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Dear Fellow Shareholders - Martin Whitman


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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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