Contents

  1. Contact Third Avenue

  2. Important Information

  3. Foreword

  4. Introduction

  5. I. The Roots

    1. 1. Equity Strategies Fund Proxy Vote

    2. 2. Equity Strategies Fund Investment Philosophy

    3. 3. Equity Strategies Fund Launches Third Avenue Funds

    4. 4. Inaugural Third Avenue Funds Letter to Shareholders

  6. II. Investment Philosophy

    1. 5. Third Avenue Value Investment Philosophy

    2. 6. Third Avenue is Different

    3. 7. Consistent Performance and Averaging Down

    4. 8. Value Investing at Third Avenue

    5. 9. The Concept of Net-Nets

    6. 10. The Third Avenue Formula for Investing

    7. 11. Net-Nets on Steroids

    8. 12. Fundamental Finance

    9. 13. Third Avenue and the Efficient Market Hypothesis

  7. III. Portfolio Management

    1. 14. Portfolio Diversification

    2. 15. Risk Arbitrage

    3. 16. Index Funds and the General Market

    4. 17. The Importance of Buying Cheap

    5. 18. The Moral Hazard Question

    6. 19. Third Avenue Value Fund Compared to Private Equity Funds

    7. 20. Risk from a Third Avenue Point of View

    8. 21. Securities Regulation, Disclosure and Third Avenue

    9. 22. Characteristics of Long-Term Investing

    10. 23. Thoughts on the Detroit Bailout

    11. 24. On Creditworthiness

  8. IV. Modern Security Analysis

    1. 25. The Unimportance, and the Importance, of Book Value

    2. 26. Third Avenue Approach to Valuation

    3. 27. Corporate Valuation

    4. 28. Role of Accounting in Security Analysis

    5. 29. Fair Disclosure

    6. 30. How Third Avenue uses Accounting Disclosures

    7. 31. Proposed Elimination of Double Taxation on Corporate Dividends

    8. 32. Reforming Generally Accepted Accounting Principles

    9. 33. So What Are Earnings, Anyway?

    10. 34. Conventional Security Analysts

    11. 35. Corporate Uses of Cash

    12. 36. Financial Accounting

  9. V. Graham and Dodd Fundamentals

    1. 37. A Balanced Approach to Value Investing

    2. 38. Third Avenue vs. Graham and Dodd

    3. 39. Graham and Dodd and the Efficient Market

    4. 40. Graham and Dodd Revisited

  10. VI. Academic Finance

    1. 41. Modern Capital Theory and Fundamental Investing

    2. 42. The Third Avenue Approach vs. The Conventional Academic Approach

    3. 43. Third Avenue and the Efficient Market

    4. 44. Generally Accepted Accounting Principles and the Enron Mess

    5. 45. Reconciling Modern Capital Theory and Value Investing

    6. 46. Characteristics in Modern Capital Theory

    7. 47. Going Concerns and Investment Type Companies

    8. 48. Value Investing