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Marty Whitman is a vulture of a value investor. He can usually be found rummaging through the rubble of distressed stocks--those of beaten-down companies, some on the brink of insolvency. But most of Whitman's depressed stock plays eventually turn around for the better. That is why Third Avenue Value TAVFX, the mutual fund that Whitman has managed since 1990, sported a five-year annualized return of 17% at the end of 1999--impressive in light of the market's blatant favoritism for growth throughout the 1990s. The key to Whitmanesque stock-picking: Buy companies that are cheap and safe, and hold onto them.
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Cheap as Measured by Takeover Value >>
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