Third Avenue's Marty Whitman Speaks Out
Third Avenue founder takes Street to task at conference.
"Ninety-eight percent of it is utter bull****."
That was Marty Whitman's take on technical analysis, rendered in his usual blunt fashion at the Third Avenue Funds conference in New York on Nov. 6. Unlike therecent Baron get-together, no pop stars were present, but Whitman and others had plenty to say. It's well worth hearing them out. Whitman is one of the most experienced money managers in the business and has built a great record at Third Avenue Value (TAVFX). He has also focused on sturdy balance sheets and cheap share prices for many years--long before it became fashionable to do so.
In addition to Third Avenue managers and analysts, the CEOs of Third Avenue holdings AVX (AVX), Catellus Development (CDX), Arch Capital Group (ACGL), Tellabs (TLAB), and American Commercial Lines also weighed in. And Robert Morgenthau, the district attorney for Manhattan and a grizzled veteran of securities litigation, addressed the recent spate of fraud on Wall Street and the subject of offshore tax havens.
Christopher Traulsen does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.