts of capital requirements regarding what a bank can and cannot use different types of capital for. Taken to an extreme, if a bank took everyone’s deposits and lost them all betting on red, then a lot of people would be SOL (the FDIC only covers up to $250k). Regulators don’t want that to happen, so they put in rules saying “You can’t bet people’s money on red, because that’s too risky, but you can invest this money in treasuries or something we think is safe”. To determine if a bank has enough capital to handle a “worst-case scenario” (think stress tests), banks use a variety of capital ratios to determine how solvent they really are and how big the risk that they lose everybody’s money is. The numerator of these ratios is some definition of what a bank’s “safe” capital (sources of funding) is, which is divided into tiers of decreasing safety thusly: Tier I • Tangible Common Equity (TCE) - Equity less goodwill and intangibles • Preferred Stock • Trust Preferred Securities (TRUPS) - A hybrid security primarily used by banks Tier II • Loan Loss Reserves • Subordinated Debt While the denominator is some representation of a banks total assets (i.e., loans and other investments): Tangible Assets (TA) - Total assets less goodwill and intangibles (i.e., assets that could be reasonably recovered in bankruptcy) Average Tangible Assets (ATA) – Average TA over a given period Risk-Weighted Assets (RWA) – Total assets, where each asset class is weighted based on it’s level of risk. The risk-weightings for cash, for example, is 0%, since cash is “risk free”. Most government securities are weighted at 20% ,since they are “kind of safe”, while commercial loans and ABS / MBS are weighted 100% of their value, and can be rated higher than 100% if they are below investment grade (BB). Capital Adequacy Ratios Tangible Capital - Simple, conservative approach to evaluating bank solvency Tangible Equity Ratio = (a+b) / TA Tangible Common Equity Ratio (TCE) = a / TA, essentially tells you the amount of losses a bank can take before shareholders equity goes to zero Regulatory Ratios - Used by bank regulators to capture the difference in risk between asset classes Tier 1 Common Capital = a / RWA Tier 1 Risk-Based Capital = (a + b + c) / RWA Tier 1 Leverage = (a + b + c) / ATA Total Risk-Based Capital = (a + b + c + d + e) / RWA Valuation As opposed to industrial companies and due to the nature of their business, banks are valued based on cash flows to shareholders only (in contrast to cash flows to shareholders and debt holders), as debt funding is directly correlated to the bank’s assets and its profitability. Banks tend to trade primarily based on Tangible Book Value (book value that would be available to shareholders in bankruptcy) and Earnings (P/TBV and P/E). 1. P/E – Because of the capital adequacy concerns mentioned above, banks are only able to dividend a limited amount of their earnings each period to equity holders, since they may have to retain some portion of their earnings in order to improve and/or maintain their capital position. Higher multiples are driven by higher quality (i.e., consistent) earnings 2. P/TBV - A representation of how many income producing assets a bank has. Higher multiples are driven by higher ROTCE ratios. 3. DCFs - While DCFs are rarely used to value banks, they can be applied to an estimation of future dividends (assuming a constant capital ratio) though this method is heavily dependent on cash flow and growth assumptions. 2) Insurance Companies How Insurers Make Money? This can be broken down into two ways again: 1) Underwriting Income The premium payments they receive, less: The claims payouts they make The operational costs associated with generating the policies that pay those claims 2) Investment Income Money they make by investing the cash they receive from premiums before they have to pay out claims Most of their income typically comes from investments. Insurers can and do make money from their insurance operations, but they usually price their products competitively so that they receive as many premiums as possible. Sometimes this means that they break even (or even come out negative) on a given insurance product because if they price it any more expensively then a competitor will capture that premium. Premiums are analogous to a bank’s deposit base – they represent cash with almost no cost-of-capital (or even negative cost of capital if an insurer is able to turn an operating profit) that insurers can invest for themselves (hence why Warren Buffet loves insurance so much). They want the investment income they can make on the cash they have lying around while it’s waiting to be paid out for policies. Life vs. P&C The insurance industry is broadly divided into two categories: Life Insurance, and Property & Casualty (P&C) Insurance (i.e. car / house / medical insurance – anything that isn’t life insurance). The reason for the distinction is because of the nature of the payout periods for life insurance vs. other kinds – life policies, by definition, last longer than any other type of insurance a consumer may purchase. Therefore, once they sell a policy, they know with reasonable certainty that they have the capital they get from those premiums for a fairly long amount of time, allowing them to make conservative, long-term investments that will generate more investment income than ones with lower time horizons. P&C insurers, on the other hand, have much shorter policies and payout periods. As such, in addition to investment income, they tend to rely slightly more on the income they can generate from their actual underwriting operations because they’re churning through policies. Accounting Quirks The total value of a given insurance policy is not static. The revenue and expenses associated with a policy (both historical and projected) can change over multiple periods. As such, there are a lot of accounting quirks associated with how insurers report their