Recently, Morningstar interviewed Amit Wadhwaney at Third Avenue Management (TAM) and Wadhwaney discussed one of his Canadian holding - Viterra. This interview piqued my interest in Viterra, and I spent some time digging through the annual reports of Viterra and Wadhwaney’s letters to shareholders to understand his investment thesis. Upon investigation, I found that Viterra fits TAM’s “safe and cheap” investing framework perfectly. In this case study (it is much longer than most articles on this website, but it is a case-study), I want to use TAM’s investment in Viterra to show how safe and cheap investing works and highlight how it differs from other value investing methodologies.

The United States and its allies are swiftly tightening an economic cordon around Iran by imposing new strictures that could inflict far more economic pain on the Islamic republic than previous sanctions.

June 16 (Bloomberg) -- The yen traded near the lowest level in more than a week against the euro amid increasing signs the global economy is gathering momentum.

Japan’s currency fell versus all 16 major counterparts before a report today that may show U.S. industrial production expanded in May by the most in four months and after Japanese demand for services rose for the first time in three months. The Australian and New Zealand dollars traded near the strongest levels since mid-May after a global rally in stocks and falling volatility boosted demand for higher-yielding assets.

Lunch with the billionaire and well-known philanthropist Warren Buffett has attracted a record auction bid of $2.63 million at the 11th annual charity fundraiser.

The winning bidder, who wished to remain anonymous, will have a chance to dine with Buffett at New York’s prestigious Smith and Wollensky steakhouse.

Buffett earned his title of “legendary investor Warren Buffett” after turning the textile manufacturer Berkshire Hathaway into a billion-dollar enterprise.

Full Story: http://www.theepochtimes.com/n2/content/view/37384/

June 11 (Bloomberg) -- Seth Klarman almost doubled his hedge fund’s assets to $22 billion in the past two years as the industry shrank by sticking with the off-the-beaten-path investments he’s pursued since starting out in 1983.

Unlike John Paulson, who made $15 billion by betting against home mortgages, Klarman didn’t see one big trade that would profit as markets began to collapse. The founder of Baupost Group LLC focused on corporate bonds he calculated would yield solid returns even if the economy got worse.