Value Investing

"An excellent book in 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.

"Value Investing: A Balanced Approach is a must read for all thoughtful investors interested in a rational, disciplined, risk-averse template for successful long-term compounding. Bravo, Marty." - O. Mason Hawkins, CFA, Chairman, and CEO, Southeastern Asset Management, Inc. and The Longleaf Partners Fund

"This author knows whereof he speaks. His many years of extremely successful experience as a professional manger 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 amd a reference book on how to think and feel like an owner of a business without the headache of running it day to day." - Papken S. Der Torossian, Chairman and CEO, Silicon Valley Group, Inc.

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.