We try to buy businesses at big discounts to what they're worth, focusing mostly on out-of-favor or forgotten stocks, the ones nobody wants until they start going up," Mark Boyar explains. Once described as "the most patient man on Wall Street," Mr. Boyar has outperformed the S&P 500 during the past decade with a compounded annual growth of better than 2-to-1 (roughly 11.9%, versus 5.3%).

John Byrne, at the time the chairman of Geico, hired Lou Simpson in 1979 to run Geico's investments as CIO. Byrne sent several candidates to Warren Buffett to be interviewed, but following a four hour interview, Buffett called on Byrne to stop the process, "That's the fellow."

The "fellow" has one of the great records in investing, like Buffett, looking for great businesses with a sustainable competitive advantage. He operates independently of Buffett with somewhat higher turnover but similar discipline.

Berkshire Hathaway filed an update to its stock holdings yesterday. Let's look at what Warren Buffett has been up to this past quarter.

The Dodge & Cox Stock Fund has had an average annual total return of 14.86% over a 20 year period, handily beating corresponding S&P 500 return of 11.74%. D&C discusses their current market views and picks in their newsletter.

John Bethel reviews a CNNMoney.com article discussing two media stocks he owns: Comcast (CMCSK) and CBS (CBS). John thinks "Comcast is doing pretty darn good", though he reminds readers that "we're still in the early innings with ALL these holdings".