Highlights From Third Avenue’s Investor Letters

Third Avenue Management is a New York-based investment fund that uses a deep value investing strategy for stock selection. The fund was founded by Martin Whitman and has been in the investment business since 1974. In its July newsletter, Third Avenue said that its focus is on the micro and not on the macro, since the latter is unpredictable in nature. The letter cites the example of the Brexit, which was totally unexpected and resulted in more quantitative easing by global central banks and...