Oakmark Funds 2000 Feature Excerpt

"MANY QUALITY, LARGE-CAP GROWTH IDEAS ARE CHEAP..
THEY SELL AT DISCOUNTS, BUT DESERVE PREMIUMS"

MANY QUALITY, LARGE-CAP GROWTH IDEAS ARE CHEAP. THEY SELL AT DISCOUNTS, BUT DESERVE PREMIUMS.	..................	1

SOME TREAT TIME AS THE GREATEST RISK, BUT IT ISN'T. IN FACT, IT'S THE LOWEST RISK.	..................	2

AT TIME WARNER, THERE'S A LOT TO LIKE. AND AOL'S WORTH MORE THAN NOTHING.	..................	3

TOYS "R" US' TURNAROUND SLOWED BY 9/11. - AND AN ADVERTISING SNAFU DIDN'T HELP.	..................	5

CAN A SPECIALTY RETAILER SUCCEED IN TOYS? OUR BET IS THAT THE ANSWER TO THAT IS YES.	..................	5

PEOPLE JUST LOSE PATIENCE IN TURNAROUNDS. WE DON'T EXPECT IMMEDIATE GRATIFICATION.	..................	7

YES, JANUS DID TEMPORARILY LOSE ITS WAY. BUT NOW, THEY'RE GOING BACK TO THEIR ROOTS.	..................	8

DESPITE THE EVER PRESENT POLITICAL PRESSURES, DRUG INDUSTRY SHOULD REMAIN VERY STRONG.	..................	9

A FANTASTIC BUSINESS IN THE MIDST OF CONTROVERSY - WE'RE VERY HAPPY TO OWN GUIDANT TODAY.	..................	10

WHY NOT PFIZER? IT WAS JUST A MATTER OF PRICE. TENET? HEALTHCARE SERVICE ISN'T OUR CUP OF TEA.	..................	11

A RARE OPPORTUNITY TO BUY A GREAT BUSINESS AT A SIGNIFICANT DISCOUNT TO THE MARKET P/E.	..................	12

SOME EXPECT GROCERS TO BE KMART REVISITED, BUT THEY'RE MISSING IMPORTANT DIFFERENCES.	..................	13

WE THINK FON'S ASSETS ARE WORTH MORE - SUBSTANTIALLY MORE - THAN TODAY'S PRICE.	..................	14

YUM IS CHEAPER THAN MCDONALD'S - AND WE LIKE ITS PROSPECTS BETTER, TOO.	..................	14

OF COURSE THE BROKERS HAVE THEIR CONFLICTS - BUT INDEPENDENT RESEARCH FIRMS MAY BE WORSE.	..................	15

IN A WORD, THE MARKET REACTION WAS ABSURD. THE LEGAL ISSUE JUST ISN'T THAT BIG OF A THING.	..................	16

AND WHAT A BUSINESS! VERY RAPID GROWTH, VERY HIGH MARGINS AND SHARE & NO COMPETITION.	..................	17

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