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THIRD AVENUE FUNDS' MARTY WHITMAN
CURTIS JENSEN & YANG LIE
"THE BROAD INDICES ARE STACKED AGAINST YOU.
BUT WE STACK THE DECK IN OUR FAVOR WITH THESE...."
from the Outstanding Investor Digest December 29, 1998 edition
Page
If You Can't Predict The Future, Stack The Deck.
But The Board Indices Are Stacked Against You. ................................................... 1
At A Discount To Understated Hard Book,
We Think These Things Are Terrific Bargains. .................................................... 2
Usually, Only Three Or Four Factors Count.
Here's What Counts In This Business.... ................................................................. 4
All Semiconductor Companies Aren't Created Equal.
Fab Business Is Fabulous, Chip Making Ain't.... ..................................................... 6
Good Times In This Business Are Very Good -
Especially With Smart Management In Charge. ...................................................... 8
Why Is C.P. Clare So Cheap? Who Knows?!
But At Today's Price, It's A Heck Of A Buy. ....................................................... 9
Silicon Valley Group Isn't #1 In Market Share,
But It Is Dominant In Terms Of Technology.... ................................................... 11
Bullet-Proof Moats? Don't Hold Your Breath.
But Given The Valuations And Future Growth.... ................................................. 14
Very Little Is Written In Stone, Even Growth.
And Masters Of Their Own Fate Thery're Not.... ................................................. 15
These Companies Used To Sell At 2-3X Revenue.
Here's A Dominant Player At 4-1/2X Peak Earnings. .......................................... 17
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