• Third Avenue Management portfolio manager Matthew Fine said the firm is positioning for dislocated markets by emphasizing “buying gray clouds and selling sunshine” in a long-horizon, deep-value approach.
• Fine said Third Avenue’s process starts with a credit-style focus on balance sheets, prioritizing downside protection and financial durability before upside.
• He cited European banks as a key example, pointing to Bank of Ireland bought at about 40% of book value with a 5% ROE and about a 12% owner’s yield at entry, later improving to mid-to-high-teens ROE as conditions normalized.
• Fine highlighted copper as an attractive commodity on structurally constrained supply, noting new greenfield mines typically take about 15 years to permit and bring into production.
• He flagged elevated U.S. equity valuations as a risk, arguing forward return base rates look weak from current levels.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Third Avenue Management LLC published the original content used to generate this news brief on May 20, 2026, and is solely responsible for the information contained therein.