Mason Hawkins Quotes
102 Mason Hawkins Quotes
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We know that if you buy a business at half of value, and value accretes at 12% per annum, and the price reflects intrinsic value in the 5th year, you get 29% per annum compounding.
Mason Hawkins
You sleep very well at night knowing that the value is greater than the price.
Mason Hawkins
Parsimony [Extreme unwillingness to spend money or use resources or frugality.] is extremely profitable.
Mason Hawkins
[In 2010] Natural gas is currently cheaper than other hydrocarbons, oil and coal. It is bey far the cleanest. It is politically secure. Risk adjusted, it is most attractive.
Mason Hawkins
[In 2010] We believe companies that have growing reserves and production of natural gas in this country should fare very well.
Mason Hawkins
I was an ethical drug analyst in my first job…
Mason Hawkins
[On international investing in 2010] If there’s not corporate democracy, and there’s not a focus on shareholder interests, it’s probably not going to make it into our portfolios.
Mason Hawkins
We spend time looking at governance rules. We want to be treated fairly, and we believe in corporate democracy and accountability.
Mason Hawkins
Nationalization risk is not one we’ll knowingly take.
Mason Hawkins
Many years ago, we found a terrific Coca-Cola bottler in Brazil, but the currency was going to cost us 20%+ a year, and that prevented us from making the investment.
Mason Hawkins
[In 2010] We are not interested in labor-intensive, capital-intensive, low-return businesses.
Mason Hawkins
[In 2010] Our foray into GM was predicated on a sum of the parts appraisal… It was not based on the automobile industry’s economics.
Mason Hawkins
We believe that if we deliver good returns with low risk for our partners, then the rest takes care of itself.
Mason Hawkins
We assume an owner-operator mentality…
Mason Hawkins
If you work for Southeastern, you have to do all of your equity investing via the Longleaf Partners Funds… It removes conflicts of interest, and it focuses everyone’s attention on the companies in the portfolio.
Mason Hawkins
When you see your boss in the mirror in the morning, you can assess your career risk solely on your investment results and not on politics or relative returns. Our owner-operator culture helps us focus on the investments and doing the right thing for our partners.
Mason Hawkins
[The] Average NYSE holding period dropping is an indication of just how short-term everybody has become in their thinking.
Mason Hawkins
Growth in corporate intrinsic value is often obfuscated by stock price movement, which does not appropriately track the accretion in business value.
Mason Hawkins
An intelligent investor knows there is great liquidity at each end of the psychological barbell. If people are very fearful, you normally can buy in great quantity. And if people are very greedy, you normally can sell in great quantity. It’s in between the two extremes that liquidity is a challenge.
Mason Hawkins
[On Longleaf’s philosophy] We will focus our assets in our best ideas.
Mason Hawkins
[On Longleaf’s philosophy] We will discourage short-term speculators and market timers.
Mason Hawkins
We are value investors.
Mason Hawkins
Bonus
When we find a stock we like, we buy enough of it to matter.
Staley Cates - Longleaf Partners
We don’t understand a lot of high-tech things. We view what we’re doing as buying businesses, not pieces of paper. And if you and I were buying businesses, we’d only buy things we could understand.
Staley Cates - Longleaf Partners
[In May 2007] We buy stuff that everybody hates. It takes a lot of intestinal fortitude.
Staley Cates - Longleaf Partners
We don’t care what the index is doing.
Staley Cates - Longleaf Partners
We are always better off in a volatile market because the intrinsic values we set for certain companies don't change, but the prices do.
Staley Cates - Longleaf Partners
We are driven by individual companies being mispriced in the marketplace,
Staley Cates - Longleaf Partners
If everybody fired us, we’d still be investing our own money.
Staley Cates - Longleaf Partners
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