Unique among value investors, Third Avenue Management maintains its absolute focus on discovering and implementing investment ideas where demonstrable value has been overlooked. The firm believes that investing in well-financed, well-managed companies with good long-term prospects for growth, selling at significant discounts to their intrinsic value, generates attractive long-term returns with reduced risk of capital loss. The Third Avenue team invests like business owners, conducting the time intensive analysis of a company’s value in the context of its assets, management, liabilities and other factors, with a particular emphasis on the balance sheet.