Martin J. Whitman

Martin Shubik

"The Aggressive Conservative Investor will never go out of date.Regulation, disclosure, and other things may change, but thegeneral approach and mindset to successful investing are timeless.Read this book and you will learn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 professionalinvestor." --Stan Garstka, Deputy Dean & Professor in the Practice ofFaculty & Management, Yale School of Management "Security analysis toward both better odds and higher long-termpayoff: A readable, authoritative guide." --Professor Bill Baumol, New York University "In reading this book, one is struck by the simplicity of theideas and the dependence of the investor on his own understandingsof reality as opposed to the myths on the street. The updatedversion of this 1979 classic incorporates all the modern financialengineering that has occurred as a product of the late 20thcentury, and the new methodologies refine your abilities to measurerisk but don't change the fundamentals of value. The updatedversion of The Aggressive Conservative Investor is very much avalue-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 everyoneinterested in understanding the art of investing." --Melvin T. Stith, Dean, Whitman School of Management, SyracuseUniversity This no-holds-barred presentation of one of the most successfulinvestment strategies of all time -- value investing in distressedsecurities/companie -- shows you how to analyze and evaluate stocksjust like controlling owners. Based on the assumption that stockprice rarely reflects real value, authors Whitman and Shubik usenumerous case studies to present risk-minimizing methods that alsoprovide high rewards. Still relevant today, this classic workincludes a new introduction discussing the dramatic changes thathave taken place in the value investing world since its firstpublication in 1979.

The Aggressive Conservative Investor

Concepts and Solutions

Game Theory in the Social Sciences, Vol. 1

Selections

Game Theory and Related Approaches to Social Behavior

Thomas Quint

Using simple but rigorously defined mathematical models, Thomas Quint and Martin Shubik explore monetary control in a simple exchange economy. Examining how money enters, circulates, and exits an economy, they consider the nature of trading systems and the role of government authority in the exchange of consumer goods for storable money; exchanges made with durable currency, such as gold; fiat currency, which is flexible but has no consumption value; conditions under which borrowers can declare bankruptcy; and the distinctions between individuals who lend their own money, and financiers, who lend others’.div/DIV

Toward a Pure Theory of Money

Barley, Gold, Or Fiat

Eric Smith

A rigorous theory of money, credit, and bankruptcy in the context of a mixed economy, uniting Walrasian general equilibrium with macroeconomic dynamics and Schumpeterian innovation. This book offers a rigorous study of control, guidance, and coordination problems of an enterprise economy, with attention to the roles of money and financial institutions. The approach is distinctive in drawing on game theory, methods of physics and experimental gaming, and, more generally, a broader evolutionary perspective from the biological and behavioral sciences. The proposed theory unites Walrasian general equilibrium with macroeconomic dynamics and Schumpeterian innovation utilizing strategic market games. Problems concerning the meaning of rational economic behavior and the concept of solution are noted. The authors argue that process models of the economy can be built that are consistent with the general equilibrium system but become progressively more complex as new functions are added. Explicit embedding of the economy within the framework of government and society provides a natural, both formal and informal, control system. The authors describe how to build and analyze multistate models with simple assumptions about behavior, and develop a general modeling methodology for the construction of models as playable games.

The Guidance of an Enterprise Economy

"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.

First Published in 1996. Routledge is an imprint of Taylor & Francis, an informa company.

In Honour of the 500th Anniversary of the Publication of Luca Pacioli's Summa de Arithmetica, Geometria, Proportioni et Propotionalita, Siena, 18-19 November 1992

Proceedings of the Conference Accounting and Economics

Towards a Theory of Gaming

Games for Society, Business, and War

This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.

The Theory of Money and Financial Institutions

Professor Morgenstern's deep interests in economic time series and problems of measurement are represented by path-breaking articles devoted to the application of modern statistical analysis to temporal economic data. Originally published in 1967. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Martin Shubik

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