Subject: Re: Smead Capital Mangement
With his dreadful record as a fund manager, I wonder why Wally Weitz is on the BOD? Is it because he is an Omaha resident? Would he somehow preserve Berkshire values better than other candidates?

We already have three other money managers on the BOD, so why not recruit a highly successful manager in an underrepresented business like technology?

It doesn't get much better with Chris Davis. Adding the Davis New York Venture Fund (Large Cap Value) to the comparison:

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

Better than the Weitz fund, still got beat by the lowly Vanguard Value Index.

It's been tough for value managers to keep up. It hasn't been all that tough for the value managers themselves, who have continued to take their 1% or so of AUM, though that AUM in some cases is much reduced.