Modern Security Analysis

Martin J. Whitman is Chairman of the Third Avenue Fundsand founder of Third Avenue Management, an investment adviser toprivate and institutional clients. Mr. Whitman has proven for morethan fifty years that active, opportunistic investors can findunder-priced securities in companies with strong balance sheets. Heis also an adept control investor who was an important participantin the rehabilitation of Nabors Industries and Covanta Energy,among others. He was Third Avenue's Chief Investment Officer fromits founding through January 2010. For over thirty years, Mr. Whitman was a DistinguishedManagement Fellow at the Yale School of Management. He is also anhonorary trustee at Syracuse University which is also home to theWhitman School of Management. He is a frequent speaker andcommentator within the financial services community. Fernando Diz is the Managing Director of the Orange ValueFund, LLC, the Martin J. Whitman Professor of Finance and theDirector of the Ballentine Investment Institute at SyracuseUniversity. He teaches classes in value, control and distressinvesting and created and directs the two-year Orange Value Fundprogram. He is the co-author with Martin J. Whitman of DistressInvesting: Principles and Technique. Professor Diz received hisMSc and PhD degrees from Cornell University.