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 Break Down
Your Money
HO W TO G E T B E Y ON D T H E N OI S E
TO P R O FIT IN T H E M A RK E T S

Tracy Byrnes

John Wiley & Sons, Inc.

ffirs.indd iii 5/8/08 9:59:11 AM

ffirs.indd ii 5/8/08 9:59:11 AM
 Break Down Your Money

ffirs.indd i 5/8/08 9:59:10 AM

ffirs.indd ii 5/8/08 9:59:11 AM
 Break Down
Your Money
HO W TO G E T B E Y ON D T H E N OI S E
TO P R O FIT IN T H E M A RK E T S

Tracy Byrnes

John Wiley & Sons, Inc.

ffirs.indd iii 5/8/08 9:59:11 AM

 Copyright © 2008 by Tracy Byrnes. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or

transmitted in any form or by any means, electronic, mechanical, photocopying,
recording, scanning, or otherwise, except as permitted under Section 107 or 108 of
the 1976 United States Copyright Act, without either the prior written permission
of the Publisher, or authorization through payment of the appropriate per-copy fee to
the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978)
750–8400, fax (978) 750–4470, or on the web at www.copyright.com. Requests to the
Publisher for permission should be addressed to the Permissions Department, John
Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748–6011, fax (201)
748–6008, or online at http://www.wiley.com/go/permissions.

Limit of Liability/Disclaimer of Warranty: While the publisher and author have

used their best efforts in preparing this book, they make no representations or
warranties with respect to the accuracy or completeness of the contents of this book
and specifically disclaim any implied warranties of merchantability or fitness for a
particular purpose. No warranty may be created or extended by sales representatives
or written sales materials. The advice and strategies contained herein may not be
suitable for your situation. You should consult with a professional where appropriate.
Neither the publisher nor author shall be liable for any loss of profit or any other
commercial damages, including but not limited to special, incidental, consequential,
or other damages.

For general information on our other products and services or for technical support,
please contact our Customer Care Department within the United States at (800)
762–2974, outside the United States at (317) 572–3993 or fax (317) 572–4002.

Wiley also publishes its books in a variety of electronic formats. Some content that
appears in print may not be available in electronic books. For more information about
Wiley products, visit our web site at www.wiley.com.

Library of Congress Cataloging-in-Publication Data:

Byrnes, Tracy
Break down your money : how to get beyond the noise to profit in the
markets / Tracy Byrnes.
p. cm.
Includes bibliographical references and index.
ISBN 978-0-470-22680-3 (cloth)
1. Stocks. 2. Bonds. 3. Portfolio management. 4. Investments.
5. Saving and investment I. Title. II. Title: Profit in the markets.
HG4661.B97 2008
332.63--dc22
2008002737
ISBN-13 978–0–470–22680–3

Printed in the United States of America

10 9 8 7 6 5 4 3 2 1

ffirs.indd iv 5/8/08 9:59:12 AM

 To my angels,
David, Julia, and Celia,
I love you more than peanut butter.

ffirs.indd v 5/8/08 9:59:12 AM

ffirs.indd vi 5/8/08 9:59:12 AM
 Contents

Foreword xi

Introduction xiii

Acknowledgments xv

PART I Be An Owner, Not an Employee 1

Chapter 1 To Market to Market, to Buy a . . . What? 3

So What Exactly Is the Stock Market? 3
Buy a Stock and Become a Restaurateur 7
Look to the Indexes for the Market Scoop 10
Wrap-Up 16

Chapter 2 The Lamborghini Murciélago LP640

Roadster: A Lifetime of Dividends 19
The Derivation of Dividend 21
Dissecting a Dividend’s Date 23
Rev the Engine with Some Ratios 25
Drive through the Financials 25
It’s All About the Little Things 26
Get To Know a DRIP (Dividend Reinvestment Program) 28
What’s a DRIP? 28
Of Course, the Company Benefits, Too 30
So How Do You Find a DRIP? 31
DRIP Downers 32
Wrap-Up 33

vii

ftoc.indd vii 5/8/08 10:01:57 AM

 viii Contents

Chapter 3 Bond, James Bond 35

Bond with the Family 36
The Mature Bond 37
A Bond’s Yield 38
Wrap-Up 39

Chapter 4 Mutual Funds and ETFs: For Folks

on the Go 41
Mutual Funds: Funds for Kegs 41
Mixing in Exchange-Traded Funds 53
Wrap-Up 59

PART II Look under the Hood 61

Chapter 5 Navigating the Financial Statement:

Your “Just Get to the Good
Stuff” Guide 63
Find the Financials (Hint: They’re in the Annual Report) 64
Where to Begin 66
Wrap-Up 68

