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Third Avenue Management Buys Investment Technology Group Inc., EnCana Corp, The Timberland Company, Sells Raymond James Financial Inc., Alliance Data Systems Corp., Jefferies Group Inc.

Third Avenue Management, founded by legendary value investor Marty Whitman, had fine performances. However, their funds suffered large losses lately. At time like this, it is hard to keep faith in value. But if you still do, take a look at Third Avenue's portfolio. These are their buys and sells during the fourth quarter.

Third Avenue Management buys SPDR S&P 500, SPDR MSCI ACWI exUS ETF, The Timberland Company, sells Raymond James Financial Inc., Alliance Data Systems Corp., Jefferies Group Inc., Teck Cominco Ltd., Whiting Petroleum Corp., USG Corp., Industrias Bachoco S.A.B de C.V., Deltic Timber Corp., Berkshire Hills Bancorp Inc., Standex International Corp., IRSA Inversiones y Representaciones S.A., California First National Bancorp, ULTRASHORT FTSE/XINHUA CHINA 25 PROSHARES, Gouverneur Bancorp Inc, UltraShort MSCI Emerging Markets ProShar, Lundin Mining Corp. during the 3-months ended 12/31/2008, according to the most recent filings of his investment company, Third Avenue Management. Third Avenue Management owns 143 stocks with a total value of $4 billion. These are the details of the buys and sells.

For the details of Third Avenue Management's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Third+Avenue+Management

Added: Investment Technology Group Inc. (ITG)

Third Avenue Management added to his holdings in Investment Technology Group Inc. by 381%. His purchase prices were between $14.25 and $24.44, with an estimated average price of $19.6. The impact to his portfolio due to this purchase was 1.09%. His holdings were 2,637,172 shares as of 12/31/2008.

Investment Technology Group is one of the leading providers of technology-based equity trading services and transaction research to institutional investors and brokers. ITG's services help clients to access liquidity execute trades more efficiently and make better trading decisions. They offer a fully-integrated family of advanced trading services encompassing three business lines: POSIT Client-Site Trading Products and Electronic Trading Desk. Investment Technology Group Inc. has a market cap of $978.96 million; its shares were traded at around $19.48 with a P/E ratio of 8 and P/S ratio of 1.28. Investment Technology Group Inc. had an annual average earning growth of 8.2% over the past 10 years. GuruFocus rated Investment Technology Group Inc. the business predictability rank of 2.5-star.

Added: EnCana Corp. (ECA)

Third Avenue Management added to his holdings in EnCana Corp. by 56%. His purchase prices were between $37.84 and $50.48, with an estimated average price of $43.3. The impact to his portfolio due to this purchase was 0.85%. His holdings were 2,453,750 shares as of 12/31/2008.

EnCana Corporation is one of the world's largest independent natural gas producers and gas storage operators. EnCana Corp. has a market cap of $32.73 billion; its shares were traded at around $35.9 with a P/E ratio of 6.9 and P/S ratio of 1.09. The dividend yield of EnCana Corp. stocks is 3.67%. EnCana Corp. had an annual average earning growth of 34% over the past 5 years.

Added: Cimarex Energy Co. (XEC)

Third Avenue Management added to his holdings in Cimarex Energy Co. by 21%. His purchase prices were between $23.7 and $40.29, with an estimated average price of $29.9. The impact to his portfolio due to this purchase was 0.62%. His holdings were 6,979,905 shares as of 12/31/2008.

Cimarex Energy is an independent oil and gas exploration and production company focused on increasing shareholder value through strategies linked to generating attractive economic returns on capital employed and profitable growth in per-share reserves production and cash flow. They intend to profitably grow reserves and production through a balanced mix of exploration exploitation and acquisitions. They have a diversified base of high-quality production along with attractive drilling opportunities. Cimarex Energy Co. has a market cap of $2.15 billion; its shares were traded at around $19.27 with a P/E ratio of 3 and P/S ratio of 1.5. The dividend yield of Cimarex Energy Co. stocks is 0.93%. Cimarex Energy Co. had an annual average earning growth of 18.6% over the past 5 years.

Added: St. Mary Land & Exploration Company (SM)

Third Avenue Management added to his holdings in St. Mary Land & Exploration Company by 47%. His purchase prices were between $16.39 and $24.89, with an estimated average price of $20.7. The impact to his portfolio due to this purchase was 0.53%. His holdings were 4,085,867 shares as of 12/31/2008.

ST. MARY LAND & EXPLORATION is an independent oil and gas company with diversified interests in the United States and internationally a development project in Russia and exploration projects in Canada Chile the Philippines and Trinidad and Tobago. St. Mary Land & Exploration Company has a market cap of $1.19 billion; its shares were traded at around $15.05 with a P/E ratio of 3.8 and P/S ratio of 1.2. The dividend yield of St. Mary Land & Exploration Company stocks is 0.52%. St. Mary Land & Exploration Company had an annual average earning growth of 29.3% over the past 10 years. GuruFocus rated St. Mary Land & Exploration Company the business predictability rank of 3.5-star.

Added: ProLogis (PLD)

Third Avenue Management added to his holdings in ProLogis by 140%. His purchase prices were between $2.94 and $25.06, with an estimated average price of $10.4. The impact to his portfolio due to this purchase was 0.5%. His holdings were 4,912,539 shares as of 12/31/2008.

ProLogis is a real estate investment trust that operates a global network of industrial distribution facilities. ProLogis is one of the largest publicly held U.S.-based global owner and lessor of industrialdistribution and temperature-controlled distribution facilities. The ProLogis Operating System comprised of the Market Services Group the Global Services Group the Global Development Group and the Integrated Solutions Group utilizes ProLogis' international network of distribution facilities to meet its customers' distribution space needs globally. ProLogis has a market cap of $2.02 billion; its shares were traded at around $6.32 with a P/E ratio of 1.9 and P/S ratio of 0.36. The dividend yield of ProLogis stocks is 27.27%. ProLogis had an annual average earning growth of 4.8% over the past 10 years.

Added: Forest City Enterprises Inc. (FCE-A)

Third Avenue Management added to his holdings in Forest City Enterprises Inc. by 17%. His purchase prices were between $3.88 and $19.48, with an estimated average price of $9.2. The impact to his portfolio due to this purchase was 0.48%. His holdings were 23,918,093 shares as of 12/31/2008.

