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For Martin Whitman followers - Link to Dear Fellow Shareholders book


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Links to Dear Fellow Shareholders - collection of letters by Martin Whitman






Table of contents


o Important Information

o Foreword

o Introduction


• The Roots


o Equity Strategies Fund Proxy Vote

o Equity Strategies Fund Investment Philosophy

o Equity Strategies Fund Launches Third Avenue Funds

o Inaugural Third Avenue Funds Letter to Shareholders


• Investment Philosophy


o Third Avenue Value Investment Philosophy

o Third Avenue is Different

o Consistent Performance and Averaging Down

o Value Investing at Third Avenue

o The Concept of Net-Nets

o The Third Avenue Formula for Investing

o Net-Nets on Steroids

o Fundamental Finance

o Third Avenue and the Efficient Market Hypothesis


• Portfolio Management


o Portfolio Diversification

o Risk Arbitrage

o Index Funds and the General Market

o The Importance of Buying Cheap

o The Moral Hazard Question

o Third Avenue Value Fund Compared to Private Equity Funds

o Risk from a Third Avenue Point of View

o Securities Regulation, Disclosure and Third Avenue

o Characteristics of Long-Term Investing

o Thoughts on the Detroit Bailout

o On Creditworthiness


• Modern Security Analysis


o The Unimportance, and the Importance, of Book Value

o Third Avenue Approach to Valuation

o Corporate Valuation

o Role of Accounting in Security Analysis

o Fair Disclosure

o How Third Avenue uses Accounting Disclosures

o Proposed Elimination of Double Taxation on Corporate Dividends

o Reforming Generally Accepted Accounting Principles

o So What Are Earnings, Anyway?

o Conventional Security Analysts

o Corporate Uses of Cash

o Financial Accounting


• Graham and Dodd Fundamentals


o A Balanced Approach to Value Investing

o Third Avenue vs. Graham and Dodd

o Graham and Dodd and the Efficient Market

o Graham and Dodd Revisited


• Academic Finance


o Modern Capital Theory and Fundamental Investing

o The Third Avenue Approach vs. The Conventional Academic Approach

o Third Avenue and the Efficient Market

o Generally Accepted Accounting Principles and the Enron Mess

o Reconciling Modern Capital Theory and Value Investing

o Characteristics in Modern Capital Theory

o Going Concerns and Investment Type Companies

o Value Investing



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  • 2 years later...

I'm cleaning my stuff and planning to throw away Third Avenue Reports/Letters in paper form approximately 1998-2010.


Probably nobody is interested (and the link in this thread may cover some of these...), but if you are, I could send them to you. US only unless you pay for postage.  8) PM me.


Also have some Ariel Investments reports 2007-2010 timeframe. Same deal.

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