This book outlines Whitman's approach to business and security analysis that departs from most conventional security analysts. This approach has more in common with corporate finance than it does with the conventional approach. The key factors in appraising a 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 the going concern, dynamics, 5) Resource conversions such as changes in control, mergers and acquisitions, going private, and major changes in assets or in liabilities, and 6) Access to capital.

• Offers the security analysis value approach Martin Whitman has used successfully since 1986
• Details Whitman's unconventional approach to security analysis and offers information on the six key factors for appraising a company
• Contains the three most overemphasized factors used in conventional securities investing

Written by Martin J. Whitman, Modern Security Analysis meets the challenge of today's marketplace by taking into account changes to regulation, market structures, instruments, and the speed and volume of trading.]]> http://www.banks.ca/investment/modern-security-analysis-understanding-wall-street-fundamentals-wiley-finance/feed/ 0 http://www.banks.ca/investment/the-art-of-value-investing-how-the-worlds-best-investors-beat-the-market-wiley-finance/ http://www.banks.ca/investment/the-art-of-value-investing-how-the-worlds-best-investors-beat-the-market-wiley-finance/#comments Thu, 25 Apr 2013 01:39:12 +0000 http://www.banks.ca/investment/the-art-of-value-investing-how-the-worlds-best-investors-beat-the-market-wiley-finance/ Says Bill Ackman of Pershing Square Capital Management about The Art of Value Investing:

"I learned the investment business largely from the work and thinking of other investors. The Art of Value Investing is a thoughtfully organized compilation of some of the best investment insights I have ever read. Read this book with care. It will be one of the highest-return investments you will ever make."

Based on interviews with the world's most-successful value investors, The Art of Value Investing offers a comprehensive set of answers to the questions every equity money manager should have thought through clearly before holding himself or herself out as a worthy steward of other people's money. What market inefficiencies will I try to exploit? How will I generate ideas? What will be my geographic focus? What analytical edge will I hope to have? What valuation methodologies will I use? What time horizon will I typically employ? How many stocks will I own? How specifically will I decide to buy or sell? Will I hedge, and how? How will I keep my emotions from getting the best of me?

Who should read The Art of Value Investing? It is as vital a resource for the just?]starting?]out investor as for the sophisticated professional one. The former will find a comprehensive guidebook for defining a sound investment strategy from A-to-Z; the latter will find all aspects of his or her existing practice challenged or reconfirmed by the provocative thinking of their most-successful peers. It also is a must?]read for any investor – institutional or individual – charged with choosing the best managers for the money they are allocating to equities. Choosing the right managers requires knowing all the right questions to ask as well as the answers worthy of respect and attention – both of which are delivered in The Art of Value Investing.