Since our founding in 1986, Third Avenue Management has pursued a sole discipline of fundamental value investing. We utilize a research-intensive approach and repeatable investment process to create portfolios that seek absolute returns with limited investment risk, over the long term. We are guided by one proven value philosophy, which focuses on the strength of a company's balance sheet and the discounted prices of its securities. Our belief is that a strong, well-managed company can survive difficult environments, and that the price of its securities will eventually reflect its intrinsic value.