Longleaf Partners Fund Q4’18 Investor Letter

"First, our investment in companies based outside of the U.S. hurt performance, even though many of them have significant U.S. segments. The strong dollar was a headwind, and U.S. stocks outperformed those based elsewhere, despite the large fourth quarter U.S. decline. Second, we were too early investing in several of the Fund’s more recent purchases. While we averaged into General Electric (GE),...