Thought Leadership in Strategy & Finance


  • Quote  |  April 25, 2018

    “Every investment has something wrong with it.” – Martin Whitman


  • Quote  |  April 24, 2018

    “…value investing treats every accounting number as being as important as any other number, with each number being derived from, a function of, and modified by all other accounting numbers.” – Martin Whitman


  • Quote  |  April 24, 2018

    “For reading this book [Value Investing], algebra is useless; however, a deep understanding of the accounting cycle is essential.” – Martin Whitman


  • Quote  |  April 23, 2018

    “All markets tend toward efficiency. Most markets, though, do not achieve instantaneous efficiency.” – Martin Whitman


  • Quote  |  April 23, 2018

    “Corporate valuation is a complex matter involving quality of resources, sources, quantity of resources, and long-term wealth creation.” – Martin Whitman


  • Quote  |  April 22, 2018

    “In value investing, the goal is to determine a business’s worth and its possible or probable dynamics, all independent of the price at which the common stock issued by that business trades.” – Martin Whitman


  • Quote  |  April 22, 2018

    “…it is understandable that many practioners of value investing would focus at least as much attention on the quality and quantity of resources in a business (a balance sheet approach) as they do on the earnings record (an income account approach).” – Martin Whitman


  • Quote  |  April 21, 2018

    “We deal in probabilities, not predictions.” – Martin Whitman (Third Avenue Value Fund)


  • Quote  |  April 21, 2018

    “We’ve had nothing but speculative excess. ” – Martin Whitman (Third Avenue Value Fund)


  • Quote  |  April 20, 2018

    “A lot of what Wall Street does has nothing to do with the underlying value of a business. We deal in probabilities, not predictions.” – Martin Whitman (Third Avenue Value Fund)


  • Quote  |  April 20, 2018

    “There are a lot of things wrong with what we do.” – Martin Whitman (Third Avenue Value Fund)


  • Quote  |  April 19, 2018

    “To be safe and cheap, you have to turn down a lot of ideas also. So you would miss a lot of good stuff that is a little pricy.” – Martin Whitman (Third Avenue Value Fund)


  • Quote  |  April 18, 2018

    “Financial statements [should] be prepared under the assumption that the users…understand not only the uses, but also the limitations, of GAAP” –  Marty Whitman


  • Quote  |  April 17, 2018

    “Advertising is the ability to sense, interpret…to put the very heart throbs of a business into type, paper and ink.” – Leo Burnett


  • Quote  |  April 16, 2018

    “The problem takes on its full dimension when an analysis is conducted – as it should be – comparing one company with other companies. Then, it is certain that income statements are not prepared on identical basis.” – Analyse Financiere PEOI.org coursebook


  • Quote  |  April 15, 2018

    “Well done is better than well said.” – Benjamin Franklin


  • Quote  |  April 14, 2018

    “The wonders of technology should be made use of for the right purposes, that is, for the wellbeing of humanity.” – Sadhguru


  • Quote  |  April 13, 2018

    “A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well.” – Jeff Bezos


  • Quote  |  April 12, 2018

    “In the development of accounting standards, risks to users of inconsistencies can be reduced by good disclosure requirements, particularly so between various pronouncements. A study examining the treatment of interest found inconsistencies in two-thirds of the relevant U.S. GAAP pronouncements.” – Michael L. Fetters


  • Quote  |  April 11, 2018

    “Failure is simply the opportunity to begin again, this time more intelligently.” – Henry Ford