edited and reposted from my comments on another thread...

Showing how out of touch D&C has become, its management team explicitly stated in their latest letter that they blame regulators (yes, REGULATORS) for the losses you've incurred in D&C's equities portfolios due to the undoing of AIG, WB, FNM, and FRE. This is, of course, a ridiculous excuse. In fact, if it were not for the gov't, these companies would have all gone to ZERO by now.

Referring to the companies above, D&C states "While in each of these cases we believe that our assessment of the strength of the company’s business franchise and its long-term prospects was ON THE MARK, in the end the regulators crafted arrangements to address broader systemic concerns at the expense of each company’s shareholders."

This is ridiculous -- "ON THE MARK"! HA! D&C takes virtually NO RESPONSILILTY for your losses in saying this. How can they say their assessment of each of these businesses was "on the mark"? It is so clear that they were actually so OFF THE MARK that not only did all these companies nearly fail due to their disasterous balance sheets and poor management, but as a result, D&C funds have had the WORST performance in its long history! I am wondering, for example, what balance sheet was D&C looking at when the deemed AIG as "undervalued"??? A real mystery.

These assertions by D&C that somehow the regulators are purely at fault for your capital losses in D&C funds is laughable. It is a thinly shrouded attempt for D&C to distance itself with what has got to be the absolute WORST STOCK PICKING in its history!

The bottom line is the management at D&C thinks you're stupid. Why else would they have published this nonsense? It is simply unbelieveable that D&C would actually feed this line of bull sh*t to their investors...
"ON THE MARK"... Are you kidding me!? NOT EVEN CLOSE. I AM SOLD OUT OF D&C F-O-R-E-V-E-R!

Read for yourself...
https://www.dodgeandcox.com/pdf/sharehol...
unreal!

This letter from D&C management (presumably John Gunn) was the last straw. There's no longer a reason to hold, in my opinion. In fact, I hope that many 401(k) providers reconsider the D&C funds in their offering.

Good luck to all of you!