Marty Whitman, the octogenarian investor and Wall Street legend, was once prodded on the stock-picking style of his firm, Third Avenue Management. "We are offbeat," he said.
That's one word for it. Canadian investors, seeing what he has been up to lately, might have a few others. "Barking mad" comes to mind. "Insane" works. "Masochistic" fits, too, because one of the stocks Third Avenue has been buying by the truckload is -- wait for it -- the pride of Montreal: Abitibi-Consolidated.
Oh, please, try not to laugh. It's impolite. Try not to tell yourself the Americans have been suckered again, buying into a Canadian manufacturer because it "looks cheap" when it is, in fact, one of the best living examples of wealth destruction in modern capitalism.
Read the complete article
That's one word for it. Canadian investors, seeing what he has been up to lately, might have a few others. "Barking mad" comes to mind. "Insane" works. "Masochistic" fits, too, because one of the stocks Third Avenue has been buying by the truckload is -- wait for it -- the pride of Montreal: Abitibi-Consolidated.
Oh, please, try not to laugh. It's impolite. Try not to tell yourself the Americans have been suckered again, buying into a Canadian manufacturer because it "looks cheap" when it is, in fact, one of the best living examples of wealth destruction in modern capitalism.
Read the complete article
