Chou Associates Management Inc

Francis Chou Buys Sears, Says Its 'Misunderstood Story'

CHOU AMERICA MUTUAL FUNDS 2013 via Francis Chou
Dear Shareholder,

 

During the year 2013, the Chou Opportunity Fund (the “Fund”) was up 29.82%, while the S&P 500 Total Return Index (the “S&P 500”) generated a return of 32.39% during the same period. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

 

Portfolio Commentary

 

Overstock.com (OSTK) was the largest contributor to the positive performance of the Fund. The stock increased in value to $30.79 as of December 31, 2013, up . . .

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