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Wallace Weitz

Wallace Weitz

Weitz Wallace R & Co
Last Update: 2013-05-14

Number of Stocks: 59
Number of New Stocks: 1

Total Value: $2,456 Mil
Q/Q Turnover: 7%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:
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Wallace Weitz Watch

  • Wally Weitz Q1 2013 Letter to Investors

    by Canadian Value - Apr 24, 2013
    April 1, 2013
    Dear Fellow Shareholder:  Continue Reading »


  • Weitz Funds' Analyst Corner - A Perspective on Fidelity National Information Services

    by Holly LaFon - Apr 22, 2013
    Wallace Weitz - Weitz Funds' Analyst Corner - A Perspective On Fidelity National Information Services Fidelity National Information Services (FIS) is the world’s largest global provider dedicated to banking and payments technologies. FIS serves as a processor of core banking functions and payments for more than 14,000 financial institutions of all sizes worldwide. Banking solutions, which consist of software and services technologies that assist banks in running the critical day-to-day operations, comprise approximately 44% of FIS’s revenue. Payment solutions, which represent the remainder of FIS’s revenue, encompass a wide spectrum of offerings including check processing, bill payment, ACH, ATM network management and credit and debit card issuance and processing.

    Recurring Revenue Business       Continue Reading »


  • Wallace Weitz Comments on Hewlett-Packard

    by Holly LaFon - Apr 11, 2013
    Another tarnished technology company, Hewlett-Packard (HPQ), provided a more positive experience. We first bought HPQ in the low $20’s with the thought that a company with $3-4 per share earning power would trade considerably higher when negative news gave way to “adequate” news. Last fall, as investors chased Apple up to $700 per share on the assumption that iPads would replace PC’s and make printing obsolete, HPQ fell below $12. We believed that Meg Whitman was making progress in stabilizing the company and we bought more at various prices down into the $11’s. Over the past few months, we have enjoyed a strong rebound to $23 (Period ending 3/31/13), and we have taken profits in the majority of our shares. This is not our preferred type of investment—our first choice is the great (growing) business at a reasonable price—but we will occasionally indulge in this type of “deeper value” situation.

    From Wallace Weitz's first quarter letter to shareholders.  Continue Reading »


  • Wallace Weitz Comments on DELL

    by Holly LaFon - Apr 11, 2013
    Michael Dell’s bid to take Dell (DELL) private sparked a sharp rise in Dell shares. The stock, which had languished in the $8-10 range last fall, rose above the $13.65 takeover bid price. The proposal met with a firestorm of resistance from some long-time holders, but as the required analysis shifted from long-term business fundamentals to merger arbitrage, we were content to sell at a slight premium to the initial bid.

    From Wallace Weitz's first quarter letter to shareholders.  Continue Reading »


  • Wallace Weitz Comments on Directv

    by - Apr 11, 2013
    In one case, our stock went up because of what it didn’t do. DIRECTV (DTV) was seriously considering the purchase of Vivendi’s Brazilian telecom assets. This would have been a very large acquisition and investors feared that it might cause DTV to curtail its stock repurchase program. When DTV pulled out of the bidding, relieved investors bid the stock up over 10%.

    From Wallace Weitz's first quarter letter to shareholders.  Continue Reading »


  • Weitz Funds Q1 Letter to Shareholders

    by Holly LaFon - Apr 11, 2013
    Wallace Weitz - Weitz Funds Q1 Letter To Shareholders Dear Fellow Shareholder: Calendar 2013 is off to an excellent start and the Funds’ fiscal year ending March 31 was a very good one. The capsule table below shows results for our stock funds for the quarter, trailing 12 months and 3 year periods compared to the S&P 500. The comparisons are gratifying.

      Continue Reading »


  • Weitz Funds Comments on FLIR Systems

    by Holly LaFon - Jan 21, 2013
    David Perkins, CFA, of Guru Wallace Weitz's Weitz Funds comments on its FLIR Systems (FLIR) holding. Read the analysis here.  Continue Reading »


  • The Best-Performing Stocks from Wallace Weitz’s 4th Quarter Portfolio

    by Holly LaFon - Jan 18, 2013
    Wallace Weitz - The Best-Performing Stocks From Wallace Weitz’s 4th Quarter Portfolio Wallace Weitz has not yet released his fourth quarter portfolio, but his fourth quarter letter issued today provided insight into the value investor’s portfolio. The quarter capped off a strong year for Weitz, whose Value Fund just trailed the S&P 500’s 16% advance with a 13.2% return, and whose Partners Value outpaced it with a 17.9% return.

