Martin Whitman

Martin Whitman

Last Update: 01-04-2016
Related: Third Avenue Management

Number of Stocks: 38
Number of New Stocks: 1

Total Value: $1,571 Mil
Q/Q Turnover: 4%

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

Popular Guru Stocks With High, Growing Yield KeyCorp and Union Pacific have strong track records of growing yields
The following are companies with high and growing dividend yields that gurus are buying according to GuruFocus' All-in-One Screener. Read more...
Third Avenue Value Fund Trims Stake in NVIDIA Stock price has fallen since beginning of year
Legendary guru Martin Whitman has more than 67 years of experience in the investment industry. A Bronx native, Whitman began his career shortly after graduating from Syracuse University with a degree in business administration in 1949. Whitman seized an opportunity to begin his career working as a security analyst for Shearson Hammill. After gaining valuable experience, Whitman took advantage of another opportunity and began working as an investment banker for the owners of the Sears Roebuck fortune, the Rosenwald family who actively managed Sears' department stores in the early 1900s. Read more...
Western Union, Wells Fargo Among Popular High Yield Guru Stocks Top stock offers 3.6% dividend yield
The following are companies with high and growing dividend yields that gurus are buying according to GuruFocus' All-in-One Screener. Read more...
Third Avenue Value Fund Sells Nearly Half of Stake in POSCO Baxalta is guru's only new buy in 4th quarter
Although Martin Whitman (Trades, Portfolio) has a reputation for being a “buy and hold” investor, many of Third Avenue Value Fund's largest transactions in the fourth quarter, which ended Oct. 31, 2015, were reductions. Read more...
Third Avenue Management Profits From Encore Wire But Logs Loss From EP Energy The firm also gained from Rosetta Resources, TopBuild and Excel Trust
In third quarter trading, Third Avenue Management recorded both big profits and big losses. Read more...
» More Martin Whitman Articles

Commentaries and Stories

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Popular Guru Stocks With High, Growing Yield KeyCorp and Union Pacific have strong track records of growing yields Martin Whitman, Steven Cohen, Ray Dalio, Bill Nygr - Popular Guru Stocks With High, Growing Yield
The following are companies with high and growing dividend yields that gurus are buying according to GuruFocus' All-in-One Screener. More...

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Third Avenue Value Fund Trims Stake in NVIDIA Stock price has fallen since beginning of year Martin Whitman,Third Avenue Management - Third Avenue Value Fund Trims Stake In NVIDIA
Legendary guru Martin Whitman has more than 67 years of experience in the investment industry. A Bronx native, Whitman began his career shortly after graduating from Syracuse University with a degree in business administration in 1949. Whitman seized an opportunity to begin his career working as a security analyst for Shearson Hammill. After gaining valuable experience, Whitman took advantage of another opportunity and began working as an investment banker for the owners of the Sears Roebuck fortune, the Rosenwald family who actively managed Sears' department stores in the early 1900s. More...

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Western Union, Wells Fargo Among Popular High Yield Guru Stocks Top stock offers 3.6% dividend yield Ray Dalio, Martin Whitman, Warren Buffett - Western Union, Wells Fargo Among Popular High Yield Guru Stocks
The following are companies with high and growing dividend yields that gurus are buying according to GuruFocus' All-in-One Screener. More...

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Third Avenue Value Fund Sells Nearly Half of Stake in POSCO Baxalta is guru's only new buy in 4th quarter Martin Whitman,Third Avenue Management - Third Avenue Value Fund Sells Nearly Half Of Stake In POSCO
Although Martin Whitman (Trades, Portfolio) has a reputation for being a “buy and hold” investor, many of Third Avenue Value Fund's largest transactions in the fourth quarter, which ended Oct. 31, 2015, were reductions. More...

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Third Avenue Management's Annual Report Emphasis is on investment-type companies Martin Whitman,Third Avenue Management - Third Avenue Management's Annual Report
Dear Fellow Shareholders: More...

THIRD AVENUE,ANNUAL REPORT,VALUE INVESTING,MARTIN WHITMAN


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Third Avenue Funds Sends Letter Addressing Liquidation of Credit Fund The media attention surround the fund's closing compelled managers to repond Martin Whitman - Third Avenue Funds Sends Letter Addressing Liquidation Of Credit Fund
Dear Fellow Shareholders, More...

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Third Avenue Management Profits From Encore Wire But Logs Loss From EP Energy The firm also gained from Rosetta Resources, TopBuild and Excel Trust Third Avenue Management,Martin Whitman,Paul Tudor  - Third Avenue Management Profits From Encore Wire But Logs Loss From EP Energy
In third quarter trading, Third Avenue Management recorded both big profits and big losses. More...

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Oil Stocks the Most Gurus Are Buying What looks attractive to gurus in a battered industry David Rolfe,Martin Whitman - Oil Stocks The Most Gurus Are Buying
As crude oil prices continue their descent to almost their lowest point since 2009, many value investors have contemplated whether oil stocks offer a compelling value. More...

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Third Avenue CEO David Barse Leaves Company After Bond Fund Closing Founder Martin Whitman comments on the situation Martin Whitman - Third Avenue CEO David Barse Leaves Company After Bond Fund Closing
NEW YORK, December 14, 2015 – Third Avenue Management (Trades, Portfolio) LLC (“Third Avenue”), an investment advisor to private and institutional clients, today announced a change in management, pursuant to which the firm’s Management Committee will lead the firm going forward. Third Avenue’s Management Committee includes David L. Resnick, President and Chief Investment Officer, Vincent Dugan, Chief Financial Officer and Chief Operating Officer, W. James Hall, General Counsel and Secretary, and Matthew Fine and Jason Wolf, Portfolio Managers. As part of the change, Third Avenue and David M. Barse, Chief Executive Officer, have mutually agreed to separate, effective December 14, 2015. More...

