Affiliated Managers Group Inc., the company that owns stakes in more than two dozen money managers, said third-quarter profit rose 20 percent as client deposits and a stock-market rally boosted assets.
Wally Weitz, the mutual-fund manager who beat 90 percent of rivals in the past five years by buying stocks he deemed cheap, says bargains are so scarce these days that he’s letting his cash holdings swell.
Donald Yacktman and Kenneth Heebner both crushed fund rivals over the past 13 years, racking up big gains in an era when stocks went sideways. The difference is Yacktman gave investors a smooth ride, Heebner anything but.
Wally Weitz likes to invest with billionaires he’s known a long time. He’s been a shareholder for more than 35 years in Berkshire Hathaway Inc., run by his Omaha, Nebraska, neighbor Warren Buffett, and has held stakes in companies run by media mogul John Malone for more than 20.
Yacktman Asset Management, the money manager founded by Donald Yacktman, said it’s supporting a proposal by Carl Icahn that would scuttle the planned leveraged buyout of Dell Inc. by its founder, Michael Dell.
Donald Yacktman, whose $19 billion mutual-fund firm has outperformed 99 percent of its peers over the past five years, says he’s cut his stake again in BlackBerry because it’s too expensive given its prospects.
Donald Yacktman, whose $21 billion mutual-fund firm was BlackBerry’s fifth-largest investor last year, sold almost half his holdings in the smartphone maker in the weeks before the debut of its ballyhooed BlackBerry 10.
Affiliated Managers Group Inc., the company that owns stakes in more than two dozen money managers, agreed to buy Yacktman Asset Management Co., the Austin, Texas- based firm founded in 1992 by Donald Yacktman.