FOREST CITY ENTERPRI INC. is a national real estate company which acquires develops lease & manages residential properties; owns acquires develops & manages retail office & urban entertainment projects; acquires & sells both raw land & developed lots to commercial industrial & residential users; & acts as a wholesale lumber trading company. Forest City Enterprises Inc. has a market cap of $596.66 million; its shares were traded at around $4.97 with and P/S ratio of 0.46. Forest City Enterprises Inc. had an annual average earning growth of 5.5% over the past 10 years. GuruFocus rated Forest City Enterprises Inc. the business predictability rank of 5-star.

Added: Applied Materials Inc. (AMAT)

Third Avenue Management added to his holdings in Applied Materials Inc. by 272%. His purchase prices were between $8.3 and $12.77, with an estimated average price of $10.6. The impact to his portfolio due to this purchase was 0.39%. His holdings were 2,421,232 shares as of 12/31/2008.

Applied Materials develops manufactures markets and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry. Customers for these products includesemiconductor wafer manufacturers and semiconductor integrated circuit manufacturers who either use the Ics they manufacture in their own products or sell them to other companies. These ICs are the key components in most advanced electronic products such as computers telecommunications devices automotive engine management systems and electronic games. Applied Materials Inc. has a market cap of $12.64 billion; its shares were traded at around $8.37 with a P/E ratio of 16.5 and P/S ratio of 1.56. The dividend yield of Applied Materials Inc. stocks is 2.52%. Applied Materials Inc. had an annual average earning growth of 7.8% over the past 10 years.

Added: Tellabs Inc. (TLAB)

Third Avenue Management added to his holdings in Tellabs Inc. by 12%. His purchase prices were between $3.49 and $4.24, with an estimated average price of $3.9. The impact to his portfolio due to this purchase was 0.33%. His holdings were 32,595,463 shares as of 12/31/2008.

Tellabs helps the world's leading communications service providers build tomorrow's converged networks of voice data and video. Tellabs employees design build and service optical networking broadband access and next-generation switching equipment. (Company Press Release) Tellabs Inc. has a market cap of $1.57 billion; its shares were traded at around $3.67 with a P/E ratio of 16 and P/S ratio of 0.91.

Added: Tidewater Inc. (TDW)

Third Avenue Management added to his holdings in Tidewater Inc. by 29%. His purchase prices were between $33.93 and $43.3, with an estimated average price of $38. The impact to his portfolio due to this purchase was 0.33%. His holdings were 1,576,120 shares as of 12/31/2008.

Tidewater Inc. owns and operates one of the world's largest fleets serving the international offshore energy industry. Tidewater vessels can be found in virtually every area of the world where there is significant oil and gas exploration development or production. These provide a wide range of services including: transporting crews and supplies between the mainland and offshore locations; towing and positioning mobile drilling rigs; assisting in offshore construction projects; and a variety of specialized services including cable laying and 3-D seismic work. Tidewater Inc. has a market cap of $2.16 billion; its shares were traded at around $35.52 with a P/E ratio of 5.4 and P/S ratio of 1.7. The dividend yield of Tidewater Inc. stocks is 2.38%. Tidewater Inc. had an annual average earning growth of 4.3% over the past 10 years.

Added: Synopsys Inc. (SNPS)

Third Avenue Management added to his holdings in Synopsys Inc. by 21%. His purchase prices were between $15.18 and $18.53, with an estimated average price of $17.2. The impact to his portfolio due to this purchase was 0.21%. His holdings were 2,446,676 shares as of 12/31/2008.

Synopsys Inc. is one of the leading suppliers of electronic design automation software to the global electronics industry. The company's products are used by designers of integrated circuits including system-on-a-chip integrated circuits and the electronic products that use such integrated circuits to automate significant portions of their chip design process. Integrated circuits are distinguished by the speed at which they run their area the amount of power they consume and the cost of production. Synopsys Inc. has a market cap of $2.77 billion; its shares were traded at around $18.96 with a P/E ratio of 14.4 and P/S ratio of 2.07.

Added: Cross Country Healthcare Inc. (CCRN)

Third Avenue Management added to his holdings in Cross Country Healthcare Inc. by 22%. His purchase prices were between $7.73 and $12.14, with an estimated average price of $9.5. The impact to his portfolio due to this purchase was 0.19%. His holdings were 5,295,619 shares as of 12/31/2008.

Cross Country Inc. is a provider of healthcare staffing services. They also provide staffing of clinical research professionals and allied healthcare professionals such as radiology technicians rehabilitation therapists and respiratory therapists. Their staffing operations are complemented by other human capital management services including search and recruitment consulting education and training and resource management services. Cross Country Healthcare Inc. has a market cap of $241.58 million; its shares were traded at around $7.51 with a P/E ratio of 9.2 and P/S ratio of 0.34.

Added: Genesee & Wyoming Inc. (GWR)

Third Avenue Management added to his holdings in Genesee & Wyoming Inc. by 135%. His purchase prices were between $25 and $33.35, with an estimated average price of $28.9. The impact to his portfolio due to this purchase was 0.18%. His holdings were 561,591 shares as of 12/31/2008.

GENESEE & WYOMING owns and operates short line and regional freight railroads and provides related rail services. They operate in three business segments in two geographic areas: North American Railroad Operations Australian Railroad Operations and Industrial Switching. Genesee & Wyoming Inc. has a market cap of $866.3 million; its shares were traded at around $21.17 with a P/E ratio of 13.3 and P/S ratio of 1.44. Genesee & Wyoming Inc. had an annual average earning growth of 9.1% over the past 10 years. GuruFocus rated Genesee & Wyoming Inc. the business predictability rank of 2-star.

Added: Alexander & Baldwin Inc. (AXB)

Third Avenue Management added to his holdings in Alexander & Baldwin Inc. by 20%. His purchase prices were between $21.75 and $36.62, with an estimated average price of $27.7. The impact to his portfolio due to this purchase was 0.18%. His holdings were 2,182,260 shares as of 12/31/2008.

