Subject: Re: Buffett Appreciation by Southeastern Asset Mgmt
I’ll take a swag based on my own experience. They weren’t the only so-called Value fund that underwhelmed. Any such fund that I owned, holding a chunk in Berkshire is also an invitation for me to sell the fund to own Berkshire directly. The fees, especially for value funds made my head hurt that much more. Thankfully, it didn’t take too long; especially as I watched them floundering.

Yes. Some hubris too I think, in the case of Longleaf. I remember Staley Cates (of Longleaf) calling Berkshire a "mutual fund" once. He knew it wasn't a mutual fund, of course.

Adding Weitz Partners value and Fairholme to the Stockchart- other famous value funds I owned back in the day - Weitz did slightly *worse* than Longleaf, if that is even possible:

https://stockcharts.com/freech...