Letters


Letters

1Q2000 Leadership narrows, bubble ending.pdf

2Q2000 Gone shopping in the property-casualty aisle.pdf

3Q2000 Shopping for brand companies.pdf

4Q2000 Watching credit spreads.pdf

1Q2001 Looking for impact of low mortgage rates.pdf

2Q2001 More searching than shopping.pdf

3Q2001 Cloud of tragedy has silver lining.pdf

4Q2001 Fed comes to the rescue of market.pdf

1Q2002 Governance problems lead to investing opportunities.pdf

2Q2002 Buying into Big Pharma.pdf

3Q2002 Selling more than buying.pdf

4Q2002 Market rising and shopping dropping.pdf

1Q2003 Season of investing inactivity.pdf

2Q2003 Government supports creating high valuations.pdf

3Q2003 How much to spend from a stock portfolio.pdf

4Q2003 Party is on with investors buying risk.pdf

1Q2004 This BUD's for you.pdf

2Q2004 A warning on overheated credit markets.pdf

3Q2004 Stock volatility is normal and good (for us).pdf

4Q2004 Increasing our investment in Big Pharma.pdf

1Q2005 Inventory of investment errors.pdf

2Q2005 How we evaluate an investment opportunity.pdf

3Q2005 Underlying businesses start to outrun their stocks.pdf

4Q2005 Focusing on non-cyclical in a cyclical world.pdf

1Q2006 Risk taking in markets goes to new levels.pdf

2Q2006 Risks mounting as we move to safer stocks.pdf

3Q2006 How our approach fared with Big Pharma.pdf

4Q2006 Discussion of Comcast investment.pdf

1Q2007 Fearful of the Buy-out Binge.pdf

2Q2007 Discussion of earnings in portfolio companies.pdf

3Q2007 Catching some falling knives in credit squeeze.pdf

4Q2007 Discussion of Apollo investment.pdf

1Q2008 As crisis unfolds we purchase three financial stocks.pdf

2Q2008 Discussion of earnings in portfolio companies.pdf

3Q2008 Discussion of Value and Price.pdf

4Q2008 Discussion of Anheuser-Busch investment.pdf

1Q2009 Eagerly buying during the Purge.pdf

2Q2009 Discussion of earnings of portfolio companies.pdf

3Q2009 Going global in our investing.pdf

4Q2009 Discussion of American Express investment.pdf

1Q2010 Discussion of new investments made in prior year.pdf

2Q2010 Discussion of earnings of portfolio companies.pdf

3Q2010 Going more global.pdf

4Q2010 Discussion of Time Warner Cable investment.pdf

1Q2011 Discussion of new investments made in prior year.pdf

2Q2011 Discussion of earnings of portfolio companies.pdf

3Q2011 On pricing not forecasting.pdf

4Q2011 Discussion of Apollo investment.pdf

1Q 2012 Discussion of new investments made in prior year.pdf

2Q 2012 Discussion of earnings in portfolio companies.pdf

3Q 2012 On the spirit of partnership with our clients.pdf

4Q 2012 Discussion of investment sold during year.pdf

1Q 2013 Discussion of new investments made in prior year.pdf

2Q 2013 Discussion of earnings in portfolio companies.pdf

3Q 2013 Investing like eighty-year old men.pdf

4Q 2013 Are we in a bubble.pdf