Longleaf Partners Fund — 2010 Letter to Shareholders

The Longleaf Partners Fund’s 10.6% gain in the fourth quarter led to a 17.9% 2010 return, outpacing both our absolute goal of inflation plus 10% and the S&P 500 Index.  Although intrinsic value and stock price do not always move together, in 2010 those names with double-digit value growth were amon…