financials, mostly to do with how to reconcile the timing mismatch and estimates informing their underwriting profit. There are a boatload of variables that can affect how a policy is valued. Example to demonstrate: Let’s say you have a 3 year renters insurance policy, which you paid entirely up front. The insurer now has your cash in its hand, which it can use to invest, but it doesn’t actually “earn” the money for years 2 and 3 until years 2 and 3 happen, so what’s the fairest way to recognize it? And what about the associated investment income? Then, let’s say halfway through year 2, you get robbed and they have to pay out the full value of your claim. The recognized claim expenses associated with the policy to that point had actually been nil, but the reported expenses had been estimated (based on actuarial statistics). Now the insurer has to take this actual expense amount (the claim payout) and spread it out over the 3 years, including retroactively updating the recognized year 1 expense amount. Then on top of that it turns out the salesman who sold the claim had a clause in his contract that he would lose his unvested bonus if a certain amount of his policy sales resulted in claims, so now the commission expense associated with the policy also has to retroactively change for year 1 and the estimate for commission expense may have to be lowered for year 3. You also have the investment income / losses, which include both realized and unrealized interest income, dividends, capital gains and losses, etc, and all the fun accounting rules that get associated with them. Add to all this the fact that most insurers also take out their own insurance policies (called re-insurance) in order to hedge / manage their overall risk, so if your policy was reinsured it was likely ceded, or “given” to another insurer, who is actually the one now responsible for paying you (though indirectly). Oh, and don’t forget the taxes associated with all of the above. As a result of these complexities, a lot of understanding insurers comes down to understanding the accounting rules associated with them. To oversimplify, there are basically three kinds of accounting insurers use: 1. GAAP / IFRS – Traditional accounting required by the SEC. This focuses on trying to what an insurer “earned” in a given period so that shareholders can see that the business is healthy 2. Statutory – Accounting required by state insurance regulators (insurers are primarily regulated at the state level). This focuses on the cash insurers actually receive from premiums and pay out as claims so that regulators know that an insurer will have enough cash to cover their required payouts in the future. It also informs the rules surrounding when insurers are allowed to issue dividends to their shareholders (similar to bank capital regulation) Associated with Statutory accounting is what is called Statutory Capital & Surplus (C&S) – similar to shareholder’s equity, but with some adjustments. C&S is used by regulators to determine the maximum amount of dividends that an insurer can pay out to shareholders. The differences are basically that the income or earnings added to C&S each period are closer to actual cash earnings than in GAAP. Examples of specific differences include: a. Bonds are generally recorded at amortized cost (vs. as securities) b. Acquisition costs (cost of new and renewal policies) are charged as incurred and not “as earned” c. Realized capital gains/losses resulting from changes in interest rates are deferred and amortized over the life of the associated security 3. Embedded Value (EV) – While not required disclosure, EV accounting is used by life insurers as a way of determining the intrinsic value of all the policies on their books. If XYZ insurance company suddenly decides to stop doing business , then their existing policies they have would still generate premium revenue and have claims to pay for many years into the future. EV tries to estimate what the implied value of these policies would be. Income Statement and Profitability Ratios Basic Income Statement Direct Premiums Add: Assumed Premiums = Gross Premiums Less: Ceded Premiums = Net Premiums Insurers will report both Gross and Earned premiums for each of the above, the difference being that Gross Premiums represent the premiums expected to be received over the full life of a given policy, while Earned Premiums represent, predictably, the value of the premiums from a policy that an insurer actually earned over a given period based on the contracted length of the policy. Net Premiums Earned Add: Interest & Investment Income = Total Revenue Less: Losses and Loss Adjustment Expenses (LAE) Incurred Less: Commissions Less: Underwriting Expenses Less: Other SG&A Expenses = Operating Income Less: Interest = Pretax Income Less: Taxes = Net Income For statutory accounting purposes, net income is slightly different: Pretax Income Less: Increases (Decreases) in Deferred Acquisition Costs (DAC) = Statutory Pretax Income Less: Taxes = Statutory Net Income Definitions Direct Premiums = Policies the insurance company wrote themselves Assumed Premiums = Blocks of policies the insurer took from another insurance company (in order to provide reinsurance) Ceded Premiums = Blocks of policies the insurer gave to another insurance company (in order to get them reinsured) Interest & Investment Income – Similar to interest income for banks, though there is no associated interest expense in the top line Losses and LAE = The claims the insurer actually had to pay out in a period, along with any associated adjustments to previously paid out claims Commissions = Commissions paid for the policies generated in the period Underwriting Expenses = Expenses associated with actually implementing the policies they have – office Deferred Acquisition Costs (DAC) = DAC is an asset on the balance sheet that represents the expenses associated with acquiring (generating or purchasing) new policies that