We are neither enthusiastic nor negative about the portfolio we hold. We own pieces of excellent businesses — all of which had good gains in intrinsic value last year — but their current prices reflect their excellence. The unpleasant corollary to this conclusion is that I made a big mistake in not selling several of our larger holdings during The Great Bubble. If these stocks are fully priced now, you may wonder what I was thinking four years ago when their intrinsic value was lower and their prices far higher. So do I.