ALEXANDER & BALDWIN INC. through its subsidiaries is engaged principally in ocean transportation of goods between west coast of U.S. Hawaii and Marshall Islands; real estate ownership development management sale & leasing; agriculture and food production (growing of sugar cane & production of raw sugar & molasses); trucking and investments (including equity positions in other companies). Alexander & Baldwin Inc. has a market cap of $911.83 million; its shares were traded at around $19.12 with a P/E ratio of 7.7 and P/S ratio of 0.48. The dividend yield of Alexander & Baldwin Inc. stocks is 5.71%. Alexander & Baldwin Inc. had an annual average earning growth of 19.9% over the past 10 years.

Added: Nabors Industries Ltd. (NBR)

Third Avenue Management added to his holdings in Nabors Industries Ltd. by 6%. His purchase prices were between $10.85 and $15.51, with an estimated average price of $13.1. The impact to his portfolio due to this purchase was 0.16%. His holdings were 11,878,000 shares as of 12/31/2008.

Nabors Industries Inc. is one of the largest land drilling contractors. Nabors conducts oil gas and geothermal land drilling operations in the U.S. and internationally. Nabors also is one of the largest land well-servicing and workover contractors in the United States. To further supplement its primary business it offers a number of ancillary well-site services including oilfield management engineering transportation construction maintenance well logging and other support services in selected domestic and international markets. Nabors Industries Ltd. has a market cap of $3.17 billion; its shares were traded at around $9.14 with a P/E ratio of 3.5 and P/S ratio of 0.64. Nabors Industries Ltd. had an annual average earning growth of 26.2% over the past 10 years. GuruFocus rated Nabors Industries Ltd. the business predictability rank of 4.5-star.

Added: Kaiser Aluminum Corp. (KALU)

Third Avenue Management added to his holdings in Kaiser Aluminum Corp. by 35%. His purchase prices were between $15.81 and $33.23, with an estimated average price of $23.8. The impact to his portfolio due to this purchase was 0.15%. His holdings were 986,637 shares as of 12/31/2008.

KAISER ALUMINUM is a leading producer of fabricated aluminum products for aerospace and high strength general engineering automotive and custom industrial applications. Repeatedly acknowledged as `Best in Class` among its global customer baseTheir 11 fabrication plants typically produce and ship more than 500 million pounds of product annually. Kaiser Aluminum Corp. has a market cap of $530.39 million; its shares were traded at around $21.42 with a P/E ratio of 6.1 and P/S ratio of 0.35. The dividend yield of Kaiser Aluminum Corp. stocks is 3.63%.

Added: Sycamore Networks Inc. (SCMR)

Third Avenue Management added to his holdings in Sycamore Networks Inc. by 5%. His purchase prices were between $2.64 and $3.34, with an estimated average price of $2.9. The impact to his portfolio due to this purchase was 0.13%. His holdings were 42,775,133 shares as of 12/31/2008.

Sycamore Networks Inc. develop and market products that transport voice and data traffic over wavelengths of light. The products are designed to enable the customers to quickly and cost effectively create usable network capacity over existing fiber and thereby to create new high speed data services. The company's customers are new and established providers of local voice and data transport services long distance carriers Internet service providers cable operators foreign telephone companies and carriers who provide services to other carriers. Sycamore Networks Inc. has a market cap of $743.75 million; its shares were traded at around $2.44 with and P/S ratio of 6.44.

Added: POSCO (PKX)

Third Avenue Management added to his holdings in POSCO by 2%. His purchase prices were between $42.89 and $74.58, with an estimated average price of $61.8. The impact to his portfolio due to this purchase was 0.12%. His holdings were 4,352,794 shares as of 12/31/2008.

POSCO formerly known as Pohang Iron & Steel Company Ltd. manufactures hot and cold rolled steel products heavy plate and other steel products for the construction and shipbuilding industries. POSCO has a market cap of $23.07 billion; its shares were traded at around $53.3 with a P/E ratio of 1.8 and P/S ratio of 0.75. POSCO had an annual average earning growth of 19.7% over the past 10 years.

Added: Insteel Industries Inc. (IIIN)

Third Avenue Management added to his holdings in Insteel Industries Inc. by 57%. His purchase prices were between $7.39 and $11.22, with an estimated average price of $9.3. The impact to his portfolio due to this purchase was 0.07%. His holdings were 1,092,688 shares as of 12/31/2008.

Insteel Industries is one of the nation's largest manufacturers of steel wire reinforcing products for concrete construction applications. The Company manufactures and markets prestressed concrete strand and welded wire reinforcement including concrete pipe reinforcement engineered structural mesh and standard welded wire reinforcement. Insteel's products are sold primarily to manufacturers of concrete products that are used in nonresidential construction. Headquartered in Mount Airy North Carolina Insteel operates six manufacturing facilities located in the United States. Insteel Industries Inc. has a market cap of $137.78 million; its shares were traded at around $6.33 with a P/E ratio of 3.8 and P/S ratio of 0.39. The dividend yield of Insteel Industries Inc. stocks is 1.52%. Insteel Industries Inc. had an annual average earning growth of 0.7% over the past 5 years.

New Purchase: SPDR S&P 500 (SPY)

Third Avenue Management initiated holdings in SPDR S&P 500. His purchase prices were between $78.88 and $96.05, with an estimated average price of $88.4. The impact to his portfolio due to this purchase was 0.17%. His holdings were 87,915 shares as of 12/31/2008.

Standard and Poor's Depository Reciepts trust is involved in the financial services industry. Their holdings are comprised of the 500 stocks in the S&P 500 Index which is designed to capture the price performance of a large cross-section of the U.S. publicly traded stock market. SPDR S&P 500 has a market cap of $87.48 billion; its shares were traded at around $74.65 . The dividend yield of SPDR S&P 500 stocks is 3.48%.

New Purchase: SPDR MSCI ACWI exUS ETF (CWI)

Third Avenue Management initiated holdings in SPDR MSCI ACWI exUS ETF. His purchase prices were between $20.23 and $23.66, with an estimated average price of $22.1. The impact to his portfolio due to this purchase was 0.14%. His holdings were 304,955 shares as of 12/31/2008.

