Modern Security Analysis
Understanding Wall Street Fundamentals
Published on 7. May 2013
496 pages
978-1-118-60338-3 (ISBN)
Description
A legendary value investor on security analysis for a modernera
This book outlines Whitman's approach to business and securityanalysis that departs from most conventional security analysts.This approach has more in common with corporate finance than itdoes with the conventional approach. The key factors in appraisinga company and its securities: 1) Credit worthiness, 2)Flows--both cash and earnings, 3) Long-term outlook, 4)Salable assets which can be disposed of without compromising thegoing concern, dynamics, 5) Resource conversions such as changes incontrol, mergers and acquisitions, going private, and major changesin assets or in liabilities, and 6) Access to capital.
* Offers the security analysis value approach Martin Whitman hasused successfully since 1986
* Details Whitman's unconventional approach to security analysisand offers information on the six key factors for appraising acompany
* Contains the three most overemphasized factors used inconventional securities investing
Written by Martin J. Whitman and Fernando Diz, ModernSecurity Analysis meets the challenge of today's marketplace bytaking into account changes to regulation, market structures,instruments, and the speed and volume of trading.
Reviews / Votes
"Modern Security Analysis is full of usefuldiscussions of such standard topics as creditworthiness, marketefficiency, diversification, and financial accounting. But it alsoincludes descriptions of more controversial ideas about theoverriding importance of tangible net asset value, the shortcomingsof the Graham-Dodd approach to value investing, and theirrelevance of both modern capital theory and broker/dealerresearch." --CFA Institute Book ReviewMore details
Other editions
Additional editions
Book
05/2013
1st Edition
Wiley
€70.00
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Persons
Martin J. Whitman is Chairman of the Third Avenue Fundsand founder of Third Avenue Management, an investment adviser toprivate and institutional clients. Mr. Whitman has proven for morethan fifty years that active, opportunistic investors can findunder-priced securities in companies with strong balance sheets. Heis also an adept control investor who was an important participantin the rehabilitation of Nabors Industries and Covanta Energy,among others. He was Third Avenue's Chief Investment Officer fromits founding through January 2010.
For over thirty years, Mr. Whitman was a DistinguishedManagement Fellow at the Yale School of Management. He is also anhonorary trustee at Syracuse University which is also home to theWhitman School of Management. He is a frequent speaker andcommentator within the financial services community.
Fernando Diz is the Managing Director of the Orange ValueFund, LLC, the Martin J. Whitman Professor of Finance and theDirector of the Ballentine Investment Institute at SyracuseUniversity. He teaches classes in value, control and distressinvesting and created and directs the two-year Orange Value Fundprogram. He is the co-author with Martin J. Whitman of DistressInvesting: Principles and Technique. Professor Diz received hisMSc and PhD degrees from Cornell University.
