The latest from legendary value investor Mason Hawkins.
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John Buckingham: Busting the Myths & Seven “Valuable” Themes for 2021 [ValueWalk Webinar slides and video]
John Buckingham's presentation titled, 'Busting the Myths & Seven "Valuable" Themes for 2021'. The webinar for ValueWalk Premium members took place on 2/23/2021, and was followed by a Q&A. Stay tuned for our next webinar, Q4 2020 hedge fund letters, conferences and more John Buckingham Principal, Portfolio Manager, Kovitz Editor of The Prudent Speculator newsletter Read More
The second quarter exhibited investors’ temperamental nature aptly characterized by Peter Cundill, a highly regarded devotee of Ben Graham’s investment teachings. Peter, who was a good friend, died earlier this year. He started his Canadian investment firm the same year that Southeastern formed. We shared many similar views. The recent book about Peter, There's Always Something to Do by Christopher Risso-Gill, quoted an early, insightful journal entry on page 8. My primary objective is to make money for my clients and then to make my business profitable. I believe that the way to achieve this is through associating with truly competent people with unshakeable business integrity, to ensure strict financial controls, a culture of thoroughness, a measured capacity for action; i.e. no seat of the pants stuff and a spirit of humility and cohesive teamwork. What I am beginning to perceive is that investors tend to follow trends and fashion rather than taking the trouble to look for value. This must offer opportunity for the professional investment manager, as a result of the short term mispricing of securities. Peter’s observation that investors are unwilling to do valuation work occurred before the development of 24/7 business networks and “always on” connectivity. Instantaneous reaction and speculation dominate stock swings today. In May and June sentiment dramatically changed with more speculation around slower global economic growth and Greek debt default. No