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\"Many changes have taken place in the financial markets since the first edition of Fundamentals of Investment Management was published in the early 1980s. However, the one constant has been a sincere commitment within this text to capture the excitement and enthusiasm that we feel for the topic of investment management. Throughout the book, we attempt to present applied theory alongside real-world examples that illustrate the theory. Our goal is that by the time conscientious students complete an investment class using this textbook, they will be able to manage investments in the real world. We approach financial analysis the way it is done by many Wall Street firms. Geoff Hirt directed the CFA program for the Investment Analysts Society of Chicago (now the CFA Institute of Chicago) for 15 years and sat on the board of directors from 2002 to 2005. Stan Block has been a practicing CFA for over 20 years. Both of us have taught and advised student-managed investment funds at our universities and we bring this wealth of learning experience to the students who study from this text. Both of us manage diversified portfolios. We are close to the markets on a daily basis and keep abreast of major developments in the economy, market structure, and globalization of the markets. Above all else, we have written a text that is user-friendly, but make no concessions to the importance of covering the latest and most important material for the student of investments\"-- Provided by publisher.

This chapter is segmented into two parts. The first deals with the role of information in customer risk assessment and the second deals with the interpretation of financial statements.

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Strange Parallels: Southeast Asia in Global Context, c.800-1830: I: Integration on the Mainland. New York: Cambridge University Press, 2003. Pp. xxiii, 484. $24.00 (US), paper. Reviewed by Nicholas Tabling Alan Knight. Mexico: From the Beginning to the Spanish Conquest. New York: Cambridge University Press, 2002. Pp. xix, 254. $60.00 (US); Alan Knight. Mexico: The Colonial Era. New York: Cambridge University Press, 2002. Pp. xix, 353. $65.00 (US). Reviewed by Eric van Young Debra Higgs Strickland. Saracens, Demons, and Jews: Making Monsters in Medieval Art. Princeton and Oxford: Princeton University Press, 2003. Pp. 336. $60.00 (US). Reviewed by David Williams Perez Zagorin. HOW the Idea of Religious Toleration Came to the West. Princeton and Oxford: Princeton University Press, 2003. Pp. xvi, 371. $29.95 (US) Reviewed by John Christian Laursen Amnon Linder. Raising Arms: Liturgy in the Struggle to Liberate Jerusalem in the Late Middle Ages. Turnhout, Belgium: Brepols, 2003. Pp. xx, 423. €90.00. Reviewed by Christoph T. Maier Brenda Bolton and Anne J. Duggan, eds. Adrian IV The English Pope (1154-1159): Studies and Texts. Aldershot and Burlington: Ashgate, 2003. Pp. xv, 343. $84.95 (US). Reviewed by James M. Powell Róbert Simon. Ibn Khaldün: History as Science and the Patrimonial Empire, trans. Klára Pogátsa. Budapest: Akadémiai Kiadó, 2002; dist. Pordand: ISBS. Pp. 217. $57.00 (US). Reviewed by Michael Brett John F. Richards. The Unending Frontier: An Environmental History of the Early Modern World. Berkeley and Los Angeles: University of California Press, 2003. Pp. xiv, 682. $75.00 (US). Reviewed by Michael Williams Jos Gommans. Mughal Warfare: Indian Frontiers and High Roads to Empire, 1500-1700. London and New York: Roudedge, 2002. Pp. xv, 268. $27.95 (US); paper. Reviewed by Stephen