Money and Finance
- Two Celebrated Investors Want To Fix Their Funds--and Chesapeake Energy
Thanks to Matt for passing this along. Nothing tests the mettle of a value investor like watching a large portfolio holding slowly and steadily meltdown. Yet that’s exactly what happened last spring to Mason Hawkins and his partner, Staley Cates, the...
- Street Of Walls Q1 Report On Hedge Fund Positions
Highlights from Hedge Fund Intelligence Report: AAPL was by far the most crowded position in hedge fund portfolio's in 12 of our hedge fund universe vs. 8 last quarterThe most crowded new ideas during the quarter were AAPL, GOOG, WYNN, and...
- The Street Of Walls
Looks like a pretty useful site/report free of charge. Registered hedge funds over $100 million are required by the Securities and Exchange Commission (SEC) to file quarterly updates on portfolio holdings. These holdings are filed online through form...
- Longleaf Partners Funds Annual Presentation
Longleaf Partners Funds are pleased to make excerpts from our May 13, 2008 Annual Presentation available to all shareholders online via Windows Media Player. These recorded sessions will allow those shareholders not able to attend the meeting to hear...
- Use The Market's Short-termism To Your Advantage
Here's a general criticism that I often hear about investing in companies with economic moats: Companies with economic moats always look expensive and they trade with premium multiples to the market. How can we invest with a suitable margin-of-safety...
Money and Finance
Longleaf Partners Funds 4th Quarter Letter
The fourth quarter volatility gave long-term investors terrific opportunities to pursue. Short-term, prices suffered, particularly in the two domestic funds. While negative performance is frustrating, falling prices are not necessarily worrisome. As patient, long-term investors we know that as long as appraisals remain intact, returns should be delayed, not lost. In fact, the prescription for declining stocks often is to buy more. Most of the fourth quarter losses in the Funds were attributable to companies whose values held steady or even rose. A few businesses did have company-specific challenges in the quarter that negatively impacted our appraisals; however, their stocks fell much more steeply than their values.
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Our partners who focus on portfolio returns over the next decade will appreciate the tremendous opportunity that lower prices created during the recent quarter. Across the three Funds we bought six new names and added to eleven existing holdings. These purchases were funded by a combination of cash inflows, sales of three stocks that reached appraisal, and scale-backs of holdings that were overweighted and/or were selling at close to 90% of intrinsic worth. Southeastern's trading desk was busy.
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Related Previous Post: Cash Flow Analysis: A Private Lesson from Staley Cates
- Two Celebrated Investors Want To Fix Their Funds--and Chesapeake Energy
Thanks to Matt for passing this along. Nothing tests the mettle of a value investor like watching a large portfolio holding slowly and steadily meltdown. Yet that’s exactly what happened last spring to Mason Hawkins and his partner, Staley Cates, the...
- Street Of Walls Q1 Report On Hedge Fund Positions
Highlights from Hedge Fund Intelligence Report: AAPL was by far the most crowded position in hedge fund portfolio's in 12 of our hedge fund universe vs. 8 last quarterThe most crowded new ideas during the quarter were AAPL, GOOG, WYNN, and...
- The Street Of Walls
Looks like a pretty useful site/report free of charge. Registered hedge funds over $100 million are required by the Securities and Exchange Commission (SEC) to file quarterly updates on portfolio holdings. These holdings are filed online through form...
- Longleaf Partners Funds Annual Presentation
Longleaf Partners Funds are pleased to make excerpts from our May 13, 2008 Annual Presentation available to all shareholders online via Windows Media Player. These recorded sessions will allow those shareholders not able to attend the meeting to hear...
- Use The Market's Short-termism To Your Advantage
Here's a general criticism that I often hear about investing in companies with economic moats: Companies with economic moats always look expensive and they trade with premium multiples to the market. How can we invest with a suitable margin-of-safety...