The Price-to-Value Podcast with Southeastern Asset Management
Conversations with the Global Investment Team at Southeastern Asset Management, leaders in long-term, concentrated, engaged, value investing since 1975. Disclaimer: Current and future holdings are subject to risk and past performance is no guarantee of future results. This podcast was recorded from 2018 to 2021. Information presented herein is for discussion and illustrative purposes only and is not a recommendation or an offer or solicitation to buy or sell any securities. Securities identified do not represent all of the securities purchased, sold, or recommended to advisory clients. It should not be assumed that an investment in the securities mentioned was or would be profitable in the future. The views and opinions expressed by the Southeastern Asset Management speaker are their own as of the date of the recording. Any such views are subject to change at any time based upon market or other conditions and Southeastern Asset Management disclaims any responsibility to update such views. These views should not be relied on as investment advice, and because investment decisions are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Southeastern Asset Management product. Neither Southeastern Asset Management nor the speaker can be held responsible for any direct or incidental loss incurred by applying any of the information presented. Mr. Jacobson's experience is unique and any other Longleaf shareholders experiences may vary. Past performance does not guarantee future results, so your returns may be more or less than those experienced. No fee was paid to Mr. Jacobson for his participation in this podcast. Further information regarding the Longleaf Partners Funds, including the Prospectus, as well as performance and holdings information, can be found at www.southeasternasset.com. Please read the Prospectus carefully before investing to learn about the investment objectives, risks, charges and expenses of the Longleaf Partners Funds. Copyright 2021 Southeastern Asset Management, Inc. All rights reserved.
Episodes
They start by discussing Tim's journey from his early interest in investing to co-founding and leading LivingSocial to joining Graham Holdings (GHC) in 2014. The unique factors o...
Southeastern's CEO and Head of Research Ross Glotzbach sits down with Nick DeIuliis, CEO of CNX Resources. They delve into a range of topics, beginning with Nick's history in the Pittsburgh area and at CNX, where ...
Manning and Ross cover a lot of ground, starting with Southeastern's history of investing in White Mountains multiple times, dating back to its predecessor Fireman's Fund under the leadership of Jack Byrne in the '80s. Manning talks about how he joined White Mountains and discusses how the spirit of Jack Byrne still lives on at White Mountains today. Next, Manning answers what makes insurance a good (or not ...
Jay and Staley have a wide-ranging discussion, starting with the story of Jay's formative Southern roots and how he got to know Southeastern before joining AMG. Jay talks about how the value proposition of AMG's model magnifies the inherent competitive advantages of each independent Affiliate by offering access to a broad range of strategic capabilities, including succession planning, distribution capabilities,...
Staley and Brad have a wide-ranging discussion, covering the many areas in which Brad and Southeastern have partnered together across investing, civic and charitable endeavors.
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Following introductions, David shares with Ross lessons he's learned over the course of his career from famed business leaders Jack Welch and John Malone. Next, David recalls what Discovery was like when he arrived in 2006 and the parallels to Warner Bros. Discovery today. At Ross' request, David shares insights into his views and predictions about the media landscape from 2010 and assesses how those views have come to pass. David...
Ross and Mark begin by discussing the global optimization of Hyatt as a brand under Mark's leadership. Next, Mark reviews his progress in increasing Hyatt's global brand presence, while also transitioning to a more asset light strategy and discusses why Hyatt has been able to perform head-to-head with the industry's largest brands to build a superior long-term growth pipeline. They then shift to discuss the impact of COVID on the h...
Staley and Ryan start by discussing Ryan's background and why he chose to join Realogy. Next, they discuss the interplay of technology and human agents in the real estate world and how that has shifted with COVID. Ryan then describes the pros and cons of iBuying and the opportunities that Realogy has in the luxury space. They shift to cover macro topics, including Ryan's view of the housing market, the future of the office post-pan...
Ross and Tony start by discussing Tony's background, having grown up in the real estate industry, how he forged his own path and how that lead him to ESRT. Tony describes ESRT's unusual IPO process and discusses how having a separate family office helps him as a real estate operator. Next, they discuss the iconic nature of the Empire State Building Observatory and how it has quickly adapted in the COVID environment. They then discu...
