Control means owning a business, not a stock
“When a controlling interest is held, we own a business rather then a stock, and a business valuation is appropriate.”
Business
Investment funds rise and fall with the market
“Last year I mentioned that the performance of these companies in some ways resembles the activity of a duck sitting on a pond. When the water (the market) rises, the duck rises; when if falls, back goes the duck.”
Markets likely rise over time, with interruptions
“In our opinion, the probabilities are that over a long period of time, [the water level] will continue to rise, though, certainly not without important interruptions.”
He would quit if merely floating with the market
“If our performance declines to a level you can achieve by floating on your back, we will turn in our suits.”