Learning From Longleaf; Feb 28, 2006

By Warren Gump February 28, 2006

During 2005, Longleaf initiated substantial positions in four publicly traded securities: Dell for 7.7% of the year-end portfolio, Liberty Media for 4.8%, Anheuser-Busch for 3.9%, and Sprint Nextel for 2.6%. Other new positions are spinoffs, splits, private placements, or de minimus. These four new positions are all large-capitalization companies that were market darlings at one point in the past decade.

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All the best,
Dah Hui Lau (David)
dahhuilaudavid@gmail.com