Fund Times: Whitman Buys Microsoft and Intel
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It's a sure sign that the technology bellwethers have been in the dumps for a long time when Third Avenue Value's (TAVFX) Marty Whitman is buying them. Whitman bought Intel (INTC) last year, and now he's also buying Microsoft (MSFT), according to a new shareholder letter.
Whitman is no stranger to tech--he's bought small-cap semiconductor stocks in the past--but it is striking to see him buy stocks that for so long had commanded premiums that would have kept Whitman away. Whitman bought 2 million shares of Microsoft in the April-July period. Whitman's strategy is to buy when things look so awful that the stock price provides a high level of safety.
Russel Kinnel does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.