have been paid but not yet been incurred (since per GAAP rules they must be spread over the life of the policy). Change in DAC represents a non-cash item on the income statement, so Statutory Net Income adjusts for it in order to get a picture of what actual cash earnings are Unearned Premium Reserve (B/S Item): Similar to a bank’s loan loss reserves (though not a contra asset), insurers create a reserve for premiums insurers they up front on multi-year policies. They create a liability called an that increases when they receive upfront premium payments and decreases when over time as they actually earn the said premiums. Ratios Retention Ratio = NWP / GWP • Tells how much reinsurance an insurer relies on to balance their risks Weighted Investment Returns = Interest and Investment Income / Total Value of All Cash and Investments • Higher is better • Tells if an insurer is putting its money to good use Loss & LAE Ratio = Losses & LAE Expense / NEP • Lower is better • Ranges between 50 and 75% for P&C Expense Ratio = Total Expenses (Commissions + Underwriting Expense) / NEP • Lower is better • Typically around 25% Combined Ratio = Loss Ratio + Expense Ratio • Lower is better • Typically 90-110%. Under 90 is unusual • Underwriting margin is 1 – Combined Ratio Reserves Ratio = (GWP or NWP) / Reserves • Lower is safer • Typically around 150% Solvency Ratio = C&S / NWP • Higher is safer • Usually around 70%, minimum of 10-20% depending on regulator Risk Based Capital (RBC) Ratio = Total Adjusted Capital (TAC) / RBC • NAIC regulatory ratio, similar to bank solvency ratios • TAC = Statutory surplus • RBC is calculated in a similar way to RWA for banks, with different weightings given for their various investments and other assets • Above 200% is good, anything below 150% is bad. Under 70% requires state regulators to take control unless is corrected in 90 days. Valuation Valuing insurers is slightly different for Life vs. P&C insurers. Both generate investing income, so valuation based on balance sheet (including ROE and ROA) is important in the same way it is for banks. Because P&C insurers generate more of their income from underwriting, their valuation is also informed more by their operational performance. Ratios Both: • P/BV or P/ TBV – Higher for higher ROE • P / GWP or P/ NWP – Higher for higher premiums growth For P&C: • P/E – Higher for higher quality earnings For Life: • P/Embedded Value – Higher for higher ROEV DCFs are also possible for insurers in a similar way to banks – they can be valued based on their expected future dividends assuming constant capital requirements. Other FIG Subsectors (Yes we likely missed more than a few here) Diversified or Specialty Finance These include FinCos (payday lenders, etc.), “Non-Bank” Credit Card Companies (Visa / AmEx / MC), Mortgage REITS, Business Development Companies (BDCs), and agency (GSEs) The main source of revenue for both banks and specialty finance companies is net interest spread earned on loans and leases, with the funding model as the primary differentiator Whereas banks primarily extend loans by expanding credit through fractional reserve banking, i.e. “deposit funding”, specialty finance companies must secure its loanable funds in the capital markets Deposit funding is a unique legal privilege granted to banks, but comes with significant regulatory strings attached limiting the potential scope of banks’ lending activities Hence, there is a need for specialty finance companies to deliver credit products that do not fit well within a bank regulatory construct Specialty finance companies also compete directly with banks in certain areas. Diversified financials are valued in the same way that banks are. Asset Management Asset managers include both traditional long-only firms, like Franklin or Fidelity, and alternative asset managers like KKR or Fortress. Working on Wall Street, you should be familiar with the asset management business model. They invest (and hopefully make) money for people (or endowments, insurance companies, etc.) in return for a fee. Broadly, there are two kinds of fees asset managers can take: 1. Management Fees – This is a % of the total AUM, and is paid regardless of performance 2. Performance Fees – this is a % of the returns generated by the asset manager, with fees usually assessed on any performance above a given benchmark or high water mark Because of this, one of the most important metrics for asset managers is their AUM, and how quickly it is growing (or shrinking). AUM can grow (shrink) in 3 ways: 1. Investment gains or losses 2. Organic Flows = Money given to or taken out of an asset manager by their clients 3. Acquired Flows = AUM acquired from another asset manager The net organic flows of an asset manager or highly predictive of it’s market value, with higher flows obviously being better. Besides AUM and flows, however, asset managers are valued and treated similarly to other EBITDA companies, so we won’t go into more depth here. Securities Finally, there is “all the rest” - other financial firms that don’t fall into the categories outlined above. These are primarily in the securities industry, and are valued and analyzed in the same way as Widget companies. Examples of securities companies include: • Brokers (online and retail) • Boutique investment banks or advisory firms • Exchanges • Execution Services Firms • Financial Technology / Software Companies • Market Data Providers • Financial Processors

[amazonsearch]Case Interview Secrets: A Former McKinsey Interviewer Reveals How to Get Multiple Job Offers in Consulting[/amazonsearch] So not really a value book what so ever, and I only started reading it for obvious reasons. Either way, one thing I noticed is that a lot of techniques (frameworks) mentioned in the book are some of the methods I use to break down an investment (but not all) and look at the due diligence side. For those struggling on this end, this book might be of some help.

