When Mr. Market Frets, Opportunity Knocks

Diligence when adding new capital is imperative to ensure that existing shareholders are not diluted out of sizable positions in businesses that we already own. As the Fund anticipates being a large net purchaser of stock in companies for the foreseeable future, we welcome low and declining prices to build positions. We are only concerned with the intrinsic value of the businesses in which we invest. Stagnant or declining prices in the face of solid business performance are simply an opportunity to own a greater proportion of the future profits of a business. We would be delighted if Mr. Market would offer us more businesses at substantial discounts to their true value. Patience is a virtue.

Long-term value investing is a marathon, not a sprint, and we feel confident that our investment style, as has been proven by great investors whom we have long admired and studied, will weather the 100 year storms that are certain to occur. Investing is not simply about hitting home runs over a given quarter or even year. Avoiding the big mistakes that result in permanent capital loss is just as important to long-term investment success.


The statements and opinions expressed in this section are those of the author. Any discussion of investments and investment strategies represents the Funds' investments and portfolio managers' views at that time, and are subject to change without notice.


Past performance does not guarantee future results.