Winter 2010
Graham & Doddsville, issue 8 · 35 pages
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Interviews
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p. 1 ↗
Mason Hawkins
Southeastern Asset Management
'Parsimony is extremely profitable.' Mason on the philosophy, valuation discipline and independent view he built over 35 years at Southeastern, after Longleaf Partners' best year, up nearly 54% in 2009.
Deep valueJudging management -
p. 1 ↗
William Browne, Bob Wyckoff, Tom Shrager & John Spears
Tweedy, Browne Company
'The belt and suspenders guys.' A rare interview with all four managing partners on how Tweedy moved from its Graham & Dodd roots to a fuller look at each business.
Deep valueInternational
Student pitches
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p. 10 ↗
Long Nexstar Broadcasting 12% Senior Subordinated PIK Notes
By Rich Tosi
G&D's first distressed-debt pitch: PIK notes at 63, trading well below the company's other subordinated notes.
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p. 12 ↗
Long Sohu.com
By Matthew Cohen
The market doubted Sohu's free-to-play gaming model and its reliance on one hit game. Matthew thought those worries were overdone.