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Value Investing: A Balanced Approach
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Review
"An excellent book in investments. But, more importantly, this volume is a primer explaining to Main Street, especially Main Street business people, how Wall Street really operates." -- Eugene M. Isenberg, Chairman of the Board, Nabors Industries, Inc."Marty Whitman is one of the country's savviest investors but also a great intellect. This book, the outgrowth of his teaching at Yale School of Management, is essential reading for anyone in today's turbulent markets." -- Jeffrey E.Garten, Dean, Yale School of Management"Value Investing is a great wake-up call for all investors who feel caught up in or swept away by today's tidal wave of momentum (greater fool) investing....Marty Whitman does a superb job of laying out a value framework for those investors who only have to answer to themselves at the end of the day." -- Barrons"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 Funds
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From the Inside Flap
"Marty Whitman is one of the country's savviest investors but also a great intellect. This book, the outgrowth of his teaching at Yale School of Management, is essential reading for anyone in today's turbulent markets." - Jeffrey E. Garten, Dean, Yale School of Management An in-depth look at the modern realities of valuing companies, this comprehensive resource offers an antidote to conventional "ivory tower" financial theories. Value Investing shows investors how to use the same valuation techniques as are used in private business and by control investors. It replaces the practice of excessive price watching with a "bottom-up" approach to corporate analysis. Written by seasoned investor Martin Whitman, the book delivers a proven approach to what is a fruitful, yet potentially dangerous venture. With clear explanations and straightforward guidelines, Whitman gives investors the tools necessary to fully understand and capitalize on the key to successful value investing: accurately valuing a business or valuing the workout potential of troubled companeis. Beginning with a description of what exactly value investing is, Whitman compares it with other investment disciplines, such as academic finance, Graham & Dodd fundamentalism, and conventional research "as it seems to be practiced by most 'sell' side analysts employed by broker/dealer research departments as well as most 'buy' side analysts who manage money." The key concepts of value investing are then discussed, including corporate valuation, the substantive characteristics of securities, capital structure, promoters' and professionals' compensations, and the uses and limitations of financial accounting and narrative disclosure. Value Investing provides an analytic framework for evaluating the impact of real world factors, such as public policy and regulation, mergers and acquisitions, government and corporate finance, restructuring troubled companies, stockholder litigation, corporate power plays, and corporate share repurchase. Thorough, accessible, and practical, Value Investing is essential reading for anyone seeking a well-rounded overview of this important topic. "Marty Whitman is renowned for his uncanny instincts and insights in picking bargains in stocks and bonds. His book, "Value Investing: A Balanced Approach", 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 Corporation
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Product details
Hardcover: 274 pages
Publisher: Wiley; 1 edition (April 21, 1999)
Language: English
ISBN-10: 0471162922
ISBN-13: 978-0471162926
Product Dimensions:
6.4 x 1 x 9.3 inches
Shipping Weight: 1.3 pounds (View shipping rates and policies)
Average Customer Review:
3.0 out of 5 stars
9 customer reviews
Amazon Best Sellers Rank:
#1,094,203 in Books (See Top 100 in Books)
Martin Whitman's books are major disappointments. They are marketed to retail investors, but they are really meant for the exceptionally large investors seeking to make money by buying control positions in companies. In fact, Whitman belabors the point page after page that the type of investing he is talking about rarely involves making money by capital appreciation in the stock market.I gave the book three stars because he did share some insights into how the quality of a balance sheet can translate into either poorer or richer profits for a company. This is very important analysis, since it cannot be found and explained anywhere else, yet makes a lot sense when you are trying to value a company, and it is highly relevant information regardless of whether you are a retail investor or a hedge fund manager. Those insights, unfortunately, are a small part of the book.Equally unfortunate are two other items: the writing style and misclassification of Ben Graham's role in investing history. His style is painfully dry, and I suspect he is still a recovering lawyer :) .In addition, he makes it a point not to classify Graham and Dodd as value investors. I know his point is that much of their success came from capital appreciation, not from taking control positions in a business (a point made over and over and over again), but this kind explanation can miseducate the uninitiated. For anyone reading: Ben Graham is considered the FATHER of value investing, and literature from all other reliable sources will correctly name him as such.
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 more 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.
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 more 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, more 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 securities...In thinking about values in reorganization, scholars tend to think in terms of cash values, not present values...Scholars 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.
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