In addressing the concern of his shareholders on the relative performance of his funds, Wallace Weitz, the Omaha’s other star, explained his philosophy of value investing:” We try to buy good companies at cheap prices. By definition, the better values are likely to be found in those sectors that have recently been unpopular…. We are very pleased to be able to buy wonderful businesses at very reasonable prices and we believe our portfolio’s "price to value" ratio is more favorable now than it has been for some time. The fact that some of these stocks are currently lagging the market is annoying, but perfectly normal. We are often "out of step" with the popular crowd.”
http://www.weitzfunds.com/specialnote/ResponsetoShareholderQuestions8-2005.asp
http://www.weitzfunds.com/specialnote/ResponsetoShareholderQuestions8-2005.asp
