The Business of Value Investing.pdf

A special thanks to Peter Shedd, the MBA director at the time,

who gave me his and the university’s full support to make the visit

with Mr. Buffett an unforgettable experience. Thank you, Peter.

The second victory came in Memphis. Not many people know

this, but Mason Hawkins got his MBA at the University of Georgia.

In May 2007, Mason invited me to attend the Longleaf Partner’s

Funds Annual Shareholders Presentation. I have always felt that

Mason is one of the most underrated investors of our time. After

meeting him, I understood why: Mason’s shrewdness as an investor

is hidden by his humbleness. But most of all, he is extremely gener-

ous with his time to those who seek his assistance. His accomplish-

ments both as an investment fund manager and as a philanthropist

set the fi nest standards of excellence. In Memphis, it is consid-

ered an honor and privilege to be invested in the Longleaf Funds.

Spend a few minutes with Mason or read Longleaf’s Governing

Principles, and anyone would feel the same.

I was blown away at the annual presentation, and the knowledge

I picked up helped inspire a major portion of this book. Although I

expected to go home after the meeting, Mason invited me to dinner,

where I was introduced to all of the wonderful people at Southeastern

Asset Management, Inc. Thank you, Mason.

And no modern book on value investing isn’t infl uenced by the

work of Columbia Business School professor Bruce Greenwald, one

of the most respected and accomplished professors in the arena of

value investing today. Professor Greenwald’s work has infl uenced

countless value investors and his teachings helped inspire this book.

The fi nal victory was by far the best one and came at home in

Athens. After meeting Messrs. Buffett and Hawkins, it’s hard to

think of anything to top it. But I did when I met Maggie Allen, who

at the time was working for the Terry College of Business. Through

a combination of creativity and charm (at least I think so), Maggie

and I developed a wonderful relationship that ultimately led to our

marriage in March 2009. I’ve always felt that the most important

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