Mason Hawkins: This environment presents a challenge as we enter 2007

Feb 23, 2007

Mason Hawkins's letter to shareholders: We have no view on what markets will do, but this environment presents a challenge as we enter 2007. There are few available bargains as we look for new opportunities to strengthen the foundation for compounding over the next five years. The domestic “on deck” list of potential investments is relatively small, but we are buying several new international companies.

In 2006 our patience and commitments began to pay off. …

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