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Investing in Financial Research
A Decision-Making System for Better Results
Foreword by Tony Blair, Former UK Prime Minister:
The AREA Method helps make the process of financial decisions as rational as possible, pausing to reflect at the right moment and striking fast where necessary. There is no substitute for painstaking research and hard work but there is a way of utilising the effort to the maximum effect. This is the purpose and the pleasure of Cheryl’s book.
“I have been lucky to witness Cheryl’s work on her AREA Method over the last few years. To me, it is a work of genius. Cheryl has literally broken the code on all aspects of critical thinking both left and right brain. Her work is for everyone from young to old. It is enduring and will evolve as more people adopt the AREA Method in their toolbox for thinking. Hats off!”Joseph PlattGeneral Partner at Thorn Partners LP and Director at CONSOL Energy, BlackRock Liquidity Funds and Trustee at Blackrock Collateral Trust
“I read your first book. You definitely outdid yourself on this one. Before I opened your book, I thought of Buffett and Kraft Heinz and the AREA Method. In your conclusion, what is said in that chapter is everything I believed leading up to it. Simply put, your book is a masterpiece.”Mark Zashin
“In an era dominated by algorithms, people have stopped learning how to think for themselves. Cheryl Strauss Einhorn’s book is the antidote, providing a system that will train you to analyze and synthesize like the experts.”Jesse EisingerPulitzer Prize winning journalist and senior reporter for ProPublica.
“Investing In Financial Research should sit on every investor’s bookshelf between Graham’s The Intelligent Investor and other seminal finance textbooks. It addresses a key gap in the finance literature, by explaining how to conduct financial research using a structured, replicable process that addresses the incomplete, imperfect, and often biased information we encounter in the "real world." I wish I learned this content earlier in my career―All of my employees will be receiving a copy of this book.”David McCombie IIIFounder and Chief Executive Officer of McCombie Group
“Investing in Financial Research is a thorough, thoughtful and well organized book and a must-read for any serious investment professional. Cheryl's deeply researched content, real world case studies, and tear sheets provide both a practical framework and applicable toolkit for readers to use in their own investment research process. This book is now a staple on my bookshelf. Thank you, Cheryl, for this contribution to the investment community.”Albert LukPortfolio Manager, Cayre Family Office
“Cheryl Einhorn takes us step-by-step through how to apply her highly acclaimed AREA Method to financial research. Investing in Financial Research is exceptionally well written, easy to read, and complete with examples of the method’s applications. While the book’s natural audience is securities analysts and investigative journalists, it will benefit and should be an essential part of a reference library of, a much broader audience of accounting, valuation and finance professionals.”Vladimir V. KorobovPartner Marcum LLP
“Investing in Financial Research is the most pragmatic, in-depth, and comprehensive hands-on guide for conducting investment research available. Einhorn’s process will deliver insightful, unbiased, and perceptive investment decisions. The book is a straight forward and systematic guide to clarity.”Paul JohnsonCo-author of Pitch the Perfect Investment: The Essential Guide to Winning on Wall Street and Adjunct Professor of Finance at Columbia Business School
“Why wasn’t there a book like this when I started out as a stock market sleuth?”Bill AlpertInvestigative Reporter, Barron’s
“Absolutely brilliant, detailed reference book for the investor who wants an exhaustive list of analytical questions to ask before buying a company. Furthermore, the context to those questions - Cheryl Einhorn's AREA method of decision-making - is an analytical map that provides structure to a process that can easily feel overwhelming. As I research a company and want to make sure I'm prepared to make an investment decision that will hold up, I expect to refer to this book over and over.”Danielle TownNew York Times bestselling author of Invested and founder of The Invested Podcast
“Thank you so very much for your wonderful workshop for the CFA NY on your AREA method of decision making and its invaluable usefulness as framework for advanced investment research.”Mathias StrohfeldtCFA Society NY and Director Equity Research, Invesco
Make better financial decisions
Every day, people around the world make financial decisions. They choose to invest in a stock, sell their holdings in a mutual fund or buy a condominium. These decisions are complex and financially tricky – even for financial professionals. But the literature available on financial research is dated and narrowly focused without any real practical application. Until now there’s been a gap in the literature: A book that shows you how to conduct a step by step comprehensive financial investigation that ends in a decision.
This book gives you that how
Investing In Financial Research: A Decision Making System For Better Results is a guidebook for conducting financial investigations. The book lays out Cheryl’s AREA Method – a research and decision-making system that uniquely controls for bias, focuses on the incentives of others and expands knowledge while improving judgment – and applies it to investigating financial situations. AREA is applicable to all sorts of financial sleuthing, whether for investment analysis or investigative journalism. It allows you to be an expert in your own life.
The AREA Method provides you with:
- Defined tasks that guide and focus your research on your vision of success;
- A structure that isolates your sources, giving you insight into their perspectives, biases and incentives;
- Investigative resources, tips and techniques to upgrade your research and analysis beyond document-based sources;
- Exercises to foster creativity and originality in your thinking;
- A sequence and framework that brings your disparate pieces of research together to build your confidence and conviction about your financial decision.