马丁.惠特曼,一位与格雷厄姆有类似经历的投资名家,在耶鲁商学院执教超过30年,创办的基金公司取得了长期投资成功的业绩。由于该书较为晦涩难懂,没有受到大众的欢迎,但这不能掩盖该书历久弥新的光芒。
附:第三大道价值基金的投资哲学
Philosophy
Third Avenue Management adheres to a disciplined, fundamental value approach to investing. Our team of investment professionals utilizes a time-tested investment process to analyze companies from the bottom-up with a focus on balance sheet analysis. We seek absolute returns for our clients over the long term, while minimizing investment risk.
TAM focuses on the associated risks and costs of each investment decision. We believe the cheaper you buy, the greater the potential investment reward and the cheaper you buy, the less the inherent risk. The low price paid limits downside market risk and increases appreciation potential. Our analytical approach concentrates on "what is" in terms of understanding a business, in contrast to "what the market thinks." At TAM, stock market prices do not determine business value. This means we take market risk, but limit investment risk. Investment risk is limited by seeking companies with very strong financial positions whose securities are priced at significant discounts to private market value.
What We Look For
One proven value philosophy guides each of our investments. We seek to invest in safe companies that are cheaply priced:
Key criteria are as follows:
Safe Companies
• Strong Finances: High-quality assets with conservative and appropriate leverage
• Competent Management: Proven track record and interests aligned with outside, passive, minority shareholders
• Understandable Business: Comprehensible business model with meaningful financial information readily available
• Sound Political and Regulatory Environment: Presence of a legal framework that protects a business and shareholder rights
Cheaply Priced
• Significant Discount to Intrinsic Value: Priced substantially below a conservative estimate of the business’ value as a private entity or takeover candidate
• Attractive Growth Prospects: Potential for attractive growth in the value of a company's net assets over the next 5 years
We analyze companies from the bottom up, reviewing all public documents, speaking with outside experts and contacts, identifying value and risk drivers and interviewing management before making an investment decision.
We analyze the quality and quantity of resources existing in a business, rather than its projected future revenues and earnings. We think that the current balance sheet is the best, albeit not the only, measure of a company's value. Predictions based on future operating earnings do not capture the possible impact of corporate events such as mergers and acquisitions, changes of control, management buyouts, share repurchases, refinancings, reorganizations, asset sales, spin-offs, investments in new ventures and corporate liquidations.
Our stringent research gives us conviction in our best ideas, allowing us to establish concentrated positions.
We invest only in companies that we believe have the potential to create value for our clients over the long term, withstanding cyclical downturns and evolving as leaders among their competition. Our long-term focus minimizes portfolio turnover and enhances the tax efficiency of our funds and private portfolios.
虽然难懂,但仍有极高的价值
《攻守兼备》热门书评
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投资大家之作,在实战中威力强大
4有用 0无用 波音公司 2010-01-08
.这本书的学究气太浓厚,掩盖了惠特曼实战中霸气锋利的投资风格。他不太认可格雷厄姆是价值投资的鼻祖,在他的另一本著作里有另立党中央的意图,将价值投资和格式投资作了区分。看过他的几段视频,很有些street-smart的意思,他的投资哲学简洁明快,全没有书中罗里罗嗦的样子,他直捣企业的净资产的质量这一核...
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进一步了解金融世界的现实
3有用 0无用 penddy 2009-11-06
虽然本书的最初是在1979年出版的,但讲解的内容时至今日仍然很有价值。 如同书中所述“ 我们采用与大多数收购公司的控股买主相同的方法来分析证券”,从这个角度,我们可以看到更广阔的世界,“ 消极投资者越了解金...
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虽然难懂,但仍有极高的价值
1有用 0无用 思想的芦苇 2011-03-04
马丁.惠特曼,一位与格雷厄姆有类似经历的投资名家,在耶鲁商学院执教超过30年,创办的基金公司取得了长期投资成功的业绩。由于该书较为晦涩难懂,没有受到大众的欢迎,但这不能掩盖该书历久弥新的光芒。附:第三大道价值基金的投资哲学PhilosophyThird Avenue Management adher...
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一本非常难读的书
1有用 0无用 夕饮冰 2009-06-20
在书架放了很久,几次打开又放下读不下去。终于翻了一遍,但不敢说是读完了。作者名头太响,这本书得到的赞誉也太多。书中有很多与投资界大众相逆的理论,不曾参悟过,所以不敢妄加评论。比如,一些巴菲特迷们认定巴菲特在投资估值中用了伯尔·威廉姆斯的未来现金流折现的方法,现在已经成了一个证券分析界常用的指标。但马...
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烂菜翻译
0有用 0无用 一锅脑浆粥 2012-10-11
还应该指出,以定额美元定期购买证券的做法减弱了战胜通货膨胀的需要,因为货币价值的变化,从长期看,很可能被证券收益所抵消。定额美元定期购买证券——写定投 会死么?因为货币价值的变化,从长期看,很可能被证券收益所抵消。—— 就不能写 “因为从长期看,货币价值的变化很可能被证券收益所抵消。”?用鼻子也能猜...
书名: 攻守兼备
作者: 马丁·J·惠特曼
出版社: 上海财经大学出版社
副标题: 积极与保守的投资者
译者: 钦建伟
出版年: 2008-1
页数: 340
定价: 39.00元
装帧: 平装
丛书: 汇添富基金·世界资本经典译丛
ISBN: 9787564201067