http://www.valueinvestingnews.com/stock-tickers/bam Comments for "BAM" en http://www.valueinvestingnews.com/marty-whitman-portfolio-holdings-gurufocus#comment-445 <p>From the letter to shareholders: "Henderson Land...developing land in the People's Republic of China...control a substantial amount of earning assets - both real estate and non real estate - in Hong Kong and (China)."</p> <p>Whitman is looking for Henderson Land to privatize. It has attempted this twice since 2002. To complete a takeover (which this would be - he explains the structure in the letter) it must get fewer than 10% "no" votes. Whitman explains that at present the Hong Kong stock exchange allows shorts to vote not just beneficial owners. People borrowed shares and then voted against the deal; that's apparently why it failed.</p> <p>This looks typical of Whitman. He's been finding more overseas - especially Hong Kong. He illustrates some of the discounts there. He attributes it to more inefficient markets. He likes to find bargains relative to what a private buyer would pay in a control purchase. So, these kind of discounts to asset values are what he looks for. </p> <p>I'm not sure if the ticker symbol given at GuruFocus is necessarily the security actually owned. The only one I know for sure is that Third Avenue owns the Posco (PKX) ADRs - not the shares you can buy in Korea. Otherwise, I imagine the fund normally buys its shares abroad - e.g., in Hong Kong.</p> Mon, 19 Mar 2007 02:43:56 -0400 Geoff comment 445 at http://www.valueinvestingnews.com http://www.valueinvestingnews.com/marty-whitman-portfolio-holdings-gurufocus#comment-444 <p>Suprised to see the pink sheet in there. Anyone know much about Henderson Land Development?</p> Mon, 19 Mar 2007 02:10:09 -0400 Nick comment 444 at http://www.valueinvestingnews.com