I received a lot of e-mails from subscribers on Monday after the collapse of Wachovia, asking me which bank I believe will be the next to fail. Most investors are afraid they will wake up next Monday morning with a worthless financial stock, whose deposits have been sold to another institution.

Marty Whitman, the octogenarian dean of deep-value investing, sees great bargains to be snapped up from the current stock market meltdown. "It's a great time," enthused the 83-year-old founder of New York-based Third Avenue Management LLC before speaking yesterday at a conference organized by AIC Ltd.

I just read through the third quarter shareholder letter from Marty Whitman at the Third Avenue Value Fund. Some tidbits from the letter:

Marty Whitman shares his value investing insights in this latest letter. This master of distressed investing is taking advantage of the situations in the financial and bond insurer sectors.

Comments on the breaking news that Moody's will likely cut MBIA and Ambac ratings. Why now? What should these bond insurers do?

Ackman out, Whitman in....should we?

He is covering the short bets

Bond insurer MBIA will try and make the most of the current situation. It has been raising capital from private and public investors to tackle current concerns regarding their financial situation and also using it to secure more business from competitors that are struggling more than they are.

Funny parody of Ackman. Mostly worthless, but I thought I'd share an investing related laugh with you.

This is worth the time..

Ackman calls the bond insurers bluff..

This article discusses several comments by Warren Buffett today from Toronto on the credit crunch, the U.S. dollar, inflation, and the bond insurance business.

You have to read this 20 page letter

Goldman Sachs looks at the value of bond insurers under three different scenarios.

Ackman's entire letter to Moody's