Put simply, in the efficient market hypotheses, market
prices for individual securities in markets populated by OMPIs almost always reflect some sort of universally accepted value.
Generally, it is not such a bad idea not to share your true names on the
Internet for individual security, whether you are a potential Sugar Baby or Sugar Daddy and whether or not you are married or single.
While market risk has been a
factor for individual securities held by the Fund, it has not been important for the TAVF portfolio as a whole, even though the Third Avenue portfolio seems to be far more concentrated than are the portfolios of other mutual funds of comparable size.
For most fundamentalists, like TAVF, market risk, both
for individual securities as well as for macro factors affecting general markets, are things that can be ignored safely.
These earnings numbers, as reported, are by far the most important numbers for market participants who are, or believe they are, affected vitally by day - to - day, or short run, price
fluctuations for individual securities.
The story goes that traders move through large positions in leveraged exchange - traded funds which then permeate through prices
for individual securities.
In contrast, TAVF ignores near - term market prices
for individual securities.
For an individual security we found the longer term multiples (from 2 years to 8 years) perform no better than the trailing twelve month (TTM) multiple.
As a practical matter, Third Avenue rarely takes any course of action, or has any opinions as to what near - term price movements might be
for individual securities or markets in general.