The purchase of Forest was largely funded by a continued reduction in our Discovery position. We couldn't be more pleased with Discovery’s growth in profitability, largely due to an increased number of viewers across its networks. We are also pleased with its use of cash to repurchase shares. But with the stock trading at $70, compared to less than $9 five years ago, it is hard to argue that investors are not giving them appropriate credit for that performance.
From Bill Nygren's Oakmark Select Fund first quarter 2013 commentary.