"We are cowards." That's how Marty Whitman, the octogenarian dean of deep-value investors, describes himself and his colleagues at the firm he founded, Third Avenue Management.
Why? Simple, Whitman explains: "We hate to lose money."
Driven by that fear, Whitman and his crew focus on finding stocks that are "safe and cheap." Sit down and talk to him about his investing philosophy - as Fortune did recently at the firm's midtown Manhattan headquarters - and those two words come up regularly. And always in that order: safe, then cheap.
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