Disney is a great company with a tremendous portfolio of media properties. I’m not interested in commenting on management issues.

We were puzzled and frustrated by that, … We were displeased with (management’s) lack of urgency.

I think fund companies figured out after Peter Lynch and Michael Price retired that there’s a downside to creating star managers, … It needs to be about the firm, not about managers.

It’s amazing how fast the invisible hand of competitive marketplaces is correcting these problems. Two years ago you saw almost no new research come out after the annual 10-K filing. Now when a company comes...

We have not been willing to believe that the spike we’d seen in commodity prices was permanent.

But the market itself looks more attractive.

That type of monthly decline was unprecedented. We were not comfortable with management’s explanation as to why it happened.

To speak of day traders in any investment context is silly. These people are fulfilling a need for entertainment and are using the stock market for that.

I have had numerous interviews with reporters who called looking for quotes about tech bargains. I always explain that we believe the best values today are in growing companies outside of the technology sector….To these...

The fee, in effect, reimburses the funds for the costs short-term traders create.

We’re (exposed to the sector) in a chicken way … I would never pay the price for that division if it were a separate company.

The most effective way to prevent the exploitation of our long-term shareholders is to charge an appropriate fee to short-term traders.

We’ve been talking to energy companies who are unwilling to make investments that require current oil prices to support them. They don’t think prices will remain at this level.

With a stock trading at seven-and-a-half times earnings on almost any range of reasonable outcomes, I think that company is dramatically undervalued.

The people who own Internet stocks are taking on a very high level of risk. Myself and most of the other managers at the conference are concerned about people who own and trade those stocks...

It’s one of the few funds that is in such a favorable tax situation. The fund has a large realized loss and an unrealized loss.

I don’t think it has anything personally to do with Bob.

[Analysts themselves are getting back to basics, digging further into the numbers behind the numbers found in annual reports and other corporate filings.] It’s amazing how fast the invisible hand of competitive marketplaces is correcting...