The Aggressive Conservative Investor 在线下载 pdf mobi 2025 epub 电子版

在线阅读本书

"The Aggressive Conservative Investor will never go out of date. Regulation, disclosure, and other things may change, but the general approach and mindset to successful investing are timeless. Read this book and you will learn the rudiments of 'safe and cheap' investing. An essential read for every amateur and professional investor."

--Stan Garstka, Deputy Dean & Professor in the Practice of Faculty & Management, Yale School of Management "Security analysis toward both better odds and higher long-term payoff: A readable, authoritative guide."

--Professor Bill Baumol, New York University "In reading this book, one is struck by the simplicity of the ideas and the dependence of the investor on his own understandings of reality as opposed to the myths on the street. The updated version of this 1979 classic incorporates all the modern financial engineering that has occurred as a product of the late 20th century, and the new methodologies refine your abilities to measure risk but don't change the fundamentals of value. The updated version of The Aggressive Conservative Investor is very much a value-added proposition."

--Sam Zell, Chairman, Equity Group Investment LLC "I concur with those people who regard Marty Whitman as the 'Dean of Value Investing.' This book is a must-read for everyone interested in understanding the art of investing."

--Melvin T. Stith, Dean, Whitman School of Management, Syracuse University This no-holds-barred presentation of one of the most successful investment strategies of all time -- value investing in distressed securities/companie -- shows you how to analyze and evaluate stocks just like controlling owners. Based on the assumption that stock price rarely reflects real value, authors Whitman and Shubik use numerous case studies to present risk-minimizing methods that also provide high rewards. Still relevant today, this classic work includes a new introduction discussing the dramatic changes that have taken place in the value investing world since its first publication in 1979.

暂无相关目录，正在全力查找中！

暂无相关内容，正在全力查找中

暂无出版社相关信息，正在全力查找中！

暂无相关书籍摘录，正在全力查找中！

在线阅读地址：The Aggressive Conservative Investor在线阅读

在线听书地址：The Aggressive Conservative Investor在线收听

在线购买地址：The Aggressive Conservative Investor在线购买

我们在以下两方面与格雷厄姆和多德不同。首先，我们认为，在《1964年证券法修正案》获得通过以后的岁月里，信息披露工作做得越来越好，而现在是好上加好，以至于细心的投资者能在越来越多的场合进行充分的分析，足以使他们在不再把投资严格局限于别人普遍认为是高质量的股票的同时还能获得适当的收益。

其次，我们的方法不同于格雷厄姆和多德的方法，因为他们的忠告似乎是针对那些对一般市场水平和每股收益等因素具有非常重要意义的环境做出反应的外部投资者的，而我们的方法则是针对积极投资者和那些希望像积极投资者那样思考问题的外部投资者的。

我们的观点是，只有个别外部投资者应该为短期市场表现倾其所有。首先，对于许多外部投资者来说，投资业绩的位置应该居于其他因素之后，如通利息和股利来实现创造有适度保证且稳定的现金收入的目标。其次，对于那些采纳账务健全法的投资者来说，即使曾经重视过短期因素，但也是偶尔为之。按照该方法，证券显得颇有吸引力的时间，常常是不确定的；财务健全法的四大基本要素绝不会提供何时会出现想像的短期市场表现。最后，部分关于现代资本理论的研究表明，如果把“战胜市场”定义为获得按风险调整后的现金总回报高于市场水平，那么，那些试图不断战胜市场的投资者通常做不到这一点。

经营企业的目的就在于通过营运活动来赚取利润，而营运结果应反映在连续的损益账户中。除了投资信托公司以外，企业试图通过再融资、重组、收购、处置或者创造实现或未实现资本得得等活动来创造财富，就是偏离正道。

美国严格的审计标准其价值表现之一，就是在过去的25年里，至少大多数投机泡沫不是出现在不受公认会计准则约束的行业或证券发行，就是发生在公认会计准则对于企业或股票评估不起多大作用的行业或证券发行。......因此，最近的投机泡沫大多出现在风险事业、新发明和新发现领域，以及新产业和像人寿保险这样的行业。

Precision and visibility, even if they do not reflect realization values, deserve a special significance, because they appear to (and in a sense do) reduce uncertainties. An absence of precision and measurability usually, and understandably, detracts from perceptions of value.

书籍介绍

在线阅读本书

"The Aggressive Conservative Investor will never go out of date. Regulation, disclosure, and other things may change, but the general approach and mindset to successful investing are timeless. Read this book and you will learn the rudiments of 'safe and cheap' investing. An essential read for every amateur and professional investor."

--Stan Garstka, Deputy Dean & Professor in the Practice of Faculty & Management, Yale School of Management "Security analysis toward both better odds and higher long-term payoff: A readable, authoritative guide."

--Professor Bill Baumol, New York University "In reading this book, one is struck by the simplicity of the ideas and the dependence of the investor on his own understandings of reality as opposed to the myths on the street. The updated version of this 1979 classic incorporates all the modern financial engineering that has occurred as a product of the late 20th century, and the new methodologies refine your abilities to measure risk but don't change the fundamentals of value. The updated version of The Aggressive Conservative Investor is very much a value-added proposition."

--Sam Zell, Chairman, Equity Group Investment LLC "I concur with those people who regard Marty Whitman as the 'Dean of Value Investing.' This book is a must-read for everyone interested in understanding the art of investing."

--Melvin T. Stith, Dean, Whitman School of Management, Syracuse University This no-holds-barred presentation of one of the most successful investment strategies of all time -- value investing in distressed securities/companie -- shows you how to analyze and evaluate stocks just like controlling owners. Based on the assumption that stock price rarely reflects real value, authors Whitman and Shubik use numerous case studies to present risk-minimizing methods that also provide high rewards. Still relevant today, this classic work includes a new introduction discussing the dramatic changes that have taken place in the value investing world since its first publication in 1979.

• 作者：怕冷天性也 发布时间：2023-08-09 17:44:03

  还可以吧

• 作者：stoneface 发布时间：2010-10-30 22:44:52

  What a book! How come no any comment? Klarman just told that The Aggressive ConservativeInvestor, by Marty Whitman and Martin

  Shubik, is also very interesting.

• 作者：佑扯 发布时间：2015-04-13 02:38:10

  虽然很不好读，但是很多大实话，而且很多简短的案例和独特的思路(asset-conversion)都是亮点。

• 作者：一锅脑浆粥 发布时间：2013-11-12 16:31:43

  整体上非常接地气，附录掰开揉碎的两个案例算是大开眼界。另外排版质量之高毫无瑕疵，只在附录三里面发现了一个多余的句号，还是因为复制别人的内容带过来的。千万别读中文翻译版的，差太多了。

• 作者：大名 发布时间：2006-10-05 17:29:15

  2005-12-10长春人民大街衡学人书店

• 作者：踏水而行 发布时间：2019-09-12 17:27:10

  332.67 WHI

• 烂菜翻译

  作者：一锅脑浆粥 发布时间：2012-10-11 21:05:59

  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。”?

  用鼻子也能猜出来原文基本上长成这样

  It should be noted, too, that dollar averaging diminishes the need

  to beat inflation, because changes in the value of money probably

  will, in the long run, be offset by changes in the returns on securities.

  不浪费时间了。直接拉黑，去看英文。

• 虽然难懂，但仍有极高的价值

  作者：思想的芦苇 发布时间：2011-03-04 17:41:54

  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.