SPDR MSCI ACWI exUS ETF has a market cap of $107.95 million; its shares were traded at around $18.19 . The dividend yield of SPDR MSCI ACWI exUS ETF stocks is 2.6%.

New Purchase: The Timberland Company (TBL)

Third Avenue Management initiated holdings in The Timberland Company. His purchase prices were between $8.45 and $14.27, with an estimated average price of $11.5. The impact to his portfolio due to this purchase was 0.14%. His holdings were 493,358 shares as of 12/31/2008.

The Timberland Company is a global leader in the design engineering and marketing of premium-quality footwear apparel and accessories for consumers who value the outdoors and their time in it. Timberland products are sold worldwide through leading department and specialty stores as well as Timberland retail stores. Timberland's dedication to making quality products is matched by the company's commitment to `doing well and doing good` - forging powerful partnerships among employees consumers and service partners to transform the communities in which they live and work.The Company designs develops engineers markets and distributes under the Timberland brand premium-quality footwear products for men women and children and apparel and accessories products for men and women. The Company's products fall into two broad types - footwear products and apparel and accessories products. The Timberland Company has a market cap of $669.53 million; its shares were traded at around $10.93 with a P/E ratio of 15.5 and P/S ratio of 0.49. The Timberland Company had an annual average earning growth of 7.7% over the past 10 years.

Reduced: Bel Fuse Inc. (BELFA)

Third Avenue Management reduced to his holdings in Bel Fuse Inc. by 45%. His sale prices were between $13.08 and $20.92, with an estimated average price of $16.8. The impact to his portfolio due to this sale was less than 0.01%. Third Avenue Management still held 56,393 shares as of 12/31/2008.

Bel Fuse Inc. is engaged in the design manufacture and sale of products used in networking telecommunication automotive and consumer electronic applications. They operate facilities in the United States Europe and the Far East. Bel Fuse Inc. has a market cap of $136.45 million; its shares were traded at around $8.64 with a P/E ratio of 14.6 and P/S ratio of 0.53. The dividend yield of Bel Fuse Inc. stocks is 2.03%. Bel Fuse Inc. had an annual average earning growth of 24.8% over the past 5 years.

Reduced: JER Investors Trust Inc. (JRT)

Third Avenue Management reduced to his holdings in JER Investors Trust Inc. by 89%. His sale prices were between $0.34 and $1.25, with an estimated average price of $0.8. The impact to his portfolio due to this sale was less than 0.01%. Third Avenue Management still held 6,392 shares as of 12/31/2008.

JER INVESTORS TRUST INC. is a New York Stock Exchange listed specialty finance company that originates and acquires commercial real estate structured finance products. The Company's target investments include commercial mortgage backed securities mezzanine loans and B-Note participations in mortgage loans commercial mortgage loans and net leased real estate investments. JER Investors Trust Inc. is organized and conducts its operations so as to qualify as a real estate investment trust for federal income tax purposes. JER Investors Trust Inc. has a market cap of $12.43 million; its shares were traded at around $2.68 with and P/S ratio of 0.09. The dividend yield of JER Investors Trust Inc. stocks is 250%.

Reduced: LeapFrog Enterprises Inc. (LF)

Third Avenue Management reduced to his holdings in LeapFrog Enterprises Inc. by 33%. His sale prices were between $3.31 and $6.9, with an estimated average price of $4.9. The impact to his portfolio due to this sale was -0.01%. Third Avenue Management still held 416,577 shares as of 12/31/2008.

Leapfrog Enterprises is a leading designer developer and marketer of innovative technology-based educational products and related proprietary content dedicated to making learning effective and engaging. They currently design their products to help preschool through 8th grade children learn age- and skill-appropriate subject matter including phonics reading math spelling science geography history and music. LeapFrog Enterprises Inc. has a market cap of $124.32 million; its shares were traded at around $1.39 with and P/S ratio of 0.28.

Reduced: The Phoenix Companies Inc. (PNX)

Third Avenue Management reduced to his holdings in The Phoenix Companies Inc. by 56%. His sale prices were between $1.56 and $6.47, with an estimated average price of $4. The impact to his portfolio due to this sale was -0.01%. Third Avenue Management still held 683,500 shares as of 12/31/2008.

Phoenix Companies Inc. is leading provider of wealth management products and services offered through a variety of select advisors and financial services firms to serve the accumulation preservation and transfer needs of the affluent and high net worth market businesses and institutions. The company refers to its products and services together as its wealth management solutions. The company offers a broad range of life insurance variable annuity and investment management solutions through a variety of distributors. The Phoenix Companies Inc. has a market cap of $200.2 million; its shares were traded at around $0.85 with a P/E ratio of 3 and P/S ratio of 0.08. The dividend yield of The Phoenix Companies Inc. stocks is 9.14%.

Reduced: Russ Berrie and Company Inc. (RUS)

Third Avenue Management reduced to his holdings in Russ Berrie and Company Inc. by 28%. His sale prices were between $1.19 and $3.95, with an estimated average price of $2.5. The impact to his portfolio due to this sale was -0.01%. Third Avenue Management still held 1,255,957 shares as of 12/31/2008.

Russ Berrie and Company Inc. designs manufactures through third parties and markets a wide variety of gift products to retail stores throughout the United States and countries throughout the world. The company's products are designed to appeal to the emotions of consumers to reflect their feelings of happiness friendship fun love and affection. The company's product line of approximately 6000 items is marketed under the trade name and trademark RUSS. Russ Berrie and Company Inc. has a market cap of $41.75 million; its shares were traded at around $1.44 with a P/E ratio of 18.2 and P/S ratio of 0.13.

Reduced: Coachmen Industries Inc. (COA)

Third Avenue Management reduced to his holdings in Coachmen Industries Inc. by 23%. His sale prices were between $0.7 and $2.25, with an estimated average price of $1.5. The impact to his portfolio due to this sale was -0.01%. Third Avenue Management still held 1,030,563 shares as of 12/31/2008.

