Investor Wally Weitz Defends Wal-Mart
(p. 1D) Weitz was able to deliver good news to about 200 shareholders in his investment company, Wallace R. Weitz & Co., at the firm's annual meeting at the Scott Conference Center in Omaha.
The flagship Value Fund grew 18.3 percent in the fiscal year ended March 31, compared with the Standard & Poor's 500's 11.8 percent. The Value Fund accounts for more than $3 billion of Weitz & Co.'s $6.5 billion in assets.. . .
(p. 2D) Wal-Mart Stores Inc. is among the companies Weitz has invested in, and one investor asked about controversy that company has faced in recent years. Weitz said a lot of negative publicity has resulted from Wal-Mart's huge scale, its ability to obtain less expensive products overseas, its efficient use of technology and its low prices driving competitors out of business.
Low prices that discount stores offered years ago brought them similar criticism, he said.
"It's one of those progress things," Weitz said.
For the full story, see:
Joe Ruff. "Weitz not interested in Buffett position." Omaha World-Herald (Wednesday, May 23, 2007): 1D-2D.
(Note: ellipsis added.)
