Regardless of the language a company's CEO speaks, Fries thinks investors will need to shed some of their uncertainty before many of the stocks in both funds can realize the potential he sees for them. "The stocks held in both portfolios enjoy sound business models and attractive valuations," he notes in his latest letter to shareholders. "Uncertainties of the moment with regard to economic growth, inflation, politics and terrorist violence have corralled investor enthusiasm. Over time, the value of our portfolio holdings will reflect earnings development, particularly when market psychology changes for the better."

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