Read the "Dear Shareholders ..." letter written by Martin J. Whitman to the shareholders of the Third Avenue Value Fund (handout given out in class). Then write a short (about 350 words) summary of the main text section (the part headed "Great Economists Can Learn a Lot ...").

• Please include the thesis (main idea) of the text and the supporting arguments given in your summary.
• Only summarize the main part of the text (i.e., start with "GREAT ECONOMISTS CAN LEARN A LOT .. " and continuing to "SHAREHOLDER DISTRIBUTION").
• Summarize only the most important main ideas (not everything) and include some (not all) examples.
• Finish your summary by writting the main idea of the text in one sentence.
• DO NOT USE SUCH EXPRESSIONS SUCH AS "the author", "Martin J. Whitman", or "the text" in your summary. Just use the author's voice.
• Your summary must be double-spaced and printed (up to but not more than two pages long).
• Use complete sentences, but do not use bullet points. A copy of the text can be found by clicking on this link.