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)
Other Resource Conversion Topics
235
(26)
Epilogue: The Values of Value Investing
261
(6)
Index
267
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