David I. Kass, Ph.D. Clinical Professor of Finance Robert H. Smith School of Business University of Maryland. October 19, 2017

Size: px
Start display at page:

Download "David I. Kass, Ph.D. Clinical Professor of Finance Robert H. Smith School of Business University of Maryland. October 19, 2017"

Transcription

1 The Value Investing Approaches of Warren Buffett, Charlie Munger, Todd Combs, and Ted Weschler at Berkshire Hathaway David I. Kass, Ph.D. Clinical Professor of Finance Robert H. Smith School of Business University of Maryland October 19,

2 15 Largest Common Stock Investments (12/31/2016) 2

3 5 Largest Common Stock Investments (6/30/2017) These 5 holdings comprise 63% of Berkshire Hathaway s Common Stock Holdings 3

4 4

5 Berkshire Hathaway vs S&P 500 ( ) In dollar terms, $1,000 invested in Berkshire Hathaway 52 years ago is now worth $18.5 million. The same amount invested in the S&P 500 would be worth $123,000. (Values were calculated using the compounded annual gain of 20.8 percent from for per-share market value of Berkshire, and the compounded annual gain of 9.7 percent from in the S&P 500, with dividends included.) 5

6 Warren Buffett CEO and Chairman of Berkshire Hathaway 1965-present 6

7 Forbes 400 (2017) 7

8 Forbes World s Largest Companies by Market Capitalization (2017) 8

9 Early Life Born August 30, 1930 (age 87) Enrolled in the University of Pennsylvania s Wharton School Transferred to and graduated from the University of Nebraska-Lincoln Graduated from Columbia Business School in 1951 Married Susan Buffett in 1952 They had three children: Susie, Howard, and Peter That same year he began teaching Investment Principles night class at the University of Nebraska 9

10 Career Progression 1951 to 1954 Buffett-Falk & Co as an investment salesman 1954 to 1956 Graham-Newman Corp as a securities analyst 1956 to 1969 Buffett Partnership, Ltd as general partner 1965 Chairman and CEO of Berkshire Hathaway 10

11 Charlie Munger Vice Chairman of Berkshire Hathaway Munger and Buffett built an informal investing partnership in the 1960s and 1970s Buffett refers to him as his partner 11

12 Charlie Munger Born January 1, 1924 (93 years old) Born and raised in Omaha, Nebraska Worked at Buffett & Son as a teenager Studied Mathematics at the University of Michigan Dropped out to join the Air Force during World War II He continued his education at Caltech Studied Meteorology Graduated from Harvard Law School in 1948 Graduated magna cum laude with a J.D. 12

13 Charlie Munger Career Moved to California and joined the law firm Wright & Garrett In 1962 he created the law firm Munger, Tolles & Olson working as a real estate attorney Also ran his own investment firm from Generated compound annual returns of 24.3% Compared to just 6.4% annual appreciation for the Dow Jones Industrial Average 13

14 Charlie Munger Wesco Financial Served as chairman from 1984 to 2011 Diversified financial corporation Daily Journal Currently serves as chairman American publishing company covering legal affairs in California and Arizona Portfolio (as of June 30, 2017): 14

15 Todd Combs Current portfolio manager at Berkshire Hathaway Born January 27, 1971 (age 46) Graduated from Florida State University in 1993 degrees in Finance and Multinational Business Operations Graduated from Columbia Business School in 2002 with an MBA 15

16 Career Progression Began as a Florida bank regulator Left to take on a role in Progressive s pricing department In 2005 he launched his hedge fund - Castle Point Capital Closed it down in 2010 to work with Warren Buffett at Berkshire Hathaway 16

17 Castle Point Portfolio (2010) Performance ( ): 34% cumulative return vs. negative 46% for the XLF (Financial Sector Fund) 17

18 Ted Weschler Current portfolio manager at Berkshire Hathaway Born May 16, 1962 (55 years old) Graduated from University of Pennsylvania s Wharton School Degree in economics with concentrations in accounting and finance Winning bid (anonymously) of two lunches with Warren Buffett in 2010 and 2011 $2.6 million each year (for charity/glide Foundation) 18

