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: