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I feel as if I have been writing about 2008 for at least two or three years. So much has
happened—so many “unthinkable” things—that the story seems somehow surreal. Dependence on
debt in every corner of the economy finally caught up with the U.S. and most of the rest of
the world. The consequences have been traumatic.
The capital markets are barely functioning, consumer spending has declined sharply, and
production of both raw materials and finished goods is depressed. Many individuals and
companies that have not been seriously affected have nevertheless pulled back on their
spending and investing because they fear that the recession may affect them soon. This
triggers a vicious circle in which fear causes lowered economic activity which causes fear,
and so on.
Keywords; PORTFOLIO, Markets, Consumer, Federal Reserve, Wallace R. Weitz, Bradley P.
Hinton, Investors, Shareholder, QUARTERLY REPORT
Fund Letters
