Marty Whitman and the Aggressive Conservative Investor
Nice article. I kept confusing him with Marty Lipton, the securities lawyer, as I was reading it.
Great article Hunter, thanks for reminding me of it via your tweet today!
The Benson&Hedges expansion is likely indicative of many small businesses that have only been able to expand adequately when acquired by a larger and more liquid player.
Apple built the iPhone this way, by investing in small outfits and their small "can do" inventions, then building these companies factories all that they could scale, which the small companies rented from Apple, while giving Apple 3 year exclusivity deals. That's how a generational leap in mobile phone technology appeared to happen overnight.