Marty Whitman, Charles Brandes, Mason Hawkins, Seth Klarman, Third Avenue Management (Marty), Arnold Schneider and Steve Mandel to name but a few, all sold out of The First American Corporation since the beginning of 2008!
Not surprisingly even Marty Whitman, one of the initial largest holders of FAF stock and one of its most loyal supporters through thick and thin over the past 12 years has finally bailed out, big time!
Smart Marty Whitman is a wise man!
Marty invested in FAF when FAF was still a fledgling in 1996. IMHO, Marty taught the FAF senior execs how to add value to the company and how to manipulate the company’s stock and increase its market cap!
Indeed I suspect that around 1996, Marty worked his way into some 900,000 shares in exchange for his staunch support.
I further believe that Marty was present at the company’s April 22, 1999 meeting when Kennedy guaranteed a dividend increase before year end. That guarantee that never materialized and other false statements blurted out by senior execs at that meeting sent the stock sky rocketing momentarily. Soon after, the stock imploded when actual earnings and true business conditions were revealed.
But, in 1999, Marty faced the outcry of his investors demanding that he dump FAF. Marty faithfully held on!
Now, Marty must be smelling the burning rag or he must have feel the water level getting neck high in that burning or sinking ship for him to jump.
Marty must be comforted not to be the only deserter. Even The First American, blue eyed boy, James J. Dufficy, the one who claims that First American has “no duty vis-à-vis the public to do the correct thing” has defected and has run for cover!
Not surprisingly even Marty Whitman, one of the initial largest holders of FAF stock and one of its most loyal supporters through thick and thin over the past 12 years has finally bailed out, big time!
Smart Marty Whitman is a wise man!
Marty invested in FAF when FAF was still a fledgling in 1996. IMHO, Marty taught the FAF senior execs how to add value to the company and how to manipulate the company’s stock and increase its market cap!
Indeed I suspect that around 1996, Marty worked his way into some 900,000 shares in exchange for his staunch support.
I further believe that Marty was present at the company’s April 22, 1999 meeting when Kennedy guaranteed a dividend increase before year end. That guarantee that never materialized and other false statements blurted out by senior execs at that meeting sent the stock sky rocketing momentarily. Soon after, the stock imploded when actual earnings and true business conditions were revealed.
But, in 1999, Marty faced the outcry of his investors demanding that he dump FAF. Marty faithfully held on!
Now, Marty must be smelling the burning rag or he must have feel the water level getting neck high in that burning or sinking ship for him to jump.
Marty must be comforted not to be the only deserter. Even The First American, blue eyed boy, James J. Dufficy, the one who claims that First American has “no duty vis-à-vis the public to do the correct thing” has defected and has run for cover!
