Clearly he underperformed badly during his tenure. He had a large bet in place on some of the biggest stocks on the market.

I think the odds are good. I would be surprised if he didn’t (beat the S&P).

Lange will invest wherever he sees an opportunity.

I think that has been thrown into doubt by her failure to innovate in asset management.

The fund is fairly volatile. Investors need to have a long time horizon.

If it’s a trend, it’s going to be slow moving.

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...

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.

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...

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...

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.

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.

It’s a nice marker of his consistency, but I wouldn’t think less of him if he didn’t make it.

A lot of the companies these funds have invested in have run pretty hard. Chasing performance here is probably a recipe for disaster.

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.

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.

Classic Bill Miller is to find companies that other people don’t like and see if the projections were incorrect.

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.

Investors should never go into a tech fund expecting stability.

Too many tech funds were brought out in the 1990’s and many of them were ill-conceived as long-term investments.

I don’t have a crystal ball, but travel is likely to slow.