Third Avenue Management analyzes opportunities based on the balance sheet quality and financial position of companies that issue securities. Our analysis of financial strength informs our judgment of intrinsic value. Once we determine our assessment of what an enterprise is worth, we invest only when we can do so at a significant discount.

We buy strength when it is misunderstood and undervalued. Macroeconomic influence and short-term price fluctuations are irrelevant when they do not affect intrinsic value, since over the long run, we believe, the real value of our investments will manifest in our returns. We believe investing in well-financed, well-managed companies with good long-term prospects for growth, selling at significant discounts to our estimate of intrinsic value generates attractive long-term returns with reduced risk of capital loss.

This fundamental conviction defines our singular investment culture, which was established and shaped by revolutionary value investor Marty Whitman, and continues to set Third Avenue and its portfolios apart from our peers.