Second Quarter Manager Commentaries
WEITZ FUNDS
Weitz Value on Valeant Unique Pharmaceutical Company; owned also by Sequoia
Tweedy Browne: Tweedy_Fund_CommentaryQ_2
Davis Funds: Davis Funds 2011 Annual Report
Third Avenue Funds: TAF 2012 Semi Annual Report and Shareholder Letters A good read for those interested in asset based investing. Marty discusses corporate finance.
Letter to Buffett
Reisman letter to Buffett An interesting rebuke to Buffett’s demand to raise taxes on the rich (the result being a punishing loss for poor people due to less capital in the hands of private enterprise to raise productivity) and Buffett’s misunderstanding of his role as an investor in society.
Reisman’s main work: http://mises.org/document/1006/ Capitalism is also in the VALUE VAULT under Austrian Economics
You may disagree but interesting nonetheless.
On VRX: I don’t know Weitz, but they seem like good guys. Over the last few years VRX has proven to be a very successful investment. Valueact (Jeff Ubben) drove a lot of changes at VRX/Biovail and even recruited the now great “Mike Pearson” an ex-McKinsey partner and very knowledge of the global pharma sector (he was their consultant).
I have 3 issues with VRX: high HF holdings (22%), a questionable CEO and the need to tap the HY market to fund acquisitions. If you have questions about the second point, do some due diligence or simply take Mike for a drink! The 3 are inter-related, making the risk even larger.
There are no short-cuts in investing, caveat emptor!