Wallace Weitz: “High-quality companies with predictable earnings growth are generally not available at prices we are willing to pay. These stocks may be more affordable today because investors fled “growth” funds after having been burned in the collapse of the tech bubble and moved to “value” funds that had performed better during the bear market. It may also be that investors have sold these “blue chips” to buy commodity companies (especially energy), utilities and real estate stocks…these are the times that set up the portfolios for superior long-term performance.”
http://www.weitzfunds.com/Shareholderletters/currentletters/WeitzEquityFunds3Q2005.pdf
http://www.weitzfunds.com/Shareholderletters/currentletters/WeitzEquityFunds3Q2005.pdf
