Last year, we sold our position in Lancaster Colony (LANC, Financial), a company we have owned in the Fund since mid-2000. When we first purchased our position in Lancaster, the stock was under $25 per share and our final sale was at a significantly higher price. During the time we owned the stock, the company paid out $33 in dividends, which was more than our initial purchase price and by itself would have produced a higher total return than the S&P 500 Index over the same timeframe.
When we first purchased the shares in mid-2000, the market was at extremely high levels, but that did not deter us from making the investment in Lancaster Colony because we invest in securities, not the market. It is also a good reminder for investors that great investments can become available at any time and excess cash can be deployed regardless of the level of the market.
From Yacktman Fund (Trades, Portfolio)'s fourth quarter 2016 commentary.
