A Message from Wally Weitz on Berkshire Hathaway
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.
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.