longleaf partners fundssm quarterly report at september 30 2004 fund international small cap managed by southeastern asset management inc memphis tn cautionary statement one of s governing principles is that we will communicate with our investment as candidly possible because believe shareholders beneñt from understanding philosophy and approach views opinions regarding the prospects portfolio holdings funds are forward looking statements which may or not be accurate over long term while have a reasonable basis for appraisals conñdence in actual results diåer materially those anticipate information provided this should considered recommen dation to purchase sell any particular security price value ratio p v calculation compares prices stocks appraisal their intrinsic values represents single data point about construed something more caution give undue weight alone tells nothing quality businesses
