Most years, at least one holding in the Contra portfolio has been taken over by a suitor. One year, six positions were cashed in this way. Since takeovers almost always are completed at a lovely premium to our purchase prices, they have augmented our investment returns. Our original portfolio, now known as the President’s Portfolio, normally comprises 15 to 25 stocks, so we are quite proud of this record. The takeovers are, in reality, a confirmation of our investment style: buying out-of-favour companies which later return to popularity.