Martin Whitman writes one of the best shareholders, too. Reading his letter may not be as fun as reading Warren Buffett’s, but you can learn just as much. This is his first quarter shareholder letter.
FAIR PRICES IN TAKEOVERS “Fair” is defined as that price, and other terms, that would be arrived at in a transaction between willing buyers and willing sellers, both with knowledge of the relevant facts and neither under any compulsion to act.
Because The Stock Exchange of Hong Kong Limited (“Hong Kong Stock Exchange”) seems to be relatively inefficient compared to U.S. equity markets, it is sometimes possible to acquire the equities of extremely well-financed companies at prices that represent substantial discounts from the discount prices at which the publicly-traded common stocks of shares owned in controlled subsidiaries are selling. Two of these “double discount” issues – Hang Lung Group Common and Henderson Investment Common – were acquired during the quarter.
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FAIR PRICES IN TAKEOVERS “Fair” is defined as that price, and other terms, that would be arrived at in a transaction between willing buyers and willing sellers, both with knowledge of the relevant facts and neither under any compulsion to act.
Because The Stock Exchange of Hong Kong Limited (“Hong Kong Stock Exchange”) seems to be relatively inefficient compared to U.S. equity markets, it is sometimes possible to acquire the equities of extremely well-financed companies at prices that represent substantial discounts from the discount prices at which the publicly-traded common stocks of shares owned in controlled subsidiaries are selling. Two of these “double discount” issues – Hang Lung Group Common and Henderson Investment Common – were acquired during the quarter.
Read the complete letter
Also check out:
