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Wallace Weitz: A Rare Opportunity to Buy “Growth” Stocks at “Value” Price

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 stocksthese are the times that set up the portfolios for superior long-term performance.

http://www.weitzfunds.com/Shareholderletters/currentletters/WeitzEquityFunds3Q2005.pdf

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