Marty Whitman
Martin Whitman

I always like following funds run by some of the best money managers of our time. Third Avenue Fund is run by legendary investor Martin J. Whitman. Every quarter the fund releases its quarterly report. Third Avenue just released its 2nd quarter report for 2010.

Martin Whitman shares his wisdom between pages 2-7. I can probably count on my fingers the number of individual’s whose writings make me a better value investor. Marty Whitman is definately one of them.

In the latest release Whitman talks about the lack of understanding among the administration and regulators about financial legislation. He discusses eight areas where there is a large misunderstanding. He then gives several ideas on how to reform our financial system.

The full document is located below. Pages 2-7 are absolutely gold.

Third Avenue Q2 Shareholder Letter