Chuck Jaffe generously praises Marty Whitman in this short piece on his decision to step down from managing the Third Avenue Value Fund.
While I disagree with parts of it, Jaffe accurately identifies Whitman's admirable long-term track record--and the three words that Whitman's style boils down to: "safe and cheap."
The whole thing's worth a read, even for those of us who have been following the fund for some time and give Ian Lapey more credit than Jaffe seems to.
