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.