F. Dale David A. Lupher. Romans in a New World: Classical Models in Sixteenth-Century Spanish America. Ann Arbor: University of Michigan Press, 2003. Pp. vi, 440. $59.50 (US). Reviewed by Arthur M. Eckstein Matthew Restall. Seven Myths of the Spanish Conquest. New York: Oxford University Press, 2003. Pp. xix, 218. $48.00 (CDN). Reviewed by Ida Altman Horst Pietschmann, ed. Atlantic History: History of the Atlantic System, 1580-1830. Göttingen: Vandenhoeck is Ruprecht, 2002. Pp. 556. €86.00. Reviewed by Ian K. Steele H. V. Bowen, Margarette Lincoln, and Nigel Rigby, eds. The Worlds of the East India Company. Woodbridge, UK and Rochester, NY: Boydell Press, 2002. Pp. xiii, 246. $75.00 (US). Reviewed by Jon E. Wilson David Ormrod. The Rise of Commercial Empires: England and the Netherlands in the Age of Mercantilism, 1650-1770. New York: Cambridge University Press, 2003. Pp. xvii, 400. $75.00 (US). Reviewed by H. T. Dickinson David S. Landes. The Unbound Prometheus: Technological Change and Industrial Development in Western Europe from 1750 to the Present, 2nd ed. New York: Cambridge University Press, 2003. Pp. xii, 576. $27.00 (US), paper. Reviewed by Rick Szostak Patrice Higonnet. Paris: Capital of the World, trans. Arthur Goldhammer. Cambridge, MA and London: Harvard University Press, 2002. Pp. 493. $35.00 (US). Reviewed by Donald Reid Michael Rowe, ed. Collaboration and Resistance in Napoleonic Europe: State-Formation in an Age of Upheaval, c.1800-1815. Basingstoke and New York: Palgrave Macmillan, 2003. Pp. xii, 254. $72.00 (US). Reviewed by Philip G. Dwyer Purnima Bose. Organizing Empire: Individualism, Collective Agency, and India. Durham, NC and London: Duke University Press, 2003. Pp. xi, 278. $22.95 (US) paper. Reviewed by Thomas R. Metcalf Dierk Walter. Preufiische Heeresreformen, 1807-1870: Militärische Innovation und der Mythos der 'Roonschen Reform'. Paderborn: Verlag Ferdinand Schöningh, 2003. Pp. 654. €88.00. Reviewed by Gunther E. Rothenberg Brian E. Vick. Defining Germany: The 1848 Frankfurt Parliamentarians and National Identity. Cambridge, MA and London: Harvard University Press, 2002. Pp. x, 283. $49.96 (US). Reviewed by Helmut Walser Smith James A. Jones. Industrial Labor in the Colonial World: Workers of the Chemin de Fer Dakar-Niger, 1881-1963. Portsmouth, NH: Heinemann, 2002. Pp. xxiii, 154. $59.95 (US). Reviewed by Martin Klein Irmin Schneider. Die deutsche Ruplandpolitik, 1890-1900. Paderborn: Verlag Ferdinand Schöningh, 2003. Pp. 344. €38.00, paper. Reviewed by David Wetzel S. C. M. Paine. The Sino-Japanese War of 1894-1895: Perceptions, Power, and Primacy. New York: Cambridge University Press, 2003. Pp. xi, 412. $55.00 (US). Reviewed by David Curtis Wright Greg Cuthbertson, Albert Grundungh, and Mary-Lynn Suttie, eds. Writing a Wider War: Rethinking Gender, Race, and Identity in the South African War, 1899-1902. Athens: Ohio University Press; Cape Town: David Philip Publishers, 2002. Pp. xix, 345. $24.95 (US), paper. Reviewed by Martin Legassick Robert B. Bruce. A Fraternity of Arms: America and France in the Great War. Lawrence: University Press of Kansas, 2003. Pp. xx, 380. $39.95 (US). Reviewed by Mitchell Yockelson Eric Lohr. Nationalizing the Russian Empire: The Campaign against Enemy Aliens during World War I. Cambridge, MA and London: Harvard University Press, 2003. Pp. xi, 237. $45.00 (US). Reviewed by Norman E. Saul Tammy M. Proctor. Female Intelligence: Women and Espionage in the First World War. New York and London: New York University Press, 2003. Pp. xvi, 204. $29.95 (US). Reviewed by Hew Strachan Alfred