A busy quarter for Longleaf as they finally stepped in and assumed an active role at Chesapeake Energy.
If you look at the one, three, five and ten year results for Longleaf the performance has actually not been great. My inclination is to think that this is due to them having portfolios that are currently quite undervalued and that a bounce back in performance is likely.
Which means that the current Longleaf holdings are likely a good place to look for bargains.
Here is the letter in its entirety: