We initiated four new positions in the quarter: McDonald’s Corporation, Scripps Networks Interactive, Vivendi, and one undisclosed name. Food quality issues at McDonald (MCD)’s China supplier, minimum wage pressure in the U.S., Russian challenges, European macro concerns, and improvements at competing chains pressured the stock and enabled us to own the company’s valuable real estate and dominant breakfast business at a discount.
From Mason Hawkins (Trades, Portfolio)’ Longleaf Partners Q3 2014 Management Discussion.