Coachmen Industries Inc. is one of America's leading manufacturers of recreational vehicles systems-built homes and commercial buildings with prominent subsidiaries in each industry. The Company's All American Homes subsidiary is the largest manufacturer of Modular homes in the United States. The Company's recreational vehicles are marketed under various brand names including Coachmen Georgie Boy Shasta and Viking. Modular buildings are marketed by All American Homes Miller Building Systems Mod-U-Kraf Homes and the newly acquired KanBuild. Through ALL AMERICAN HOMES Coachmen is one of the nation's largest producers of systems-built homes and also a major builder of commercial structures with its ALL AMERICAN BUILDING SYSTEMS products. Coachmen Industries Inc. has a market cap of $17.02 million; its shares were traded at around $1.19 with and P/S ratio of 0.14.

Reduced: United Microelectronics Corp. (UMC)

Third Avenue Management reduced to his holdings in United Microelectronics Corp. by 26%. His sale prices were between $1.59 and $2.45, with an estimated average price of $1.9. The impact to his portfolio due to this sale was -0.01%. Third Avenue Management still held 364,077 shares as of 12/31/2008.

UMC specializes in providing foundry services for high performancesemiconductor applications. Its core competency lies in its abilityto produce high yield Integrated Circuit wafers manufactured on a per-customer basis. The company draws its distinction from industryleading technology. In addition to wafer manufacturing its customers benefit from services such as extensive IP resources free-of-charge design libraries and full front-end and backend support. United Microelectronics Corp. has a market cap of $5.66 billion; its shares were traded at around $1.73 with and P/S ratio of 2. The dividend yield of United Microelectronics Corp. stocks is 3.64%.

Reduced: EastGroup Properties Inc. (EGP)

Third Avenue Management reduced to his holdings in EastGroup Properties Inc. by 96%. His sale prices were between $25.43 and $39.76, with an estimated average price of $32.5. The impact to his portfolio due to this sale was -0.02%. Third Avenue Management still held 32,650 shares as of 12/31/2008.

EastGroup Properties is a self-administered real estate investment trust focused on ownership acquisition and selective development of industrial properties. The company pursues a three-pronged investment strategy that includes: the acquisition of industrial properties at favorable initial yields with opportunities to improve cash flow performance through management; selective development of industrial properties in markets where they already has a presence and where market conditions justify such investments; and the acquisition of existing public & private companies. EastGroup Properties Inc. has a market cap of $691.21 million; its shares were traded at around $26.37 with a P/E ratio of 8.4 and P/S ratio of 4.1. The dividend yield of EastGroup Properties Inc. stocks is 7.54%. EastGroup Properties Inc. had an annual average earning growth of 2.7% over the past 10 years.

Reduced: Patriot Transportation Holding Inc. (PATR)

Third Avenue Management reduced to his holdings in Patriot Transportation Holding Inc. by 56%. His sale prices were between $63.64 and $79.38, with an estimated average price of $69.5. The impact to his portfolio due to this sale was -0.02%. Third Avenue Management still held 25,000 shares as of 12/31/2008.

PATRIOT TRANSPORTATION and its subsidiaries are engaged in the transportation and real estate businesses. Florida Rock Tank Lines Inc. SunBelt Transport Inc. and Patriot Transportation Inc. wholly owned subsidiaries are southeastern transportation companies concentrating in the hauling by motor carrier of liquid and dry bulk commodities and materials on flatbed trailers. Patriot Transportation Holding Inc. has a market cap of $216.98 million; its shares were traded at around $67.01 with and P/S ratio of 1.26. Patriot Transportation Holding Inc. had an annual average earning growth of 10.1% over the past 10 years.

Reduced: Imation Corp. (IMN)

Third Avenue Management reduced to his holdings in Imation Corp. by 21%. His sale prices were between $11.09 and $13.46, with an estimated average price of $12.5. The impact to his portfolio due to this sale was -0.04%. Third Avenue Management still held 815,109 shares as of 12/31/2008.

Imation Corp. develops manufactures and markets worldwide a widevariety of products and services for color management imaging and data storage applications. Their product and service offerings are used to capture process store enhance manipulate reproduce and distribute information and images in a wide range of commercial and consumer markets including enterprise data center computing network computing desktop and mobile computing commercial printing marketing communications and graphic arts and consumer photography. Imation Corp. has a market cap of $347.05 million; its shares were traded at around $8.41 with a P/E ratio of 26.1 and P/S ratio of 0.16.

Reduced: Cousins Properties Inc. (CUZ)

Third Avenue Management reduced to his holdings in Cousins Properties Inc. by 59%. His sale prices were between $10.23 and $21.65, with an estimated average price of $13.6. The impact to his portfolio due to this sale was -0.1%. Third Avenue Management still held 804,845 shares as of 12/31/2008.

Cousins Properties Inc. is an Atlanta-based fully integrated self administered equity REIT. The Company has extensive experience in the real estate industry including the acquisition financing development management and leasing of properties. Cousins has been a public company since 1962 and its common stock trades on the New York Stock Exchange. The Company owns a portfolio of well-located high-quality retail office medical office and land development projects and holds several tracts of strategically located undeveloped land. Cousins Properties Inc. has a market cap of $429.05 million; its shares were traded at around $7.42 with a P/E ratio of 6.1 and P/S ratio of 2. The dividend yield of Cousins Properties Inc. stocks is 11.98%. Cousins Properties Inc. had an annual average earning growth of 0.3% over the past 10 years.

Reduced: Westwood Holdings Group Inc. (WHG)

Third Avenue Management reduced to his holdings in Westwood Holdings Group Inc. by 21%. His sale prices were between $25.39 and $41.21, with an estimated average price of $32.1. The impact to his portfolio due to this sale was -0.1%. Third Avenue Management still held 522,394 shares as of 12/31/2008.

Westwood is a well-established investment management company that has built a strong reputation of providing superior investment results with the highest level of client service. Westwood Holdings Group Inc. has a market cap of $270.23 million; its shares were traded at around $35.44 with a P/E ratio of 22.5 and P/S ratio of 5.82. The dividend yield of Westwood Holdings Group Inc. stocks is 3.09%.

Reduced: Alamo Group Inc. (ALG)

Third Avenue Management reduced to his holdings in Alamo Group Inc. by 32%. His sale prices were between $11.33 and $13.87, with an estimated average price of $12.6. The impact to his portfolio due to this sale was -0.12%. Third Avenue Management still held 1,306,686 shares as of 12/31/2008.

