Money and Finance
- Jean-marie Eveillard On Wealthtrack
Jean-Marie Eveillard with another appearance on WealthTrack: VIDEO 1/25/08 and TRANSCRIPT.....CONSUELO MACK: Jean-Marie, when you were here last in October, you mentioned the fact that there was something called, that Paul's talked about a lot, the...
- $30b Worth Of Advice
Marty Whitman, founder of Third Avenue Mgmt., shares his investment strategy with CNBC's Sue Herera. ...
- Marty Whitman And Third Avenue See Opportunity
Third Avenue focuses on bottom-up, fundamental analysis with an emphasis on buying and holding securities for the long term. Third Avenue pretty much ignores short-term general market movements. However, in light of the current market environment, we...
- Use The Market's Short-termism To Your Advantage
Here's a general criticism that I often hear about investing in companies with economic moats: Companies with economic moats always look expensive and they trade with premium multiples to the market. How can we invest with a suitable margin-of-safety...
- Investing Gems
Investing gems from some of my favorite investors - David Gardner, Lou Ann Lofton, Peter Lynch, Marty Whitman, and Charlie Munger comment on long run investing....
Money and Finance
Morningstar - Conversation: Jean-Marie Eveillard and Marty Whitman
Jean-Marie Eveillard and Marty Whitman met in 1990 shortly after Whitman launched what would become his signature fund, Third Avenue Value TAVFX. They were two kindred spirits on a conference panel with a third portfolio manager, who was speaking about financial theories and hypotheses.
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"He was talking in a language that was completely different from ours," Eveillard says. "Martin and I chatted afterwards about the fact that it was good that the other was there, because we simply didn't speak the same language as the third guy."
"He was talking in a language that was completely different from ours," Eveillard says. "Martin and I chatted afterwards about the fact that it was good that the other was there, because we simply didn't speak the same language as the third guy."
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To Eveillard and Whitman, such academic speak only applied to conventional money managers, whose goal was to keep up with a benchmark in the short term. Eveillard and Whitman, on the other hand, didn't give a whit about benchmarks nor the short term; they were buy-and-hold investors who bought companies they knew from the bottom up at ridiculously cheap prices.
To Eveillard and Whitman, such academic speak only applied to conventional money managers, whose goal was to keep up with a benchmark in the short term. Eveillard and Whitman, on the other hand, didn't give a whit about benchmarks nor the short term; they were buy-and-hold investors who bought companies they knew from the bottom up at ridiculously cheap prices.
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MW: Agreed. But I think a big point is, that is really irrelevant to us. We buy and hold long term. Markets go down, we take advantage. We sort of operate under the implicit assumption that if we don't know more about the situation than the market, we wouldn't be there. They operate under the assumption that the market is sending me messages; the market knows more than any individual. It's just the opposite.
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JME: That's right. I think it's Seth Klarman who said, "The biggest edge that value investors have is their long-term orientation," which I think jives as well with Ben Graham saying, "Short term, the market's a voting machine; long term, it's a weighing machine."
JME: That's right. I think it's Seth Klarman who said, "The biggest edge that value investors have is their long-term orientation," which I think jives as well with Ben Graham saying, "Short term, the market's a voting machine; long term, it's a weighing machine."
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MW: We like to say at Third Avenue that we do rather well, but when it comes to information, we're always the last to know. [laughs] But it's just not important. It's not that we get superior information, but rather, that we use the available information in a superior manner.
MW: We like to say at Third Avenue that we do rather well, but when it comes to information, we're always the last to know. [laughs] But it's just not important. It's not that we get superior information, but rather, that we use the available information in a superior manner.
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JME: That's right.
JME: That's right.
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MW: That's where we come from, you and I.
MW: That's where we come from, you and I.
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JME: So many investors are always looking for the information that the others don't have. And as you said, we have the same information, which is readily available. We try to use it better than the others. It's in the interpretation, in a sense, and the reading of the available information.
JME: So many investors are always looking for the information that the others don't have. And as you said, we have the same information, which is readily available. We try to use it better than the others. It's in the interpretation, in a sense, and the reading of the available information.
- Jean-marie Eveillard On Wealthtrack
Jean-Marie Eveillard with another appearance on WealthTrack: VIDEO 1/25/08 and TRANSCRIPT.....CONSUELO MACK: Jean-Marie, when you were here last in October, you mentioned the fact that there was something called, that Paul's talked about a lot, the...
- $30b Worth Of Advice
Marty Whitman, founder of Third Avenue Mgmt., shares his investment strategy with CNBC's Sue Herera. ...
- Marty Whitman And Third Avenue See Opportunity
Third Avenue focuses on bottom-up, fundamental analysis with an emphasis on buying and holding securities for the long term. Third Avenue pretty much ignores short-term general market movements. However, in light of the current market environment, we...
- Use The Market's Short-termism To Your Advantage
Here's a general criticism that I often hear about investing in companies with economic moats: Companies with economic moats always look expensive and they trade with premium multiples to the market. How can we invest with a suitable margin-of-safety...
- Investing Gems
Investing gems from some of my favorite investors - David Gardner, Lou Ann Lofton, Peter Lynch, Marty Whitman, and Charlie Munger comment on long run investing....