10 July 2004
Early in my working life a couple of things became clear to me. As a matter of day-to-day practice, I was more inclined toward longer term, incremental approaches to improvements than in go-for-broke revolution. I was more inclined toward the power of compound interest than the power of swing-for-the-fences risks. Through boom and bust, Ben Graham’s value investing philosophy, as revised and extended by Warren Buffett (see pdf file), has served me far better than the momentum investing philosophies of the late 1990’s.
Whether management style or investing style, longer term approaches simply suit me better. With those things in mind, I have a suggestion for anyone who is considering the alternatives for long-term financial needs. Take a look at the Longleaf Partners Funds as managed by Mason Hawkins and the outstanding team at Southeastern Asset Management, Inc. [Disclaimer: I have money invested in these funds, but I have no equity ownership in Southeastern.]
Filed under: Investing