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5th Annual Whitman Day: Breakfast Panel with Martin J. Whitman and Richard Haydon

April 11, 2008

Collectively, Martin J. Whitman ’49 BS and Richard Haydon ’66 BA (A&S) have a century of Wall Street experience—and that fact is evident in the wisdom and insight revealed in this wide-ranging panel discussion.

Whitman, founder and co-chief investment officer of Third Avenue Management, and Haydon, a managing director with Neuberger Berman, treat members of the Central New York financial community to a no-holds-barred conversation on investing and current economic developments, including the housing/mortgage crisis, the concerted raid on Bear Stearns, and green investments. The discussion was moderated by J. Daniel Pluff, host of WCNY’s “Financial Fitness." The breakfast panel was part of the 5th annual Whitman Day celebration in the Whitman School of Management.

Watch the video

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Rating: 3.8/5 (24 votes)

Comments

amehta
Amehta - 6 years ago
MBA for free. Thanks for posting it.
Eric McGough
Eric McGough premium member - 6 years ago
Excellent find! - thanks for sharing this
dmangan
Dmangan - 6 years ago
In the video, Whitman says that he's buying bonds "that have no chance of default" that yield over 20%. Does anyone know which ones he's talking about?
Sivaram
Sivaram - 6 years ago
dmangan Wrote:

-------------------------------------------------------

> In the video, Whitman says that he's buying bonds

> "that have no chance of default" that yield over

> 20%. Does anyone know which ones he's talking

> about?


I think he is talking about MBIA surplus notes and GMAC bonds. There was a Barron's article on Whitman where he mentioned that (but I wouldn't really consider them as no chance of default)...
buffetteer17
Buffetteer17 premium member - 6 years ago
To paraphrase Whitman: Most of these "losses" by the big banks and financial institutions are phoney baloney. GAP requires them to mark to market their long term fixed income holdings, even if they fully intend to hold these to maturity. This was a very bad decision by the SEC, and it will probably be revised. Meantime, it presents a great opportunity to value investors. By May 15, most of the big financials will have reported, and if the CFOs are smart they'll take all the paper losses to which they're entitled. That will be the time to buy cheaply the ones whose balance sheets are strong enough to avoid collapse.

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