"Essential reading for anyone in today's turbulent markets." -Jeffrey E. Garten, Dean, Yale School of Management Praise for MARTIN J. WHITMAN and VALUE INVESTING "An excellent book on investments. But, more 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...
"Essential reading for anyone in today's turbulent markets." -Jeffrey E. Garten, Dean, Yale School of Management Praise for MARTIN J. WHITMAN and VALUE INVESTING "An excellent book on investments. But, more 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, C.V. 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 Corporation Please visit our Web site at www.wileyfinance.com
Normally, people who put their own money into deals are known as principals, and those people who put deals together for fees but who do not have their own money in the deal are known as brokers. Merchant bankers are often brokers masquerading as principals. They usually invest none—or very little—of their own money in the deal, but they both collect their fees for putting deals together and obtain an equity interest in deals without any—or any material—money investment. (查看原文)
Most corporations whose managements do not have their eyes wholly on OPMI stock prices seek to create wealth in the most income-tax efficient manner. The most inefficient tax way to create wealth is to have reportable operating earnings, a going-concern emphasis; the most efficient tax way to create wealth is to have unrealized (and therefore mostly unreported) appreciation of asset values, a resource conversion emphasis. (查看原文)
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0 有用 目送飞鸿 2022-11-20 14:17:00 北京
所谓平衡的方法，是指既要关注流量的因素（盈利、现金流），也要关注资产负债表的因素，既要关注从公开市场被动投资少数股东角度的估值，也要关注从非公开市场控制股东角度的估值。金融市场参与方众多，利益各不相同，并不存在适合所有方的统一估值。公开市场的价格并不一定是“有效”的价格。这本书行文滞涩，读起来很是费劲，连读两遍才算基本明白（20221123第二遍）