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Third Avenue Management Comments on DSW Inc. Guru stock highlight
DSW Inc. (NYSE:DSW), which stands for Designer Shoe Warehouse, is one of the largest discount shoe retailers in the US. The company operates 430 stores in 42 states and also sells its merchandise online. Its strategy is to offer a large assortment of some 24,000 pairs of shoes of various styles for both men and women through its warehouse style showrooms. Customers freely browse the store to try on different styles from the shoes displayed without needing to request salespeople to fetch proper sizes. Its business model is to leverage its large purchasing power and pass through the 20-30% savings to consumers. Despite the highly competitive nature of the retailing industry, the company’s value and convenient offerings provide a unique market position that allows it to defend against the onslaught of newly formed ecommerce companies, as indicated by its stable market share. DSW shoppers value the ability to see, touch and try on shoes as part of their shopping experience. More...

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Third Avenue Management Comments on Southside Bancshares Guru stock highlight
Southside Bancshares (NASDAQ:SBSI) (Southside) is a retail and commercial bank in Texas. While off the radar of many investors, Southside has been in business more than fifty years and today is one of the ten largest banks based in Texas with nearly $5 billion of assets and a remarkable track record. Within the last year Southside acquired and has been integrating another bank in Texas named OmniAmerican (Omni) which we believe will be transformative for the company. More...

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Third Avenue Management Comments on Kirby Corp Guru stock highlight
Kirby Corp. (NYSE:KEX) is the largest chemical tank barge operator in the United States. While many shipping companies tend to be commodity businesses with low margins and volatile earnings, Kirby is different. Margins on its inland and coastal barge businesses are near 25%, a profile you would expect in a consumer staple company rather than a chemical barge operator. Kirby’s margin profile results from two sources: industry structure and dominant positioning. Kirby operates in a Jones Act market. The Jones Act is a protectionist policy implemented by the United States government in the 1920s, which requires that all goods transported between US ports be carried on domestically constructed, US-flagged ships that are owned and crewed by US citizens. This structural barrier-to-entry lowers competition and creates high margins for the entire industry. In its markets, Kirby controls close to 30% of industry barges, well beyond its closest competition. Kirby therefore is able to lead on pricing in the market and on average has been able to raise prices above inflation. More...

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Third Avenue Management Comments on SPX Flow Guru stock highlight
SPX Flow (NASDAQ:FLOW) is a global supplier of flow control equipment including pumps, valves, mixers, filters, air dryers, separators and heat exchangers serving the food and beverage, power and energy and industrial markets. The company was spun out of SPX Corporation in September. The original SPX Corporation management team moved over to SPX Flow where they are continuing to execute on their multi-year restructuring efforts. More...

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Third Avenue Management Comments on DST Systems Inc. Guru stock highlight
DST Systems Inc. (NYSE:DST) More...

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Third Avenue Management Comments on Baxalta Guru stock highlight
Over the past quarter, we acquired one new position, Baxalta (NYSE:BXLT). More...

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Third Avenue Management Comments on CBS Guru stock highlight
CBS (NYSE:CBS) is a media company that creates and distributes industry-leading content across a variety of platforms to audiences around the world. CBS owns the most-watched television network in the US and one of the world’s largest libraries of entertainment content. Under the leadership of CEO Les Moonves, our “internal activist”, CBS has succeeded in its goal of being a true content company and monetizing this content value across any distribution channels. More...

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Third Avenue Management Comments on Brookdale Senior Living Guru stock highlight
Brookdale Senior Living (NYSE:BKD) is the largest and best in class owner-operator of senior housing in the US.3 Brookdale also owns 399 high quality senior housing properties. We believe that these properties represent approximately 50% of the company’s asset value that the market is not currently recognizing. In addition to being a best-in-class operator with valuable hard assets, Brookdale has attractive long-term tailwinds from an ageing Baby Boomer population. Finally, Brookdale is well-financed. It has approximately $6.8 billion of mortgage debt and capital leases on an estimated asset value of more than $20 billion, making it very well-capitalized. More...

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Third Avenue Management Comments on Covanta Guru stock highlight
Covanta (NYSE:CVA) is a leader in providing waste to energy services. Covanta processes approximately 5% of the solid waste generation in the US annually and uses this waste to generate 10 million megawatt hours (MWh) of baseload electricity annually through 41 Energy from Waste (EfW) facilities in North America. The company also recycles 500,000 tons of ferrous and non-ferrous metals annually. More...

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Third Avenue Management Comments on Comerica Guru stock highlight
Comerica (NYSE:CMA) is the largest bank headquartered in Texas; it has a meaningful footprint in California and Michigan. Among the root causes of stock price dislocation was its exposure to Energy and low interest rates, which caused minor earnings per share estimate cuts for 2015. We believe those risks are mis-understood and overstated. While only 7% of CMA’s loan portfolio is linked to energy or “energy related” companies, it has been a source of investor scrutiny and confusion. Investors keep expecting net charge offs to rise, but they have remained marginal. Why? Comerica has an impressive underwriting history and we remain confident history will repeat itself. 95% of its energy loans outstanding are secured. Also, all underwriting decisions were based on “proved reserves” which should mitigate charge-off risk. Charge-offs will rise if the brutal decline in energy prices continues for extended periods of time, but we expect the risks to be manageable and much better than what is priced into the current stock price. More...

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Third Avenue Management Comments on Weyerhaeuser Guru stock highlight
Weyerhaeuser (NYSE:WY) is a well-capitalized US-based forest products company with high quality assets in the form of 7 million acres of timberland that form one of the most valuable privately owned timber portfolios. It also has a wood products business used in homebuilding and a cellulose fibers business with product used for absorbency in items such as paper towels. More...

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