.

420 80

10

11

12

13

14

50

1987 1-8 10

7
 1987 1 1

44% 10 9

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10


10

11


20 80

12


13


14


15


1983 12

50 1977-1984

43

1983

1983 54 1984

15

1989 9

NAV 2

NAV

2 NAV

16


NAV NAV

30

30 Albert

Wojnilower10 10

20 30

30

30

30

17


20 80

Cen

Trust Saving and Loan Association-

1300

1989 6

18


19


20


21


Aetna

1991

1 2

22


23


20 80

80

2000

24


20 80

20

80

80

nominal returns

yield pigs

20 80

20 80

25


Ginnie Mae

GNMA

Ginnie MaeGNMA

GNMA

GNMA

26


27


20 80

90
1987

1989 10 1990

Pavlov

28


29


20 80

1990 1991

30


31


2%~8% 1 10

15%~30%

/ 2 /

32


IPO

10

8% 9.2

9.2

33
 10%-15%

1989-1990

1989

6 Spain Fund 92%

9.2 3

260% 1990 2 2

34


20

80 90

1991

35


36


1990 Janney Montgomery

&

37


1987

250
1

38
 150 2

39


20 80

40


Selffulfilling Prophecy

41
IOs POs
POs

20 80

Interest Only IOs

Principal ONly POs

IOs POs

IOs POs

IOs

IOs

IOs

POs

42


IOs POs

43


20 80

IPO

20 80

50

20

80 Silk Greerholise

TCYB 80

20 80

TWA

Crazy Eddie E.F.

E.F.Hutton Inc.

44
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IPO

1986

1987

42

900%

45


46


30

1929

1950 1070 1968 5000

40

8% 45%

1974

47
 1979

3/4

48


49


500

50


Paul Rosenstein rodan

tremble factor

51


52


SEC

53


10

20 5000

5%

10 10 5% 5000 1991

559

54


55


56


Warrant

LBOs

57


1990

1987

1987

58
 3%

3%

3%

3%

59
 1987 10 19

10%

1989

60


Renaissance Investment Management 1989 10 24

10

60

20 11

4 10

61
 1983-1990

500

10

62


63


Blockbuster Entertainment Corporation

1991 500

1.55 9.1%

500 4%

proxy contest

64


1980-1990

100 1700

90% 500

80

Lipper analytical service)

31 24

1983

5000 Wilshire 5000index

29 23

12.7% 5000 10.7%

65


66


20
20 80

20 80

2000

1990

1991

Grant's

Interest Rate ObserverJames Grant

67

What's Wrong with Wall Street

20 80

Michael Milken

20 70

W.Braddock

Hickman20

Drexel

68
Firestone

20 80

1974-1975

ERISA

69


70


20 80

10

Braniff

Flight Transportation corporation)

NFCs
20 80

1990

25%-50%

LDC

PIK

71


20 80

1990

Ed Altman
The High

yield debt market) 12

72


20 80

73


20 80

1980

Drexel Burnham

74
Lambert

20 80

1982

20 80

Dr Pepper

Jack-In-The-Box Colt Industries

75


Barrie Wigmore

1980-1988 1.0

20 80

20 80

76


T.Rowe Price

Gresham

20 80

77


1989

10

1990

78


1980

GICs

first executive corporation)

first capital Holding corporation)

GIC

1990

1991 4

79


PIK

PIK

PIK

80
 20 80

PIK

PIK

20 70

PIK

PIK

PIK

81


20 80

20 80

Maxxam

95 Western

Union corporation)

82
 16% 19.25%

80 40 1989 Drexel Brunham

Lambert
Jim Walter corporation)

-RJR NabsCo KKR 1989

50 PIK

KKR

RJR

Cramdown debt

15

93%

83


250 LBO-

RJR

KKR

129 / 109 / 40

EBITDA

84
 20 80 5

20 80 5

20 80

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EBITDA

20 80

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85
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EBIT

EBIT

EBIT EBIT

EBIT

EBIT

86
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EBITDA

EBIT

100% EBITDA

EBITDA

20 80

EBITDA

87


EBITDA

EBITDA

EBITDA

EBITDA

EBITDA

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88
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100 100

80 80

0 20

EBIT 20 0

EBITDA 20 20

EBITDA

2000 X Y

EBITDAX

Y 2000

EBITDA

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89


Collateralized Junk-bond obligationCBOT

CBO

CBO

CBO

CBO 75%

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750%

CBO

CBO

CBO

90


EBITDA

1990

20 80

91


92


93


IPO

94


1000

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30%

30%

95


2 1000

5 10 20 30

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10% 1.611 2.594 6.727 17.449

12% 1.762 3.106 9.646 29.960

16% 2.100 4.411 19.461 85.850

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10 16%

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96


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97


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98


99


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100


101


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102


50

50

70

103
 80 1.1 1

50

50 1

104


75 1.25

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105
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Dr Pepper

Dr Pepper

106


Dr Pepper

Erie Lackawanna 1987

140 /

107
 110 /

Erie Lackawanna

1991 179 /liquidating

distribution1988 115 1987

1989 18%

1989 6

1989 11

18%

Texacoa

1987 Pernnzoil

Texaco Pennzoil 100 Texaco

Texaco

108


Texaco

Texaco

1994 5 1 11.875%

1987 10

18

1987

11 1 1 2 3

44.1%25.4% 19.5%

109


1991 3 6

72 4 24 61.875

9.375 5 14 13.25

36 3 6

110


1987 Telefonos De Mexico SA 10

1988

15 / 75 /

6.25%

1991 Telefonos 3.25

111


IBM

100

112


113


BBB

114


Proxy Fight

400 / 260 /

1:1.5 390 /

10 /

115


20 80

Mutual Series Fund L.

