We were puzzled and frustrated by that, ... We were displeased with (management's) lack of urgency.

I have had numerous interviews with reporters who called looking for quotes about tech bargains. I always explain that we believe the best values today are in growing companies outside of the technology sector....To these reporters, it defies common sense that stocks that have declined 80 percent or more are not yet 'values.' That is a testament to how powerful and unprecedented the technology mania was. Even after such large price declines, most of these stocks are still not cheap.

That type of monthly decline was unprecedented, ... We were not comfortable with management's explanation as to why it happened.

That type of monthly decline was unprecedented. We were not comfortable with management's explanation as to why it happened.

We have not been willing to believe that the spike we'd seen in commodity prices was permanent.

I think fund companies figured out after Peter Lynch and Michael Price retired that there's a downside to creating star managers, ... It needs to be about the firm, not about managers.