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46 Outstanding, supra, at 44, 64; Discipline, supra, at 6; see Gregg Wolper, “Why Legendary Investors Are Drowning in Cash,” Mar. 25, 2004, Morningstar.com..

47 James Gipson, Michael Sandler, et al., Clipper Fund letter to shareholders, April 2, 2004 (reported in Outstanding, supra, at 64). See also Charles de Vaulx, First Eagle Funds, comment at Mar. 31, 2004 annual meeting, Outstanding, at 64 (“everything out there – is quite pricey”). The funds were not shorting stocks, because as one of them said to me, the gains are limited and the losses might be severe. Cf. MOME, supra, at 726-9, 738. Query, whether the recent SEC relaxation of the rules governing shorts will have much of an impact.

48 Baupost, supra, at 14.

49 This author’s “What’s Wrong With Wall Street” (1988) 35. 50. Invisible Fund Expenses, Consumer Reports May 2004, at 35 (many funds incur charges for buying and selling that double their stated expense ratio).

51See, e.g., MOME, supra; “Hedge Funds: From alpha to omega,” The Economist, July 17, 2004, p. 69 (hedge funds trade heavily to arbitrage between markets or individual securities).

52 Buffett, Superinvestors, supra, at 8.

53 Benjamin Graham, The Intelligent Investor (Harper, 1973, 4th rev. ed.) 87-8.

54 Outstanding, supra, at 15. 55 Burton Malkiel, “The Efficient Market Hypothesis and Its Critics,” 17 J. Econ. Perspectives 59, 60; Andre F. Perold, “The Capital Asset Pricing Model,” 18 J. Econ. Perspectives (2004) 3; Eugene F. Fama & Kenneth R. French, “The Capital Asset Pricing Model,” Id. at 25. 56. Cited in Lowenstein, Sense & Nonsense in Corporate Finance (1991) 206-7.

57 Buffett, Superinvestors, supra, at 13-4.

58 Discipline, supra, at 3-4.

59 Outstanding, supra, at 16.

60 Tweedy Browne Co., 10 Ways To Beat an Index (1998), 7.

61 “Mutual Funds: The ‘Other’ Big Scandal,” Consumer Reports, March 2004, at 12.

62 Roger Lowenstein, “Unconventional Wisdom: The Wrong Diagnosis,” Smart Money, March 2004, at 50, 51.

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