Chuck Akre shareholder letter: "We have the view that in the long term the economy will sort itself out. In the short run, our US economy and in fact the global economies as well, have a plate full of issues to get straightened out. "
"The specific outcomes are really not knowable, just as market tops or bottoms are unknowable in advance. We therefore concentrate on what is
knowable, which is judgments about the behavior, skill and attitude of business
managers; judgments about the sustainability and defensibility of individual business
models; and judgments about the amount of cash the businesses will generate for the
owners over the next five to ten years. We expect the market to reflect all of the
uncertainty about the above. Further, we know this market volatility will present unique
opportunities for us."
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"The specific outcomes are really not knowable, just as market tops or bottoms are unknowable in advance. We therefore concentrate on what is
knowable, which is judgments about the behavior, skill and attitude of business
managers; judgments about the sustainability and defensibility of individual business
models; and judgments about the amount of cash the businesses will generate for the
owners over the next five to ten years. We expect the market to reflect all of the
uncertainty about the above. Further, we know this market volatility will present unique
opportunities for us."
Read the complete letter
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