19 Ted Weschler Career Worked for chemical manufacturer WR Grace Including two years as assistant to its Chairman J. Peter Grace Later joined the private equity firm Quad-C Management in Charlottesville, VA Started by the former vice chairman of WR Grace Ten years later (2000) he started his own hedge fund Peninsula Capital Closed it in 2011 to join Berkshire Hathaway 19

20 Peninsula Capital Advisors Portfolio (2011) Performance ( ): over 1,000% appreciation vs. S&P 500 unchanged 20

21 How are Todd Combs and Ted Weschler compensated? Each receive a salary of $1 million per year plus 10% of the amount by which they beat the S&P 500 They get paid 80% based on their own record and 20% based on the record of the other Each manages $10 billion Performance Both have outperformed the S&P 500 since joining Berkshire 21

22 Working at Berkshire Hathaway "I get in around 7 or 8 and I read until about 7 or 8 at night. And I go home and see my family and then I'll read for another hour or two in bed at night. And you know, there might only be three to four phone calls the entire week. So there are very, very few interruptions But it's literally just reading about 12 hours a day. - Todd Combs 22

23 Berkshire Hathaway s Evolution from a Portfolio of Stocks to a Conglomerate 23

24 Berkshire Hathaway Companies Berkshire has acquired approximately 80 companies within its 4 major sectors of operations Insurance (Geico, General Re) Regulated, Capital Intensive businesses (Burlington Northern Santa Fe Railroad, Berkshire Hathaway Energy) Manufacturing, Service & Retailing Operations (Precision Castparts, Marmon, Lubrizol, IMC) Finance & Financial Products (Wesco Financial) 24

25 Warren Buffett s Investment Strategy Find a good business and one that he can understand Durable, competitive advantage, run by able and honest people Will earn more money 10 and 20 and 30 years from now A management team he admires and trusts His favorite investment that embodies this philosophy is Geico He learned about this when he was 20 years old on a Saturday from future CEO Lorimer Davidson Berkshire bought control in 1995 when it had a 2% market share, now it has a 12% market share 25

26 Berkshire Hathaway s Portfolio in

27 Berkshire Hathaway s Portfolio in

28 Berkshire Hathaway s Portfolio in

29 Berkshire Hathaway Portfolio in

30 Berkshire Hathaway s Portfolio in

31 Berkshire s Investments in Bank of America and Goldman Sachs $5 billion dollar investment in each Goldman Sachs in 2008 $2.6 billion return 50% return on investment Bank of America in 2011 Earned $13 billion 28% return per year 31

32 Berkshire s Recent Returns 23.8% in % for the S&P % in 2017 YTD As of October 6,

33 Warren Buffett s Advice Invest in yourself. Address whatever you feel your weaknesses are, and do it now. I was terrified of public speaking when I was young. I couldn t do it. It cost me $100 to take a Dale Carnegie course, and it changed my life. 33

34 34

Our Mission. About Morgan Stanley Wealth Management

Our Mission. About Morgan Stanley Wealth Management Our Mission Our Approach About Morgan Stanley Wealth Management As an affluent investor, you seek greater simplicity, customized strategies and a high level of service. As your committed financial advisors,

More information

Experienced. Focused. Reliable.

Experienced. Focused. Reliable. Experienced. Focused. Reliable. Trusted advice during uncertain times. Argus Capital Partners LLC is an independent merchant banking firm focused on providing flexible and creative private equity solutions.