Chapter 6 Auditing Your Potential Investment 69

Open the Company Checkbook: The Balance Sheet 69
Check the Company Report Card:
The Income Statement 77
Wrap-Up 85

Chapter 7 Cash Is the Real Deal. Earnings

Reports Are Not. 87
Find Your Two Dollars on the Cash Flow Statement 87
Earnings Release: The Ultimate Optimist 93
Wrap-Up 99

Chapter 8 Breakfast with the Federal Reserve:

Getting the Economic Porridge
“Just Right” 101
Where Did the Fed Come from and Why Do
We Need It? 102
Inflation: Bad for the Porridge and the Economy 103

ftoc.indd viii 5/8/08 10:01:58 AM

 Contents ix

Recession: Bad for Your Hairline and the Economy 104

How the Fed Keeps the Porridge “Just Right” 106
Adjusting Interest Rates: The Long, Slow Simmer 108
Testing the Porridge 113
Wrap-Up 115

PART III Decisions, Decisions 117

Chapter 9 Will You Still Love Me Tomorrow?:

Growth, Value, and Momentum Stocks 119
Growth Stocks: Hidden Gems 120
Value Stocks: Till Death Do Us Part 122
Momentum Stocks: One Night Stands 123
Wrap-Up 125

Chapter 10 Evaluating Cars and Stocks 127

Price-to-Earnings Ratio 127
Price-to-Book Ratio 130
Growth Rate 132
Knowing What’s Important: A Case-by-Case Decision 135
Hard to Get Good Help 136
Wrap-Up 136

Chapter 11 The Ins and Outs of IPOs 139

Pop Goes the IPO 140
A Beneficial Blow 143
Knowing When to Make the Move from
Public to Private 146
Take That IPO on the Road 147
Sorting through the S-1 149
Getting a Ticket to the Hottest Party in Town 152
Leave the Stock, Take the Fund 156
Wrap-Up 157

Chapter 12 Options and Futures 159

An Introduction to Options 159
Check the Expiration Date: Options Expiration Week 165
Use the Futures Market to Foresee Market 167
Wrap-Up 172

ftoc.indd ix 5/8/08 10:01:58 AM

 x Contents

Chapter 13 Bringing It All Together 175

1. Be Specific about Your Goals 176
2. Spread the Risk Around 176
3. Don’t Marry Your Holdings 179
4. Do Your Homework 181
5. Don’t Forget to Pay Uncle Sam 184
Wrap-Up 186

Appendix 189

About the Author 193

Index 195

ftoc.indd x 5/8/08 10:01:59 AM

 Foreword

I n a perfect world, investing in the stock market would be

a fair competition, like running onto a level playing field to
engage in a game of football where neither team has the open-
ing advantage. But investing, you may have already learned, is
anything but fair.
Unless you’re one of the savvy Wall Street insiders, join-
ing the investment game can be like getting thrown onto the
field with a couple of cracked ribs, bruised knees, no shoulder
pads . . . and no team behind you.
Enter Tracy Byrnes. With this book, Tracy has done some-
thing few writers have been successful at accomplishing: help-
ing the rest of us understand, maneuver around, enter into,
and profit from the smashmouth game known as successful
investing.
Since 1930, the stock market has returned an average of
11 percent per year. On a good day, your basic bank account
or money market will cough up, at best, 4 to 5 percent. So
as scary as it might be with all its confusing terminology and
often frightful news swirling around on a daily basis, the stock
market will, over the long term, get you the most bang for
your buck. Tracy, an accomplished certified public accountant
and shrewd financial journalist, has picked apart the insider’s
playbook and has turned it inside out, translating the lexicon
and explaining the way things really work so that you can get to
work putting your money in the game.
No other book about the markets provides the kind of
sweeping insights, comprehensive explanations, and analogies
that Tracy has formulated.

xi

flast.indd xi 5/9/08 4:59:48 PM

 xii Foreword

Whether we’re facing a consumer or banking credit

crunch, mortgage woes, a dot-com implosion, a real-estate cri-
sis, a savings and loan disaster, or something akin to the Tulip
Mania of the 1600s, every decade may bring uncertainty, risk,
and loss. That is what makes Tracy’s book so valuable, not just
to the novice investor, but even to the experienced few who
think they’ve already made it to the Super Bowl of invest-
ing. History has proven that even the savviest investor can get
sucked into beguiling market games, only to get beaten badly
on the field.
We all deserve a fair shot at saving for our future, for our
retirement, for our children’s college education, for our hopes
and dreams. By turning the pages of this book, you’ve already
scored a touchdown. Get ready for that level playing field, with
Tracy Byrnes as your winning quarterback.

Liz Claman
New York, NY
April 2008

flast.indd xii 5/9/08 4:59:49 PM

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