Marty Whitman

The recent weakness is a buying opportunity. Wonderfully managed. Well financed. Selling at a substantial discount from ascertainable net asset value.

Management believes a Financial Guaranty subsidiary is going to give them all the capital they need. Thinks it is the diciest security in his portfolio. Has a BV of $30. He's going to ride with them.

Cash is well in excess of all book liabilities. He likes to get in at 10x peak earnings or less.

(Henderson Land on the Hong Kong exchange.) Construction and project development. 2.75% dividend.

(Toyota Industries on the Japanese exchange.) Toyota Motor (TM-N) owns 24%. Has a portfolio of marketable securities, mostly a 6% holding in Toyota motors. The market value of that securities portfolio exceeds the market value of Toyota Industries stock.

Probably the leading real estate developer in the US. Office buildings, malls, apartment buildings, multiuse projects, etc. A huge pipeline of projects that seem likely to assure that it is going to meet the 10% Bogey(?).