Polaris was up 12-fold from March 2009 to March 2013. Matthew 25 has owned Polaris since 1998 and Warren Buffett’s Berkshire Hathaway Inc. since 1996.
While Mulholland pays attention to the economy, he doesn’t use it as a tool to pick stocks.
‘Very Bullish’
“Economics can tell you where you are, but it has no value in telling you where you are going,” he says.
Mulholland pays more attention to the stock market, and he likes what he sees.
“I am currently very bullish and have been since 2009 because earnings are growing, prices are undervalued and sentiment is bearish,” he wrote in a year-end letter to shareholders.
Mulholland backed up that opinion by putting more of his own money in the fund early this year. As of mid-March, he says, he and his wife owned 224,000 Matthew 25 shares -- worth about $5.5 million.