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Third Avenue's investment team collaborates both as a single unit and in smaller groups devoted to each of the firm's investment strategies. During large group meetings, formal presentations are given. After the presentation, a discussion ensues where additional questions are generated and additional diligence items are identified. The floor is open to a 360 degree review, as all portfolio managers and analysts participate and provide his/her thoughts. They look for errors of commission and omission, distinguish between bad luck and bad judgment and contemplate process improvements. Once approved for investment, each security has dual coverage.