More information

Supplement to Form ADV Part 2 Form ADV Part 2B

Supplement to Form ADV Part 2 Form ADV Part 2B Item 1- Cover Page Supplement to Form ADV Part 2 Form ADV Part 2B (for each of the Supervised Persons Listed in Item 2 below) Lazard Wealth Management LLC 30 Rockefeller Plaza New York, New York 10112

More information

Elections to the Board of Directors

Elections to the Board of Directors Elections to the Board of Directors CV of Mr Hugh Scott-Barrett Hugh Scott-Barrett has been a member of the Board of Directors of GAM Holding AG since 2009 and was appointed chairman of the Board of Directors

More information

Finance COURSE NUMBER: 22:390:658 COURSE TITLE: Applied Portfolio Management

Finance COURSE NUMBER: 22:390:658 COURSE TITLE: Applied Portfolio Management Finance COURSE NUMBER: 22:390:658 COURSE TITLE: Applied Portfolio Management COURSE DESCRIPTION The purpose of this course is to teach students how to create an actual portfolio that meets the needs of

More information

The Malkin Group at Morgan Stanley

The Malkin Group at Morgan Stanley The Malkin Group at Morgan Stanley Morgan Stanley 399 PARK AVE 12TH FL, NEW YORK, NY 10022 212-893-6530 / MAIN 347-438-2919 / FAX www.morganstanley.com/fa/ themalkingroup As the financial world becomes

More information

Webinar: Perspectives on Board Evaluation Best Practices. March 1, 2018

Webinar: Perspectives on Board Evaluation Best Practices. March 1, 2018 Webinar: Perspectives on Board Evaluation Best Practices March 1, 2018 Webinar Housekeeping To ask a question during the webinar, please click the chat button. Questions submitted will be answered throughout

More information

Curriculum Vitae DAVID I. KASS

Curriculum Vitae DAVID I. KASS Curriculum Vitae DAVID I. KASS Clinical Professor Department of Finance 4412 Van Munching Hall Robert H. Smith School of Business University of Maryland College Park, MD 20742 Tel: (301) 405-9683 Email:

More information

Steve Hamilton, J.D., CLU, ChFC Director, Advanced Consulting Group Nationwide

Steve Hamilton, J.D., CLU, ChFC Director, Advanced Consulting Group Nationwide Steve Hamilton, J.D., CLU, ChFC Director, Advanced Consulting Group Nationwide Email: hamils25@nationwide.com Direct: 614.249.0935 Steve has over 30 years of experience in the financial services industry.

More information

The Tribeca Group at Morgan Stanley Smith Barney

The Tribeca Group at Morgan Stanley Smith Barney The Tribeca Group at Morgan Stanley Smith Barney November, 2011 Morgan Stanley Smith Barney LLC One Penn Plaza, 43rd Floor New York, NY 10119 212-643-5713 Scott McCoy Director Portfolio Manager Yunjin

More information

Would potential successor move Berkshire's HQ out of Omaha? Company watchers say it's unlikely

Would potential successor move Berkshire's HQ out of Omaha? Company watchers say it's unlikely Would potential successor move Berkshire's HQ out of Omaha? Company watchers say it's unlikely By Russell Hubbard / World Herald staff writer Jan 12, 2018 Warren Buffett Omaha, Warren Buffett and Berkshire

More information

Mr. Michael Haxby holds a 2:1 Honours degree in Accounting and Financial Management BSc (Econ) from the University of Buckingham (UK).

Mr. Michael Haxby holds a 2:1 Honours degree in Accounting and Financial Management BSc (Econ) from the University of Buckingham (UK). ANDREW PEGGE Mr. Andrew Pegge has a university degree, is a graduate of Sussex University (UK), he completed postgraduate studies in Marketing at The Chartered Institute of Marketing (UK) and MBA in Finance

More information

RAYMOND JAMES INVESTMENT STRATEGY COMMITTEE

RAYMOND JAMES INVESTMENT STRATEGY COMMITTEE RAYMOND JAMES INVESTMENT STRATEGY COMMITTEE Providing Raymond James financial advisors and their clients with actionable market commentary and investment guidance. PUBLICATIONS The advice and recommendations

More information

The Princi Group at Morgan Stanley

The Princi Group at Morgan Stanley The Princi Group at Morgan Stanley 53 State Street 39th Floor, Boston, MA 02109 617-589-3500 / MAIN 800-752-2678 / TOLL-FREE 617-227-9070 / FAX peter.b.princi@morganstanley.com Our practice offers the

