Third Avenue Quarterly Letter

http://www.thirdavenuefunds.com/ta/documents/sl/TAF%203Q%20Shareholder%20Letters.pdf

Third Avenue`s fund managers quarterly and annual letters are always fun to read. Unlike other MF letters they do not talk about portfolio average performance vs benchmarks or what is their view of the stock market. They talk about individual stocks they purchased during the quarter and give a detailed overview of their investment methodology. I particularly liked the overview of  POSCO by Ian Lapey and I believe this stock is worth further investigation.I think Warren Buffett also owned/bought POSCO few years ago but I maybe wrong. Since cash makes up around 55% of my portfolio I am excited to see how Michael Winer is using his cash hoard.He is selling out of the money PUT options on stocks he is willing to buy. In volatile times like these selling PUT options can be a good source for generating incremental earnings.