I don't have a crystal ball, but travel is likely to slow.
If it's a trend, it's going to be slow moving.
He has long stayed out of energy, and it's been the leading category. That really held the fund back, but more recently energy hasn't been a great place to be.
I think the odds are good. I would be surprised if he didn't (beat the S&P).
I think that has been thrown into doubt by her failure to innovate in asset management.
I think they're on the right track with the changes they're making, but only time will tell if the execution will work out.
Lange will invest wherever he sees an opportunity.
Marriott International is a huge portion of that Longleaf fund -- 10.7 percent as of June 30. Host Marriott comprises around 5 percent, and Hilton around 4 percent. If you've got 20 percent of your assets in hotels, and no one's traveling, you'll take a hit.
Too many tech funds were brought out in the 1990's and many of them were ill-conceived as long-term investments.
You really have to be careful with taking the rear view approach with tech. If you pile on to what's been working, you could be in for a big shock.
A lot of the funds in this rally are really some of the more speculative, riskier ones around and investors should be careful about chasing their performance.
A lot of the companies these funds have invested in have run pretty hard. Chasing performance here is probably a recipe for disaster.
It's a nice marker of his consistency, but I wouldn't think less of him if he didn't make it.
It's an enormous change from what they've done in the past. I think it's been late in coming, but I think it's going to benefit them.
Any time you see a substantial deviation in returns with a fund compared to its category, it's usually because it's taken a substantial risk to get there. These funds aren't less risky now. It's just that the stocks they've invested in have finally started to come back.
Investors are more aware of the risks associated with these offerings. We'll see more consolidation of technology funds and that's a healthy thing.
Investors should never go into a tech fund expecting stability.
If you're thinking about buying an Internet fund, you have several options. But people are waking up to the risks of the sector. All of a sudden you've got a smaller group of people who want to take the plunge.
Clearly he underperformed badly during his tenure. He had a large bet in place on some of the biggest stocks on the market.
Classic Bill Miller is to find companies that other people don't like and see if the projections were incorrect.
The fund is fairly volatile. Investors need to have a long time horizon.
