Martin Whitman

Martin Whitman

Last Update: 03-16-2015
Related: Third Avenue Management

Number of Stocks: 38
Number of New Stocks: 0

Total Value: $1,889 Mil
Q/Q Turnover: 2%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Martin Whitman' s Profile & Performance

Profile

Martin Whitman is Founder and Portfolio Manager of the Third Avenue Value Fund (TAVFX). Whitman is a 1949 graduate of Syracuse University, which recently renamed its School of Management after Whitman, after a large gift from him in June 2003. He is an adjunct faculty member at Yale School of Management.

Web Page:http://www.thirdavenuefunds.com/

Investing Philosophy

Whitman is a "buy and hold" value investor. He buys stock in companies when he thinks that the company has strong finances, competent management, and the business is understandable. Also the company's stock must be cheap, meaning it trades at a significant discount to intrinsic value. The market price must lie substantially below a conservative valuation of the business as a private entity, or as a takeover candidate. He generally sells an investment only when there has been a fundamental change in the business or capital structure of the company that significantly affects the investment's inherent value, or when he believes that the market value of an investment is overpriced relative to its intrinsic value

Historical Allocation of Stock, Bonds, Cash

Total Holding History

Performance of Third Avenue Value Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
20144.8813.69-8.8
201318.8432.39-13.5
201227.481611.5
3-Year Cumulative58.9 (16.7%/year)74.6 (20.4%/year)-15.7 (-3.7%/year)
2011-20.682.11-22.8
201013.8715.06-1.2
5-Year Cumulative43.5 (7.5%/year)105.1 (15.5%/year)-61.6 (-8%/year)
200944.5126.4618.0
2008-45.61-37-8.6
20075.765.490.3
200614.6915.79-1.1
200516.494.9111.6
10-Year Cumulative59.4 (4.8%/year)109.4 (7.7%/year)-50 (-2.9%/year)
200426.6210.8815.7
200310.4628.68-18.2
20027.13-22.129.2
200110.82-11.8922.7
20000.91-9.110.0
15-Year Cumulative167.1 (6.8%/year)86.4 (4.2%/year)80.7 (2.6%/year)
199910.0621.04-11.0
199816.7228.58-11.9
1997-5.0333.36-38.4
199611.0222.96-11.9
19952.3637.58-35.2
20-Year Cumulative270.3 (6.8%/year)554.6 (9.8%/year)-284.3 (-3%/year)
1994-3.221.32-4.5
19931.3610.08-8.7
199210.887.623.3
1991-0.2630.47-30.7

Top Ranked Articles

Marty Whitman’s Conviction in Ambac is Working out; Still waiting for MBIA and Radian Group?
Legendary investor Marty Whitman’s purchases of bond and mortgage insurers Radian (RDN), Ambac (ABK) and MBIA (MBI) have been very controversial, and widely discussed. Watching an investment plunging 95% and continuing to buy more, what kind of conviction does that need? Read more...
Clash of the Titans: Martin Whitman Versus Bruce Greenwald
Marty Whitman is truly a living legend in the world of value investing. It is always a pleasure to read and find great investing insights from his letters. Here in this letter from the year 2001 he reflects on "net nets" and investing practiced in the real world, as opposed to what is taught in the business schools. The concept of Net-Nets was invented by Graham and Dodd and is very rarely found in the present markets, however Marty Whitman refined this definition to the next level. He explains that for a retailer it's inventory which is considered to be a current asset, is in fact a fixed asset of the worst type and it cannot stay in the business without maintaining a certain level of inventory. However, for a company which owns some real estate and has triple A tenants with long term leases in class A office buildings it can sell the properties or refinance them. It may be called a fixed asset, but it is much more current asset than a retailer's inventory. Using this definition one can find companies trading below their net current assets. Read more...
Stock Market Valuation June 2, 2011
I find the current valuations astonishing. No I am not refering to linkedin or Groupon or the high fliers. The overall market is so overvalued considering the macro picture. I am not a macro investor, but Wall Street is. It makes no sense for the Shiller PE to be at 23 (an earnings yield of 4.3%), when the deficit is out of control, there is inflation accross the board except Real estate (the one asset class QE2 was really supposed to help!), housing is in a double dip, unemployment cannot come down for years unless there is job growth of 500k a month (close to impossible). Additionally, the Euro zone is experiencing a big crisis, Japan suffered a catastrohpic humanitarian and economic disaster, and countries like China are starting to get nervous about over heating in their economies. Read more...
Stock Market Valuation: April 3, 2011
The current level of the S&P500 is 1,332, and the Dow is at 12,377--nearly unchanged from last month. As evidenced below, market valuations did not change much over the last month. Read more...
Stock Market Valuation May 2, 2011
The current level of the S&P500 is 1,364, and the Dow is at 12,811–higher than last month, but valuations remained overall the same. As evidenced below, market valuations did not change much over the last month. I update market valuations on a monthly basis. The point of this article is to measure the stock market based on seven different metrics. This article does not look at the macro picture and try to predict where the economy is headed. It only uses these several metrics which have been very good past indicators of whether the market is fairly valued. Read more...
» More Martin Whitman Articles

