25 Oct 2024 Third Avenue Value Fund Q3 2024 Commentary - Portfolio "The entire raison d’etre of passive strategies is to rely upon a price discovery process conducted by active equity market participants, who are purported to digest fundamental information rapidly and efficiently. However, it seems there is good reason to be fearful that the collective ability of active managers to drive that process has been stunted by outflows and that the weight of flows into passive strategies has been effectively usurping the price discovery process."