The difference between the Dow 14K in 2007 and now, writes Marty Whitman in his shareholder...

|By:, SA News Editor

The difference between the Dow 14K in 2007 and now, writes Marty Whitman in his shareholder letter, is the book value of the 30 stocks is 66% higher today. Of more importance, balance sheets are in far better shape. Today, the Dow sells for 2.75x book (stocks in his 3rd Avenue Value Fund are around 0.7%!) vs. 4.6x in 2007.