Most investors equate Fundamental Finance with Value Investing. Although all value investors are fundamentalists, not all practitioners of fundamental finance can be defined as value investors. Both approaches focus on Security Analysis and the discovery of Intrinsic Value but Fundamental Finance branches into areas such as control situations, distressed and credit investing, as well as … Continue reading Fundamental Finance vs Value Investing
Tag: Third Avenue
Nugget: Third Avenue takes on a position in Madison Square Garden common
To my surprise, Curtis R. Jensen, Chief Investment Officer of the Third Avenue Small-Cap Value Fund, revealed in his letter to shareholders from April 30th. 2011, that the fund had added Madison Square Garden common shares to its portfolio. Third Avenue operates value oriented mutual funds, based on the principles of Ben Graham. Its founder, … Continue reading Nugget: Third Avenue takes on a position in Madison Square Garden common
Parmalat, a rebirth
Who doesn´t remember the Parmalat logo on the front of the F.C. Parma kit? Or the gigantic bankruptcy that ended that sponsorship deal? Well, Parmalat is back. After serious restructuring the company as returned to profitability and with a very strong balance sheet, it seems like an interesting investment. In the first quarter of 2011 … Continue reading Parmalat, a rebirth
Martin Whitman on GAAP accounting
One investor that I closely follow is Martin Whitman of Third Avenue Funds. He is a classic Graham-ist with some very interesting opinions on investing. Here is a short quote on accounting: ER: You’ve been quoted as saying that it is still possible to find Ben Graham’s “net-nets”, is this still true? MW: Yes. However … Continue reading Martin Whitman on GAAP accounting