In this episode, Southeastern's Vice-Chairman Staley Cates interviews highly respected peer and long-term friend of the firm, Jonathon Jacobson, Founder of HighSage Ventures and former CIO and Co-Founder of Highfields Capital.
Staley and Jonathon have a wide-ranging discussion, covering the past, present and future of the industry. They begin with Jonathon's decision to close Highfields and return investors' capital in 2018, amidst...
In this episode, Southeastern's Vice-Chairman Staley Cates interviews Larry Culp, Chairman and CEO of General Electric.
They discuss how Lean manufacturing is much more than a process and how it can define a culture that is committed to continual improvement. Larry begins with an introduction to "Lean" and what it means to him [3:37 – 5:42]. They discuss whether Lean is a culture or a process [5:43 – 8:34] and what potential proble...
In this episode, Southeastern's London-based Senior Analyst and Principal, John Woodman, interviews Sébastien Bazin, Chairman and CEO of Accor. They discuss the short-term impact and long-term implications of COVID-19 on the hospitality industry [1:37 – 3:40], as well as steps Accor has taken to position itself to be a beneficiary of the travel recovery [3:44 – 6:20]. Next, Sébastien discusses the benefits of shifting to an asset-l...
In this episode, Southeastern's London-based Global Head of Client Relations and Communications, Gwin Myerberg, Senior Analyst, John Woodman, and Junior Analyst, Alicia Cardale, have a broad-ranging discussion with Margaret Casely-Hayford CBE. A British lawyer by trade, Margaret is an expert on corporate governance and diversity and inclusion, with extensive insight and experience in her roles as corporate board executive, charitab...
In this episode, Senior Analyst Lowry Howell and CEO and Head of Research Ross Glotzbach interview Ynon Kreiz, CEO of Mattel. They discuss how Ynon went from a windsurfing instructor to media entrepreneur at Fox Kids Europe, Endemol and Maker Studios before becoming CEO at Mattel. [3:06-9:02] Next, Ynon discusses how Mattel has remained innovative through the current environment, how COVID-19 has impacted the toy industry, as well ...
In this episode, the Longleaf Partners Small-Cap Fund portfolio managers – Mason Hawkins, Staley Cates and Ross Glotzbach – discuss why we believe re-opening the Fund will benefit our long-term investors.
We closed the Fund to new investors in August 1997 to manage our size against any potential liquidity constraints that would limit the opportunity set and to avoid diluting our shareholders, given rising cash at that time. The F...
The unprecedented situation with COVID-19 has resulted in dramatic volatility across all global markets. Southeastern's portfolio managers share their current thoughts, while recognizing that the situation is changing every day.
In this episode, Mason Hawkins (Chairman and Co-PM of Global, Non-US, US Large Cap and US Small Cap), Staley Cates (Vice-Chairman an...
Southeastern's Asia Pacific Co-PMs Ken Siazon and Manish Sharma interview Lawrence Ho, CEO and Chairman of Melco International and Melco Resorts. They cover a range of topics, starting with the history of Melco, the evolution of the Melco-Crown relationship over time and lessons learned from Lawrence's father and ind...
In this episode, our Vice-Chairman Staley Cates interviews FedEx's CEO and Founder Fred Smith and EVP and CFO Alan Graf. They discuss the evolution and growth of e-commerce, the opportunity it presents for FedEx and how the company has positioned itself strategically to take advantage; why Amazon will never "kill FedEx"; the demise of the US Postal Service; the two-player US parcel market (FedEx and UPS) and why FedEx has a better ...
CEO and Head of Research Ross Glotzbach and Vice-Chairman Staley Cates interview Will Thorndike, author of The Outsiders – Eight Unconventional CEOs and Their Radically Rational Blueprint for Success and Chairman of CNX Resources. They discuss progress at CNX, whether energy companies can be considered "good businesses", the importance of a capital allocation mindset in commodity businesses, frothiness in the private equity world a...
In this episode, we share excerpts from a panel on International Value Investing that Southeastern co-hosted with Evermore Global Advisors in Omaha around the Berkshire Hathaway annual meeting. Moderated by Greg Dowling from Fund Evaluation Group, Southeastern's Josh Shores and Evermore's David Marcus discuss their definition of "value", the importance of engaging with management and having a local network and the bottom-up opportu...
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