Download A Hundred and One Days: A Baghdad Journal by Asne Seierstad PDF

By Asne Seierstad

For one zero one days Asne Seierstad labored as a reporter in Baghdad. regularly looking for a narrative a ways much less seen than the yank army invasion, Seierstad brings to lifestyles the area in the back of the headlines during this compelling- and heartbreaking-account of her time one of the humans of Iraq. From the instant she first arrived in Baghdad on a ten-day visa, she was resolute to unearth the trendy secrets and techniques of an historical position and to determine how the Iraqi humans fairly stay. What do humans pass over such a lot whilst their global adjustments in a single day? What do they decide to say once they can unexpectedly say what they prefer? Seierstad finds what existence is like for daily humans less than the consistent risk of assault- first from the Iraqi executive and later from American bombs. showing the novelist's eye and lyrical storytelling that experience received her awards world wide, Seierstad the following brings to existence an unforgettable solid of characters, from international press apparatchik Uday, to Zahra, a mom of 3, to Aliya, the consultant and translator who turns into a pal. placing their belief in a eu girl with out visible time table, those and different Iraqis converse for themselves, to inform the tales we by no means see at the night information.

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In both cases they may or may not be adjusted by arbitrary or conventional amounts. qxd 7/15/05 3:55 PM Page 24 24 NEW REPORTING NEEDS FOR A NEW TIME legislators like. , the amounts on the balance sheets, have nothing to do with what we may or may not get for those items if we want to sell them,Valuepotentialprice, nor with their contribution to the company’s business results, Valueusefulness. In fact, the price we paid must be lower than the Valueusefulness of the item to our business at the time of purchase.

29 attraction is based on several factors outside the company itself. Furthermore, the price is generated only by those who want to do business at a given moment. This has always been true. In the present economy, when the real value drivers of the company have never even come close to the balance sheet, it is more true than ever. “Substance” is by and large irrelevant, if not even an impediment to success. Making price/book value a basis for decisions on whether to lend money, for selecting which companies to invest in, for consideration in a due diligence process, or for any other economic action, is just another dubious way to misuse accounting-based data.

In the next three trading days it recovered the loss, by a generous margin. Lo and behold, the same analysts were out there to explain why it was quite obvious that it should go up! When was the price “right”? When did it reflect a “true value”? The earnings component of P/E suffers from several weaknesses as well. Most important of them is the likelihood that the earnings reported on the income statement have very little to do with real earnings. Given the fact that the earnings of a company are, at best, a small net result of a subtraction of the total of various cost items from the overall sales figure, two big numbers, the earnings figure that comes out of the calculation is subject to severe risks of misrepresentation, willful or not, or just plain accounting errors in the process.

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