Martin Whitman's Third Avenue: Up 41% YTD, Buying CIT Notes, And Uber-Bullish On Asia

Martin Whitman

Investing guru Martin Whitman released his Third Avenue Management Q409 investor letter last week.

MarketFolly obtained a copy of it.

Here are some key points to emphasise:

  • Whitman has bet on MBIA Inc. (MBI) and has thus suffered losses from it.
  • Distressed companies are a trend in the Third Avenue Value Fund.
  • Whitman made a big bet on CIT notes
  • Over 59% of fund assets are invested in East Asia.
  • Overall, the Third Avenue Value Fund is up 41% YTD. Not too shabby!

Below, the letter in its entirety, courtesy of Market Folly:

ThirdAvenue-Q409

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