More information

Curriculum Vitae DAVID I. KASS

Curriculum Vitae DAVID I. KASS Curriculum Vitae DAVID I. KASS Clinical Professor Department of Finance 4412 Van Munching Hall Robert H. Smith School of Business University of Maryland College Park, MD 20742 Tel: (301) 405-9683 Email:

More information

PROGRAMME NORWEGIAN FINANCIAL RESEARCH CONFERENCE ASSET MANAGEMENT ACADEMIC AND PRACTITIONER PERSPECTIVES

PROGRAMME NORWEGIAN FINANCIAL RESEARCH CONFERENCE ASSET MANAGEMENT ACADEMIC AND PRACTITIONER PERSPECTIVES PROGRAMME NORWEGIAN FINANCIAL RESEARCH CONFERENCE ASSET MANAGEMENT ACADEMIC AND PRACTITIONER PERSPECTIVES Date : 30 August 2016 Time : 08:30-15:00 Venue : Norges Bank Auditorium, Bankplassen 2, Oslo PROGRAMME

More information

How to Build a 100 Year Enterprise The Role of The Family Office. Presented by: Linda C. Mack STEP New York June 11, 2015

How to Build a 100 Year Enterprise The Role of The Family Office. Presented by: Linda C. Mack STEP New York June 11, 2015 How to Build a 100 Year Enterprise The Role of The Family Office Presented by: Linda C. Mack STEP New York June 11, 2015 100 Year Family Enterprise Family Family board Family council Family constitution

More information

The MoneyTree Report. Overview of Venture Capital Investments Third Quarter 2009

The MoneyTree Report. Overview of Venture Capital Investments Third Quarter 2009 The MoneyTree Report Overview of Venture Capital Investments Third Quarter 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report based on data from Thomson Reuters 1 Host of

More information

The Duddingston Sylvester Group at Morgan Stanley Smith Barney

The Duddingston Sylvester Group at Morgan Stanley Smith Barney The Duddingston Sylvester Group at Morgan Stanley Smith Barney 225 South Sixth Street Suite 5100, Minneapolis, Minnesota 55402 866-984-1044 / Toll-Free 612-340-6729 / Main morganstanley.com/fa/ duddingstonsylvestergroup

More information

Hosted By: Pre-Conference Cocktail Reception Tuesday, May 23 rd 5:30 7:00 pm Madison Club

Hosted By: Pre-Conference Cocktail Reception Tuesday, May 23 rd 5:30 7:00 pm Madison Club 7 th Annual MADISON INVESTMENT CONFERENCE MAY 24, 2017 Hosted By: Pre-Conference Cocktail Reception Tuesday, May 23 rd 5:30 7:00 pm Madison Club Conference Wednesday, May 24 th 7:30 am 6:30 pm The Monona

More information

Published by News Bites on May 3, Available on Westlaw.

Published by News Bites on May 3, Available on Westlaw. Published by News Bites on May 3, 2016. Available on Westlaw. https://1.next.westlaw.com/document/i2c41d52010d111e6b727c920d689b171/view/fulltext.ht ml?grading=na&originationcontext=search+result&transitiontype=alertsclip&contextdata=

More information

Cynthia Axelrod - Assistant Professor of Practice, Finance Department, Fox School of Business Temple University

Cynthia Axelrod - Assistant Professor of Practice, Finance Department, Fox School of Business Temple University Cynthia Axelrod - Assistant Professor of Practice, Finance Department, Fox School of Business Temple University Cindy Axelrod recently joined the Fox School of Business as an Assistant Professor in the

More information

The Princi Group at Morgan Stanley

The Princi Group at Morgan Stanley The Princi Group at Morgan Stanley 53 State Street 39th Floor, Boston, MA 02109 617-589-3229 / MAIN 617-830-9782 / FAX www.morganstanleyfa.com/ theprincigroup peter.b.princi@morganstanley.com Our practice

More information

Ronald Blue & Co., Thrivent Trust Co. join and expand as nationwide trust company

