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reaffirmed the ten-fund list. The author’s son Roger Lowenstein is on the board of directors of Sequoia, and at the time, family members owned shares of Sequoia and Oakmark Select.

15 Robert Rodriguez, Discipline (Wharton School speech, Feb. 23, 2004) (“Discipline”), 2; see also Warren E. Buffett, The Superinvestors of Graham & Doddsville, 11 Hermes (Columbia Bus. School, Fall 1984) 4.

16. Ian McDonald, “Veteran Value Manager Took a Big Risk by Playing His Investments Safe,” Wall St. J. Quarterly Mut. Fund Rev., Oct. 4, 2004, pp. ??? [third reprint page] (“McDonald”)

17 See, e.g., First Eagle Funds Prospectus, March 1, 2004, at 3; Longleaf Partners Fund Annual Report, Dec. 31, 1999, at 11. Buffett reminds investors in each annual report that while intrinsic value can be defined simply – it’s the discounted free cash flows --the calculation is anything but simple. Berkshire Hathaway 2003 Annual Report, 73.

18 David Rynecki, 10 Stocks to Last the Decade, Fortune, Aug. 14, 2000, 114.

19 Origins, supra, at166.

20 Clipper Fund, annual report, Dec. 31, 2003, at 2.

21 Ibid.

22. McDonald, supra, at page [3].

23 Shiller, supra, at 245.

24 The Morgan Stanley Capital International index, which is a relevant yardstick for First Eagle Global and Mutual Beacon, showed negative average annual returns of 0.77%, almost precisely the showing of the S&P 500.

25 Sense & Nonsense in Corporate Finance (Addison-Wesley, 1991) 234-8.

26 Paul J. Lim, “Investors Do Not Try This At Home,” NY Times, March 14, 2004, Sec. 3, p.1, col. 2 (169 stocks in average domestic stock fund).

27Rodriguez, Discipline, supra, at 4.

28 See Marianne M. Jennings, “A Primer on Enron: Lessons from A Perfect Storm of Financial Reporting, Corporate Governance and Ethical Culture Failures,” 39 Cal. West. Law Rev. (2003) 163, 176 (company burning through cash, very low returns on equity, etc.); see also Anthony H. Catanach, Jr. & Shelley Rhoades-Catanach, Enron: A Financial Reporting Failure, 48 Vill. L. Rev. 1057.


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