    Weitz held a high level of cash at year-end (18% to 31% across his funds), as too many stocks he wanted to buy were overvalued. He entered 2013 prepared to wait patiently for more discounted options, and expecting plenty of “seismic activity” in markets and an economy that will “muddle through” by political maneuvering. As a guard, he says: “The trick is to hold portfolios of strong companies that can compound value over long periods of time and to minimize permanent loss of capital in the down markets.”  Continue Reading »


  • Wallace Weitz's 2012 Investor Letter

    by Holly LaFon - Jan 18, 2013
    Wallace Weitz - Wallace Weitz's 2012 Investor Letter Dear Fellow Shareholder:

    For all the handwringing about the “fiscal cliff,” the European debt crisis, Hurricane Sandy, a slowdown in China, and turmoil all over the Middle East, 2012 turned out to be a very good year for the stock market and our Funds. The deeper structural problems of paying for promised healthcare and other social programs, in both the U.S. and Europe, went mostly unaddressed, and certainly not solved. We’ll discuss our take on where we stand entering 2013, but first we can enjoy the 2012 results.  Continue Reading »


  • Wallace Weitz Makes Little Reduction to Redwood Trust Stake

    by Dianne Tordillo - Jan 10, 2013
    Wallace Weitz - Wallace Weitz Makes Little Reduction To Redwood Trust Stake President and manager of the Weitz Funds, Wallace Weitz, has eliminated 59,000 shares, or 0.89 percent, of his stake in real estate asset management company, Redwood Trust Inc. (RWT), according to GuruFocus Real Time Picks.

    Weitz has been a long-time holder of Redwood’s stock, though its market price has dropped 40 percent in the last five years. In the second quarter of 2008, when Weitz’s holding totaled 5.7 million shares, the company’s average trade price was $33.69. Still, the Guru grew his stake, especially in 2011 when Weitz consecutively purchased, building his holding to 7.5 million shares in the beginning of last year, which was the largest it had been in the last five years.  Continue Reading »


  • Profile of Value Guru Wallace Weitz, Founder of Weitz Funds

    by Dheeraj Grover - Dec 07, 2012
    A brief profile on the life of Wallace Weitz, founder of the Weitz Funds of Omaha. It also provides insights into his thinking and investment principles

    Here is the video:  Continue Reading »


  • Wallace Weitz Reports Q3 Porfolio Updates: Top Reductions in GOOG, EXP and CMCSK

    by Dianne Tordillo - Nov 13, 2012
    Wallace Weitz - Wallace Weitz Reports Q3 Porfolio Updates: Top Reductions In GOOG, EXP And CMCSK Omaha-based Weitz Funds, managed by its president and founder, Wallace Weitz, recently updated its portfolio with a total of 18 third quarter transactions, 9 of which were reductions.

    The three reductions within the quarter that made the most impact to Weitz’s portfolio were Google Inc. (GOOG), Eagle Materials Inc. (EXP) and Comcast Corp. (CMCSK).  Continue Reading »


  • Wallace Weitz Third Quarter Letter to Shareholders

    by Holly LaFon - Oct 10, 2012
    Wallace Weitz - Wallace Weitz Third Quarter Letter To Shareholders Dear Fellow Shareholder:

    Before we talk about our Funds, I want to say a public “Thank you” to Dick Holland, one of our original investors and a trustee of our Funds from Day One in 1986. Dick retired from the board this year because at 90-something, he’s too busy with philanthropic work in education, the arts, and scientific research. He has been a terrific board member—asking the right questions and helping us think outside the box—and a great friend. Fortunately, we will continue to cross paths in a number of venues and as a major client, he will continue to let us know what’s on his mind. Thank you, Dick.  Continue Reading »


  • Weitz Funds Portfolio Manager Brad Hinton's Stock Picks and Strategy on Bloomberg

    by Holly LaFon - Sep 19, 2012
    Brad Hinton of Weitz Funds believes the stock market is slightly elevated and cyclically exposed energy companies look cheaper. He is buying SandRidge (SD) and discusses Apache (APA).

