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Whitman Interview Graham & Doddsville


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Marty Whitman made the following statement in the Graham & Doddsville Fall issue.  Am I missing something?  I thought Graham took advantage of Mr. Market and ignored market fluctations. 




G&D: If an analyst comes

into your office with a new

idea, what are the first few

things you would want to


MW: What I want to do is

understand the business. I

want to know the estimate

of NAV, and can we buy it

at a sizeable discount from

this. We guard against investment

risk, but we pretty

much ignore market risk,

which is different from Graham

and Dodd, who were

very conscious of how much

you suffer when the price

goes down.

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