We also sold Lamar Advertising (LAMR, Financial) as it reached our appraisal. We bought Lamar in 2011 at an average cost of $26, trimmed the position as it grew, and fully sold it in the second quarter at an average price of $48 per share. Lamar's strong outdoor advertising positions in its markets helped revenue growth as the economy recovered. Management's effective cost control and decision to explore converting to a REIT also caused the stock's move to value.
From Mason Hawkins' semi-annual 2013 report.
From Mason Hawkins' semi-annual 2013 report.
