Just a quick heads up before my next writeup on DELL which I plan to publish beginning next week.
The Shareholder Letters detailing the quarterly activity of the four mutual funds of the Third Avenue value shop founded by the amazingly succesful value manager Marty Whitman have just been posted on their website.
The flagship Third Avenue Value Fund bested the S&P 500 on 10, 5 and 3 years period by 5.40%, 8.39% and 8.47% respectively (source Morningstar). His 10 years total return hits a 14.31% annualized average.
No doubt: his Shareholder Letters are the best around for hard core value investing enthusiasts.
Every three months they present some details on their uncommon value investing criteria.
Suffice to say that apart being a classic long term value buyer of "safe and cheap" securities, Marty Whitman and his team are balance-sheet Talibans and GAAP income statement on which 99% of Wall Street analysts are focused on is almost irrelevant for them.
So if you wish to know:
- What does Whitman means by "Net Asset Value" and "earnings" ? (a tip: it's probably different from what you have in mind)
- Why Freud is useful to understand mainstream Wall Streeters ?
- Why an U.S. Real Estate company is considered a good investment despite it has traded the last 10 years at an average 96.6 P/E ratio ? (yes, you read well, 96.6, it's not a typing mistake)
... have a look and enjoy.
Disclaimer:
The author is a Third Avenue Value Fund shareholder at the time of posting .
He has no relationship whatsoever with the Fund nor with the Fund Advisor.
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