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Sydnee Gatewood
Sydnee Gatewood
Articles (3534) 

Weitz Funds Market Perspective: A Message From Wally Weitz on Berkshire Hathaway

By Co-Chief Investment Officer and Portfolio Manager Wallace R. Weitz, CFA

March 02, 2021 | About:

Linked below is Warren Buffett (Trades, Portfolio)'s annual report for 2020. I highly recommend the "Chairman's Letter" (pp. 3-15) to anyone remotely interested in stock and bond investing. I also hope you will take away three messages related to your investments with us:

  1. An explanation of why Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) has been an important part of many of our portfolios continuously since our founding in 1983;
  2. A clear explanation of how we seek to invest in other companies on your behalf;
  3. A practical example of the kind of company that we look for that seeks to serve all of its constituencies—shareholders, employees, customers and communities — in a socially responsible and sustainable manner.

I acknowledge that my taste in "literature" may be somewhat skewed, but I believe Warren's letters are special. Please read it carefully and enjoy.

Berkshire Hathaway 2020 Annual Report

The opinions expressed are those of Weitz Investment Management and are not meant as investment advice or to predict or project the future performance of any investment product. The opinions are current through the publication date, are subject to change at any time based on market and other current conditions, and no forecasts can be guaranteed. This commentary is being provided as a general source of information and is not intended as a recommendation to purchase, sell, or hold any specific security or to engage in any investment strategy. Investment decisions should always be made based on an investor's specific objectives, financial needs, risk tolerance and time horizon.

Holdings are subject to change and may not be representative of the Fund's current or future investments. As of 12/31/2020, Berkshire Hathaway Inc. (BRK) constituted a portion of the net assets of Balanced, Partners III Opportunity Fund, Partners Value Fund, and Value Fund as follows: 2.1%, 11.6%, 5.0% and 5.3%.

Consider these risks before investing: All investments involve risks, including possible loss of principal. Market risk includes political, regulatory, economic, social and health risks (including the risks presented by the spread of infectious diseases). The Weitz Funds may invest in undervalued securities, which by definition are out of favor with investors, and there is no way to predict when, if ever, such securities may return to favor. Because the Weitz Funds may have a more concentrated portfolio than certain other mutual funds, the performance of each holding in the Fund has a greater impact upon the overall portfolio, which increases risk. See the Weitz Funds prospectus for a further discussion of risks related to the Fund.


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