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Third Ave 2009 Q1 Letter


rszutu604
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The latest Third Ave letter from Marty Whitman & co is now available at:

 

http://www.thirdave.com/ta/documents/sl/shareholderletters-09Q1.pdf

 

Both Whitman and his successor, Ian Lapey, have made substantial investments in their flagship mutual fund. A class act to disclose this information. Within the portfolio, they've been finding a lot of net-net asset opportunities. Their approach is a modification of Graham & Dodd's. A very nice read.

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Thanks.  Marty's performance over the life of his flagship mutual fund (Third Avenue Value Fund) is not that exciting.  A taxable investor would most likely have lagged an index fund...

This is a reminder how incredibly good Buffett is with his 50+ years of killing any and all indexes.

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