Sitting on my book shelf you will find a copy of Seth Klarman’s book “Margin of Safety”. A few of you may recognize this book published back in 1991, but not necessarily for what is in the book. Instead you may know it for what others are willing to pay for a copy. You can obtain your own used copy from Amazon for $799.00. One collectible copy is currently available for $1499.00. My copy was special ordered in 1991 from “The Bookworm” at the cost of $25.00 plus tax. A few years ago, when money was easy and hedge fund manag
Last week, while attending a board meeting for our local CFA Society, a term that I haven’t heard for a few years was used in a discussion I was having about the recent flurry of mergers and acquisitions taking place recently. “Diworseification”, coined by the great mutual fund manager Peter Lynch, was widely adopted by us mere mortals after reading his 1989 book “One Up on Wall Street”. His views on the majority of corporate acquisitions were clear when he came up with this term.
On May 25th, 2010 Dr. Paul Woolley of the London School of Economics laid out ten policies that he claims could increase annual returns (after inflation) by 25% and long term returns by at least 50%. As promised we are taking a few weeks to cover these points in more details. Dr. Woolley was addressing his steps to large institutional investors but we feel as if they are just as well suited for individuals.
Step 8 - Everything in the portfolio should be traded on a public exchange.
On May 25th, 2010 Dr. Paul Woolley of the London School of Economics laid out ten policies that he claims could increase annual returns (after inflation) by 25% and long term returns by at least 50%. As promised we are taking a few weeks to cover these points in more details. Dr. Woolley was addressing his steps to large institutional investors but we feel as if they are just as well suited for individuals.
Step 5 – Don’t Pay Performance Fees.
On May 25th, 2010 Dr. Paul Woolley of the London School of Economics laid out ten policies that he claims could increase annual returns (after inflation) by 25% and long term returns by at least 50%. As promised we are taking a few weeks to cover these points in more details. Dr. Woolley was addressing his steps to large institutional investors but we feel as if they are just as well suited for individuals.
On May 25th, 2010 Dr. Paul Woolley of the London School of Economics laid out ten policies that he claims could increase annual returns (after inflation) by 25% and long term returns by at least 50%. As promised we are taking a few weeks to cover these points in more details. Dr. Woolley was addressing his steps to large institutional investors but we feel as if they are just as well suited for individuals.
On May 25th, 2010, Dr. Paul Woolley, former head of the International Monetary Fund’s investment and borrowing activities, founder of the UK arm of Grantham, Mayo, van Otterloo & Co., LLC (GMO), and currently the Senior Fellow at the London School of Economics gave a lecture at the London School of Economics where he laid out ten policies that if adopted, could increase annual returns (after inflation) by 25% and long term returns by at least 50%.
Business is good; at least it is for automakers here in the U.S. Recent news on Toyota tells of the reinstatement of plans to finish their new plant in Blue Springs, Mississippi. During the slowdown back at the end of 2008, Toyota was forced to stop development of the plant because of falling automobile demand. So if they have decided to finish production, what does that mean?
A young man recently had a commentary he wrote published in our local paper. I read with devoted interest as he paraphrased a well known supply-side economist’s view of our economic future, if the reduced tax rates set in place during President Bush’s term in office are not extended beyond the end of this year. Showing interest in our economy is important for all of us, yet when I see that young people have such a bleak outlook for the future I begin to worry.
The Jobs Report and Common Stocks
On Friday the Dow Jones Industrial average lost 3.2 percent. The Standard & Poors 500 lost 3.4%, while the Nasdaq composite fell 3.6%. The reason for the drop was the monthly job report, as issued by the Labor Department, that indicated only 41,000 out of 431,000 new jobs were created by the private sector. Of course this report brought with it images of an economy in trouble - that the recovery we’ve all been hoping for has stalled and the future is bleak.
Anderson Griggs & Company, Inc., doing business as Anderson Griggs Portfolio Management is a registered investment adviser with the US Securities & Exchange Commission. Pursuant to laws and regulations Anderson Griggs also maintains notice filing with several individuals state regulators including North and South Carolina. Anderson Griggs only conducts business in states and locations where it is properly registered or meets state requirements for advisors. This commentary is for information purposes only and is not an offer of investment advice. We will only render advice after we deliver our Form ADV Part II to a client in an authorized jurisdiction and receive a properly executed investment Management Agreement. Any reference to performance is historical in nature and no assumption about future performance should be made based on the past performance of any Anderson Griggs Investment Objective, individual account, or index. The authors of publication are expressing general opinions and commentary. They are not attempting to provide legal, accounting, or specific advice to any individual concerning their personal situation. Anderson Griggs Portfolio Management's office is located at 113 E. Main St., Suite 310, Rock Hill, SC 29730. The local phone number is 803-324-5044 and nationally can be reached via its toll-free number 800-254-0874.