16 Jul 2014 Fund Investors, Basking Under Many Clouds

That is how Wallace Weitz, a manager of the Weitz Value fund, has been running his portfolio. With ever fewer stocks appearing cheap to him, he has raised cash to about 30 percent of assets. “I don’t find anything that I would pound the table about,” Mr. Weitz said. “We care about absolute value; relative value doesn’t matter much if everything is expensive. There’s not much that I would say anybody needs to be in a rush” to buy.