Bernard Baruch (1870 – 1965) published his memoirs, My Own Story, in 1957. I was pleasantly surprised by his account of his career on Wall Street, learning that he was not so much a speculator — which then, and now, carries a negative connotation — but clearly a very astute investor. Amassing an ever larger [...]
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Martin Whitman: unwavering value investor
Just over a month ago I reviewed Martin Whitman’s, “Value Investing: A Balanced Approach,” which was published in 1999. I found that his approach to value investing sounds exactly the same today as it did then. In fact, it sounds nearly identical to, The Aggressive Conservative Investor, which he coauthored with professor Martin Shubik in [...]
Benjamin Graham’s memoirs
Benjamin Graham: The Memoirs of the Dean of Wall Street, is a refreshingly candid story of the man (1894 – 1976) most investors associate with his value investing classic, Security Analysis. His memoirs are not to be read for takeaways to improve one’s investing methods. Rather, his memoirs serve as the story behind the composition [...]
Corporate Valuation for Portfolio Investment
Corporate Valuation for Portfolio Investment: Analyzing Assets, Earnings, Cash Flow, Stock Price, Governance, and Special Situations (2010, Bloomberg Press), is an ambitious effort by coauthors Robert A.G. Monks, a renowned shareholder rights activist, and Alexandra Reed Lajoux, an M&A expert. They cover a lot of ground in around 540 pages, and state at the end [...]
Martin Whitman’s approach to value investing
I recently finished reading Martin Whitman’s, “Value Investing: A Balanced Approach” (1999). Don’t let the date of publication fool you into thinking his approach is dated. In his interviews over the past few years one hears the same terms and mindset as described in the book. Whitman’s firm, Third Avenue Management, is recognized for its [...]
Benjamin Graham’s rediscovered 1946 lectures
Having recently re-read and reviewed Security Analysis (4th ed. pub. 1962), I was pleased to come across Wiley’s web publication of the so-called “Rediscovered Benjamin Graham” lectures from 1946.* Full of nuggets of wisdom these lectures, the tenth and final was particularly gratifying. To each investor or intelligent speculator, his or her own takeaways from [...]
Dusting off a classic: book review of Security Analysis
Inscription in beginning of book: “Many shall be restored that now are fallen and many Shall fall that now are in honor.” — HORACE. Ars Poetica. In the fourth edition of their investing classic, Security Analysis: Principles and Technique (pub. 1962; prev. ‘34, ‘40, ‘51), Graham & Dodd (and newly joined co-auther, Sidney Cottle) faced [...]
Overhaul: a tell-all account of rescuing GM and Chrysler
Steven Rattner’s Overhaul: An Insider’s Account of the Obama Administration’s Emergency Rescue of the Auto Industry will not disappoint readers with its poignantly detailed narration of the harrowing events surrounding the fate of two of the Big 3 U.S. automakers.
Q&A with John Nyaradi, author of Super Sectors
Last weekend I published a book review of Super Sectors: How to Outsmart the Market Using Sector Rotation and ETFs, by John Nyaradi. I had asked him some questions while reviewing the book and have now received his responses — see below, full book review follows. Without going into details prematurely, let me say that [...]
Book review: Super Sectors (Sector Rotation and ETFs)
John Nyaradi’s Super Sectors: How to Outsmart the Market Using Sector Rotation and ETFs challenges the conventional wisdom of buy-and-hold while making a compelling case for active investment management. Nyaradi is publisher of Wall Street Selector: Professional ETF Trading, an online newsletter.
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