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.

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.

Acknowledgments

ix

Introduction

xi

Part I Different Approaches to the Investment Process

1

(96)

What is Value Investing?

3

(31)

Academic Finance: Efficient Market Hypothesis and Efficient Portfolio Theory

34

(34)

Graham and Dodd Fundamentalism

68

(13)

Broker-Dealer Research Departments and Conventional Money Managers

81

(16)

Part II Real-World Considerations

97

(94)

Corporate Valuation

99

(13)

The Substantive Characteristics of Securities

112

(13)

Capital Structure

125

(13)

Promoters' and Professionals' Compensations

138

(16)

Uses and Limitations of Financial Accounting

154

(19)

Uses and Limitations of Narrative Disclosures

173

(4)

Semantics Counts

177

(14)

Part III Resource Conversion

191

(70)

A Simplified Example

193

(9)

Acquiring Securities in Bulk

202

(12)

Restructuring Troubled Companies

214

(21)

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Value Investing A Balanced Approach

Summary

Author Biography

Table of Contents

Supplemental Materials