http://www.wallstreetoasis.com/files/DEUTSCHEBANK-AGUIDETOTHEOIL%EF%BC%86GASINDUSTRY-130125.pdf

Insurance accounting book (PDF): https://www.dropbox.com/s/rxspk05oanhkey7/Insurance%20Accounting%20Book.pdf

http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/industry-primers-10852/

Ya, I use pocketcasts to download my podcasts. It's about $5, but the app works really well, simple to use and has a great UI.

I wanted to start a thread to begin a collection of industry primers that everyone can add to. Hopefully we can make this a sticky. Here are some books from the top of my head. I have a bunch of Research Primers that I will also try to dig up links too. Oil and Gas Oil 101 - Morgan Downey http://www.amazon.com/Oil-101-Morgan-Downey/dp/0982039204/ref=sr_1_1?ie=UTF8&qid=1398804496&sr=8-1&keywords=oil+101 The Prize - Daniel Yergin http://www.amazon.com/Prize-Epic-Quest-Money-Power/dp/1439110123/ref=sr_1_1?s=books&ie=UTF8&qid=1398804533&sr=1-1&keywords=the+prize DB O&G 2013 Industry Primer http://www.wallstreetoasis.com/files/DEUTSCHEBANK-AGUIDETOTHEOIL%EF%BC%86GASINDUSTRY-130125.pdf http://www.srr.com/assets/pdf/oil-and-gas-company-valuations-business-valuation-review.pdf https://samples-breakingintowallstreet-com.s3.amazonaws.com/72-BIWS-O&G-Valuation.pdf Mining Gold and Precious Metals http://csinvesting.org/wp-content/uploads/2014/04/Merrill_Global_Gold-and-Precious-Metals.pdf Financials The Bank Credit Analysis Handbook: A Guide for Analysts, Bankers and Investors - Jonathan Golin and Philippe Delhaise http://www.amazon.com/Bank-Credit-Analysis-Handbook-Investors/dp/0470821574/ref=sr_1_1?s=books&ie=UTF8&qid=1398804594&sr=1-1&keywords=bank+credit+analysis+handbook Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions - Joshua Rosenbaum and Joshua Pearl http://www.amazon.com/Investment-Banking-Valuation-Leveraged-Acquisitions/dp/1118656210/ref=sr_1_1?s=books&ie=UTF8&qid=1398804699&sr=1-1&keywords=investment+banking Analysis and Valuation of Insurance Companies http://www8.gsb.columbia.edu/ceasa/research/papers/industrystudies Insurance accounting book (PDF): https://www.dropbox.com/s/rxspk05oanhkey7/Insurance%20Accounting%20Book.pdf http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/financial-services/ Shipping The Shipping Man - Matthew McCleery http://www.amazon.com/The-Shipping-Man-Matthew-McCleery/dp/0983716307/ref=sr_1_1?ie=UTF8&qid=1398804800&sr=8-1&keywords=the+shipping+man Viking Raid: A Robert Fairchild Novel - Matthew McCleery (In progress of reading) http://www.amazon.com/Viking-Raid-Robert-Fairchild-Novel/dp/0983716323/ref=sr_1_2?ie=UTF8&qid=1398804800&sr=8-2&keywords=the+shipping+man Real Estate Real Estate Finance & Investments: Risks and Opportunities -Peter Linneman (I only read the 2nd edition) http://www.amazon.com/Real-Estate-Finance-Investments-Opportunities/dp/0974451835/ref=sr_1_2?s=books&ie=UTF8&qid=1398804914&sr=1-2&keywords=real+estate+peter Commercial Real Estate Investing in Canada: The Complete Reference for Real Estate Professionals - Pierre Boiron and Claude Boiron (In progress of reading) http://www.amazon.com/Commercial-Real-Estate-Investing-Canada/dp/047083840X/ref=sr_1_1?ie=UTF8&qid=1398804995&sr=8-1&keywords=commercial+real+estate+investing+in+canada Media and Retail Sam Walton: Made in America - John Huey http://www.amazon.com/Sam-Walton-Made-In-America/dp/0553562835/ref=sr_1_1?ie=UTF8&qid=1399908615&sr=8-1&keywords=Made+in+America The Curse of the Mogul - Jonathan A. Knee http://www.amazon.com/The-Curse-Mogul-Leading-Companies/dp/1591843901/ref=sr_1_1?ie=UTF8&qid=1399907822&sr=8-1&keywords=The+Curse+of+the+Mogul