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Mason Hawkins' Southeastern Asset Management on Chesapeake Energy
Summary: Chesapeake (CHK)’s natural gas assets are the best in the world, which does not mean much to the market right now, but it is still cheap. The big debate is about leadership. Southeastern does not care for the founder’s wealth program. As company grew, it made less sense and potential grew for conflict of interest. Now the company has announced the end of the program and that they will separate the roles of chairman and CEO. There are positives and negatives in partnering with McClendon, and the positives have outweighed the negatives. They believe the best source for energy right now is natural gas and it will be rewarding for long-term shareholders.
Listen to the complete audio here.
Listen to the complete audio here.
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The Strategy of Ben Graham – Warren Buffett’s Mentor
From 1923 to 1957 Warren Buffett’s mentor, Ben Graham, followed a strategy of investing in net-nets. He said: “It always seemed, and still seems ridiculously simple to say that if one can acquire a diversified group of common stocks at a price less than the...net current assets alone…the results should be quite satisfactory. They were so in our experience, for more than 30 years.”Today net-nets are rare. They are collected under GuruFocus’ Net-Net Screener. GuruFocus also publishes a monthly newsletter which recommends the safest net-nets. All of these are included in GuruFocus Premium Membership.
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