Not exact matches
While there were no new names added to the
portfolio this quarter, we increased our positions in our existing holdings that we felt were still trading
at a
substantial discount to fair value.
We then require the stocks we add to our
portfolio to be trading
at a
substantial discount to our estimate of that intrinsic value.
If asked to explain why Toyoda Common, as a marketable security, sells
at such a
substantial discount from the value of Toyoda's net assets, which are also measured largely by the market values of its
portfolio securities, the likely explanation would revolve around something called «investor expectations.»
In contrast, a majority of the common stocks held in the TAVF
portfolio are issues of companies with ultra-strong balance sheets where the issue was acquired
at prices that represent a
substantial discount from readily ascertainable net asset values; e.g., Toyota Industries, Tejon Ranch, MBIA, Millea Holdings, Forest City Enterprises, Radian Group, St. Joe, and Brascan.