The other new holding is National Oilwell Varco (NOV, Financial), a leading global manufacturer of drilling rig equipment and consumables to the energy industry. It has a leading market position in the segments of the oil & gas industry that are generating the most growth, deepwater drilling and shale drilling. The company has historically generated high returns on capital, has what we believe to be a conservative balance sheet with minimal debt, and at purchase was trading at a significant discount to our estimate of the company's intrinsic value.
From Tweedy Browne's second quarter 2013 letter.
From Tweedy Browne's second quarter 2013 letter.
