Classic Bill Miller is to find companies that other people don't like and see if the projections were incorrect.

Lange will invest wherever he sees an opportunity.

It's a nice marker of his consistency, but I wouldn't think less of him if he didn't make it.

The fund is fairly volatile. Investors need to have a long time horizon.

Marriott International is a huge portion of that Longleaf fund -- 10.7 percent as of June 30. Host Marriott comprises around 5 percent, and Hilton around 4 percent. If you've got 20 percent of your assets in hotels, and no one's traveling, you'll take a hit.

You really have to be careful with taking the rear view approach with tech. If you pile on to what's been working, you could be in for a big shock.