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BAUPOST GROUP'S SETH KLARMAN
"IT'S A GREAT TIME TO BE A VALUE INVESTOR.
THE COMPETITION SEEMS TO HAVE GONE AWAY."
Excerpted from the Outstanding Investor Digest March 17, 2009 Edition
Re-reading Seth Klarman's annual letter from a year ago, it's remarkable just how many of his warnings turned out to be tomorrow's headlines. Among those warnings were that the subprime mortgage debacle and housing contraction were likely to be "the first failure in a broader reckoning," that increased risk aversion would lead to tighter lending standards, higher borrowing costs, less economic activity and lower securities prices — and finally, that, "We will not be certain until much later whether the so-called bargains of January, 2008 were truly undervalued or merely dangerous temptations to value-starved investors." Well, needless to say, that verdict is in.
BERKSHIRE HATHAWAY'S
WARREN BUFFETT & CHARLIE MUNGER
"WE'RE THE WORLD'S BEST IN A NUMBER OF AREAS,
AND THAT'S WHAT'S GOING TO MATTER LONG TERM."
2009 Annual Meeting
Once a year, super-investors Warren Buffett and Charlie Munger provide what must be the world's best attended and most valued lecture on investing, business, human nature and the current political scene to thousands of Berkshire shareholders from around the world. We're very pleased to bring you the following previously unpublished edited excerpts — including edits from Buffett and Munger — from their 2009 annual meeting, which took place on May 2nd in Omaha. As always, we're very grateful to both of them for allowing us to share them with you.
Go to PDF Version 
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SEQUOIA FUND'SBILL RUANE, BOB GOLDFARB, ET AL.
"WE LEARNED OUR LESSON IN THE 1980's —
THAT SOME STOCKS ARE WORTH PAYING UP FOR."
2002 Annual Meeting
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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