Chapters in this book

1. Frontmatter i
2. Contents vii
3. Foreword xi
4. Introduction 1
5. Appendix: Common Ground and/or Areas of Further Research 9
6. PART 1. Theory
7. Preface 15
8. 1. Value Investing and Corporate Management: Overview 19
9. 2. Corporate Strategy and the “Margin of Safety” 32
10. 3. Cash and Competitive Advantage 41
11. 4. Corporate Management and “Security Analysis” (including an interview with Seth A. Klarman) 51
12. 5 Value Creating Corporate Management: Henry E. Singleton 57
13. Appendix 5.1: Evaluating a Stock Buyback 69
14. Appendix 5.2: Managing Funding Obligations 72
15. 6 Managerial “Rationality” 74
16. 7 Corporate Management and “Modern Security Analysis” (including an interview with the late Martin J. Whitman) 86
17. 8 Value Realization Is “The Most Important Thing” 97
18. PART 2. Practice
19. Preface 105
20. 9. Value Realization at GEICO 109
21. Appendix 9.1: Note on Estimating Growth Value 129
22. 10. Value Realization at GTI Corporation 134
23. 11. Value Realization at the Union Pacific 143
24. Conclusion and Information Advantage 157
25. Acknowledgments 167
26. Notes 169
27. Index 209