This is a complete "bible" to valuing corporations for their investment merit. Too bad the man is so well known as a value investor, he should acually be referred to as the unscrupulous vulture investor, who knows no limits, no matter what the cost. Rasputin would have been proud.

Marty Whitman is a master value investor who has been successful for 3 decades, though recently becoming known to the masses through his Third Avenue family of mutual funds. Anyone who has read some of his shareholder letters will recognize some of the concepts in the book, but they are presented in detail. This book teaches you to understand how "control" investors think, and to then learn how to evaluate annual and quarterly statements in a new light. Whitman is more than a value investor, of course, he is a vulture investor and proud of it. Though this book is as fresh today as it was in 1979, we await his new book eagerly for more wisdom from the master. Marty Whitman's approach is as different from Ben graham's as the Rolling Stones were from the Beatles! Both early rock bands from England, but clearly touched responsive chords in very different ways...If you can find this book, BUY IT!

Marty Whitman is one of the "deans" of modern value investing. Unfortunately, I believe he's been tainted by his role at Yales' School of Management. The problem with this book is that he works too hard to make his writing style "academic." As a result, his points are rarely easily communicated to the reader. Despite having attended one of the Nation's leading business schools (much more highly-ranked than Yale's SOM), I often felt that gleaning information from this book was like having my teeth pulled -- painful. If Marty would like, I could easily refer him to a number of other books that communicate much more complicated material in a far easier to understand manner. Perhaps he could use one as model for future editions. However, in spite the writing style, the material is quite useful and insightful. Definately worth the price.

This is a fair book written by an outstanding investor. Marty Whitman has practiced value investing successfully for many years, and his writings draw on his vast experience. However, unlike Buffett, he isn't the most clear author in the world. His writing is a little obtuse, and devoid of examples that would illustrate his points. Nevertheless, if you can make your way through the writing, you will find a lot of extremely useful and interesting information. I would recommend this book, but to understand it the reader should have a good working knowledge of financial terminology and an understanding of other value investing techniques and perspectives. If you read (and understand) some other books on value investing, plus maybe a few of Mr. Whitman's Third Avenue Value Fund shareholder letters, I think you will find this book invaluable.

As someone who has read the works of Ben Graham and the letters of Warren Buffett, I can honestly say this book offers some new ideas you are unlikely to find anywhere else. Unlike most investing books that only argue against the efficient market, this book also points out many of the flaws of Graham and Dodd and offers a different method of value investing. It is not intended to be an update of Security Analysis, despite what previous reviews on Amazon may say. The author has over 40 years of Wall Street experience and has also taught at Yale and Columbia. If you want to be exposed to new ideas buy the book. If you just want positive reinforcement of your belief in Ben Graham then this book might leave you shell shocked.