Third Avenue Buys Chesapeake Energy, Big Lots; Sells AVX

Third Avenue Management is the asset management firm helmed by Martin Whitman, who first made his name as an investment banker and turnaround specialist. It is the successor firm to Equity Strategies Fund which Whitman took over in 1986. Third Avenue new positions Third Avenue Management took on a lucky number 13 new positions last quarter, the largest being a $28.9 million stake in the Axiall Corp (NYSE:AXLL), followed by $21.8 million in Tetra Tech, Inc. (NASDAQ:TTEK) and $20.9 million in Post Properties Inc (NYSE:PPS). It also invested $19.6 million in Syntel Inc, $19.5 million in Cullen/Frost Bankers, $17.4 million…