Alamo Group Inc. has a market cap of $129.18 million; its shares were traded at around $11.46 with and P/S ratio of 0.26. The dividend yield of Alamo Group Inc. stocks is 1.84%. Alamo Group Inc. had an annual average earning growth of 5.7% over the past 10 years.

Reduced: Arch Capital Group Ltd. (ACGL)

Third Avenue Management reduced to his holdings in Arch Capital Group Ltd. by 28%. His sale prices were between $57.43 and $69.75, with an estimated average price of $64.6. The impact to his portfolio due to this sale was -0.13%. Third Avenue Management still held 346,996 shares as of 12/31/2008.

Arch Capital Group Ltd. is a diversified financial services holding company with an emphasis on the insurance sector. The Arch Capital Group is engaged in a range of insurance and financial service activities through subsidiaries comprising Arch Insurance Services and the ownership of intermediaries underwriting agencies service providers and insurance companies. Arch Capital Group Ltd. has a market cap of $3.82 billion; its shares were traded at around $51.99 with a P/E ratio of 6 and P/S ratio of 1.11. Arch Capital Group Ltd. had an annual average earning growth of 48.9% over the past 10 years. GuruFocus rated Arch Capital Group Ltd. the business predictability rank of 3-star.

Reduced: Herley Industries Inc. (HRLY)

Third Avenue Management reduced to his holdings in Herley Industries Inc. by 34%. His sale prices were between $10.27 and $13.82, with an estimated average price of $12.4. The impact to his portfolio due to this sale was -0.14%. Third Avenue Management still held 1,524,653 shares as of 12/31/2008.

Herley Industries Inc. is engaged in the design development and manufacture of flight instrumentation components and systems and microwave products sold primarily to the U.S. government foreign governments and aerospace companies. Flight instrumentation products include command and control systems transponders flight termination receivers telemetry transmitters and receivers pulse code modulator encoders and scoring systems. Herley Industries Inc. has a market cap of $170.71 million; its shares were traded at around $10.05 with and P/S ratio of 1.12.

Reduced: Brookline Bancorp Inc. (BRKL)

Third Avenue Management reduced to his holdings in Brookline Bancorp Inc. by 76%. His sale prices were between $9.54 and $11.36, with an estimated average price of $10.3. The impact to his portfolio due to this sale was -0.16%. Third Avenue Management still held 1,035,731 shares as of 12/31/2008.

Brookline Bancorp Inc. is a holding company for Brookline Savings Bank. Brookline Bancorp Inc. has a market cap of $552.17 million; its shares were traded at around $8.21 with a P/E ratio of 43 and P/S ratio of 3.81. The dividend yield of Brookline Bancorp Inc. stocks is 3.59%. Brookline Bancorp Inc. had an annual average earning growth of 5.3% over the past 10 years. GuruFocus rated Brookline Bancorp Inc. the business predictability rank of 2.5-star.

Reduced: Lexmark International Inc. (LXK)

Third Avenue Management reduced to his holdings in Lexmark International Inc. by 24%. His sale prices were between $23.97 and $28.26, with an estimated average price of $26.1. The impact to his portfolio due to this sale was -0.21%. Third Avenue Management still held 1,864,367 shares as of 12/31/2008.

Lexmark International Inc. makes it easier for businesses and consumers to move information between the digital and paper worlds. In doing so they are guided by a simple vision: Customers For Life. To earn its customers? loyalty they listen to them anticipate their needs and act to create value in their eyes. Lexmark International Inc. has a market cap of $1.68 billion; its shares were traded at around $18.04 with a P/E ratio of 5.8 and P/S ratio of 0.37. Lexmark International Inc. had an annual average earning growth of 7.1% over the past 10 years.

Reduced: NewAlliance Bancshares Inc. (NAL)

Third Avenue Management reduced to his holdings in NewAlliance Bancshares Inc. by 69%. His sale prices were between $11.88 and $14.22, with an estimated average price of $13.2. The impact to his portfolio due to this sale was -0.26%. Third Avenue Management still held 1,431,103 shares as of 12/31/2008.

Newalliance NewAlliance Bancshares Inc. has a market cap of $1.22 billion; its shares were traded at around $10.62 with a P/E ratio of 24.6 and P/S ratio of 2.68. The dividend yield of NewAlliance Bancshares Inc. stocks is 2.46%.

Reduced: Newmont Mining Corp. (NEM)

Third Avenue Management reduced to his holdings in Newmont Mining Corp. by 28%. His sale prices were between $23.75 and $38.85, with an estimated average price of $30.1. The impact to his portfolio due to this sale was -0.32%. Third Avenue Management still held 1,031,961 shares as of 12/31/2008.

Newmont Mining Corp. is engaged in the production of gold the exploration for gold and the acquisition and development of gold properties worldwide. The company produces gold from mines in Nevada and California and outside of the United States from operations in Peru Indonesia Mexico and Uzbekistan. Newmont Mining Corp. has a market cap of $18.36 billion; its shares were traded at around $42.39 with a P/E ratio of 18.2 and P/S ratio of 3.32. The dividend yield of Newmont Mining Corp. stocks is 0.96%. Newmont Mining Corp. had an annual average earning growth of 4.5% over the past 10 years.

Reduced: Legg Mason Inc. (LM)

Third Avenue Management reduced to his holdings in Legg Mason Inc. by 62%. His sale prices were between $13.84 and $21.9, with an estimated average price of $18.5. The impact to his portfolio due to this sale was -0.35%. Third Avenue Management still held 1,603,710 shares as of 12/31/2008.

Legg Mason Inc. is a holding company which through its subsidiaries isprincipally engaged in providing asset management securities brokerageinvestment banking and related financial services to individualsinstitutions corporations and municipalities. Legg Mason Inc. has a market cap of $2.26 billion; its shares were traded at around $12.86 with and P/S ratio of 0.49. The dividend yield of Legg Mason Inc. stocks is 5.96%. Legg Mason Inc. had an annual average earning growth of 9.6% over the past 10 years. GuruFocus rated Legg Mason Inc. the business predictability rank of 4.5-star.

