During the quarter, we trimmed several positions that had appreciated, particularly in financial services, and eliminated the Fund's position in Nintendo Common (OSE:7974, Financial). During the year and a half in which we owned nintendo Common, the business performance was poor while the stock performance was strong. Therefore, we elected to sell and lock-in our 30% return, rather than wait for a turnaround which, while possible, will be challenging.
From Third Avenue Management (Trades, Portfolio)'s first quarter 2014 letter.
