[ download kindle ] Value Investing: A Balanced Approach (Wiley Professional Banking and Finance Series /Wiley Frontiers in Finance)Autor Martin J Whitman – Bilb-weil.de

Essential Reading For Anyone In Today S Turbulent Markets Jeffrey E Garten, Dean, Yale School Of ManagementPraise For MARTIN J WHITMAN And VALUE INVESTING An Excellent Book On Investments But, 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 A Must Read For All Thoughtful Investors Interested In A Rational, Disciplined, Risk Averse Template For Successful Long Term Compounding O Mason Hawkins, CFA, Chairman And CEO, Southeastern Asset Management, Inc And The Longleaf Partners Funds This Author Knows Whereof He Speaks His Many Years Of Extremely Successful Experience As A Professional Manager 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, CV Starr Center, NYU Professor Emeritus, Princeton University This Book By An Experienced And Practicing Master, Martin Whitman, Is A Treasure And A Reference Book On How To Think And Feel Like An Owner Of A Business Without The Headache Of Running It Day To Day Papkens Der Torossian, Chairman And CEO, Silicon Valley Group, Inc Marty Whitman Is Renowned For His Uncanny Instincts And Insights In Picking Bargains In Stocks And Bonds His Book 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 CorporationPlease Visit Our Web Site At Wileyfinance 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 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. I have only read the introduction and Chapter 14 Restructuring Troubled Companies My review is based on these two chapters.I agree with the previous reviewers that the author is obsessed with attacking academic finance He is aware of this on page xiii he starts the book by saying Many may view this book as a direct attack on academic finance there is somehing direct to this view Unfortunately, his attacks are based on issues that are at best irrelevant to value investing Who cares if algebrea is needed read Brealey and Myers, but for reading THIS emphasis by the author book it is useless If anything, Brealey and Myers make it clear that understanding finance requires strong analytical skills.On the other hand, serious attacks are groundless On page 215, author states Scholars are way off base in four areas He goes on to describe these four areas as follows They misdefine markets In attempting to ascertain the social value inherent in rehabilitating troubled companies, scholars tend strongly to think only in terms of value as measured by immediate market prices for outstanding securitiesIn thinking about values in reorganization, scholars tend to think in terms of cash values, not present valuesScholars seem to think that the costs of bankruptcy are huge, precluding many management from seeking Chapter 11 relief With respect to the first three issues, there is no scholar at a respectable academic instituiton and or published at a respectable journal making these arguments With respect to the fourth issue, the author continues by saying The costs ARE emphasis bby the author huge, but they are borne by companies, not managements So what the scholars seem to think i.e that the costs are huge is not off base after all, as the author also agrees On the other hand, the last sentence quoted above by Whitman also suggests as if some scholars are arguing that the costs are borne by management Again, no scholar at a respectable academic instituiton and or published at a respectable journal making these arguments Perhaps the author is exposed to third tier journals and third tier academics only.I am disappointed that despite his limited exposure to academic finance, Whitman is convinced that academics are of one mind As with many professions and many issues, there is disagreement among academics on many issues as well Sadly, the areas he quotes above are not even among those issues I challenge Whitman to back up his statements above by citing the scholars he is talking about so that we can all know what study he has in mind.Practioners have much to learn from the knowledge of academics and the academics have much to learn from the experience of practitioners Unfortunately, the author s obsession with academics makes him both deaf and mute. The books covers a lot of fundamental good ideas He constant false constrast of Graham and Dodd are distracting and cast substantial doubt on the balance of his representations On page 15 he represents a tenant of value investing contrasting Graham and Dodd Market Price is not something to predict but something of which to take advantage Anyone who has read Graham knows that is consistent with his concept of Mr Market, not contrasting to it On page 73 he states Graham and Dodd believed that general market considerations deserved weight than bottom up fundamental analysis , that is a false representation If he could write his book without the false statements regarding Graham and Dodd, it would be a much better document His ideas and representations can be made without the false contrasts, they don t add value they very much take away.