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.
From Wallace Weitz's first quarter letter to shareholders.