116


20 80

1990

20 80

1990

1990

117


118


10

119


10%

15%

120


121


122


123


124


1 1

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100

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126


Beta Beta

Beta

Beta

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Beta

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Beta

Beta

127


Beta

128


129


130


NPV

IRR

131


132


net working

capital

1989

Harcourt

Brace Jovanovich Sea World

133


1991 Tonka

Hasbro Tonka

tonka

tonka

Tonka

NPV

Priviate Market value PMV

134
Break-up value

stock market value

135


1980

10

136


1990

Interco

137


138


10%

10%

12%~15%

139


140


141


20 80

142


10

13-15

20 80

1989 1990

20 60 70

(circular reasoning)

143


144


break-up value

carrying value

receivable

accounts receivable

145


net net-working

capital

working capital

146
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liabilities

stock market value

1990

Schaefer Value Trust

147


148


149


reflexive relationshipreciprocal

relationship

self-fulfilling prophecy

1991

1991 Marriott

Corporation

150
 1990

Mortgage and Realty Trust

Esco

Esco

1990 10 Emerson Electric

151
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1:20 Esco

1000 50 Esco Esco

5 3

15

40

Esco

Esco

Esco

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6000 320 170

Esco 1986

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1985 3630

1989 670

1380

1990 520

4 4500

152
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Esco

1990 10 Esco

Esco

1991

740

Esco 1991-1995

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Hazetine

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500 45 /

Esco Esco

45 /

153
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45 /

TNN Esco

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90 /

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154
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155
 4 1.9 Hazeltine

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4-6

Alliant Techsystems 2

156
 60%-100%

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1991

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157
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GAAP

158


159


20 80

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160
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161


162


163


164


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1990

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165


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166


167


1983 Nabisco

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168


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Clorox

53 11

169


first mortgage bonds

Vickers

stock Research

170


25

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171


172


173


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178
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RHeem

179
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1991

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1958

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180
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1985

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1983

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181
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95

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1987 12 B-E Holdings Becor Western

185
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17 /

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0.01

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4.25 15

0.085

0.255

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Becor

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1987 12

1988 1

10

10

10 /B-E Holdings

15

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14

Becor

12 /Becor

12

187


14.25 Becor

188


20 80

20 80

1990

189


IPO

190


191


Tandy Corporation

1986 InterTan InterTan

15 /net-net

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InterTan 11

10 25

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InterTan 220 220

InterTan

4000

InterTan

4000

InterTan

45%

192
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InterTan InterTan

InterTan

1989

62.75

1988

Burlington Northern Burlington Resources

Burlington Northern

Burlington Resources

Burlington Northern

Burlington Resources Burlington Northern

Burlington Resources

burlington northern

Burlington Resource 19

193
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19

1990

1988 2

194


19

1983

20 70

3-6-3 3%,

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197
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198


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199
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5000

1866

1989 12 31 15

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IPO

200


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202


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20 80

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Texco

205


206
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207


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208


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1978 Food Fair Stores

1985 wheeling Pittsbursh steel

Cleveland-Cliffs

Hanna Mining

1983

210


211


Mutual SeriesMichael

Price

212


3 1

213


Ames Department

Stores Integrated

Resources

Public Service company of New Hampshire

LTV Corporation Jone &

Laughlin Steel

214


215


Am International

1983 Braniff Airlines

216
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Wheeling LTV

Secured debt

security interest

fulcrum securities

217


Ron Labow

Wheeling pittsburgh Steel

1/3

218


HBJ

Harcout Brace Jovanovich HBJ

HBJ 1989

8 46

HBJ

1989 9

HBJ 11 10

15

46 36 1990

1 31 10 4

2/3

HBJ

1990 1

219
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General Cinema Corporation 15

1 50

6-9 9.5

BNET1990

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10-13

220
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1991

10.5

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221


1991

Michael Milken

222


Heinz Ketchup

IBM
223


Mitigating factor

10 20

224


225


5-10

226


500

227


1988 1990

228


1990 40%

229


230


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231


232


233


234


Bill Ruane

235


236


Mutual

SeriesSequoia Fund

237


238


239


240


241


242


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1991 07

243


244


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1991

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245


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80

1991
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2007

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248
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2007 10 20

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256


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Seth Klarman

Graham Dodd

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Graham Dodd

bargains

bargains

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litigation

Graham Dodd

266


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machine2009 3 17

269


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1932 Benjamin Graham

enterprise

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275
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Joel Greenblatt You Can Be a Stock Market Genius

Marty Whitman Martin Shubik The Aggressive Conservative

Investor

Jim Grant

Michael Lewis Moneyball

Big Short

20

Andrew Ross Sorkin Too Big to Fail Roger Lowenstein The

End of Wall Street

it does rhyme

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276


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