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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…
About the Author
Tim Melvin is an unlikely investment expert by any measure. Raised in the "projects" of Baltimore by a single mother, he never attended college and started out as a door-to-door vacuum salesman. But he knew the real money was in the stock market, so he set sights on investing - and by sheer force of determination, he eventually became a financial advisor to millionaires. Today, after 30 years of managing money for some of the wealthiest people in the world, he draws on his experience to help investors find "unreasonably good" bargain stocks, multiply profits, and build their nest eggs. Tim tirelessly works to find overlooked "hidden gems" in the stock market, drawing on the research of legendary investors like Benjamin Graham, Walter Schloss, and Marty Whitman. He has written and lectured extensively on the markets, with work appearing on Benzinga, Real Money, Daily Speculations, and more. He has published several books in the "Little Book of" Investment Series and a "Junior Chamber Course" geared towards young adults that teaches Graham's principles and techniques to a new generation of investors. Today, he serves as the Special Situations Strategist at Money Morning and the editor of "Max Wealth" and Heatseekers.