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batbeer2
batbeer2
Articles  | Author's Website |

Latest Longleaf Letter

October 08, 2011 | About:
“I think the future of equities will be roughly the same as their past; in particular, common-stock purchases will prove satisfactory when made at appropriate price levels.

It may be objected that it is far too cursory and superficial a conclusion; that it fails to take into account the new factors and problems that have entered the economic picture in recent years — especially those of... the movement towards less consumption and zero growth.

Perhaps I should add to my list the widespread public mistrust of Wall Street as a whole, engendered by its well-nigh scandalous behavior during recent years in the areas of ethics, financial practices of all sorts, and plain business sense.

— Benjamin Graham, 1974


That's the beginning of the most recent Longleaf Letter by Mason Hawkins.

Brilliant !

About the author:

batbeer2
I define intrinsic value as the price I would gladly pay to own the business outright. With current management in place. For most stocks, that value is 0. I can be reached at batbeer AT hotmail DOT com

Visit batbeer2's Website


Rating: 2.8/5 (10 votes)

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