Thought Leadership in Strategy & Finance


  • Quote  |  January 18, 2019

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


  • Quote  |  January 17, 2019

    “Corporate valuation is a complex matter involving quality of resources, quantity of resources, and long-term wealth creation. In the other investment disciplines, valuation focuses on forecasted flows, whether earnings or cash, discounted to a present value.” – Martin Whitman


  • Quote  |  January 16, 2019

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


  • Quote  |  January 15, 2019

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


  • Quote  |  January 13, 2019

    “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  |  January 12, 2019

    “…it is understandable that many practitioners 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  |  January 10, 2019

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


  • Quote  |  January 9, 2019

    “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  |  January 8, 2019

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


  • Quote  |  January 7, 2019

    “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  |  January 6, 2019

    “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  |  January 5, 2019

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


  • Quote  |  January 4, 2019

    “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  |  January 3, 2019

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


  • Quote  |  January 2, 2019

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


  • Quote  |  January 1, 2019

    “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  |  December 31, 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  |  December 30, 2018

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


  • Quote  |  December 29, 2018

    “In a number of areas, accounting standards are moving more towards methods that give an appearance of enhanced objectivity when in fact they are more subjective than ever. ” – Michael Kwatinetz, phD, managing partner with Azure Capital Partners


  • Quote  |  December 28, 2018

    “Thank goodness the stock market is efficient, or we wouldn’t be able to make money when it isn’t!” – Joel Litman