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from Outstanding Investor Digest's December 31, 1999 edition
LONGLEAF PARTNERS FUNDS'
MASON HAWKINS, C.T. FITZPATRICK & STALEY CATES
"BOUTS OF MARKET FEAR AND COMPANY SHORTFALLS
HAVE CREATED COMPELLING OPPORTUNITIES."
from the Outstanding Investor Digest December 31, 1999 edition
Page
STOCK PRICE DECLINES AREN'T A DISADVANTAGE.
RATHER THEY'RE AN OPPORTUNITY TO BUY MORE. .................................. 1
PRICE TO VALUE? CHECK. GROWING VALUES? CHECK.
AGGRESSIVE SHARE REPURCHASES? CHECK.... ............................................. 2
WMI'S PROBLEMS ARE FIXABLE AND SHORT TERM,
WHEREAS ITS INTRINSIC VALUE IS FOREVER. .............................................. 4
WE DON'T VIEW WASTE MANAGEMENT AS A MISTAKE.
AND LONG-TERM, WE THINK IT'S AN OPPORTUNITY. ................................ 5
ITS LANDFILLS ARE AN INCREDIBLY VALUABLE ASSET.
WE APPRECIATE THE OPPORTUNITY TO BUY MORE. .................................. 6
THE INSIDERS' HANDS ARE TIED.
FORTUNATELY, OURS AREN'T. ...................................................................... 7
AS BUFFETT SAYS, MORE CONCENTRATION IS BETTER.
MARGIN OF SAFETY ISN'T ABOUT DIVERSIFICATION................................... 8
WHY THE DISCONNECT IN REAL ESTATE?
VERY SIMPLE - INVESTOR PSYCHOLOGY. ..................................................... 9
POSSIBLE CATALYSTS IN OUR REAL ESTATE STOCKS?
THEY'RE ALREADY IN MOTION AND ON THE WAY.... ................................ 10
FDX'S PRICE IS DISCOUNTED AND ITS CASE IS INTACT.
THAT'S WHY THEY'RE GOING TO SHRINK THE SHARES............................... 11
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