Ronald Blue & Co., Thrivent Trust Co. join and expand as nationwide trust company FOR IMMEDIATE RELEASE FOR MORE INFORMATION CONTACT: August 2, 2017 Ty Mays @ (770) 256-8710 tmays@paragoncommunications.net Ronald Blue & Co., Thrivent Trust Co. join and expand as nationwide trust company

More information

First Southern Securities, LLC Credentials

First Southern Securities, LLC Credentials First Southern Securities, LLC Credentials Table of Contents SECTION A SECTION B SECTION C SECTION D Overview of First Southern Securities, LLC......3 Services Offered...6 Trading Volume by Credit 1. Municipal...11

More information

OUR BELIEFS W H E R E W E A R E F O C U S E D

OUR BELIEFS W H E R E W E A R E F O C U S E D ABOUT US Formed in 1987, the Gideon Group, Inc. has helped entrepreneurs, project developers and commercial real estate developers raise over $1 billion in startup and expansion capital. We bring a unique

More information

The Rast Group at Morgan Stanley Smith Barney. Principle Driven Wealth Management

The Rast Group at Morgan Stanley Smith Barney. Principle Driven Wealth Management The Rast Group at Morgan Stanley Smith Barney Principle Driven Wealth Management 1501 Main Street Suite 715, Columbia, SC 29201 803-251-3300 / MAIN 800-786-7866 / TOLL-FREE www.therastgroup.com ben.rast@mssb.com

More information

Expert Panel. Moderator. Global Managing Partner, Supply Chain & Operations Officers Practice. Senior Manager, Payment Solutions Operations.

Expert Panel. Moderator. Global Managing Partner, Supply Chain & Operations Officers Practice. Senior Manager, Payment Solutions Operations. Expert Panel Brad Berke Manisha Dhakad Marc Hochman Heidrick & Struggles Global Managing Partner, Supply Chain & Operations Officers Practice Google Senior Manager, Payment Solutions Operations A.T. Kearney

More information

SPEAKERS A S H A B A N G A L O R E

SPEAKERS A S H A B A N G A L O R E SPEAKERS ASHA BANGALORE Vice President Economist Asha has been an economist with Northern Trust since 1994. Prior to joining Northern Trust, she was a consultant to savings and loan institutions and commercial

More information

Stephen Martin Thinks Outside the Box as General Counsel for Corpedia, Inc.

Stephen Martin Thinks Outside the Box as General Counsel for Corpedia, Inc. Stephen Martin Thinks Outside the Box as General Counsel for Corpedia, Inc. GCC Profile Stephen Martin Thinks Outside the Box as General Counsel for Corpedia, Inc. By Kenneth Davis Stephen Martin believes

More information

Form ADV Part 2B Investment Adviser Brochure Supplement Dividend Assets Capital, LLC Portfolio Management Team

Form ADV Part 2B Investment Adviser Brochure Supplement Dividend Assets Capital, LLC Portfolio Management Team Form ADV Part 2B Investment Adviser Brochure Supplement Dividend Assets Capital, LLC Portfolio Management Team Team Members: C. Troy Shaver, Jr. John C. Cheshire III Peter G. Gerry III James Haley, CFP

More information

Part 2B of Form ADV: Brochure Supplement. Mariko O. Gordon, CFA Founder, Chief Executive Officer and Chief Investment Officer

Part 2B of Form ADV: Brochure Supplement. Mariko O. Gordon, CFA Founder, Chief Executive Officer and Chief Investment Officer Item 1 - Cover Page Part 2B of Form ADV: Brochure Supplement Mariko O. Gordon, CFA Founder, Chief Executive Officer and Chief Investment Officer Daruma Asset Management, Inc. 80 West 40 th Street 9 th

More information

Peter B. Loring, CFA. Gilbert M. Roddy, Jr., CFA

Peter B. Loring, CFA. Gilbert M. Roddy, Jr., CFA Peter B. Loring, CFA Prior to joining the office in 1973, Peter Loring had six years of experience managing investment portfolios for a securities brokerage firm. He is a graduate of the Darden School

More information

THE GOLDMAN SACHS GROUP, INC.

