Martin J. Whitman

Martin Shubik

"The Aggressive Conservative Investor will never go out of date.Regulation, disclosure, and other things may change, but thegeneral approach and mindset to successful investing are timeless.Read this book and you will learn the rudiments of 'safe and cheap'investing. An essential read for every amateur and professionalinvestor." --Stan Garstka, Deputy Dean & Professor in the Practice ofFaculty & Management, Yale School of Management "Security analysis toward both better odds and higher long-termpayoff: A readable, authoritative guide." --Professor Bill Baumol, New York University "In reading this book, one is struck by the simplicity of theideas and the dependence of the investor on his own understandingsof reality as opposed to the myths on the street. The updatedversion of this 1979 classic incorporates all the modern financialengineering that has occurred as a product of the late 20thcentury, and the new methodologies refine your abilities to measurerisk but don't change the fundamentals of value. The updatedversion of The Aggressive Conservative Investor is very much avalue-added proposition." --Sam Zell, Chairman, Equity Group Investment LLC "I concur with those people who regard Marty Whitman as the'Dean of Value Investing.' This book is a must-read for everyoneinterested in understanding the art of investing." --Melvin T. Stith, Dean, Whitman School of Management, SyracuseUniversity This no-holds-barred presentation of one of the most successfulinvestment strategies of all time -- value investing in distressedsecurities/companie -- shows you how to analyze and evaluate stocksjust like controlling owners. Based on the assumption that stockprice rarely reflects real value, authors Whitman and Shubik usenumerous case studies to present risk-minimizing methods that alsoprovide high rewards. Still relevant today, this classic workincludes a new introduction discussing the dramatic changes thathave taken place in the value investing world since its firstpublication in 1979.

The Aggressive Conservative Investor

Fernando Diz

PRAISE FOR DISTRESS INVESTING "Marty Whitman has distilled decades of distressed investing experience into a text that is a must-read for everyone interested in the field, whether a student or a professional investor." —WILBUR L. ROSS, Chairman and CEO, WL Ross & Co. LLC "Distress Investing: Principles and Technique represents a detailed and unique perspective on an arcane arena of investment that is going to get a lot more attention. Marty Whitman is the master, and has set the standard for many years." —SAM ZELL, Chairman, Equity Group Investments, LLC "Martin Whitman and Professor Diz have produced a seminal work on the ins and outs of distressed investing for all distressed debt investors. It is jam-packed with information and guidance for the novice and the experienced. A must-read for anyone interested in distressed investing." —LEWIS KRUGER, Stroock & Stroock & Lavan LLP "Marty Whitman, a legend in distress investing, packs decades of experience into these pages. The restructuring of the capital markets currently under way is sure to provide great distress investment opportunities, which this guide book can make count for you." —BRUCE FLATT, Brookfield Asset Management Inc. "The principles found in this book are those I used in the reorganization of my business from bankruptcy to an S&P 500 company with an investment grade rating and a multibillion-dollar market capitalization. An excellent premier by Marty Whitman and Professor Diz, integrating economic theory with real-world investment to help investors of all shapes and sizes understand and invest in distressed securities." —GENE ISENBERG, Chairman and CEO, Nabors Industries, Inc. "Marty Whitman, the unquestioned 'Dean' of active distressed investors, and Fernando Diz, one of the few academics specializing in distressed investing, have teamed up to provide perhaps the best and most comprehensive primer on distressed securities and markets. I learned so much from this remarkable volume." —EDWARD I. ALTMAN, Max L. Heine Professor of Finance, NYU Stern School of Business, Director of credit and debt markets research at the NYU Salomon Center and adviser to several financial institutions including, Paulson & Co. and Concordia Advisers

Principles and Technique

Distress Investing

Understanding Wall Street Fundamentals

Modern Security Analysis

Over 30 Years of Whit, Wisdom, and Value Investing Insights

Dear Fellow Shareholders...

Provides a modern analytical framework for assessing a company's true value Written by a true value investor known for his ability to buy undervalued companies and re-sell them at a substantial profit, Value Investing provides an analytical framework that evaluates the impact of real events-including restructuring, regulations, mergers and acquisitions, and other important factors-on a company's value. Well-known for his success with distressed corporations and value investing, author Martin Whitman wages a controversial attack on the modern financial practice of focusing on price movements and short-term trading. In Value Investing, Whitman identifies fundamental factors affecting the value of companies and entire markets from the ground up and takes value investing one step further by demonstrating how industry movement and public policy decisions can lead to greater returns. He also highlights the shortcomings of all the popularly applied analytical techniques.

A Balanced Approach

Value Investing

"The Aggressive Conservative Investor will never go out of date. Regulation, disclosure, and other things may change, but the general approach and mindset to successful investing are timeless. Read this book and you will learn the rudiments of 'safe and cheap' investing. An essential read for every amateur and professional investor." --Stan Garstka, Deputy Dean & Professor in the Practice of Faculty & Management, Yale School of Management "Security analysis toward both better odds and higher long-term payoff: A readable, authoritative guide." --Professor Bill Baumol, New York University "In reading this book, one is struck by the simplicity of the ideas and the dependence of the investor on his own understandings of reality as opposed to the myths on the street. The updated version of this 1979 classic incorporates all the modern financial engineering that has occurred as a product of the late 20th century, and the new methodologies refine your abilities to measure risk but don't change the fundamentals of value. The updated version of The Aggressive Conservative Investor is very much a value-added proposition." --Sam Zell, Chairman, Equity Group Investment LLC "I concur with those people who regard Marty Whitman as the 'Dean of Value Investing.' This book is a must-read for everyone interested in understanding the art of investing." --Melvin T. Stith, Dean, Whitman School of Management, Syracuse University This no-holds-barred presentation of one of the most successful investment strategies of all time -- value investing in distressed securities/companie -- shows you how to analyze and evaluate stocks just like controlling owners. Based on the assumption that stock price rarely reflects real value, authors Whitman and Shubik use numerous case studies to present risk-minimizing methods that also provide high rewards. Still relevant today, this classic work includes a new introduction discussing the dramatic changes that have taken place in the value investing world since its first publication in 1979.

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.

Martin J. Whitman

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