Reduced: The St. Joe Company (JOE)

Third Avenue Management reduced to his holdings in The St. Joe Company by 31%. His sale prices were between $22.9 and $33.35, with an estimated average price of $27.4. The impact to his portfolio due to this sale was -1.44%. Third Avenue Management still held 8,503,168 shares as of 12/31/2008.

St. Joe Company is one of the Southeast's largest real estate operating companies. St. Joe provides a broad range of real estate services to meet both residential and commercial real estate needs. The company is one of the few real estate operating companies to have assembled the range of real estate financial marketing and regulatory expertise to take a large-scale approach to real estate development and services. The St. Joe Company has a market cap of $2.16 billion; its shares were traded at around $20.91 with a P/E ratio of 53.8 and P/S ratio of 5.74. The St. Joe Company had an annual average earning growth of 5.4% over the past 10 years.

Sold Out: California First National Bancorp (CFNB)

Third Avenue Management sold out his holdings in California First National Bancorp. His sale prices were between $6.9 and $9.81, with an estimated average price of $8.2. The impact to his portfolio due to this sale was less than 0.01%.

California First National Bank is a FDIC-insured national bank that gathers deposits using telephone the Internet and direct mail from a centralized location and will lease capital assets to businesses and organizations and provide business loans to fund the purchase of assets leased by third parties. California First National Bancorp has a market cap of $76.19 million; its shares were traded at around $7.5001 with a P/E ratio of 11 and P/S ratio of 2.24. The dividend yield of California First National Bancorp stocks is 6.4%.

Sold Out: UltraShort MSCI Emerging Markets ProShar (EEV)

Third Avenue Management sold out his holdings in UltraShort MSCI Emerging Markets ProShar. His sale prices were between $52.36 and $182.7, with an estimated average price of $96.5. The impact to his portfolio due to this sale was less than 0.01%.

UltraShort MSCI Emerging Markets ProShar has a market cap of $14.27 million; its shares were traded at around $64.76 . The dividend yield of UltraShort MSCI Emerging Markets ProShar stocks is 0.8%.

Sold Out: Whiting Petroleum Corp. (WLL)

Third Avenue Management sold out his holdings in Whiting Petroleum Corp.. His sale prices were between $27.15 and $51.99, with an estimated average price of $37.4. The impact to his portfolio due to this sale was less than 0.01%.

WHITING PETROLEUM CORPORATION a Delaware corporation is an independent oil and gas company that acquires exploits develops and explores for crude oil natural gas and natural gas liquids primarily in the Permian Basin Rocky Mountains Mid-Continent Gulf Coast and Michigan regions of the United States. The Company trades publicly under the symbol WLL on the New York Stock Exchange. Whiting Petroleum Corp. has a market cap of $1.27 billion; its shares were traded at around $23.07 with a P/E ratio of 4 and P/S ratio of 1.55.

Sold Out: Raymond James Financial Inc. (RJF)

Third Avenue Management sold out his holdings in Raymond James Financial Inc.. His sale prices were between $14.2 and $24.44, with an estimated average price of $19.4. The impact to his portfolio due to this sale was less than 0.01%.

RAYMOND JAMES FINANCIAL INC. is a holding company whose subsidiaries are engaged principally in the securities brokerage business including the underwriting distribution trading and brokerage of equity and debt securities and the sale of tax advantaged investments mutual funds and other investment products and provides investment management services for retail and institutional clients. Raymond James Financial Inc. has a market cap of $2.35 billion; its shares were traded at around $15.29 with a P/E ratio of 9.5 and P/S ratio of 0.73. The dividend yield of Raymond James Financial Inc. stocks is 2.25%. Raymond James Financial Inc. had an annual average earning growth of 7.5% over the past 10 years.

Sold Out: Deltic Timber Corp. (DEL)

Third Avenue Management sold out his holdings in Deltic Timber Corp.. His sale prices were between $41.9 and $50.87, with an estimated average price of $45.9. The impact to his portfolio due to this sale was less than 0.01%.

Deltic Timber Corporation is a natural resources company engaged primarily in the growing and harvesting of timber. In addition to their timber operations Deltic is engaged in the manufacture and marketing of lumber and in real estate development projects. Deltic Timber Corp. has a market cap of $442.93 million; its shares were traded at around $31.75 with a P/E ratio of 98.3 and P/S ratio of 3.42. The dividend yield of Deltic Timber Corp. stocks is 0.84%. Deltic Timber Corp. had an annual average earning growth of 1.6% over the past 10 years. GuruFocus rated Deltic Timber Corp. the business predictability rank of 2-star.

Sold Out: Standex International Corp. (SXI)

Third Avenue Management sold out his holdings in Standex International Corp.. His sale prices were between $17.67 and $26.12, with an estimated average price of $21.1. The impact to his portfolio due to this sale was less than 0.01%.

Standex International Corp. is a diversified manufacturer producing and marketing a wide variety of useful quality products. The company enjoys a broad and well-balanced earnings base by virtue of its strong market position in selected areas of operation. (PRESS RELEASE) Standex International Corp. has a market cap of $196.52 million; its shares were traded at around $11.68 with a P/E ratio of 8 and P/S ratio of 0.28. The dividend yield of Standex International Corp. stocks is 5.35%.

Sold Out: Berkshire Hills Bancorp Inc. (BHLB)

Third Avenue Management sold out his holdings in Berkshire Hills Bancorp Inc.. His sale prices were between $23.66 and $28.8, with an estimated average price of $26.3. The impact to his portfolio due to this sale was less than 0.01%.

Berkshire Hills Bancorp Inc. is a bank holding company. Through its subsidiaries the company is engaged as a community bank that accepts retail deposits from the general public in the areas surrounding its full-service banking offices and uses those fundstogether with funds generated from operations and borrowings to originate residential mortgage loans commercial business and real estate loans and consumer loans primarily indirect automobile loans. Berkshire Hills Bancorp Inc. has a market cap of $289.83 million; its shares were traded at around $21.41 with a P/E ratio of 11.3 and P/S ratio of 1.76. The dividend yield of Berkshire Hills Bancorp Inc. stocks is 2.7%. Berkshire Hills Bancorp Inc. had an annual average earning growth of 2.8% over the past 5 years.

Sold Out: USG Corp. (USG)

Third Avenue Management sold out his holdings in USG Corp.. His sale prices were between $7.07 and $20.19, with an estimated average price of $12.3. The impact to his portfolio due to this sale was less than 0.01%.

