Portfolio manager of Weitz Value Fund, Weitz Hickory Fund and Weitz Partners Value Fund, which he incepted in 1983. As of 9/30/2007, his Weitz Partners Value Fund has had an annual average total return of 14.5%, and a cumulative return of 2597.7%.
Investing Philosophy:
Weitz's approach to value investing has evolved over the years. It combines Graham's price sensitivity and insistence on a "margin of safety" with a conviction that qualitative factors that allow a company to have some control over its destiny can be more important than statistical measurements, such as historical book value or reported earnings.
(GuruFocus, November 6, 2009)Investment Guru Wallace Weitz has been a net seller in 3Q09. At the end of quarter, he held 19% in cash for his Value Fund. More...
(GuruFocus, November 6, 2009) Investment Guru Wallace Weitz is making a come back. For 3Q09, the Value Fund that bears his name returned +16.6% in the third calendar quarter, compared to a +15.6% return for the S&P 500. For the calendar year through September 30, 20009, the Fund increased 23.6% compared to a 19.3% gain for the S&P 500. More...
Wally Weitz’s fund recovered nicely from 2008’s meltdowns. Now he is cautious optimistic. This is the Q3 portfolio update. He is holding about 20% of cash. More...
Wally Weitz's portfolios recovered some from the loss in 2008. He wrote: “Going forward, our working assumption is that the economy, and business values, will gradually bottom and recover slowly and unevenly. Eventually, a new bull market will begin.” Interestingly, he bought into educational companies. This is his Q2 portfolio update. More...
(GuruFocus, July 27, 2009 ) Investment Guru Wallace Weitz has added to his position in Intelligent Systems Corporation (INS), making his fund the majority shareholder. More...
Although we are willing to wait a year or two for our stocks to reflect full value, some of our stocks have run up from under-valued to fully-valued in a matter of weeks. In these cases, our value discipline leads us to sell them. If these stocks fall back down to depressed levels again, we are more than happy to buy them back. While short-term "trading" is not part of our investment approach, the extra profits generated by responding to these market swings are providing a welcome addition to our results. More...
Three of the industry’s most accomplished value investors – Bruce Berkowitz of the Fairholme Fund, Tom Marsico of Marsico Capital Management and Wally Weitz of Weitz Funds – spoke at a panel discussion at the Morningstar Investor Conference on May 28. Pat Dorsey, Morningstar’s Director of Equity Research, moderated the discussion. More...
Weitz said his company was too heavy on financial stocks when troubles caught up with financial institutions like major banks and Fannie Mae and Freddie Mac. Weitz & Co. suffered some losses as it began unloading those investments in the first half of 2008, Weitz said. More...
After blowing up his funds in 2008 with disastrous financial picks, veteran value manager Wally Weitz has changed strategy and staged an impressive comeback this year. More...
Wally Weitz used to be called "The other oracle of Omaha", until last year. His fund lost 38% in last 12 months. This is his letter to shareholders. More...
Wally 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...
Wally 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...
Like many other value investors, Wallace Weitz has been hurt by the financial meltdowns. Weitz is known as "the Other Oricle of Omaha". These are his buys and sells during the first quarter of 2008. Wallace Weitz owns 55 stocks with a total value of $3.4 billion. More...
Like many other value investors, Wally Weitz had a terrible quarter after a terrible year. Is he losing his touch too? This is his first quarter commentary: "We are optimistic about surviving and earning positive returns over the next several years, but investors will need to be patient—the economic news is likely to get worse and remain negative for some time..." More...
Like many other value investors, Wally Weitz is having rough times lately. Known as the other Oracle of Omaha, Weitz sees opportunities in the current beaten down market. This is a review of his commentaries on some of his holdings. More...
After a bad year in 2007, Wally Weitz wrote “We are glad that 2007 is history.” His holdings in Countrywide and other financials hurt his funds’ performances. As a long time successful investor, he said “For those with the courage and patience to buy good assets when nobody else wants them or can afford to buy them, we think this is a very good time for investing.” These are his buys and sells during the last quarter. More...
Wally Weitz market commentary after a bad year. CountryWide was one of his largest holdings. "In this environment, the stocks of companies with real problems have been punished severely. Unfortunately, the stocks of many other companies that have been impacted in minor or temporary ways have also been subject to heavy selling pressure." More...
A message from Wally Weitz to shareholders: "Our Funds are having a very poor year in both relative and absolute terms. We under-estimated Countrywide’s vulnerability to liquidity risk and we were early in assuming that the effects of the housing market collapse were priced into various high quality consumer stocks." More...
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