As a renowned investor and resident of Warren Buffett (Trades, Portfolio)’s hometown, Weitz is often dubbed the "Other Oracle of Omaha.”
Weitz founded Weitz Investment Management in 1983, where he continues to invest based on the same premise he started with: “Own a group of strong business purchased at deeply discounted stock prices.”
One of his most famous moves is buying Berkshire Hathaway shares several decades ago at well below their high price tag today. Weitz bought his first stock at age 12 and discovered Benjamin Graham, the founder of value investing, in high school.
Today, Weitz’s firm manages $4 billion for individuals and institutions alike. Some of his top portfolio holdings are Berkshire Hathaway (BRK.B, Financial), Liberty Global (LBTYK, Financial) and Laboratory Corp. of America Holdings (LH, Financial).
Since inception, the Partners III Opportunity Fund, which he manages singlehandedly, has returned 12.44%, beating the S&P 500 return of 10.94%. The fund is different in that it invests in put and call options and futures. It also has the ability to borrow money and short sell.
In his second-quarter letter, Weitz said he found stocks and expensive and would not invest in the hottest names. Rather, he has been a net seller. “The raw material for triggering market volatility is in place, and we are looking forward to taking advantage of it,” he said.
Weitz is accepting reader questions for the interview. If you would like to participate, leave your question in the comments section below. We’ll ask a few in the podcast.
Look for the new episode in a few weeks, or follow the podcast on Twitter @gurufocuscast to hear it first.
