They finally find value in technology.

• Position: Brief Article

George Brumley and Dave Carr, co-managers of the Durham-based Oak Value Fund, haven't foresaken Warren Buffett now that the billionaire investor's returns are down. They have long been disciples of the Sage of Omaha, whose holding company has been one of the biggest stocks in their mutual fund. But last year, Buffet didn't give them much to praise: Berkshire Hathaway Inc.'s A shares were down 20.65%, compared with a 14.5% gain for the S&P 500.

Even so, Brumley and Carr's year-end essay for shareholders is sprinkled with references to the master. It even borrows his homespun -- some would say corny -- brand of humor. They call their apology for a -3.1% return in 1999 a "wea culpa."

They start by saying they're "disappointed and chagrined by 1999's results." They point out that the market hasn't been kind lately to their style of stock picking; value investors prefer proven, profitable businesses, trading at reasonable prices, over the latest dot-com IPO. "We are resolved not to capitulate to irrational pricing no matter how many twenty-something speculators make a hillion jillion dollars...