Martin Whitman

MARTIN WHITMAN: “SECOND CLASS” ROOTS

October 25, 2013

Third Avenue Management’s Founder and Chairman Marty Whitman has had enormous professional success as a deep value investor, but as a Jewish kid from the Bronx he once described feeling like a second class citizen for the first half of his life.  How that has influenced him? We asked him.

MARTIN WHITMAN: THEY JUST DON’T GET IT!

October 25, 2013

They Just Don’t Get It! That’s the view of  legendary deep value investor Martin Whitman, Founder and Chairman of Third Avenue Management. In this exclusive interview taped at the Museum of American Finance, Whitman takes on Congressional and Wall Street ignorance about debt, credit worthiness, and earnings. Whitman will also discuss his long term mantra, to buy “safe and cheap” stocks, and his four elements to getting growth at dirt cheap prices. Continue Reading »

Surviving the World’s Financial Crisis

October 10, 2008

Central banks around the world are responding aggressively with rate cuts and intervention. What can individuals do to protect themselves and position their portfolios for future profits? Two veteran value investors – legendary portfolio manager Marty Whitman, founder of the Third Avenue Funds and Hersh Cohen, chief investment officer of Clearbridge Advisors will guide us. Plus long-time friend and colleague of Fed Chairman Ben Bernanke, NYU Economics Professor Mark Gertler, will explain the immediate and long term impact of the global financial rescue efforts.

WEALTHTRACK Episode #415; Originally Broadcast on October 10, 2008

Listen to the audio only version here:
Mark Gertler, Hersh Cohen & Martin Whitman

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Mark Gertler

Henry and Lucy Moses Professor of Economics New York University

Martin Whitman

Founder, Co-Chief Investment Officer Third Avenue Management

Hersh Cohen

Chief Investment Officer Clearbridge Advisors

Stay with stocks if they are part of your long-term investment plan.

Investors are selling stocks thinking that they are fleeing risks. However, they are forgetting that being out of the stock market has serious consequences as well. Over the last decade, for instance, the average annual return for the S&P 500 on a pure price basis, not including dividends, was 4.22% average annual return. Missing just the best ten days of the entire decade dropped that return to a negative five tenths of a percent, and missing the best 40 days, again of the entire decade, depressed the annual return to -10%. So good luck in timing those periods. And being in cash can also be hazardous. Over time, inflation is a cash killer, especially when cash equivalents like three-month treasury bills are returning practically nothing. A moderate 3% inflation rate knocks the value of each dollar down to 97 cents in one year, 74 cents in ten years, and nearly in half in 20 years. These are scary times, but if history is any guide, selling when there is panic in the streets has proven to be a loser’s game.

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