Commentaries and Stories

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Can Marty Whitman's Third Avenue Get Back On Track? Martin Whitman - Can Marty Whitman's Third Avenue Get Back On Track?
Legendary investor Marty Whitman, 90, is holding court in his office, wearing a blue sweatshirt and khakis, with his feet up on the coffee table. When the discussion turns to a topic he likes—how his form of value investing differs from the classic style of Benjamin Graham and David Dodd, say—his eyes flash and his whole face lights up. But he’s known as a curmudgeon for a reason, and when the subject is something he’d rather not discuss, he practically growls. More...

STOCKS, TECHNOLOGY


  • Currently 1.00/5

Rating: 1.0/5 (1 vote)

Martin Whitman Sells Holdings on Hong Kong Stock Exchange Martin Whitman - Martin Whitman Sells Holdings On Hong Kong Stock Exchange
Many of the observers of the Hong Kong Stock Exchange say it is the world’s hottest exchange right now, and that is a hard point to dispute. The Hang Seng Index, which keeps track of daily movements of the largest companies in the exchange and is the primary indicator of the market’s track record, has been on a tear, and Hong Kong wants to raise the limit on cash flows from mainland China by 30% to keep pace with demand. More...

Martin Whitman, Hong Kong


  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Martin Whitman Adds to Holdings in Financial Services Companies Martin Whitman - Martin Whitman Adds To Holdings In Financial Services Companies
Of the 20 stocks in which guru Martin Whitman (Trades, Portfolio) traded in January of this year, he added to his holdings in eight. There was no real pattern to Whitman’s stock buys – except for the facts that two were in the Banking sector, and they dwarfed all of Whitman’s other January purchases. More...

STOCKS,BANKING SECTOR


  • Currently 5.00/5

Rating: 5.0/5 (2 votes)

Guru Investors' Most-Bought European Financial Stocks Martin Whitman - Guru Investors' Most-Bought European Financial Stocks
While the financial crisis and macroeconomic headwinds have cast a shadow on the European banking sector, value investors at Oakmark in a memo today said they found select opportunities in the area based on their bottom-up research. More...

  • Currently 2.00/5

Rating: 2.0/5 (1 vote)

Martin Whitman Adds to Stake in Michelin Martin Whitman - Martin Whitman Adds To Stake In Michelin
Once on the hit TV series “Happy Days,” Mrs. Cunningham had to fill in for her husband at his hardware store. I don’t remember why Mr. Cunningham needed her to run the store for him – perhaps he had to go on a business trip. More...

STOCKS, INVESTMENT


  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Martin Whitman's Top Growth Stocks Martin Whitman - Martin Whitman's Top Growth Stocks
Martin Whitman (Trades, Portfolio) of Third Avenue Value Fund is a contrarian investor who looks to invest in "safe companies that are cheaply priced." More...

STOCK, INTRINSIC VALUE, GROWTH RATE, EBITDA


  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Martin Whitman's recent trades Martin Whitman,Paul Tudor Jones,Caxton Associates, - Martin Whitman's Recent Trades
Martin Whitman (Trades, Portfolio) is founder and portfolio manager of the Third Avenue Value Fund (TAVFX). Whitman is a 1949 graduate of Syracuse University, which recently renamed its School of Management after Whitman, after a large gift from him in June 2003. He is an adjunct faculty member at Yale School of Management. More...

