This resource provides detail on the strategy of the fund, portfolio holdings and characteristics and several measures of historical performance.

An interview with Selected American Shares Managers Christopher C. Davis and Kenneth Charles Feinberg.

By Shelby M.C. Davis - Advisor and Founder of Davis Advisors.

Portfolio Managers Chris Davis and Ken Feinberg discuss the Davis Investment Discipline, learning from mistakes and examples of the thought process behind investment decisions

Recently, Morningstar began issuing "Stewardship Grades", measuring an investment manager's commitment to shareholders interests. Of the 1052 funds graded, only 65 funds or less than 10% of funds earned the highest overall Stewardship grade of "A". Two of these 65 funds are Selected American Shares and Selected Special Shares (8 of the 65 funds are managed by Davis Selected Advisers).

Insights into the types of investor behavior that we believe foster the creation of long term wealth. Covers such important themes as: expecting and dealing with uncertainty, setting realistic equity return expectations, focusing on the "knowable and important", why emotions can prompt investors to "Buy High / Sell Low", why patience can provide a real investment advantage and more.

Illustrates how the "slow and steady" Davis Investment Discipline does not have to outperform every benchmark in every year to end up outperforming the benchmarks over the long term.

Details what distinguishes Davis Advisors and the fund, and why these attributes should be important to investors interested in pursuing long-term wealth.

Davis has created these two reports to help investors understand how the managers have directed the fund over the past year. The reports also include overviews of performance, portfolio holdings and transactions over the period, as well as an outline of the fund's financials. Among other important notes, it also includes information regarding the corporate governance of Davis Advisors.