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Martin Whitman on Consuelo Mack


Guest kumar
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Whitman takes on Congressional and Wall Street ignorance about debt, credit worthiness, and earnings. Whitman will also discuss his long term mantra, to buy “safe and cheap” stocks, and his four elements to getting growth at dirt cheap prices.

 

http://wealthtrack.com/special-series/great-investors-series/martin-whitman-just-dont-get/

 

I thought it was awesome when, in 2008, he went long MBIA and dismissed Bill Ackman who was short MBIA.

 

Whitman said the following:

“MBIA is being victimized by an apparently well organized bear raid headed by William Ackman of Pershing Square Capital Management,” Mr. Whitman wrote.

“Ackman believes the bond insurer model does not work because the insureds are able to buy an AAA rating so cheaply,” Mr. Whitman wrote. “The facts are that bond insurance is one of the more profitable P&C businesses.”

Bill Ackman is a “slick salesman who does not know much about insurance and certainly doesn’t know much about restructuring secure debt”

 

Boy did he ever eat crow!

 

There's a story about it here:

 

http://www.valuewalk.com/2013/08/marty-whitman-classics-and-mbia-battle-vs-ackman/

 

 

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