Posted by David Polonitza
Wally Weitz, Omaha’s other investment oracle, recently released his Annual letter. Of note is his opinion that the securities his fund holds are not cheap but are not dear either. This appears to be the consensus of many on Wall Street. The run-up in late 2006 caught many by surprise, but with earnings for many Blue Chip companies growing at a 10% annual rate or higher, the valuations for many companies in today’s market are neither cheap nor expensive.