      Continue Reading »


  • Weitz Funds Analyst Corner - A Perspective on Valeant Pharmaceuticals

    by Holly LaFon - Jul 26, 2012
    Valeant Pharmaceuticals (BVF) is a multinational specialty pharmaceutical company headquartered in Montreal, Canada. Valeant specializes in dermatology, neurology, branded generic drugs and over-the-counter (OTC) products. Over the past 4 ½ years, the company has transformed itself from an unfocused, inefficiently run, growth-constrained enterprise into a thoughtfully diversified, lean, value-focused operator with significant opportunities for growth. Valeant generates roughly half of its sales in the United States, with sizeable operations in Central & Eastern Europe, Latin America, Australia and Canada.

    Pharmaceuticals?  Continue Reading »


  • Weitz Funds Letter to Shareholders

    by Holly LaFon - Jul 11, 2012
    Wallace Weitz - Weitz Funds Letter To Shareholders Dear Fellow Shareholder:

    The stock market was volatile (again) in the 2nd quarter of 2012, and it gave back some of its 1st quarter gains. Our stock Funds declined less than the market (Hickory rose slightly), and at mid-year, each is showing reasonable to good gains for the first half. The table below summarizes the first two quarters’ results for each of the stock Funds.  Continue Reading »


  • Wallace Weitz Comments on Range Resources

    by Holly LaFon - May 22, 2012
    Wallace Weitz commented on Range Resources (RRC) in his first-quarter letter:

    Range Resources (RRC—$58) is a domestic natural gas exploration and production company. Its "crown jewel" is in the Southwest Pennsylvania portion of the Marcellus field. New techniques for producing oil and gas from shale have led to a several-fold increase in the U.S.'s estimated gas reserves and a temporary glut in available gas across the country. As a result, gas prices have plunged to 10+ year lows and gas producers' stocks are out of favor. Range has a very low cost of production, is increasing its natural gas liquids and oil production, and can continue to reinvest at attractive returns, even at today's very low gas prices. For a variety of both supply- and demand-related reasons, we would expect gas prices to rise from today's depressed $2.15 per mcf in future years. Change happens slowly for both producers and consumers of energy, but over the next 5-10 years, we believe Range can produce very good returns for us. (We also own Southwestern Energy (SWN—$31), a stock with a similar investment thesis.)  Continue Reading »


  • Wallace Weitz Comments on FLIR Systems

    by Holly LaFon - May 22, 2012
    Wallace Weitz commented on FLIR Systems (FLIR) in his first-quarter letter:

    FLIR Systems (FLIR—$25) makes infrared and thermal imaging equipment for military and commercial use. It is a leader in a secularly expanding industry and earns high returns on capital. It has a history of thoughtful capital deployment and sells at a 35% discount to our current estimate of its business value ($39). Fears of cutbacks in defense spending (which we think are over-stated for FLIR's products) and underestimation of the prospects for FLIR's commercial business caused the stock to decline sharply last summer and to tread water ever since. The combination of future earnings per share growth (which we expect to average at least 15% per year) and a higher valuation for those earnings could make FLIR an excellent long-term holding for several of our Funds.  Continue Reading »


  • Weitz Funds' First Quarter Letter

    by Holly LaFon - Apr 27, 2012
    Wallace Weitz - Weitz Funds' First Quarter Letter Dear Fellow Shareholder:

    The first calendar quarter of 2012 was a very good one for the stock market. Our stock funds earned total returns ranging from +7.8% (Partners III) to +11.9% (Research). The market has rallied very strongly from its lows of last October, and we have become more cautious as the average price to value of the stocks in our portfolios has risen from roughly 60% to 75-80%.  Continue Reading »


  • Wallace Weitz: A Quick Glance

    by David Chulak - Mar 19, 2012
    Wallace Weitz - Wallace Weitz: A Quick Glance As an avid reader and equally devoted investor, I try to read as many investment or financial books as I am able. When nothing new on the book shelves at the local book store has caught my attention, I will often re-read the volumes that enjoy a prominent place in my office. Yes, that includes re-reading the treasures, such as "The Intelligent Investor" and "Security Analysis." I will vouch that they are actually better each time you read them.

    Last year, I found myself wandering through a local Half-Priced Books, an independent bookseller that is one of the few bookstores to remain in business, and found a copy of a book entitled, "Value Investing with the Masters." written by Kirk Kazanjian. Anxious to get it home and sit on the couch to begin reading, I found myself thoroughly disappointed and placed it on my shelf, mostly unread. Recently, I decided to browse through my books and begin to re-read several of them, when I came across this book. I decided to give it a second chance. While still disappointed, I urged myself to complete the reading of the book and to find some lessons that I could take from each chapter where the author had interviewed many of the investing greats.  Continue Reading »


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