Want to know what value investing is? Read Martin Whitman’s letter to shareholders! He discussed the 37 UNDERLYING ASSUMPTIONS of value investing. Finally he said: “Many disciplines can be helpful in contributing toward making one a successful value investor. There are three areas, though, where it is essential that the participant needs to be well informed, i.e., needs to be knowledgeable enough so that at the minimum, the analyst can be an informed client. These three disciplines are as follows: GAAP; Securities Laws and Regulation; Income Tax.”
http://www.thirdavenuefunds.com/2Q05.pdfAlso check out:
http://www.thirdavenuefunds.com/2Q05.pdfAlso check out:
