“Dear fellow shareholders, for the past 15 years, we have written to you every quarter and discussed, in great detail, the same value investment philosophy … over and over and over again. ” This is how Martin Whitman started his annual shareholder letter this year. He bought one new stock: Pfizer, stating “The odds seem to favor relatively continual long-term growth for Big Pharma, in general, and Pfizer in particular, despite a clouded outlook for 2006, and maybe 2007.” He added positions in his HongKong stock holdings …
http://www.thirdavenuefunds.com/taf/documents/shareholderletters/aboutus-letters-05Q4.pdf
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http://www.thirdavenuefunds.com/taf/documents/shareholderletters/aboutus-letters-05Q4.pdf
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