  • Currently 5.00/5

Rating: 5.0/5 (2 votes)

Martin Whitman's Third Avenue Management Q1 Shareholder Letter 2015
Dear Fellow Shareholders: More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

  • Currently 3.80/5

Rating: 3.8/5 (5 votes)

Martin Whitman's Third Avenue Buys 6 Stocks in Q4 Martin Whitman - Martin Whitman's Third Avenue Buys 6 Stocks In Q4
Martin Whitman (Trades, Portfolio) is the chairman of the board of Third Avenue Management (Trades, Portfolio), which seeks opportunistic investments. In his fourth quarter letter, Whitman highlighted the risk-aversion and emphasis on high-quality securities that characterize Third Avenue’s investing style: More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Third Avenue Adds to Portfolio-Leading Stake in Weyerhaeuer Martin Whitman - Third Avenue Adds To Portfolio-Leading Stake In Weyerhaeuer
Guru Martin Whitman (Trades, Portfolio) founded Third Avenue Management (Trades, Portfolio), and its investment philosophy tends to reflect his. There is often overlap between Whitman's investments and Third Avenue's. More...

Third Avenue, recent stock picks, Martin Whitman


  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Weekly 3-Year Low Highlights: PKX, UTEK, LF, MVC
According to GuruFocus list of 3-year lows; POSCO, Ultratech Inc, Leapfrog Enterprises Inc, and MVC Capital Inc. have all reached their 3-year lows. More...

WEEKLLY, 3, YEAR, LOW, HIGHLIGHT


  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Third Avenue Value Fund Comments on CBS Corp
Content Trumps Distribution at CBS (CBS) More...

  • Currently 4.00/5

Rating: 4.0/5 (1 vote)

Third Avenue Value Fund Comments on General Motors Co
General Motors (GM): The Benefits of Looking Under the Hood More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Third Avenue Value Fund Comments on Valmont Industries Inc
The agricultural sector is another example of a fruitful area of idea generation for us over the past few years. Due to weather-related factors, the supply trends have been all over the board, creating high volatility in the stock prices of agriculture-related companies. The volatility in supply is countered by a very strong and steady demand. World population and income levels are growing, driving demand for beef and other protein products. As demand for protein grows, agricultural demand grows with it. At Third Avenue, we are attracted to those situations. Short-term dislocations can produce attractive prices, when the long-term trends are favorable. This means that on occasion we have the opportunity to acquire shares at a discount from our conservatively estimated NAV in the well capitalized companies that we consider to have the ability to compound their NAVs at double digit rates over time. We believe this combination has the potential to generate attractive returns for our shareholders. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Third Avenue Value Fund Comments on Weyerhaeuser Co, Canfor, and Cavco Industries
For example, our investment in Weyerhaeuser, the largest held position at Third Avenue, is representative of our view of a strong US housing recovery, a view shared with and championed by our Third Avenue Real Estate team. Weyerhaeuser provides a compelling, yet not obvious, exposure to the US housing theme through its engineered wood products business, especially on the heels of the Weyerhaeuser Real Estate Company (WRECO) split off. In addition to Weyerhaeuser (WY), our holdings in Canfor (TSX:CFP) and Cavco Industries (CVCO) should benefit from a longer-term recovery in US housing. Canfor and Cavco are two well-capitalized and attractively priced companies involved in different points in the residential “value chain”. Cavco, a direct play on housing, is the second largest US producer of manufactured homes. Canfor is an integrated forest products company, focused primarily in lumber used to build houses. We started analyzing Canfor when doing our research on Weyerheauser as it is a competitor, but found its old growth log export More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Martin Whitman 4Q 2014 Shareholder Letter
Dear Fellow Shareholders, More...

  • Currently 5.00/5

Rating: 5.0/5 (2 votes)

Third Avenue International Value Fund Q4 Commentary
Dear Fellow Shareholders, More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Third Avenue Small Cap Fund Q4 Commentary
Dear Fellow Shareholders, More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Third Avenue Value Fund Q4 Portfolio Manager Commentary
Dear Fellow Shareholders, More...

Add Notes, Comments

If you want to ask a question, or report a bug, please create a support ticket.

User Comments

No comment yet

Latest Guru Stock Picks


Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)

GuruFocus Premium Plus Membership

FEEDBACK