The Aggressive Conservative Investor is a highly readable, no holds barred presentation of one of the most successful investment strategies. With painful honesty and terrific story-telling distressed investing and value legend Martin Whitman shows investors how to analyze and evaluate stocks just like controlling owners, the assumption being that the stock price rarely reflects the true value of the business (Lampert did this with Kmart when he analyzed the company's real estate portfolio to uncover more value than the company's revenues seemed to indicate). Illuminated by numerous case studies, Whitman and Shubik present risk-minimizing methods that also provide high reward if applied correctly. The long-term performance of Third Avenue Value Fund speaks for the success of the strategy with total returns of over 850% since 1990, and average annual returns of over 15%.
Distress Investing is a comprehensive guide to distress investing around the world. Increasingly, corporate rehabilitation is more interesting than corporate liquidation to governments and capital markets. And increasingly a mezzanine industry of mutual funds, hedge funds, and private investors has stepped up to fill the role of the traditional corporate lender. This book covers distress investing from theoretical underpinnings to practical applications. It features cases studies of some of the biggest distress investing situations including Kmart and Pacific Gas & Electric. From the recent changes to U.S. bankruptcy code to creditor rights to cash bailouts, readers will learn how to analyze distressed situations including pricing issues, arbitrage opportunities, political and tax disadvantages to deal expenses and reorganization funding plans. Written by the leading practitioner of distress investing and co-authored by teaching academics, this book is certain to become the bible on the topic for professional investors and students.
