Longleaf Parnters 2008 Semi-Annual Shareholders Letter

As always, Mason Hawkins and Co. deliver a must read for the serious investor:

"We do not know how long economic uncertainty and shareholder fear will last. Bear markets do not die of old age. The mispricing, however, is providing the opportunity to own high quality companies with terrific five year outlooks that imply high long-term IRRs.We are aggressively adding personal capital to the Funds and encourage our partners to do the same. Given that bullish sentiment is at its lowest level in 14 years and that some are recommending exiting equities altogether, there is plenty of panic in the air. Historically, the best time to invest has been when owning stocks has felt the worst.

Throughout history a small number of successful investors have used periods of fear to build portfolio foundations for substantial long-term gain. John Marks Templeton was among the greatest.We pay tribute to Sir John who not only provided a rolemodel for investing, but also was a trusted advisor and supportive investment partner."

Link: Longleaf Partners Letter