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Value Investing, by Martin Whitman.    Whitman, who has taught finance at both Yale and Columbia, likes his stocks "safe and cheap."  He has some 40 years of investing experience, and it is not an oxymoron to call his approach to investing "aggressive conservative" (Whitman's term).  While most people rightfully identify the term "value investor" with Benjamin Graham or his disciples, Whitman is one of the most successful and outspoken proponents of a type of value investing that's different from the traditional Graham approach.  In Whitman's brand of value investing, the goal of analysis is to determine a business's worth, especially in the context of its possible or probable dynamics.  This contrasts with a focus on estimating the price at which a common stock might sell in a market comprised of what Whitman refers to as "OPMIs" (outside passive minority investors).  In more traditional value analysis stock valuations depend on forecasted cash flows (discounted to the present), while in Whitman's analysis corporate valuation is linked to the quality of corporate resources, the quantity of resources and to long-term wealth creation.  In this 1999 book Whitman explains and advocates his "value"  methods, while also explaining how his approach to investment analysis differs from others.  As he points out, unlike many investment books, this one doesn't require an understanding of higher math, although a good knowledge of accounting would be helpful.

ISBN: 0471398101
Format: Paperback, 288pp
Pub. Date: October 2000
Publisher: John Wiley & Sons

 

 

 

 

 

 

"Value Investing is a must read for all thoughtful investors interested in a rational, disciplined, risk-averse template for successful long-term compounding."

Mason Hawkins

 

 

"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