Wallace Weitz is finding a lot of new ideas. He added 10 new stocks for his funds. The list of them contained companies whose stocks were suffering from the usual assortment of temporary woes—quarterly earnings disappointments, skepticism about the success of turnaround situations, and allegations of legal and accounting misbehavior. However, he also found some high-quality, rapidly growing companies available at their most reasonable price levels in years. As energy, commodity and real estate stocks enjoys very positive "momentum." He took advantage of the demand for lodging, gaming and other real estate-related stocks by trimming or eliminating positions in Hilton, Host Marriott, Harrah’s, Caesars, Forest City, and others. He like these companies, but he sold them as the stock prices approaches his appraisal of the company’s intrinsic business value.
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