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Value Investing: A Balanced Approach (Frontiers in Finance Series) Paperback – 17 Oct 2000

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Product details

  • Paperback: 288 pages
  • Publisher: John Wiley & Sons; 1 edition (17 Oct. 2000)
  • Language: English
  • ISBN-10: 0471398101
  • ISBN-13: 978-0471398103
  • Product Dimensions: 15.4 x 2.2 x 22.9 cm
  • Average Customer Review: 3.0 out of 5 stars  See all reviews (3 customer reviews)
  • Amazon Bestsellers Rank: 1,144,121 in Books (See Top 100 in Books)
  • See Complete Table of Contents

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Product Description

Review

"The book has a lot and I recommend it. It is remarkably well written for a book on finance and, perhaps most importantly, easily comprehensible."(Investment Adviser, 22 January 2001)

From the Inside Flap

"Marty Whitman is one of the country′s savviest investors but also a great intellect. This book, the outgrowth of his teaching at Yale School of Management, is essential reading for anyone in today′s turbulent markets." – Jeffrey E. Garten, Dean, Yale School of Management

An in–depth look at the modern realities of valuing companies, this comprehensive resource offers an antidote to conventional "ivory tower" financial theories. Value Investing shows investors how to use the same valuation techniques as are used in private business and by control investors. It replaces the practice of excessive price watching with a "bottom–up" approach to corporate analysis. Written by seasoned investor Martin Whitman, the book delivers a proven approach to what is a fruitful, yet potentially dangerous venture.

With clear explanations and straightforward guidelines, Whitman gives investors the tools necessary to fully understand and capitalize on the key to successful value investing: accurately valuing a business or valuing the workout potential of troubled companeis. Beginning with a description of what exactly value investing is, Whitman compares it with other investment disciplines, such as academic finance, Graham & Dodd fundamentalism, and conventional research "as it seems to be practiced by most ′sell′ side analysts employed by broker/dealer research departments as well as most ′buy′ side analysts who manage money."

The key concepts of value investing are then discussed, including corporate valuation, the substantive characteristics of securities, capital structure, promoters′ and professionals′ compensations, and the uses and limitations of financial accounting and narrative disclosure. Value Investing provides an analytic framework for evaluating the impact of real world factors, such as public policy and regulation, mergers and acquisitions, government and corporate finance, restructuring troubled companies, stockholder litigation, corporate power plays, and corporate share repurchase.

Thorough, accessible, and practical, Value Investing is essential reading for anyone seeking a well–rounded overview of this important topic.

"Marty Whitman is renowned for his uncanny instincts and insights in picking bargains in stocks and bonds. His book, "Value Investing: A Balanced Approach", 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 --This text refers to an out of print or unavailable edition of this title.

Inside This Book

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Value investing is different from other kinds of investing. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Most Helpful Customer Reviews

3 of 3 people found the following review helpful By A Customer on 8 Jun. 2003
Format: Paperback
Far be it for me to criticise a book of a hallowed investor such as Marty Whitman, whose investors letters I enjoy so much, but as previously mentioned this is no successor to Graham and Dodd. Mr Whitman bangs on repetitively about the primacy given by Graham and Dodd to the income account. He must be referring to the later editions. Having just read the 1940 Second Edition of Security Analysis, there is an absolutely clear and conclusive message of the primacy of the balance sheet through many, many examples of buying bargain issues. This is also supported by a continuous critque of the dangers lurking within earnings numbers. Examples feature hardly at all in Mr Whitman's book, which for me is its major disappointment.
Will this book be in print 60+ years from now? I don't think so.
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2 of 2 people found the following review helpful By A Customer on 20 Jun. 1999
Format: Hardcover
I eagerly anticipated reading this so-called successor to Graham & Dodd's Security Analysis after Marty Whitman pronounced it as such last December in an interview with Outstanding Investor Digest. To the serious value investor counting on Whitman to deliver on a standard set by Graham & Dodd, this book is as satisfying as a completed sneeze.
Hmmm, a latter-day Graham & Dodd, written in less than half the writing space...How does he pull it off?! The reason Whitman's book is so brief is the author devotes most of his effort to delivering platitudes; there are few examples, and fewer satisfying ones. It is disturbing that a value investor-professor touting a 'balanced approach' would skimp on text-balancing details like examples, especially since this book is written by a seasoned analyst presumed to be sensitive to the complexity --and thus the potential for confusion-- in the practice of his craft.
This is one field where less is not more. While I would dearly love to find a replacement to my increasingly dated Graham & Dodd, Whitman's book is a displacement. It is a strangely assuming, hugely disappointing work in a field terribly in need of a successor to the less and less approachable standard text, Graham & Dodd's Security Analysis.
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0 of 2 people found the following review helpful By A Customer on 28 April 1999
Format: Hardcover
Marty compiles his wisdom, academic knowledge and years of experience working in the financial services sector in his latest book. His approach offerred me an opportunity to truly understand what "value investing" is. If value investors thought Graham and Dodd wrote the key book on this topic, then they should read Marty's book. He has established 'the' way to approach value investing.
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Most Helpful Customer Reviews on Amazon.com (beta)

