Dec 2003
One of the hallmarks of our contrarian investment style is that we remain flexible in our pursuit of bargain investments. Over the period of our track record, our managed portfolios have typically featured lower price/earnings ratios, smaller market capitalizations, and less focus on the manufacturing, health care and high technology sectors than the S&P 500. In the future, however, we could (and would) emphasize larger or smaller market capitalizations or change our industry concentrations if different sectors of the market appear attractively priced at that time.