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Investment Discipline
Third Avenue Management LLC ("Third Avenue") adheres to a disciplined value
approach to investing. Third Avenue's investment team of portfolio managers and
analysts analyze companies from the "bottom-up" -- scouring all available SEC
filings, shareholder letters, industry publications and conducting interviews
with management, competitors, vendors and industry experts - in order to learn
as much as possible about a company and its securities before making an
investment.
All equity investments must meet Third Avenue's "safe and cheap" investment
criteria:
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Safe
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Strong Finances - The issuing company has a strong financial position, as
evidenced by an absence of liabilities and a presence of high-quality assets.
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Competent Management - The company's management has a good track record as both
owners and operators and shares a common interest with outside, passive,
minority shareholders.
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Understandable Business - Comprehensive and meaningful financial and related
information is available, providing reliable benchmarks to aid in understanding
the company, its value and its dynamics.
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Cheap
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Significant Discount to Private Market Value - The market price lies
substantially below a conservative valuation of the business as a private
entity or as a takeover candidate.
The Firm
Founded by veteran value investor Marty Whitman in 1972 as the brokerage
company MJ Whitman & Co, Third Avenue Management and its predecessors have
adhered to a fundamental value approach to investing to create value for
clients for the past 30 years. Third Avenue Management offers investment
advisory services to the Third Avenue Funds retail mutual funds and sub-advised
portfolios, as well as to private and institutional clients.
Contact Information
622 Third Avenue
32nd Floor
New York, NY 10017-6715
(212) 888-5222
www.thirdave.com
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