My favorite mutual fund is Third Avenue Value Fund (TAVFX). It returned 16.5% last year and is rated 5 stars by Morningstar. But one of the great things about this fund are the quarterly reports by its director Martin Whitman. They are freely available here and reading them is equivalent to getting a college level course in economics: [www.thirdavenuefunds.com] Besides great teachings on investment philosophy, Mr Whitman has a refreshing honesty not seen in any other quarterly report. Take this quote from the most recent quarter:

"The other seven positions were eliminated so that TAVF could maximize its realized tax losses in fiscal 2005, a year in which the Fund proved to be notoriously tax inefficient for U.S. taxpayers. The losses in these securities, it seems to me, stem mostly from shortcomings in analysis on my part. Having had the Fund own these securities convinces me, as the fund manager, that I had better remain humble despite Third Avenue’s very good long-term performance record. The Fund’s performance will continue to be lumpy over time in part because, unfortunately, I seem bound to continue to make mistakes from time to time."

95% of my investments are in individual stocks but I often use Mr Whitman's investing philosophy to pick safe and cheap stocks.

I get a buttload of spams like this every day. Why the heck should I listen to another flack like you ?

Go away.

I read that each American man, woman and child owes over $26,000 for Bush's war so I, for one, appreciate any advice that will enable me to cover the tab he's run up. As a patriotic American it's my duty to invest in the military industries to make enough profit to pay my share.

---

"I get a buttload of spams like this every day. Why the heck should I listen to another flack like you ?

Go away."

This isn't spam. I don't make any money or care if you invest with Mrr Whitman. Its a multibillion dollar mutual fund so anything said here doesn't make a dimes worth os difference. I was trying to make the point that here's the head of a huge investment frm who easily admits to mistakes.
Of course if you listened to my stock advice a few months ago [forums.dealmac.com] you would have made a good return [finance.yahoo.com]

I posted about and made money based on the conversation with a Sun employee in a fast food parking lot. If I did stay in a few months I would have been wiped out. Sheer dumb luck. Only Warren Buffett with his buying a stock making it a hot stock can influence or predict the market.

---

Da Good Life