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CHAPTER 25 Martin J. Whitman of the Third Avenue Funds. I asked Marty Whitman how his investment strategy differs from Buffett’s—Whitman has known Buffett for 25 or so years. “He’s a control investor,” he replied. He owns 100 percent of some of his companies, like See’s Candy; he’s an active member of the board of directors of certain companies that Berkshire has a large stake in, like Coca-Cola and Gillette. | CCC-Boroson 4 135-184 8 28 01 1 28 PM Page 1 CHAPTER 25 Martin J. Whitman of the Third Avenue Funds Martin J. Whitman Photo courtesy of Third Avenue Funds . I asked Marty Whitman how his investment strategy differs from Buffett s Whitman has known Buffett for 25 or so years. He s a control investor he replied. He owns 100 percent of some of his companies like See s Candy he s an active member of the board of directors of certain companies that Berkshire has a large stake in like Coca-Cola and Gillette. He recently approved of a change in the CEOs of both companies. We at Third Avenue said Whitman are just passive investors. Not that we aren t influential. 171 CCC-Boroson 4 135-184 8 28 01 1 28 PM Page 1 172 martin J. WHITMAN OF THE THIRD AVENUE FUNDS What are Buffett s special gifts Of all the people I know replied Whitman he has the most uncanny insights into people. He s an unbelievably good judge of people. It s a great talent. And he s a good financial guy too. How is Whitman himself at evaluating people I screw up. Boy Whitman a white-haired gentleman in his 70s has a pleasant manner a sweet smile a fresh sense of humor and a razor-sharp mind. He s outspoken too a journalist s dream. At a Morningstar conference not long ago he listened attentively while a youthful journalist recommended that everyone just invest in index funds. Value managers don t like to hear that. Marty was the next speaker. I don t know who that young guy was he said sweetly referring to the Wall Street Journal writer but he s a complete idiot. Vintage Whitman. Whitman rightly saw that the S P 500 dominated by high-priced big-capitalization stocks would fall into a deep hole in the year 2000. Another time visiting New Jersey to give a talk he and his driver got lost although they managed to arrive at the lecture hall in time. He told the audience Finding good undervalued companies is hard but finding Route 4 from the George Washington Bridge is sheer murder. Another way Whitman and Buffett
