market folly

For those interested, here is Marty Whitman's latest investor letter for his Third Avenue Management. In his first quarter 2010 commentary, he sets out to defend managed mutual funds. At the same time though, he highlights some intriguing points about markets and has some nice quotes. Most notably, he writes, "Value investors, control investors, distressed investors and skilled short sellers, tend to be very much involved in the in-depth fundamental analysis that permits them to make reasoned judgments about the existence of inefficient pricing". In the past, we've also posted up Whitman's fourth quarter '09 commentary as well.

Embedded below is Third Avenue's latest series of fund manager commentaries:



You can directly download the .pdf here.

If you're interested in more fund manager commentaries, check out the rest of the various hedge fund investor letters we've posted and scroll through all of them.