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The Aggressive Conservative Investor by Martin J Whitman
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    • Product code: 22280
    • ISBN: 0471768057, ISBN13: 9780471768050, 480 pages, paperback
      Published by John Wiley & Sons, 1st edition, 2005
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    Description of The Aggressive Conservative Investor

    The Aggressive Conservative Investor is a highly readable, no holds barred presentation of one of the most successful investment strategies. With painful honesty and terrific story-telling distressed investing and value legend Martin Whitman shows investors how to analyze and evaluate stocks just like controlling owners, the assumption being that the stock price rarely reflects the true value of the business (Lampert did this with Kmart when he analyzed the company's real estate portfolio to uncover more value than the company's revenues seemed to indicate).

    Illuminated by numerous case studies, Whitman and Shubik present risk-minimizing methods that also provide high reward if applied correctly. The long-term performance of Third Avenue Value Fund speaks for the success of the strategy with total returns of over 850% since 1990, and average annual returns of over 15%.

    Contents of The Aggressive Conservative Investor

    SECTION ONE: THE APPROACH.

    1. An Overview.

    2. The Financial-Integrity Approach to Equity Investing.

    SECTION TWO: THE USES AND LIMITATIONS OF FUNDAMENTAL ANALYSIS AND TECHNICAL ANALYSIS.

    3. The Significance of Market Performance.

    4. Modern Capital Theory.

    5. Risk and Uncertainty.

    SECTION THREE: DISCLOSURES AND INFORMATION.

    6. Following the Paper Trail.

    7. Financial Accounting.

    8. Generally Accepted Accounting Principles.

    SECTION FOUR: THE FINANCIAL AND INVESTMENT ENVIRONMENT.

    9. Tax Shelter (TS), Other People's Money (OPM), Accounting Fudge Factor (AFF) and Something off the Top (SOTT).

    10. Securities Analysis and Securities MArkets.

    11. Finance and Business.

    SECTION FIVE: TOOLS OF SECURITIES ANALYSIS.

    12. Net Asset Values.

    13. Earnings.

    14. Roles of Cash Dividends in Securities Analysis and Portfolio Management.

    15. Shareholder Distributions, Primarily from the Company Point of View.

    16. Losses and Loss Companies.

    17. A Short Primer on Asset-Conversion Investing: Prearbitrage and Postarbitrage.

    SECTION SIX: APPENDIXES-CASE STUDIES.

    Introduction to Appendixes I and II.

    Appendix I: The Use of Creative Finance to Benefit Controlling Stockholders—Schaefer Corporation.

    Appendix II: Creative Finance Applied to a Corporate Takover—Leasco Data Processing Company.

    Appendix III: A Guide to SEC Corporate Filings—What They Are/What They Tell You.

    Appendix IV: Examples of Variables Using the Financial-Integrity Approach-Pro and Con.

    Index.


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