Oakmark has just posted the following message on its website:
Our normal policy is to explain position changes only following the end of each quarter. However, we are making an exception to comment on Washington Mutual. Earlier this month we sold Washington Mutual in Oakmark, Select, and Global Select funds. Our decision was influenced by both taxes and by the business value uncertainty created by the turmoil in the financial services sector.
We will more fully discuss the Washington Mutual sale in the next quarterly report.
We appreciate your continued interest in the Oakmark Funds.
Bill Nygren Portfolio Manager September 26, 2008 oaklx@oakmark. com
~Mr. Purrington
I would like to know at what price did Nygren finally capitulate. Oakmark Select took a beating holding onto WM for as long as it did.
- Mike S