THE GOLDMAN SACHS GROUP, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event

More information

DISCLOSURE BROCHURE & ADV PART 2: PART 2B: BROCHURE SUPPLEMENT

DISCLOSURE BROCHURE & ADV PART 2: PART 2B: BROCHURE SUPPLEMENT DISCLOSURE BROCHURE & ADV PART 2: PART 2B: BROCHURE SUPPLEMENT MARCH 28, 2019 SCHULTZ COLLINS, INC. INVESTMENT COUNSEL 455 Market Street, Suite 1250 San Francisco, California 94105 TELEPHONE: 415.291.3000

More information

Form ADV Part 2B Investment Adviser Brochure Supplement Dividend Assets Capital, LLC Portfolio Management Team

Form ADV Part 2B Investment Adviser Brochure Supplement Dividend Assets Capital, LLC Portfolio Management Team Form ADV Part 2B Investment Adviser Brochure Supplement Dividend Assets Capital, LLC Portfolio Management Team Team Members: C. Troy Shaver, Jr. Peter G. Gerry III James Haley, CFP Alan E. Johnson, CFP

More information

THE REGIONAL ECONOMIC BRIEFING FEDERAL RESERVE BANK OF NEW YORK SPEAKERS BIOGRAPHIES AT THE 33 LIBERTY STREET NEW YORK, NY

THE REGIONAL ECONOMIC BRIEFING FEDERAL RESERVE BANK OF NEW YORK SPEAKERS BIOGRAPHIES AT THE 33 LIBERTY STREET NEW YORK, NY THE REGIONAL ECONOMIC BRIEFING AT THE FEDERAL RESERVE BANK OF NEW YORK SPEAKERS BIOGRAPHIES FEDERAL RESERVE BANK OF NEW YORK 33 LIBERTY STREET NEW YORK, NY 10045 WWW.NEWYORKFED.ORG THURSDAY, JULY 22, 2010

More information

The Fordham Group at Morgan Stanley Smith Barney

The Fordham Group at Morgan Stanley Smith Barney The Fordham Group at Morgan Stanley Smith Barney The Fordham Group at Morgan Stanley Smith Barney 100 Europa Drive Suite 201, Chapel Hill, North Carolina 27517 919-960-5470 / Main 866-838-1467 / Toll-Free

More information

The Complexities of Mixed Use

The Complexities of Mixed Use The Complexities of Mixed Use 2:30 pm 5:00 pm Thursday, October 15, 2015 Piper Auditorium, Gund Hall MDes Real Estate & the Built Environment Harvard University Graduate School of Design 48 Quincy Street,

More information

The Triantafel Rumps Group at Morgan Stanley

The Triantafel Rumps Group at Morgan Stanley 2 TEAM 4 PROCESS 8 CONTACT The Triantafel Rumps Group at Morgan Stanley THE TRIANTAFEL FAVATA RUMPS GROUP A Morgan Stanley Oak Brook 2211 York Road Suite 100 Oakbrook, IL 60523 William C. Triantafel, CIMA

More information

NIRI Virtual Chapter. PROGRAM II September 19, Impact of Private Equity Investors in the Public Markets

NIRI Virtual Chapter. PROGRAM II September 19, Impact of Private Equity Investors in the Public Markets NIRI Virtual Chapter PROGRAM II September 19, 2007 Impact of Private Equity Investors in the Public Markets Moderator Steve Calk Steve Calk is a Vice President of Ashton Partners Boston office and is focused

More information

The Kopser Goodman Group at Morgan Stanley. managing wealth, creating opportunities

The Kopser Goodman Group at Morgan Stanley. managing wealth, creating opportunities The Kopser Goodman Group at Morgan Stanley managing wealth, creating opportunities 4030 SMITH RD STE 200 CINCINNATI, OH 45209 513-562-8391 / MAIN 800-543-1825 / TOLL-FREE 513-579-0050 / FAX http://www.morganstanleyfa.com/

More information

Wealth Education Development Plan Family Governance & Wealth Education. Morgan Stanley Wealth Management

Wealth Education Development Plan Family Governance & Wealth Education. Morgan Stanley Wealth Management Wealth Education Development Plan Family Governance & Wealth Education Morgan Stanley Wealth Management Family Wealth Education The Family Governance & Wealth Education group helps ultra high net worth

More information

WE PROMOTE GROWTH. WE ARE A FINANCIAL SERVICES VALUE ADVOCATE.

