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I'm not sure I can say much about the late, legendary investor Martin "Marty" Whitman that hasn't already been said, but I can do my best to honor his memory by showing you how he approached investing and made his fortune.
Marty, quite frankly, got it done – and left a legacy in the process of crushing the indexes over the course of a storied, 30-year career.
The legendary fund manager died last Monday, April 16, at the age of 93, and the world is worse off for his passing.
Marty managed the Third Avenue Value Fund (MUTF: TVFVX) from 1986 until 2012. He handily outperformed the market during that time. A recent Barron's report showed the fund returned over 600% from 1992 to 2012, beating U.S. value indexes by at least 100%.
Several years ago, I had the pleasure of meeting Marty; we had a splendid 15-minute chat about the lost art of asset-based deep-value investing.
As we enjoyed a few laughs and more than a few cocktails, we lamented that, with the passing of renowned fund manager Peter Cundill in 2011, the two of us were probably the last two asset-based value dinosaurs on the planet.
Now, we weren't besties or anything, but we had a lot in common and shared a nice correspondence over the years. It's safe to say I learned a lot from the man during my career.
Make no mistake: Anyone who's learned anything about his investing style – whether it be through his books, shareholder letters, or even interviews – has also learned what it takes to crush the markets.
His unique philosophy – and insanely good track record – speaks for itself…
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