Value investors are those who evaluate companies based on their performance and asset value, and who find investment attractive when the company's value is undervalued compared to its current stock price.

--- p.23

If the stock price of a listed stock is a function of future earnings growth rate, then the focus of corporate analysis naturally becomes whether the company's earnings can increase.
To do this, we study hard by watching YouTube, listening to other people's stories, looking at public notices, and reading reports.
However, there are cases where you study hard, learn, and invest to see your profits grow, only to suffer losses when the stock price falls.
Even though I did what I was taught, I kept getting the answers wrong on the test, so I started blaming experts like analysts.
This is a limitation that even model students like me who did well in school often face.

--- p.40

To properly utilize the electronic disclosure site, you need to know what disclosures are posted on the site and what disclosure content you should focus on.
Having a toolbox at home doesn't make you a MacGyver.
You must develop the ability to understand the uses of tools and use them appropriately.

--- p.60

When we think about a company's financial statements, capital belongs to shareholders.
Shareholders own capital in proportion to the percentage of shares they own.
When a company makes investments, it can maximize its return on capital by effectively utilizing debt leverage.
We can't necessarily say that a company without debt is better because it can generate greater profits with less capital.

--- p.101

To help you understand consolidated financial statements, let's look at an example.
At home, my mother keeps a ledger with her own money.
If you create a ledger with only the money that came into your mother's house, such as what assets she has, how much she owes, how much she earns, how much she spends, etc., this is a separate financial statement.

--- p.110

If you read my writing together, you will never forget this content for the rest of your life.
Actually, I have described it as 'QPC-VR' to make it seem like there is something else going on.
Using difficult words is of no use other than showing off.
Let me emphasize this again.
The starting point of corporate analysis is the ribs.
Let's take a closer look at the details one by one, like tearing open a pair of ribs.

--- p.157

I said that sales flow is important.
When looking at the flow, an important thing to consider is seasonality.
For example, an ice cream company would naturally see high sales in the hot summer and a sharp drop in the cold winter.
In this case, it would not be a big problem for the company to see that sales in the fourth quarter dropped sharply compared to the third quarter, which included summer.
So, instead of comparing it to the previous quarter, you need to compare it to the same period last year to see if sales actually increased or decreased.

--- p.232

However, it should be noted that the data confirmed through business reports in this way has limitations in that it is retrospective.
Especially for large corporations where securities analysts periodically publish reports, the market is already informed of changes in performance even before the business report is released.
This means that if performance is expected to be good, the stock price will rise in advance, and if performance is expected to be bad, the stock price will fall in advance.

--- p.235

What if, while observing Jeryong Electric's orders, we had examined trends in the transformer industry and expanded our investment ideas to include HD Hyundai Electric and Hyosung Heavy Industries? And what if we had waited until these companies' actual performances materialized? Knowing exactly what to check, we could have adjusted the timing of our investments by continuously updating ourselves on the key points of transformer orders and performance.
As I said in the case of Daedong, we need to watch the future trends in European orders.

--- p.258

In that sense, disclosures that can help discover undervalued gems in the dirt can be much more important to ordinary investors.
Typical examples include insider purchases, disclosure of acquisition of 5% or more of shares by institutions or third parties, donations by insiders, and repurchases of treasury stock.
You might think that these announcements are of little importance because they don't cause stock prices to surge in the short term, but that's not true at all.

--- p.315

In my experience, the most meaningful gifts are those given by executives as a group to their children.
If we consider a situation where four or more executives make donations at the same time, the likelihood of the executives making donations at the same time by chance is quite low.
Wouldn't it be more likely that while the executives were talking among themselves, someone suggested that they should use this opportunity to donate to their children, and the other executives agreed?

--- p.357