Modern Security Analysis

Beschreibung

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.

Autor*in

Martin J. Whitman

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Finance & Investments Finanz- u. Anlagewesen Investments & Securities Kapitalanlagen u. Wertpapiere

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"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 Review
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