W. Crosby. America's Forgotten Pandemic: The Influenza of 1918,2nd ed. New York: Cambridge University Press, 2003. Pp. xiv, 337. $60.00 (US), cloth; $22.00 (US), paper; Howard Phillips and David Killingray, eds. The Spanish Influenza Pandemic of 1918-19: New Perspectives. London and New York: Routledge, 2003. Pp. xxi, 357. $100.00 (US). Reviewed by Linda Bryder Kais M. Firro. Inventing Lebanon: Nationalism and the State under the Mandate. London and New York: I. B. Tauris, 2003; dist. Basingstoke and New York: Palgrave Macmillan. Pp. 274. $59.50 (US). Reviewed by James A. Reilly Kathleen Hayes, ed. and trans. The Journalism of Milena Jesenska: A Critical Voice in Interwar Central Europe. New York and Oxford: Berghahn, 2003. Pp. vi, 323. $29.95 (US). Reviewed by Igor Lukes Silvio Pons. Stalin and the Inevitable War, 1936-1941. London and New York: Frank Cass, 2002. Pp. xvi, 240. $62.50 (US); Steven Merritt Miner. Stalin's Holy War: Religion, Nationalism, and Alliance Politics, 1941-1945. Chapel Hill and London: University of North Carolina Press, 2003; dist. Toronto: SBS. Pp. xix, 407. $90.75 (CDN). Reviewed by Gabriel Gorodetsky Francine McKenzie. Redefining the Bonds of Commonwealth, 1930-1948: The Politics of Preference. Basingstoke and New York: Palgrave, 2002. Pp. xii, 351. $72.00 (US). Reviewed by Catherine R. Schenk Eunan O'Halpin, ed. Mis and Ireland, 1939-1945: The Official History. Dublin and Pordand: Irish Academic Press, 2003. Pp. xiv, 130. $26.50 (US), paper; Mark M. Hull. Irish Secrets: German Espionage in Ireland, 1939-1945. Dublin and Portland: Irish Academic Press, 2003. Pp. xx, 383. $59.50 (US). Reviewed by WILLIAM Sheridan Allen Kathleen E. R. Smith. God Bless America: Tin Pan Alley Goes to War. Lexington: University Press of Kentucky, 2003. Pp. xiii, 274. $45.00 (US). Reviewed by John W. Jeffries Nick Smart. British Strategy and Politics during the Phony War: Before the Balloon Went Up. Westport: Praeger, 2003. Pp. 267. $67.95 (US) Reviewed by David Dutton W. A. B. Douglas, Roger Sarty, Michael Whitby, with Robert H. Caldwell, William Johnston, and William G. P. Rawling. No Higher Purpose: The Official Operational History of the Royal Canadian Navy in the Second World War, 1939-1943: II: Parti. St Catharines: Vanwell Publishing, 2002. Pp. xix, 664. $60.00 (CDN). Reviewed by Geoffrey Till Omer Bartov. Germany's War and the Holocaust: Disputed Histories. Ithaca and London: Cornell University Press, 2003. Pp. xxi, 248. $18.95 (US)> paper; Fritz Kieffer. Judenverfolgung in Deutschland - eine innere Angelegenheit? Internationale Reaktionen aufdie Fluchtlingsproblematik, 1933-1939. Stuttgart: Franz Steiner Verlag, 2002. Pp. 520. €100.00. Reviewed by Robert Edwin Herzstein Petra Goedde. GIS and Germans: Culture, Gender, and Foreign Relations, 1945-1949. New Haven and London: Yale University Press, 2003. Pp. xxiii, 280. $35.00 (US). Reviewed by Thomas Borstelmann David M. Glantz. The Soviet Strategic Offensive in Manchuria, 1945: 'August Storm'. London and New York: Frank Cass, 2003. Pp. xxviii, 451. $59.50 (US); David M. Glantz. Soviet Operational and Tactical Combat in Manchuria, 1945: 'August Storm'. London and New York: Frank Cass, 2003. Pp. xvi, 368. $59.50 (US). Reviewed by Dale R. Herspring Steven E. Phillips. Between Assimilation and Independence: The Taiwanese Encounter Nationalist China, 1945-1950. Stanford: Stanford University Press, 2003. Pp. xiii, 256. $55.00 (US). Reviewed by Ralph N. Clough Independent Commission Of Experts Switzerland - Second World War. Switzerland, National Socialism, and the Second World War: Final Re