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The Aggressive Conservative Investor

3.62 of 5 stars 3.62  ·  rating details  ·  63 ratings  ·  6 reviews
"The Aggressive Conservative Investor will never go out of date.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 & Profes
ebook, 486 pages
Published February 15th 2011 by Wiley (first published 1979)
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Terry Koressel
The Aggressive Conservative Investor focuses exclusively on value investing....specifically in distressed securities, which is a different approach than Warren Buffet's value strategy. The authors, writing in the 1970's, take an analytical approach to value and also assesses value as if you were a controlling owner. The approach is sound and the fundamentals are well-defined. The authors are undoubtedly intelligent....highly intelligent actually. However, the book is dry....a tough read. I alway ...more
Brian Zheng
A masterpiece and opened a whole new way for value investing. One of the authors, Martin Whitman recently retired from his Third Avenue fund after working as portfolio manager for more than 20 years. His result is definitely impressive, his mutual fund with no leverage achieved annualized return of 11.88% vs 9.26% for S&P 500 from 1990 to end of Feb 2012. His main investment philosophy consists of investing like a control investor instead of passive investor, performing in-depth bottom up re ...more
Not the most readable text, but quite consistently thought provoking. The authors challenge a few tenets of the Graham-Dodd value investing approach -- such as the assumption that companies are going concerns -- and also distance themselves from the Berkshire Buffett's ROIC approach which depends a lot on control of the target company. At the very least it is more intelligent than any of Lynch's rather awful books. What I like is how Whitman and Shubik approach the topic almost as philosophers - ...more
Great book...will need to go through it again to understand all of it, though, because I'm new to a lot of the accounting stuff. The investing & corporate finance part was extraordinarily accessible.
Steve Bradshaw
A dry but generally on-base defense of value investing. The 4 tenets say it all!

1. Strong financial position
2. Reasonably honest management
3. Reasonably transparent disclosure
4. Price below reasonably estimate of fair value

Nothing new or earth-shattering but a sensible approach to investing, complete with case studies, that would do a lot of people a lot of good if they could follow it.
A good book for someone who already has a value investing style or is interested in fundamental analysis. Subtle analysis of what constitutes appropriate investments for various types of investors, EPS versus book value, insider vs. outsider conflict of interest, etc.
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