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Important Information
Foreword
Introduction
I. The Roots
1. Equity Strategies Fund Proxy Vote
2. Equity Strategies Fund Investment Philosophy
3. Equity Strategies Fund Launches Third Avenue Funds
4. Inaugural Third Avenue Funds Letter to Shareholders
II. Investment Philosophy
5. Third Avenue Value Investment Philosophy
6. Third Avenue is Different
7. Consistent Performance and Averaging Down
8. Value Investing at Third Avenue
9. The Concept of Net-Nets
10. The Third Avenue Formula for Investing
11. Net-Nets on Steroids
12. Fundamental Finance
13. Third Avenue and the Efficient Market Hypothesis
III. Portfolio Management
14. Portfolio Diversification
15. Risk Arbitrage
16. Index Funds and the General Market
17. The Importance of Buying Cheap
18. The Moral Hazard Question
19. Third Avenue Value Fund Compared to Private Equity Funds
20. Risk from a Third Avenue Point of View
21. Securities Regulation, Disclosure and Third Avenue
22. Characteristics of Long-Term Investing
23. Thoughts on the Detroit Bailout
24. On Creditworthiness
IV. Modern Security Analysis
25. The Unimportance, and the Importance, of Book Value
26. Third Avenue Approach to Valuation
27. Corporate Valuation
28. Role of Accounting in Security Analysis
29. Fair Disclosure
30. How Third Avenue uses Accounting Disclosures
31. Proposed Elimination of Double Taxation on Corporate Dividends
32. Reforming Generally Accepted Accounting Principles
33. So What Are Earnings, Anyway?
34. Conventional Security Analysts
35. Corporate Uses of Cash
36. Financial Accounting
V. Graham and Dodd Fundamentals
37. A Balanced Approach to Value Investing
38. Third Avenue vs. Graham and Dodd
39. Graham and Dodd and the Efficient Market
40. Graham and Dodd Revisited
VI. Academic Finance
41. Modern Capital Theory and Fundamental Investing
42. The Third Avenue Approach vs. The Conventional Academic Approach
43. Third Avenue and the Efficient Market
44. Generally Accepted Accounting Principles and the Enron Mess
45. Reconciling Modern Capital Theory and Value Investing
46. Characteristics in Modern Capital Theory
47. Going Concerns and Investment Type Companies
48. Value Investing
“Diversification is merely a surrogate, and frequently a very poor surrogate, for knowledge and control.”
July 1994
Dear Fellow Shareholders... Copyright © 2016 by Martin J. Whitman. All Rights Reserved.
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