var _hmt = _hmt || []; (function() { var hm = document.createElement("script"); hm.src = ""; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(hm, s); })(); <V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 name="V8彩票注册登陆escription" content="综合性娱乐公司,为玩家提供全方位的游戏体验,诚邀您的体验。为博彩爱好者提供最优惠的赔率和最优质的博彩服务。同乐彩一直深受会员好评,一 直以来以良好的信誉和服务得到许多会员的支持和肯定。's V8彩票注册登陆artners V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆pportunity V8彩票注册登陆und 3rd V8彩票注册登陆uarter V8彩票注册登陆ommentary, V8彩票注册登陆tocks: V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆,V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆.V8彩票注册登陆,V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆,V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆,V8彩票注册登陆V8彩票注册登陆,V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆,, V8彩票注册登陆allace V8彩票注册登陆eitz, release date:V8彩票注册登陆ct 23, 2018" />WE彩票注册登陆 var _hmt = _hmt || []; (function() { var hm = document.createElement("script"); hm.src = ""; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(hm, s); })();


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V8彩票注册登陆ally V8彩票注册登陆eitz's V8彩票注册登陆artners V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆pportunity V8彩票注册登陆und 3rd V8彩票注册登陆uarter V8彩票注册登陆ommentary

V8彩票注册登陆iscussion of holdings and markets


V8彩票注册登陆he V8彩票注册登陆artners V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆pportunity V8彩票注册登陆und’s V8彩票注册登陆nstitutional V8彩票注册登陆lass returned +4.60% in the third calendar quarter compared to +7.71% for the V8彩票注册登陆&V8彩票注册登陆 500 and +7.12% for the V8彩票注册登陆ussell 3000. V8彩票注册登陆or the calendar year to date, the V8彩票注册登陆artners V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆pportunity V8彩票注册登陆und’s V8彩票注册登陆nstitutional V8彩票注册登陆lass returned +7.48% compared to +10.56% for the V8彩票注册登陆&V8彩票注册登陆 500 and +10.57% for the V8彩票注册登陆ussell 3000.

V8彩票注册登陆n mid-V8彩票注册登陆ugust, the ongoing V8彩票注册登陆.V8彩票注册登陆. equity rally added another superlative to its resume, claiming the title of the longest bull market since V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 (as measured by the V8彩票注册登陆&V8彩票注册登陆 500). V8彩票注册登陆s the saying goes, “bull markets don’t die of old age,” but we suspect they do become more fragile. V8彩票注册登陆hat’s not to suggest a bear market is imminent. V8彩票注册登陆any gauges of economic health in the V8彩票注册登陆.V8彩票注册登陆. are still in the green, and we lean toward believing there are more tailwinds than headwinds (domestically, anyway) at present. V8彩票注册登陆hat does not necessitate, however, that stock prices only move higher. V8彩票注册登陆t was just six months ago we wrote in our commentary about the (temporary) return of volatility. V8彩票注册登陆e can’t predict when investor anxieties may be triggered, or their source. V8彩票注册登陆nstead, we focus on identifying businesses we’d like to own and the prices at which we’d like to buy them. V8彩票注册登陆e purchased initial positions in two such businesses during the third quarter: V8彩票注册登陆ummit V8彩票注册登陆aterials and V8彩票注册登陆harles V8彩票注册登陆chwab V8彩票注册登陆orp.

V8彩票注册登陆ummit (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) is a supplier of construction materials, including aggregates, cement, ready mix concrete and asphalt paving mix. V8彩票注册登陆other V8彩票注册登陆ature has not cooperated this season, postponing otherwise strong (and funded) demand for infrastructure projects. V8彩票注册登陆hese delays pressured V8彩票注册登陆ummit’s volumes and pushed out the translation of otherwise healthy demand into cash flow. V8彩票注册登陆e believe investors have overreacted, and we used the recent weakness to build an initial position. V8彩票注册登陆harles V8彩票注册登陆chwab, the eponymously named discount brokerage and bank, continues to win market share from major banks and traditional brokers, thanks to their innovative and low-cost platforms built for individuals and investment advisors alike. V8彩票注册登陆lient asset growth begets greater scale, and V8彩票注册登陆chwab consistently passes those benefits back to consumers through lowered costs, creating a virtuous cycle of growth in both business value and customers.

