Cover image for Value investing : a balanced approach
Title:
Value investing : a balanced approach
Author:
Whitman, Martin J.
Personal Author:
Publication Information:
New York : Wiley, [1999]

©1999
Physical Description:
xiii, 274 pages ; 24 cm.
General Note:
Includes index.
Language:
English
ISBN:
9780471162926
Format :
Book

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HG4529 .W49 1999 Adult Non-Fiction Non-Fiction Area
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Summary

Summary

"Essential reading for anyone in today's turbulent markets." -Jeffrey E. Garten, Dean, Yale School of Management

Praise for MARTIN J. WHITMAN and VALUE INVESTING

"An excellent book on investments. But, more importantly, this volume is a primer explaining to Main Street, especially Main Street businesspeople, how Wall Street really operates." -Eugene M. Isenberg, Chairman of the Board, Nabors Industries, Inc.

"A must read for all thoughtful investors interested in a rational, disciplined, risk-averse template for successful long-term compounding." -O. Mason Hawkins, CFA, Chairman and CEO, Southeastern Asset Management, Inc. and The Longleaf Partners Funds

"This author knows whereof he speaks. His many years of extremely successful experience as a professional manager of investments, his academic training, and his period of teaching at a major university all make their mark on this illuminating volume. It reveals how a bright, analytically minded person with extensive practical experience studies and evaluates investments." -William J. Baumol, Professor and Director, C.V. Starr Center, NYU Professor Emeritus, Princeton University

"This book by an experienced and practicing master, Martin Whitman, is a treasure and a reference book on how to think and feel like an owner of a business without the headache of running it day to day." -Papkens Der Torossian, Chairman and CEO, Silicon Valley Group, Inc.

"Marty Whitman is renowned for his uncanny instincts and insights in picking bargains in stocks and bonds. His book is a real bargain. To benefit from decades of Marty's experience is invaluable and to have such a commonsense and realistic approach is an extra dividend." -Milton Cooper, Chairman, Kimco Realty Corporation

Please visit our Web site at www.wileyfinance.com


Author Notes

MARTIN J. WHITMAN, CFA, is Chairman, CEO, and portfolio manager of the successful Third Avenue Value Fund and the Third Avenue Small Cap Value Fund. A leader in value investing, he is a Management Fellow at the Yale University School of Management.


Table of Contents

Different Approaches to the Investment Process
What is Value Investing
Academic Finance: Efficient Market Hypothesis and Efficient Portfolio Theory
Graham and Dodd Fundamentalism
Broker-Dealer Research Departments and Conventional Money Managers
Real-World Considerations
Corporate Valuation
The Substantive Characteristics of Securities
Capital Structure
Promoters' and Professionals' Compensations
Uses and Limitations of Financial Accounting
Uses and Limitations of Narrative Disclosures
Semantics Counts
Resource Conversion
A Simplified Example
Acquiring Securities in Bulk
Restructuring Troubled Companies
Other Resource Conversion Topics
Epilogue: The Values of Value Investing
Index