Marty Whitman - Value legend seeks huge yields, "pouring" into distressed debt

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Value legend seeks huge yields, "pouring" into distressed debt

Friday, February 27, 2009
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Marty Whitman is asking the board of his company, Third Avenue, to raise the percentage of distressed debt his funds can hold from 10% to 35%. He thinks distressed debt is the best, safest opportunity in today's markets... "With stocks, you have to worry about the market. With debt, I just have to understand the contract. If my analysis is right, I'll make money," Whitman said.

Whitman's plan is to buy high-yield debt on the cheap and collect double-digit yields to maturity. He makes sure to buy enough so he has a say in any bankruptcy or reorganization hearings.

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Topics:		Marty Whitman \| Value Investing \| Income Investing

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