Martin Whitman

Martin Whitman

Last Update: 03-31-2017
Related: Third Avenue Management

Number of Stocks: 36
Number of New Stocks: 1

Total Value: $1,116 Mil
Q/Q Turnover: 3%

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 (%)
201613.3911.961.4
2015-8.371.38-9.7
20144.8813.69-8.8
3-Year Cumulative9 (2.9%/year)29 (8.9%/year)-20 (-6%/year)
201318.8432.39-13.5
201227.481611.5
5-Year Cumulative65.1 (10.5%/year)98.2 (14.7%/year)-33.1 (-4.2%/year)
2011-20.682.11-22.8
201013.8715.06-1.2
200944.5126.4618.0
2008-45.61-37-8.6
20075.765.490.3
10-Year Cumulative23.9 (2.2%/year)95.7 (6.9%/year)-71.8 (-4.7%/year)
200614.6915.79-1.1
200516.494.9111.6
200426.6210.8815.7
200310.4628.68-18.2
20027.13-22.129.2
15-Year Cumulative148.1 (6.2%/year)164.2 (6.7%/year)-16.1 (-0.5%/year)
200110.82-11.8922.7
20000.91-9.110.0
199910.0621.04-11.0
199816.7228.58-11.9
1997-5.0333.36-38.4
20-Year Cumulative238.5 (6.3%/year)339.2 (7.7%/year)-100.7 (-1.4%/year)
199611.0222.96-11.9
19952.3637.58-35.2
1994-3.221.32-4.5
19931.3610.08-8.7
199210.887.623.3
25-Year Cumulative318.4 (5.9%/year)791.8 (9.1%/year)-473.4 (-3.2%/year)
1991-0.2630.47-30.7

Top Ranked Articles

A Review of 'Invest Like a Guru' Charlie Tian has written an outstanding book that all investors should read
The first stock I ever bought was in the eighth grade during a stock market competition. My current affairs teacher – a certain Mr. Brown – wanted to demonstrate the markets were nothing more than a vast national casino. Perusing the newspaper stock prices (how quaint!), I made up my mind to buy Gensco. I had absolutely no idea what Gensco was, what it sold or whether it even made money. The really attractive fact was the shares were trading at 23 cents per share. Just think how many of these so-called shares I could buy! Mr. Brown was wrong that day. I did not see the markets as a nefarious casino, but rather a candy shop where the only thing that matters is how many pieces can you buy with the money you have. Read more...
Does the Increase in Volatility Signal a Dangerous Market Environment? Anxiety typically leads to knee-jerk reactions and excessive trading in their portfolios
Over the last several weeks stock price volatility has increased significantly above norms. All of a sudden it is not uncommon to see stock prices moving 5%, 10% or more in a single trading day. Interestingly, this volatility is occurring both to the upside and the downside. Common sense would suggest that the intrinsic value of a business cannot change by those orders of magnitude from one day to the next. Logic dictates that the market is either inaccurately pricing the stocks now or it was incorrectly pricing them the day before. Read more...
Answers to the Hardest Question: When Do I Sell a Stock? There are 2 primary reasons it makes sense to sell a stock
The most common complaint I have heard from investors over my 40-plus years in the financial services industry is as follows: "Everyone wants to tell me what to buy and when, but no one ever tells me when to sell." Read more...
Third Value Fund Avenue Buys 3 Stocks in 3rd Quarter All three from pharma sector
Third Avenue Management (Trades, Portfolio) reported owning three new stocks in the third quarter, all from the pharmaceutical sector. Read more...
Third Avenue Small-Cap Value Fund Comments on G-III Apparel Group Guru stock highlight
G-I I I (NASDAQ:GIII) Apparel Group ("G-I I I") is a designer, manufacturer, and marketer of men's and women's apparel. While not a household name, the numerous brands G-111 works with very much are, including Calvin Klein and Tommy Hilfiger. G-I I I was founded in the 1950s and today is one of the larger companies in the apparel industry with more than $2 billion of annual sales and a remarkable track record. Read more...
» More Martin Whitman Articles

Commentaries and Stories

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Third Avenue International Value Fund 1st Quarter Letter Commentary on markets and holdings Third Avenue Management,Martin Whitman - Third Avenue International Value Fund 1st Quarter Letter
Matthew Fine, CFA I Lead Portfolio Manager More...

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Third Avenue Continues to Buy Amgen, 8 Others Guru increased these holdings in the last 2 quarters Third Avenue Management,Martin Whitman,NWQ Manager - Third Avenue Continues To Buy Amgen, 8 Others
Third Avenue Management (Trades, Portfolio) was founded by legendary value investor Martin Whitman (Trades, Portfolio). It manages mutual funds, separate accounts and hedge funds. In both fourth-quarter 2016 and first-quarter 2017 the guru bought shares in the following stocks: More...

