Mason Hawkins Quotes
102 Mason Hawkins Quotes (Longleaf Partners, Southeastern Asset Management, Otis Mason Hawkins)
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When you buy businesses at steep discounts from real value, a lot of good things can happen.
Mason Hawkins
The less elaborated aspect of value investing is the huge plus you get from stealing a good company.
Mason Hawkins
You do eliminate a lot of interference by being in Memphis as opposed to Manhattan.
Mason Hawkins
We try to hug good investments not benchmarks.
Mason Hawkins
We’ve operated through seven bear markets…
Mason Hawkins
Investing should lend itself to risk avoidance.
Mason Hawkins
We believe that buying securities at large discounts to conservative appraisals provides the best route to average compounding.
Mason Hawkins
Valuable growth is the great eraser if you misprice your purchase.
Mason Hawkins
If you wouldn’t feel comfortable leaving your money in a bank in a country, you certainly wouldn’t want to own the equity of a business in that country.
Mason Hawkins
[In May 2007] Have the discipline to say no and the patience to wait for the right opportunity.
Mason Hawkins
[In 2010] It’s very difficult to find a long-term investor today, and we believe that’s beneficial to us. The average holding period on the New York Stock Exchange has dropped to 6 months from 5 years, 30 years ago.
Mason Hawkins
If you buy cheaply, usually a lot of good things happen.
Mason Hawkins
When you buy a certificate of stock, you’re buying a percentage of interest in the business. Buying it at a discount makes sense.
Mason Hawkins
[On cash flow] The lifeblood of a business.
Mason Hawkins
[On CBS in October 1991] If you believe ten times cash flow is a reasonable capitalization ratio for some of the best TV stations in the country.
Mason Hawkins
[In October 1991 on Ecolab] It’s a wonderful cash producing business.
Mason Hawkins
[In October 1991] The U.S. Tupperware business is losing money, but we think it’s on the verge of breaking even. International Tupperware is a very, very good business.
Mason Hawkins
[In July 1994] We think our mission is to associate with the highest-caliber business managements, to produce the greatest after-tax rate of return, while trying to minimize financial, business-market, regulatory and purchasing-power risk. We attempt to buy a limited number of competitively entrenched enterprises available at significant discounts from their intrinsic value. That's the essence of what we've done for 20 years.
Mason Hawkins
Their businesses have to be understandable to us, so that we can quantify their real value.
Mason Hawkins
The two most important things are real asset values and the ability to generate after-tax free cash flow.
Mason Hawkins
We like to buy a business at what we conclude is half its real hard value. At the least, we're looking for a 40% discount.
Mason Hawkins
[In July 1994 on what he looks for in the CEO’s of the companies he invests in.] We prefer them to be owners and not simply great big recipients of cash compensation, which to some extent can work against our investors. We're interested in managers who have a history of compounding business value at above-average rates. We want guys who not only can control costs and meet a marketing plan, but who can intelligently allocate capital.
Mason Hawkins
[In July 1994] You can get paid through the merger and acquisition route, through a corporate liquidation or through an aggressive corporate share repurchase program.
Mason Hawkins
[In July 1994] About 85% of the time, the markets are in some close proximity to central value. It's that other 15% of the time that you need to concern yourself with.
Mason Hawkins
[In July 1994 not worrying a lot about Mr Market.] We spend almost all of our energies trying to assess individual companies.
Mason Hawkins
[In January 1999] The values we’re seeing overseas are the most compelling I’ve seen in 30 years in the business.
Mason Hawkins
[In January 1999] We’re looking for businesses that are competitively entrenched and have the ability to earn above-average returns.
Mason Hawkins
[In January 1999 on investing overseas.] The burden of proof is higher overseas.
Mason Hawkins
[In September 2002] We… believe owner-operators make a lot better decisions than hired hands.
Mason Hawkins
[In September 2002] We focus on two things, keeping our costs down and generating a return.
Mason Hawkins
[In September 2002] We are longterm owners, not traders or speculators.
Mason Hawkins
[In September 2002] We sell stocks when they approach our appraisal.
Mason Hawkins
[In September 2002] We view equity investments as ownership in a business and we are there for the long term.
Mason Hawkins
[In September 2002] Almost every recession is good for big, brand-name hotels like Marriott and Hilton. Weaker hotels will re-flag to their name because they know that can mean an extra 5%-to-6% increase in room occupancy without having to make any new investments to expand or improve their previous hotels.
Mason Hawkins
[In September 2002] We believe we're buying businesses that are going to grow as much as we're buying individual stocks that are selling at discounts to their appraisals. Either way, it's a win-win situation for our shareholders.
Mason Hawkins
[In February 2003] The best thing we can report about Longleaf’s 2002 results, I guess, is the fact that they are over.
Mason Hawkins
[In May 2007] Make decisions even when no one agrees with you.
Mason Hawkins
[In May 2007] Take advantage of others’ fear and greed.
Mason Hawkins
[In May 2007] Be a prolific reader of the financial press.
Mason Hawkins
[In May 2009] The market is voting fearfully today because no one knows when the global economy will stabilize.
Mason Hawkins
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