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LONGLEAF PARTNERS FUNDS'
MASON HAWKINS, C.T. FITZPATRICK & STALEY CATES
"FINDING A FEW GREAT IDEAS AT A 50% DISCOUNT IS NEAT.
FINDING A PORTFOLIO FULL OF 'EM IS UNPRECEDENTED."
from Outstanding Investor Digest's July 31, 2000 Edition
TABLE OF CONTENTS
|
FINDING A FEW GREAT IDEAS AT A 50% DISCOUNT IS NEAT. FINDING A PORTFOLIO FULL OF 'EM IS UNPRECEDENTED. |
.................. | 1 |
|
QUOTATIONS ARE ARBITRARY AND CAPRICIOUS. BUT THEY'RE AN OPPORTUNITY, NOT A PROBLEM. |
.................. | 2 |
|
IT'S ALL ABOUT VALUING BUSINESSES. AND YET NOBODY SEEMS TO DO IT. |
.................. | 3 |
|
OUR HOLDINGS ARE INCREDIBLY CHEAP - IN FACT, UNPRECEDENTEDLY SO. |
.................. | 4 |
|
AND THESE AREN'T WIDE-EYED, LUSTY VALUATIONS. IN FACT, THEY'RE PRETTY DARNED CONSERVATIVE. |
.................. | 5 |
|
BUYBACKS WILL UNLOCK THE VALUE DISCREPANCY OR INCREASE THAT DISCREPANCY IN OUR FAVOR. |
.................. | 6 |
|
OUR HOLDINGS ARE ALREADY CHEAP - AND THEIR VALUES ARE GROWING RAPIDLY. |
.................. | 7 |
|
OUR SMALL CAP PORTFOLIO IS EXTREMELY CHEAP. FOR EXAMPLE... LET'S MAKE THAT THREE EXAMPLES. |
.................. | 8 |
|
WCLX ENJOYS A 50%± DISCOUNT TODAY ON DEPRESSED UNDERLYING ASSETS. |
.................. | 9 |
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