Mason Hawkins' Thoughts On The Macro Picture And His Recent Buys

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http://www.gurufocus.com/news/147597/mason-hawkins-thoughts-on-the-macro-picture-and-his-recent-buys-brka-brkb-dtv-chk-tx-bny-ewg-spy-vti

 

"I think the future of equities will be roughly the same as their past; in particular, common-stock purchases will prove satisfactory when made at appropriate price levels. It may be objected that it is far too cursory and superficial a conclusion; that it fails to take into account the new factors and problems that have entered the economic picture in recent years — especially those of ... the movement towards less consumption and zero growth. Perhaps I should add to my list the widespread public mistrust of Wall Street as a whole, engendered by its well-nigh scandalous behavior during recent years in the areas of ethics, financial practices of all sorts, and plain business sense." — Excerpt from June 1974 speech by Benjamin Graham, printed in Financial Analyst Journal, September/October 1974

 

-sounds like today

 

"Adapting to a possible 2012 recession would be like stepping off of a curb rather than falling from a skyscraper for these businesses and their values."