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Go To Page: 1 2 3 4 5 6 7 8 9 10 NEXT >> LAST (Total: 15 Pages) Ron Baron (Buys Sells HoldingsIndustry Weightings) Ron Baron Shareholder Letter: “The Stone Age didn’t end because the world ran out of stones.” August-26-2008 Is it time to invest when the stock market is at the same level it first reached in 1999? With many businesses now significantly larger than ten years ago; with significantly higher earnings power and significantly more expensive assets to replace, it seems to us unusual that their stock prices are unchanged. Accordingly, we think on a fundamental basis the answer in many instances is “yes.” More... Dodge & Cox (Buys Sells HoldingsIndustry Weightings) Dodge & Cox shareholder letter August-22-2008Dodge & Cox shareholder letter: "In our experience, the best opportunities for long-term investors can often be found when short-term uncertainty is the greatest and long-term outcomes are unclear. We believe that now is such an opportunity for the long-term investor." More... Mason Hawkins (Buys Sells HoldingsIndustry Weightings) Longleaf Funds Shareholder Letter August-21-2008We do not know how long economic uncertainty and shareholder fear will last. Bear markets do not die of old age. The mispricing, however, is providing the opportunity to own high quality companies with terrific five year outlooks that imply high long-term IRRs.We are aggressively adding personal capital to the Funds and encourage our partners to do the same. Given that bullish sentiment is at its lowest level in 14 years and that some are recommending exiting equities altogether, there is plenty of panic in the air. Historically, the best time to invest has been when owning stocks has felt the worst. More... Martin Whitman (Buys Sells HoldingsIndustry Weightings) Marty Whitman Shareholder Letter August-19-2008 As a consequence of the need to be so sensitive to market prices, bear raiders seem to tend very much to engage in nefarious activities, whether legal or not. First, the shorts condition markets any way they can, whether by spreading rumors or issuing analyses where the consequences More... Tweedy Browne (Buys Sells HoldingsIndustry Weightings) Tweedy Browne shareholder letter: Our portfolio has rarely been cheaper than it is August-6-2008Tweedy Browne shareholder letter: "It should come as no surprise that pricing opportunities are surfacing and the discount between market value and intrinsic value is growing in the bulk of our portfolio. Our portfolio, in our view, has rarely been cheaper than it is today." More... Richard Pzena (Buys Sells HoldingsIndustry Weightings) Richard Pzena Second Quarter Commentary August-1-2008 Fear trumps fact in the short run. To discount the financial sector as much as it has been means you have to assume the industry is permanently impaired. It’s not. More... Bill Miller (Buys Sells HoldingsIndustry Weightings) Bill Miller Shareholder Letter: “Warren, are you an optimist?” July-31-2008 Bill Miller, like the stocks he bought, is out of favor. This is his shareholdler letter: "A group of us were standing around a few weeks ago when Warren Buffett wandered over. Chris Davis had dubbed us the Value Support Group, as we all adhered to that approach to investing..." More... Bruce Berkowitz (Buys Sells HoldingsIndustry Weightings) We are buying great businesses at better than reasonable prices July-30-2008 Bruce Berkowitz shareholder letter: For instance, as energy stocks surged this year, we took profits in Canadian Natural Resources, reducing our position to about 7% of net assets as of May 31, down from 15% on Nov. 30, 2007. Oil and gas prices have multiplied since our initial purchases and are now high enough to increase supply and slow demand. Alternative sources such as solar and wind are booming while sales of SUVs and other gas hogs have plunged. More... Chuck Akre (Buys Sells HoldingsIndustry Weightings) The current environment is “Fear and Panic 101” July-29-2008 Chuck Akre shareholder letter: The current environment is “Fear and Panic 101”, and as is almost always the case, it is being fueled by credit issues of one kind or another. More... Wallace Weitz (Buys Sells HoldingsIndustry Weightings) The bear market is in full swing July-28-2008Wally Weitz shareholder letter: The bear market is in full swing and investor panic is spreading to nearly all parts of the stock and bond markets. The sense of fear and hopelessness among investors