22 Jan 2024 Weitz Investment Management: "Avoid Crazy" and Stay Focused - Portfolio The core of our investment philosophy is that over long periods of time, stock prices are driven by the values of their underlying businesses, and business value is a function of the cash flows, or “owners' earnings,” that will be generated over (many) future years. Warren Buffett made this point (again) in the 2022 Berkshire Annual Report: “Charlie and I are not stock-pickers; we are business-pickers.”