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A Review of 'Invest Like a Guru' Charlie Tian has written an outstanding book that all investors should read Martin Whitman, Warren Buffett, Charlie Munger, - A Review Of 'Invest Like A Guru'
The first stock I ever bought was in the eighth grade during a stock market competition. My current affairs teacher – a certain Mr. Brown – wanted to demonstrate the markets were nothing more than a vast national casino. Perusing the newspaper stock prices (how quaint!), I made up my mind to buy Gensco. I had absolutely no idea what Gensco was, what it sold or whether it even made money. The really attractive fact was the shares were trading at 23 cents per share. Just think how many of these so-called shares I could buy! Mr. Brown was wrong that day. I did not see the markets as a nefarious casino, but rather a candy shop where the only thing that matters is how many pieces can you buy with the money you have. More...

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Toyota Industries Leads in High-Tech Automotive and Forklifts Company is the original Toyota Martin Whitman - Toyota Industries Leads In High-Tech Automotive And Forklifts
Toyota Industries Corp. (TYIDF) is the original Toyota Motor Corp. (NYSE:TM). The company excels in automotive parts and forklifts. It also holds billions of dollars in Toyota stock and several other Japanese companies. The stock is a major holding of the Third Avenue Value Fund. More...

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Martin Whitman Sells Comerica, Buys Amgen The guru's largest 1st-quarter trades Martin Whitman,Eric Mindich,Richard Pzena,David Te - Martin Whitman Sells Comerica, Buys Amgen
Martin Whitman (Trades, Portfolio) is founder and portfolio manager of the Third Avenue Value Fund. During the first quarter the guru traded shares in the following stocks: More...

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Third Avenue Management 1st Quarter Shareholder Letter Chip Rewey discusses first quarter of 2017 Martin Whitman - Third Avenue Management 1st Quarter Shareholder Letter
Dear Fellow Shareholders: More...

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Third Avenue Management Comments on Lennar Guru stock highlight
We initiated Lennar (NYSE:LEN) in October, and thus wrote up our comments in our prior shareholder letter, but due to the shift in our letter cadence, we are republishing our thoughts from our initial purchase. More...

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Third Avenue Management Comments on Cerner Guru stock highlight
Cerner (NASDAQ:CERN) is a leading health care information technology company. We have long admired Cerner as it is a well-financed compounder, having compounded book value at an average rate of 16% over the past 10 years. Delays in customer adoption of healthcare Information Technology (IT) systems as regulatory mandates have lengthened, exacerbated by concerns about potential changes to the ACA and the impact on healthcare IT spend, have negatively pressured Cerner's common stock price down from over $67 to our initial purchase cost of approximately $48, giving us an opportunity to acquire shares of Cerner common stock at an attractive valuation. More...

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Calendar 4th Quarter Shareholder Letter From Marty Whitman's Third Avenue Value Fund Chip Rewey discusses market and holdings Martin Whitman,Third Avenue Management - Calendar 4th Quarter Shareholder Letter From Marty Whitman's Third Avenue Value Fund
Dear Fellow Shareholders: More...

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Third Avenue Management Comments on Petroleum Geo-Services Guru stock highlight
Petroleum Geo-Services ("PGS") (OSL:PGS) Throughout December and early January, PGS completed its refinancing activities as described in our previous letter. PGS conducted an equity raise primarily for the purpose of refinancing its 2018 bonds. The Fund was a holder of both PGS equity and its 2018 bonds. We were pleased to participate in improving PGS’ capital structure via the equity offering, which precipitated a meaningful price appreciation of both our equity and credit positions. PGS tendered for our 2018 bonds PGS on terms favorable to bondholders, and meanwhile the company’s equity responded very favorably to the improvement in the company’s capital structure and the elimination of its nearest debt maturity. Our investments in PGS securities have been important contributors to performance of late. More...

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Third Avenue Management Comments on Lundin Mining Guru stock highlight
Lundin Mining (“Lundin”) (TSX:LUN) In mid-November, Lundin announced that it had entered into an agreement to sell its holding in an entity called TF Holdings Ltd. TF is the entity through which Lundin and Freeport-McMoRan have for many years controlled a Central African copper mine called Tenke Fungurume. The Lundin transaction essentially is the sale of a 24% economic interest in the mine for the agreed price of CAD 1.14 billion. This transaction is expected to close during the first half of 2017 and would add considerable cash to what is already one of the mining industry’s best balance sheets. While Tenke Fungurume is an unusually high quality mine, its jurisdiction can at times be an unusually challenging place to do business. We view the transaction price as reasonable and look positively upon the prospective reduction of political risk embedded within Lundin. With the transaction proceeds Lundin would also bolster its position as one of the very few companies in a position to acquire mining assets at one of the rare times when some very decent assets may be available More...