Amazon.com: 19 reviews
47 of 49 people found the following review helpful
Disappointment 20 Mar. 2005
By Whippet - Published on Amazon.com
Format: Paperback Verified Purchase
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.

Given Whitman's talents, track record and reputation for smarts, this is a real let-down.
20 of 20 people found the following review helpful
Good, if you can understand it 16 Aug. 2002
By A Customer - Published on Amazon.com
Format: Paperback
This is a fair book written by an outstanding investor. Marty Whitman has practiced value investing successfully for many years, and his writings draw on his vast experience. However, unlike Buffett, he isn't the most clear author in the world. His writing is a little obtuse, and devoid of examples that would illustrate his points. Nevertheless, if you can make your way through the writing, you will find a lot of extremely useful and interesting information. I would recommend this book, but to understand it the reader should have a good working knowledge of financial terminology and an understanding of other value investing techniques and perspectives. If you read (and understand) some other books on value investing, plus maybe a few of Mr. Whitman's Third Avenue Value Fund shareholder letters, I think you will find this book invaluable.
29 of 31 people found the following review helpful
Odd book - who is it aimed at? 17 Mar. 2004
By Marc Thatcher - Published on Amazon.com
Format: Paperback
Couple of odd things about this book. First is Whitman's invention of acronyms to refer to simple concepts (such as minority investors) which makes the book more confusing to read than it needs to be. Bigger problem however is it is unclear to me who is supposed to read it. 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.
I was bored for 200 pages & interested for 30. Others would be the other way round. Very odd.
20 of 23 people found the following review helpful
The Successor to Graham & Dodd? Please. 20 Jun. 1999
By A Customer - Published on Amazon.com
Format: Hardcover Verified Purchase
I eagerly anticipated reading this so-called successor to Graham & Dodd's Security Analysis after Marty Whitman pronounced it as such last December in an interview with Outstanding Investor Digest. To the serious value investor counting on Whitman to deliver on a standard set by Graham & Dodd, this book is as satisfying as a completed sneeze.
Hmmm, a latter-day Graham & Dodd, written in less than half the writing space...How does he pull it off?! The reason Whitman's book is so brief is the author devotes most of his effort to delivering platitudes; there are few examples, and fewer satisfying ones. It is disturbing that a value investor-professor touting a 'balanced approach' would skimp on text-balancing details like examples, especially since this book is written by a seasoned analyst presumed to be sensitive to the complexity --and thus the potential for confusion-- in the practice of his craft.
This is one field where less is not more. While I would dearly love to find a replacement to my increasingly dated Graham & Dodd, Whitman's book is a displacement. It is a strangely assuming, hugely disappointing work in a field terribly in need of a successor to the less and less approachable standard text, Graham & Dodd's Security Analysis.
10 of 11 people found the following review helpful
Decent 15 Nov. 2003
By "peterb2413" - Published on Amazon.com
Format: Paperback
This book has many good insights, but the writing isn't great, and it gets pretty technical at times. A better choice, especially for less sophisticated investors, is Kirk Kazanjian's "Value Investing with the Masters," which features Whitman among a panel of 20 value gurus.
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