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Tuesday, May 31, 2011

Mason Hawkins and Longleaf Annual Meeting

Longleaf recently had their annual meeting and they were kind enough to post up audio files of the entire thing along with their presentation on their website.

Overall there are some select parts worth listening to. They describe why they sold DELL equity and traded it out for deep in the money calls. To no one's surprise it’s a cheap way to add leverage to your investment. I have always thought that value investors by and large do not properly utilize options - the inefficiencies in the option market in small cap names is staggering.

They also provided some interesting commentary on their overall view of the economy and highlighted the theses behind some of their holdings. If you have the spare time or brain cells its worth a listen.

The mp3s can be accessed through the following link:

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