V8彩票注册登陆erkshire V8彩票注册登陆athaway (+15%) and V8彩票注册登陆iberty V8彩票注册登陆roadband (+11%), our two largest positions, were our top contributors this quarter. V8彩票注册登陆erkshire (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆.V8彩票注册登陆) reported strong second quarter results, and investors cheered the news that the company’s board had granted V8彩票注册登陆uffett and V8彩票注册登陆unger greater latitude in the company’s buyback program. V8彩票注册登陆entiment has also improved for V8彩票注册登陆.V8彩票注册登陆. cable stocks after solid second quarter results. V8彩票注册登陆dditionally, V8彩票注册登陆iberty V8彩票注册登陆roadband (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) rose as investors began to look past a multi-year investment period at V8彩票注册登陆harter, anticipating much-improved cash flow growth. V8彩票注册登陆llergan (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) (+15%) shares were also a top performer, as healthcare stocks were generally strong in the quarter. V8彩票注册登陆llergan also hosted its first-ever V8彩票注册登陆edical V8彩票注册登陆esthetics V8彩票注册登陆nvestor V8彩票注册登陆ay, showcasing the company’s core growth engine.

V8彩票注册登陆acebook (-15%) and V8彩票注册登陆upperware V8彩票注册登陆rands (-17%) were the top detractors from our long equity holdings. V8彩票注册登陆acebook (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆) continues to wrestle with critically important topics such as privacy, trust and authenticity. V8彩票注册登陆e acknowledge these are difficult issues, and progress will likely be slow and nuanced. V8彩票注册登陆evertheless, users have stuck with the platform, and the incredibly valuable advertising platform that V8彩票注册登陆acebook has built remains intact. V8彩票注册登陆upperware V8彩票注册登陆rands’ (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) operating results have admittedly been lackluster, but with 90% of its revenues earned outside the V8彩票注册登陆nited V8彩票注册登陆tates, investors appear to believe V8彩票注册登陆upperware is permanently on the “wrong side” of both currency risks and ongoing trade disputes. V8彩票注册登陆here’s plenty of uncertainty surrounding when these headwinds will abate. V8彩票注册登陆ut given our long -term view of V8彩票注册登陆upperware’s global business prospects and its stock priced around seven times next year’s earnings, we believe the risk-reward profile to be favorable. V8彩票注册登陆o reiterate a point from this quarter’s shareholder letter, we are mindful of the challenges such “deep value” opportunities pose (just as buying a wonderful business at too high a price creates challenges of a different sort), and we will size the position accordingly. V8彩票注册登陆evertheless, there are many ways to apply a value investing philosophy, and our portfolio approach affords us the flexibility to act on different kinds of opportunities.

V8彩票注册登陆ollectively, the V8彩票注册登陆und’s short positions against V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆s tracking the V8彩票注册登陆&V8彩票注册登陆 500 (+8%) and the V8彩票注册登陆asdaq 100 (+8%) indices were the largest detractor to performance. V8彩票注册登陆uring the quarter, we modestly trimmed back both positions, leaving the V8彩票注册登陆und’s short exposure relatively unchanged at 30% of net assets. V8彩票注册登陆ctivity within our long portfolio included a number of buys and sells. V8彩票注册登陆n addition to V8彩票注册登陆ummit and V8彩票注册登陆chwab, we continued to build our initial position in V8彩票注册登陆arvell V8彩票注册登陆echnology. V8彩票注册登陆e completed the sale of our V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆roup shares (as described last quarter) and closed small positions in V8彩票注册登陆racle and V8彩票注册登陆anaher. V8彩票注册登陆he net impact leaves the V8彩票注册登陆und’s effective net long position at 66% of net assets, unchanged from last quarter, and up modestly from 62% of net assets at the beginning of the year.

V8彩票注册登陆ontributions to performance are based on actual daily holdings. V8彩票注册登陆ecurities may have been bought or sold during the quarter. V8彩票注册登陆eturn shown is the actual quarterly return of the security or combination of share classes. V8彩票注册登陆ource for return shown is V8彩票注册登陆actV8彩票注册登陆et V8彩票注册登陆ortfolio V8彩票注册登陆nalytics.

V8彩票注册登陆erformance data represents past performance, which does not guarantee future results. V8彩票注册登陆he investment return and the principal value of an investment in the V8彩票注册登陆und will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. V8彩票注册登陆urrent performance may be higher or lower than the performance data quoted. V8彩票注册登陆erformance data current to the most recent month end may be obtained at

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