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

“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

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

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

“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

“…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

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

“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)

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

“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)

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

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

“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

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

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

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

“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

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

“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

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