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About Third Avenue:  A Differentiated Approach to Value Investing

For over 30 years, Third Avenue has consistently pursued a fundamental, bottom-up approach to deep value investing: we focus on the company’s balance sheet, the value of its underlying assets, and the discounted price of its securities.

This fundamental conviction defines our singular investment culture, which was pioneered by our founder and revolutionary value investor Martin J. Whitman.  Marty’s early career established him as an expert witness in shareholder litigations, and turnaround specialist for bankrupt companies. In 1974, Marty formed M.J. Whitman & Co. and his first notable investment was in the mortgage bonds of then-bankrupt Penn Central Railroad. Marty recognized the value of the company could be realized through the fulcrum security–the security in the capital structure that gives the investor control over the reorganization process.  The success of this investment created the foundation of Third Avenue.  Today, Third Avenue manages assets across four core equity strategies — Value, Small-Cap, Real Estate, and International –which are all rooted in the differentiated, high conviction investment approach established by our Founder.  To learn more about Third Avenue, please visit our website at


Dear Fellow Shareholders... Copyright © 2016 by Martin J. Whitman. All Rights Reserved.

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