Curtis Jensen, CIO and portfolio manager of Third Avenue Management was interviewed by Steve Forbes recently.
A full interview can be watch by following this link to Forbes.com:
http://www.forbes.com/2011/03/25/curtis-jensen-third-avenue-funds-intelligent-investing-video.html
Here is an excerpt during which Jensen talked about his investment strategies:
Read the full transcript: http://blogs.forbes.com/steveforbes/2011/03/28/curtis-jensen-transcript/
A full interview can be watch by following this link to Forbes.com:
http://www.forbes.com/2011/03/25/curtis-jensen-third-avenue-funds-intelligent-investing-video.html
Here is an excerpt during which Jensen talked about his investment strategies:
Forbes: Now, you mentioned you have relatively few holdings. Why is that better than having a whole slew, where if one goes bad it’s not going to have much impact on the portfolio?
Jensen: We believe you don’t protect yourself by owning 300 or 400 stocks in a portfolio. We believe that an investor can protect himself or herself much better by knowing more about fewer things and spending your energy focusing on those things.
You think about the greatest investors in the world, whether it’s Warren Buffett, whether it’s the Tisches, Carl Icahn, they don’t own hundreds of stocks. They own a handful of things. They can adequately diversify themselves with just six or ten stocks, focus their energy on those, and control the risks in those things, and that’s what we try to do as well.
Forbes: So that means low turnover.
Jensen: It tends to mean low turnover. At Third Avenue, we tend to hold things for several years at that time. The data would suggest we own things for four, five, six years at a time on average. And our idea is to try and compound our money and our shareholder and client money over time as the business grows.
Forbes: So what kind of metrics do you use to determine how successful you are? Putting aside people coming in and out of the funds, which is another category – that’s emotions.
Read the full transcript: http://blogs.forbes.com/steveforbes/2011/03/28/curtis-jensen-transcript/