reminds me of 1974 when the Dow Industrials fell from over 1,000 to under 600. More... Ronald Muhlenkamp (Buys Sells HoldingsIndustry Weightings) The pain continues July-16-2008Commentary of Ron Muhlenkamp: The pain continues. The focus has shifted somewhat from financial concerns to the price of commodities, particularly energy and food. More... Dodge & Cox (Buys Sells HoldingsIndustry Weightings) The last twelve months have been a challenging period July-16-2008Dodge & Cox, a well respected value firm, has its fund down -21% for the 12 months ended on June 30. The period is certainy very chanllenging. But the team is still adding to their holdings in financials such as American International Group and Fannie Mae. More... Wallace Weitz (Buys Sells HoldingsIndustry Weightings) We’ve chosen to stay about 90% invested in most of the funds July-3-2008Wally Weitz letter to shareholders on market condition: "We’ve chosen to stay about 90% invested in most of the funds (about 70% in P-III) because we don’t believe we can get out, sidestep a temporary decline, and get back in effectively." More... Jean-Marie Eveillard (Buys Sells HoldingsIndustry Weightings) we do not see - so far - enough opportunities in equities July-1-2008 Shareholder letter from legendary value investor Jean-Marie Eveillard: Over the past two months or so, equity markets have improved. Investors want to believe that the financial crisis has come and gone. They remember the five or six previous crises in the past twenty years and the opportunities they provided after a few uncomfortable months. They assume, in a Pavlovian reflex, a similar outcome. More... Mark Hillman (Buys Sells HoldingsIndustry Weightings) Volatility have historically offered opportunities for patient shareholders June-18-2008Mark Hillman shareholder letter: "Times of crisis, fear and capitulation are seldom enjoyed by investors as volatility often concurrently increases. However, these situations have historically offered opportunities for patient shareholders to increase their equity exposure. We believe that the best way to allocate capital is by investing in individual companies which we believe have a sustainable competitive advantage at times when we think their shares are undervalued." More... Martin Whitman (Buys Sells HoldingsIndustry Weightings) DISTRESS INVESTING June-16-2008 The long awaited Marty Whitman shareholder letter. See what he thinks about bond insurers: "Distress Investing, as far as Fund management is concerned, seems to encompass four different businesses..." More... Arnold Van Den Berg (Buys Sells HoldingsIndustry Weightings) Arnold Van Den Berg Shareholder Letter: June-2-2008 Like many value peers, Arnold Van Den Berg's fund did not do well last year. This is his shareholder letter. Arnold Van Den Berg likes to buy stocks that are traded at historical P/S ratios. More... David Dreman (Buys Sells HoldingsIndustry Weightings) David Dreman: Postcrisis Bank Stocks May-29-2008David Dreman Forbes column: "The good news is that the worst of the liquidity crisis seems to be over. After a slow start the Federal Reserve Board under Chairman Ben S. Bernanke has done an outstanding job containing the panic in the financial system and dispelling the fear of a total meltdown." More... Tweedy Browne (Buys Sells HoldingsIndustry Weightings) Tweedy Browne shareholder letter: New Opportunities May-28-2008The silver lining in our current rather grim investment environment is that we believe that we are in the process of being presented with an unusual opportunity to buy truly undervalued businesses on our terms. While broad market indices have declined roughly 15% since the credit bubble burst in August of last year, there has been heightened volatility in certain sectors, industry groups and countries, and some stocks are beginning to offer what appear to be compelling values. More... Ron Baron (Buys Sells HoldingsIndustry Weightings) Ron Baron letter to shareholders May-28-2008 Ron Baron letter to shareholders. "There have been many credit crunches during my investment lifetime from which our economy has always rebounded sharply. Just as the credit crises in 1974… 1987… 1990… and 1998 ended abruptly, we think this one will, too, probably sooner than most of us expect." More... Go To Page: 1 2 3 4 5 6 7 8 9 10 NEXT >> LAST (Total: 15 Pages) If you like this page, you will love Our Premium Membership, Take a Free Trial.
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