WE PROMOTE GROWTH. WE ARE A FINANCIAL SERVICES VALUE ADVOCATE. WE PROMOTE GROWTH. WE ARE A FINANCIAL SERVICES VALUE ADVOCATE. ABOUT US BayBoston is a minority-owned private equity firm that provides sophisticated strategic advice and capital to community banks and

More information

David R. Bell. Edward C. Bernard. Barbara Bittick. Jerome A. Clark, CFA

David R. Bell. Edward C. Bernard. Barbara Bittick. Jerome A. Clark, CFA David R. Bell Dave Bell is a vice president of T. Rowe Price Group, Inc., and a vice president and senior retirement sales executive for T. Rowe Price Retirement Plan Services, Inc. Dave is responsible

More information

SAA s Structured Peer Group Analysis. STRATEGIC ASSET ALLIANCE, INC. Document not to be reproduced without the explicit consent of SAA.

SAA s Structured Peer Group Analysis. STRATEGIC ASSET ALLIANCE, INC. Document not to be reproduced without the explicit consent of SAA. SAA s Structured Peer Group Analysis Bonds Rated BBB*/Surplus This chart indicates your company s fixed income exposure to BBB rated bonds relative to your peers. Companies tend to increase BBB allocations

More information

Chris Bridges. Financial Advisor

Chris Bridges. Financial Advisor Chris Bridges Financial Advisor 832 Lake Sumter Landing The Villages, FL 32162 352-751-7847 / MAIN 800-447-6036 / TOLL-FREE 352-753-8234 / FAX christopher.bridges@mssb.com http://fa.morganstanleyindividual.com/christopher.bridges/

More information

FORM ADV PART 2B BROCHURE SUPPLEMENT. South Texas Money Management, Ltd.

FORM ADV PART 2B BROCHURE SUPPLEMENT. South Texas Money Management, Ltd. FORM ADV PART 2B BROCHURE SUPPLEMENT South Texas Money Management, Ltd. 700 N. St. Mary s Street, Suite 100 San Antonio, Texas 78205 (210) 824-8916 (210) 824-8718 (Fax) www.stmmltd.com March 29, 2019 This

More information

The Walton and Hitt Group at Morgan Stanley. La Jolla, CA

The Walton and Hitt Group at Morgan Stanley. La Jolla, CA The Walton and Hitt Group at Morgan Stanley La Jolla, CA 1111 Prospect Street La Jolla, CA 92037 858-729-5048 / MAIN 800-473-2331 / TOLL-FREE 858-551-5117 / FAX www.morganstanleyfa.com/thewaltonandhittgroup

More information

The Wood Group at Morgan Stanley. Understanding Your Vision, Earning Your Trust

The Wood Group at Morgan Stanley. Understanding Your Vision, Earning Your Trust The Wood Group at Morgan Stanley Understanding Your Vision, Earning Your Trust WHY THE WOOD GROUP The Culture of Family is in Our DNA Our Team was formed to provide our Clients and their Families with

More information

Smith A. Brownlie III, CPA

Smith A. Brownlie III, CPA Brownlie & Braden, LLC, provides services specifically addressing the needs of individuals and families that have accumulated significant wealth. Our approach to providing these services is sensitive to

More information

Our Mission. About Morgan Stanley Wealth Management

Our Mission. About Morgan Stanley Wealth Management Our Mission Our Approach About Morgan Stanley Wealth Management As an affluent investor, you seek greater simplicity, customized strategies and a high level of service. As your committed financial advisors,

