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Wally is the founder and President of Wallace R. Weitz & Company. Wally, a Chartered Financial Analyst, manages Hickory Fund and Partners III Opportunity Fund and co-manages Value Fund and Partners Value Fund.
Wally’s investment career began in 1961, at age 12, when he invested the profits from various entrepreneurial ventures. After going through a charting phase in high school, Wally discovered Benjamin Graham’s Security Analysis and was converted to value investing. After earning a B.A. in Economics at Carleton College in 1970, Wally spent three years in New York doing security analysis, primarily on the small companies in which G.A. Saxton made over-the-counter markets. In 1973 he joined Chiles, Heider & Co., a regional brokerage firm in Omaha, where he spent ten years as an analyst and portfolio manager. In 1983 he started Wallace R. Weitz & Company, and now heads a group of eight investment professionals that manages approximately $2 billion. Wally’s approach to value investing has evolved over the years. It combines Graham’s price sensitivity and insistence on a “margin of safety” with a conviction that qualitative factors that allow companies to have some control over their own destinies can be more important than statistical measurements, such as historical book value or reported earnings. Wally has the good fortune to be paid to pursue his favorite hobby, investing, but he also enjoys golf, skiing, tennis, reading, and working with charitable and educational foundations. Wally is on the Board of Trustees for Carleton College and serves on the Executive Committee of Building Bright Futures in Omaha.

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Hundreds of thousands of space heaters sold at Costco and other major retailers for years are being recalled after reports that the units overheated and caught fire, prompting federal safety officials to warn consumers to stop using them immediately.

The Consumer Product Safety Commission (CPSC) announced Wednesday that more than 255,000 Vornado tower heaters have been recalled.

The agency said the heater’s fan blade can detach from the motor shaft, causing the unit to overheat and potentially ignite. Vornado has received 32 reports of overheating, including eight fires and one smoke inhalation incident, according to the agency.

Costco sent a letter to its members that the recalled Vornado SRTH small room tower heater was sold between August 2013 and January 2017 with the item number 1002889 (UPC 43765008478).

FROZEN FOOD ITEM SOLD AT COSTCO RECALLED OVER SALMONELLA CONCERN

The recalled Vornado SRTH small room tower heaters were sold in black and white, (Consumer Product Safety Commission  / Unknown)

“The fan blade can detach from the motor shaft, which can cause a stopped fan condition, leading to overheating and melting of the enclosure and internal parts,” the wholesaler said. “Melted internal parts can ignite and breach the enclosure if the thermal cut off or fuse does not timely activate, posing a fire hazard.”

Shoppers browse items at a Costco Wholesale Corp. store in Chicago, Illinois, on Tuesday, Oct. 4, 2011. (Tim Boyle/Bloomberg via Getty Images / Getty Images)

OVER 2 MILLION PRESSURE COOKERS RECALLED AFTER DOZENS OF CONSUMERS SUFFER INJURIES

The recalled space heaters were also sold at Kohl’s, Bed Bath & Beyond and ACE Hardware, and online at Vornado.com and Amazon.com, from August 2013 through May 2026 for between $40 and $50, the CPSC said.

A shopper browses in the aisles of a Costco Wholesale Corp. warehouse in Brooklyn, New York, on Wednesday, July 25, 2012. (Victor J. Blue/Bloomberg via Getty Images / Getty Images)

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The agency said the heaters were manufactured in China.

Both Costco and the CPSC urged consumers to stop using the product immediately and contact the Vornado Recall Team at 888-240-2768.