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Third Avenue Management Comments on Lundin Mining Guru stock highlight
Lundin Mining (“Lundin”) (TSX:LUN) In mid-November, Lundin announced that it had entered into an agreement to sell its holding in an entity called TF Holdings Ltd. TF is the entity through which Lundin and Freeport-McMoRan have for many years controlled a Central African copper mine called Tenke Fungurume. The Lundin transaction essentially is the sale of a 24% economic interest in the mine for the agreed price of CAD 1.14 billion. This transaction is expected to close during the first half of 2017 and would add considerable cash to what is already one of the mining industry’s best balance sheets. While Tenke Fungurume is an unusually high quality mine, its jurisdiction can at times be an unusually challenging place to do business. We view the transaction price as reasonable and look positively upon the prospective reduction of political risk embedded within Lundin. With the transaction proceeds Lundin would also bolster its position as one of the very few companies in a position to acquire mining assets at one of the rare times when some very decent assets may be available More...

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Third Avenue Management Comments on Global Logistic Properties Guru stock highlight
Global Logistic Properties (“GLP”) (SGX:MC0) We have been satisfied owners of GLP for some time. From an execution standpoint, this logistics facility developer, owner and operator continues to do a fine job operationally. The company has judiciously grown its facilities network in China, Japan, Brazil and the U.S., both organically and through acquisition, at a pace appropriate for each respective geographic market while maintaining a conservative balance sheet. Meanwhile, the company has made great strides in growing its fund management platform, which has the benefit of improving overall returns through the incorporation of fee-paying third party capital. However, the stock had until recently languished at a low valuation presumably as a result of the broad perception that macroeconomic growth in China is slowing and that the growth of GLP’s network development will also slow in turn. Yet investors fixated on rapid growth of earnings fail to appreciate the value of the existing in-place network of facilities, a reasonable replacement cost analysis of those assets, the extreme More...

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Third Avenue Real Estate Value Fund 4th Quarter Commentary Review of markets and holdings Third Avenue Management,Martin Whitman - Third Avenue Real Estate Value Fund 4th Quarter Commentary
Dear Fellow Shareholders: More...

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Third Avenue International Value Fund 4th Quarter Letter Discussion of markets and holdings Third Avenue Management,Martin Whitman - Third Avenue International Value Fund 4th Quarter Letter
Dear Fellow Shareholders: More...

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Martin Whitman Invests in Homebuilder in 4th Quarter Most of guru's quarterly activity involves reducing positions Martin Whitman - Martin Whitman Invests In Homebuilder In 4th Quarter
Martin Whitman (Trades, Portfolio), founder and portfolio manager of Third Avenue Value Fund, bought two new holdings in the fourth quarter (ended Oct. 31, 2016), but most of his activity involved reducing positions. More...

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Third Avenue Value Fund Buys 2 Stocks and Adds to 2 Positions in Q4 Fund reveals its picks earlier than most Third Avenue Management,Martin Whitman - Third Avenue Value Fund Buys 2 Stocks And Adds To 2 Positions In Q4
Third Avenue Management (Trades, Portfolio), a private investment firm founded by legendary value manager Martin Whitman (Trades, Portfolio), ends its quarter on Oct. 31 and revealed the fourth-quarter trades of its Third Avenue Value Fund in its recent letter. More...

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Third Avenue Focused Credit Fund Letter a Year After Starting Wind Down Fund hits road bump returning money to shareholders Third Avenue Management,Martin Whitman - Third Avenue Focused Credit Fund Letter A Year After Starting Wind Down
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Third Avenue Management Comments on Korn Ferry International Guru stock highlight
Many of you may recognize the strong brand name of Korn Ferry International (NYSE:KFY), another purchase in the quarter, but you may not have noticed the business transformation the company has undertaken anchored by its December 2015 purchase of the Hay Group. Korn Ferry is best known for its executive recruiting. It is a top brand name in this highly fragmented industry, with a strong offering on the more resilient and niche C-suite space. Most of its job searches have annual compensation of $300,000 or more. More...

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Third Avenue Management Comments on Comfort Systems USA Guru stock highlight
Beyond a strong balance sheet, other key characteristics that we look for in our companies include a strong business model and a large addressable market to support long-term revenue and earnings compounding. Our addition of Comfort Systems USA (NYSE:FIX) is a good example of these factors. Comfort Systems offers design, installation, retrofit and service for HVAC and electrical systems for facilities such as office buildings, plants, retail centers, hospitals and universities. Comfort Systems is unique in that it focuses mostly in smaller cities where, relative to large urban settings, there is less competition for both projects and for skilled labor. The company works on approximately 4,000 jobs annually and most of the contracts are under $1 million. More than half of these are for renovations and repairs and are recurring in nature, rather than from new constructions. More...

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