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PZENA INVESTMENT MANAGEMENT'S
RICHARD PZENA
Excerpted from the Outstanding Investor Digest, February 29, 2008 Edition
"The quest to get the timing right
is what trips up most investors."
If investors are unable to endure periods where they're down 20%, Vanguard founder John Bogle has said, they have no business being in stocks. In acknowledgement of that principle, Richard Pzena not only prepares his clients for the inevitability that a downturn of 20% may happen, he promises them that it will. We're pleased to bring you the following excerpts which were selected from comments by Pzena at the February 1, 2008 Columbia Investment Management Conference - a joint production of CIMA (the student-run Columbia Investment Mgm't Association) and the Heilbrunn Center for Graham & Dodd Investing - as well as comments he made on his conference call on February 12th. We find his thoughts on the inevitability of 20% declines - of which, he says, peak-to-trough, his firm has weathered three - the folly of trying to time the change in market cycles and, finally, where he's finding the best opportunities today to be most interesting. We hope that you agree.
WESCO FINANCIAL'S
CHARLIE MUNGER
"Annual Meeting - May 2, 2001"
When asked at the 2001 Berkshire Hathaway annual meeting what investment advice he had for a young person, Warren Buffett responded: "...If you're interested in financial matters, getting a stake early is very useful and getting knowlege early is useful.... Just try to keep accumulating knowledge. That's one of the beauties of the business that Charlie and I are in - everything is cumulative. The stuff I learned at 20 is useful today - not necessarily in the same way and not necessarily every day, but it's useful. So you're building a database in your mind that's going to pay off over time."
We can't think of a more valuable cumulative database of insights into the investment scene, human nature, etc., than the words of Buffett and his partner Charlie Munger. And in the interest of keeping that database as complete as possible, we're pleased to bring you our previously unpublished coverage of Wesco Financial's 2001 annual meeting. As always, we highly recommend that you read it (and reread it, etc.).
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SEQUOIA FUND'SBILL RUANE, BOB GOLDFARB, ET AL.
"Annual Meeting - April 19, 2002"
When Warren Buffett wound up Buffett Partnership, he recommended Bill Ruane to those of his limited partners who wished to remain in stocks. The vehicle Ruane formed to serve those partners - Sequoia Fund - began operations on July 15, 1970. And Sequoia's record has been one of the best among mutual funds despite carrying large cash balances during most of that period.
Since its inception, Sequoia has earned a compound annual return of 16.8% versus 12.1% for the S&P 500 through June 30, 2002. And it appears that the fund's recent performance stacks up pretty nicely, too - with it having been down only 3.6% year-to-date, versus a loss of 21.4% for the S&P 500 through July 30, 2002.
We're pleased to bring you the following excerpts from comments by Ruane, co-portfolio manager Bob Goldfarb, Jon Brandt and other members of the Ruane, Cunniff team at this year's annual meeting of Sequoia shareholders which was held April 19, 2002. We hope you find it as interesting as we do.
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