USG Corp. through its subsidiaries is a leading manufacturer and distributor of building materials producing a wide range of products for use in new residential new nonresidential and repair and remodel construction as well as products used in certain industrial processes. USG's operations are organized into three operating segments: North American Gypsum Worldwide Ceilings and Building Products Distribution. USG Corp. has a market cap of $701.04 million; its shares were traded at around $5.47 with and P/S ratio of 0.15.

Sold Out: Teck Cominco Ltd. (TCK)

Third Avenue Management sold out his holdings in Teck Cominco Ltd.. His sale prices were between $3.08 and $14.31, with an estimated average price of $7.3. The impact to his portfolio due to this sale was less than 0.01%.

TECK COMINCO Limited is a diversified mining company headquartered in Vancouver Canada. Shares are listed on the Toronto Stock Exchange under the symbols TCK.A and TCK.B and the New York Stock Exchange under the symbol TCK. The company is a significant producer of copper zinc metallurgical coal and specialty metals and has interests in several oil sands development assets. Teck Cominco Ltd. has a market cap of $1.91 billion; its shares were traded at around $3.07 with a P/E ratio of 1.1 and P/S ratio of 0.32.

Sold Out: Alliance Data Systems Corp. (ADS)

Third Avenue Management sold out his holdings in Alliance Data Systems Corp.. His sale prices were between $38.4 and $50.94, with an estimated average price of $45.4. The impact to his portfolio due to this sale was less than 0.01%.

Alliance Data Systems Corporation is a leading provider of transaction services credit services and marketing services to retail companies in North America. They focus on facilitating and managing electronic transactions between clients and their customers through multiple distribution channels including in-store catalog and the Internet. Their credit and marketing services assist clients in identifying and acquiring new customers as well as helping to increase the loyalty and profitability of their existing customers. Alliance Data Systems Corp. has a market cap of $2.32 billion; its shares were traded at around $27.72 with a P/E ratio of 8.7 and P/S ratio of 1.15. Alliance Data Systems Corp. had an annual average earning growth of 30.7% over the past 5 years.

Sold Out: IRSA Inversiones y Representaciones S.A. (IRS)

Third Avenue Management sold out his holdings in IRSA Inversiones y Representaciones S.A.. His sale prices were between $3.15 and $6.12, with an estimated average price of $4.2. The impact to his portfolio due to this sale was less than 0.01%.

IRSA Inversiones y Representaciones S.A. invests in and develops industrial commercial and residential real estate in Argentina Chile and Brazil. IRSA Inversiones y Representaciones S.A. has a market cap of $195.59 million; its shares were traded at around $3.1501 with and P/S ratio of 0.56. IRSA Inversiones y Representaciones S.A. had an annual average earning growth of 23.5% over the past 10 years.

Sold Out: Jefferies Group Inc. (JEF)

Third Avenue Management sold out his holdings in Jefferies Group Inc.. His sale prices were between $8.73 and $16.71, with an estimated average price of $13.3. The impact to his portfolio due to this sale was less than 0.01%.

Jefferies Group Inc. is a holding company whose affiliated companies including its principal operating subsidiary Jefferies & Company Inc. offer a variety of services for institutional investors and middle-market companies. Subsidiaries of Jefferies Group Inc. together comprise a full-service investment bank and institutional securities firm focused on the middle market. Jefferies offers financial advisory capital raising mergers and acquisitions and restructuring services to small and mid-cap companies. Jefferies Group Inc. has a market cap of $2.02 billion; its shares were traded at around $9.84 with and P/S ratio of 1.2. Jefferies Group Inc. had an annual average earning growth of 21.9% over the past 10 years.

Sold Out: Lundin Mining Corp. (LMC)

Third Avenue Management sold out his holdings in Lundin Mining Corp.. His sale prices were between $0.84 and $1.79, with an estimated average price of $1.2. The impact to his portfolio due to this sale was less than 0.01%.

LUNDIN MINING CORPORATION is a rapidly growing diversified base metals mining company with operations in Portugal Spain Sweden and Ireland. The Company currently has six mines in operation producing copper nickel lead and zinc. In addition Lundin Mining holds a development project pipeline which includes the world class Tenke Fungurume copper cobalt project in the Democratic Republic of Congo and the Ozernoe zinc project in Russia. The Company holds an extensive exploration portfolio and interests in international mining and exploration ventures. Lundin Mining Corp. has a market cap of $331.46 million; its shares were traded at around $0.63 with a P/E ratio of 1.4 and P/S ratio of 0.31.

Sold Out: ULTRASHORT FTSE/XINHUA CHINA 25 PROSHARES (FXP)

Third Avenue Management sold out his holdings in ULTRASHORT FTSE/XINHUA CHINA 25 PROSHARES. His sale prices were between $33.17 and $151.2, with an estimated average price of $74.2. The impact to his portfolio due to this sale was less than 0.01%.

ULTRASHORT FTSE/XINHUA CHINA 25 PROSHARES has a market cap of $13.71 million; its shares were traded at around $41.45 . The dividend yield of ULTRASHORT FTSE/XINHUA CHINA 25 PROSHARES stocks is 1%.

Sold Out: Industrias Bachoco S.A.B de C.V. (IBA)

Third Avenue Management sold out his holdings in Industrias Bachoco S.A.B de C.V.. His sale prices were between $13.47 and $19.51, with an estimated average price of $16. The impact to his portfolio due to this sale was less than 0.01%.

INDUSTRIAS BACHOO began its operations in 1952 in the state of Sonora Mexico and has since grown into the country's undisputed leader in poultry production and one of the wold's top ten producer. It also produces and distributes eggs swine and balanced feed. It is a vertically integrated company with a nationwide distribution network and processing plants operating in conjunction with over 600 facilities located throughout Mexico. Industrias Bachoco S.A.B de C.V. has a market cap of $683 million; its shares were traded at around $9.6032 with and P/S ratio of 0.41. The dividend yield of Industrias Bachoco S.A.B de C.V. stocks is 4.97%. Industrias Bachoco S.A.B de C.V. had an annual average earning growth of 4.3% over the past 5 years.


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