#74 Stephen Penman: Financial Statement Analysis for Value Investing
From Investing by the Books by Redeye AB
August 26, 2025 · 59 min · Episode 74
About this episode
Stephen Penman discusses the role of accounting in value investing and shares insights from his latest book.
In this episode, we have the pleasure of welcoming back Stephen Penman, professor emeritus of accounting and security analysis at Columbia Business School. Stephen has been elected into the Accounting Hall of Fame and is also a distinguished author. We discuss his latest book, in which he shows how accounting helps you, how it doesn't help you, and how to use it when evaluating investments. Stephen also shares his insights on hurdle rates, the development of accounting, and the possible impact of AI.
People in this episode
Guest: Stephen Penman
Topics covered
- financial statement analysis
- value investing
- accounting
- AI impact
- investment evaluation
Keywords
- financial statements
- value investing
- accounting analysis
- hurdle rates
- AI in finance
Mentioned in this episode
Organizations: Columbia Business School, Accounting Hall of Fame
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