Real Professionals Have Skin In The Game, And They Beat The Market Too.
The Public Be Damned… you may quote me: Screw ‘em.
That was the remark from legendary value manager, Marty Whitman, cursing fickle investors for fleeing his Third Avenue fund in favour of the more glamorous technology stocks. The exodus shaved his Third Avenue fund’s assets under management from $50 billion to $38 billion in 1998 and 1999. But guess who’s having the last laugh as the Third Avenue fund is enjoying a 9.95% average 10-year run. Compare that to S&P 500’s 5%!
Marty Whitman has always believed in his value philosophy, which is why he invests the bulk of his wealth alongside investors’. With so much at stake, he can also afford to focus on his long-term objectives in the face of short-term adversities. For Third Avenue, giving Whitman the pink slip is never an option given his revered status. Not to mention Whitman basically runs his […]
Original post by Financial Jungle Guy