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Value Investing: A Balanced Approach
Provides a modern analytical framework for assessing a company's true value
Written by a true value investor known for his ability to buy undervalued companies and re-sell them at a substantial profit, Value Investing provides an analytical framework that evaluates the impact of real events-including restructuring, regulations, mergers and acquisitions, and other important factors-on a company's value.
Well-known for his success with distressed corporations and value investing, author Martin Whitman wages a controversial attack on the modern financial practice of focusing on price movements and short-term trading. In Value Investing, Whitman identifies fundamental factors affecting the value of companies and entire markets from the ground up and takes value investing one step further by demonstrating how industry movement and public policy decisions can lead to greater returns. He also highlights the shortcomings of all the popularly applied analytical techniques.
Written by a true value investor known for his ability to buy undervalued companies and re-sell them at a substantial profit, Value Investing provides an analytical framework that evaluates the impact of real events-including restructuring, regulations, mergers and acquisitions, and other important factors-on a company's value.
Well-known for his success with distressed corporations and value investing, author Martin Whitman wages a controversial attack on the modern financial practice of focusing on price movements and short-term trading. In Value Investing, Whitman identifies fundamental factors affecting the value of companies and entire markets from the ground up and takes value investing one step further by demonstrating how industry movement and public policy decisions can lead to greater returns. He also highlights the shortcomings of all the popularly applied analytical techniques.
288 pages, Paperback
First published April 21, 1999
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Displaying 1 - 4 of 4 reviews
December 18, 2016
This is a very good book, you can get a lot of useful information from it, and certainly a lot to think about regarding investment analysis.
However, it should come with some caveats:
- It is extremely hard to fully follow and understand at parts; certainly not for the illiterate or impatient
- It isnt comprehensive enough to challenge Security Analysis or likewise books
In total I highly recommend it, but make sure it's not the first investing book you tackle.
However, it should come with some caveats:
- It is extremely hard to fully follow and understand at parts; certainly not for the illiterate or impatient
- It isnt comprehensive enough to challenge Security Analysis or likewise books
In total I highly recommend it, but make sure it's not the first investing book you tackle.
December 18, 2023
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, NYU Professor Emeritus, Princeton University
......
Amazone
The first 200 pages are a rant against the efficient market hypothesis, investment banker fees and a couple of other topics interspersed with a basic overview of markets. Last 30 pages are an advanced discussion on distressed security investing (one of the author's many talents) and dividend policy.
Marc Thatcher
......
Disappointment
Whitman is brilliant, but as a writer he suffers from some serious defects. Chief among them is his obsession with proving academics wrong. Rather than write much on how he thinks through and makes real-world investments, he spends most of his ink distinguishing value investing from Efficient Market Theory and Graham-and-Doddism. It gets old, and dull. And he constantly qualifies his statements with "probably", "would seem", and so on, and undermines himself. The writing also utterly lacks any sense of humor. Finally, I was disappointed that Whitman--who is an astute and detail-oriented investor--did not include more case examples, with financials, to show his reasoning and method at work.
His first outing, The Aggressive Conservative Investor, is better in many ways, but is still turgidly written.
The Whippet
William J. Baumol, NYU Professor Emeritus, Princeton University
......
Amazone
The first 200 pages are a rant against the efficient market hypothesis, investment banker fees and a couple of other topics interspersed with a basic overview of markets. Last 30 pages are an advanced discussion on distressed security investing (one of the author's many talents) and dividend policy.
Marc Thatcher
......
Disappointment
Whitman is brilliant, but as a writer he suffers from some serious defects. Chief among them is his obsession with proving academics wrong. Rather than write much on how he thinks through and makes real-world investments, he spends most of his ink distinguishing value investing from Efficient Market Theory and Graham-and-Doddism. It gets old, and dull. And he constantly qualifies his statements with "probably", "would seem", and so on, and undermines himself. The writing also utterly lacks any sense of humor. Finally, I was disappointed that Whitman--who is an astute and detail-oriented investor--did not include more case examples, with financials, to show his reasoning and method at work.
His first outing, The Aggressive Conservative Investor, is better in many ways, but is still turgidly written.
The Whippet
February 21, 2011
Better than the movie!
March 20, 2014
not useful. says control investing is different from minority passive investing, which is very different from Buffett's view.
Displaying 1 - 4 of 4 reviews