More information

Martin J. Bienenstock

Martin J. Bienenstock Contact Martin J. Bienenstock Partner New York +1.212.969.4530 mbienenstock@proskauer.com Martin Bienenstock is chair of the Firm's Business Solutions, Governance, Restructuring & Bankruptcy Group. Martin

More information

The Century Group at Morgan Stanley Smith Barney

The Century Group at Morgan Stanley Smith Barney The Century Group at Morgan Stanley Smith Barney 2121 Avenue of the Stars Los Angeles, CA 90067 310-551-9400 / MAIN 800-451-6533 / TOLL-FREE fa.morganstanleyindividual.com/thecenturygroup The Century Group

More information

Make Your Brand Attractive To Private Equity Funds Investing In Emerging Restaurant Companies

Make Your Brand Attractive To Private Equity Funds Investing In Emerging Restaurant Companies Make Your Brand Attractive To Private Equity Funds Investing In Emerging Restaurant Companies David Farkas, Franchise Times Larry Hester, Geraty Investments Blythe Jack, TSG Consumer Partners Scott Pressly,

More information

PART 2B FORM ADV. Updated November 4, 2015 LASALLE INVESTMENT MANAGEMENT, INC. 333 WEST WACKER DRIVE, SUITE 2300 CHICAGO, ILLINOIS 60606

PART 2B FORM ADV. Updated November 4, 2015 LASALLE INVESTMENT MANAGEMENT, INC. 333 WEST WACKER DRIVE, SUITE 2300 CHICAGO, ILLINOIS 60606 PART 2B FORM ADV Updated November 4, 2015 LASALLE INVESTMENT MANAGEMENT, INC. 333 WEST WACKER DRIVE, SUITE 2300 CHICAGO, ILLINOIS 60606 +1 (312) 897-4000 www.lasalle.com This brochure provides information

More information

The Yates Group at Morgan Stanley

The Yates Group at Morgan Stanley The Yates Group at Morgan Stanley 100 N. Main St. Ste. 2500 Winston Salem, NC 27101 800-334-4401 / MAIN 800-334-4401 / TOLL-FREE 336-721-4940 / FAX www.morganstanleyfa.com/theyatesgroup The Yates Group

More information

The Kaser Mechling Group at Morgan Stanley Smith Barney

The Kaser Mechling Group at Morgan Stanley Smith Barney The Kaser Mechling Group at Morgan Stanley Smith Barney 7311 Crossleigh Court Suite 106, Toledo, OH 43617 419-842-6557 / MAIN 877-834-3669 / TOLL-FREE 419-754-2507 / FAX www.morganstanley.com/fa/theka

More information

The Secret Billionaires Club: Why Study Warren Buffett

The Secret Billionaires Club: Why Study Warren Buffett The Secret Billionaires Club: Why Study Warren Buffett by Robert P. Miles I admire your effort, Warren Buffett told the Executive MBA candidates and lifelong learners during their final presentations over

More information

Introduction to Financial Architects

Introduction to Financial Architects Introduction to Financial Architects We are a registered investment advisory firm providing financial planning and wealth management services to private clients in metro-atlanta, across the United States,

More information

The Hanover Group at Morgan Stanley Smith Barney

The Hanover Group at Morgan Stanley Smith Barney The Hanover Group at Morgan Stanley Smith Barney 203 Heater Road Lebanon, New Hampshire 03766 603-442-7900 / Main 800-829-5232 / Toll-Free 603-442-7988 / fax www.fa.smithbarney.com/ hanovergroup thehanovergroup@mssb.com

More information

Do Mid-Cap Private Equity Funds Have an Advantage in Today s Markets?

Do Mid-Cap Private Equity Funds Have an Advantage in Today s Markets? Do Mid-Cap Private Equity Funds Have an Advantage in Today s Markets? Richard Cashin, Managing Partner, One Equity Partners Ellis Jones, CEO, Wasserstein & Co. John Mapes, Managing Partner, Aurora Capital

More information

Form ADV Part 2B Investment Adviser Brochure Supplement Dividend Assets Capital, LLC Portfolio Management Team

Form ADV Part 2B Investment Adviser Brochure Supplement Dividend Assets Capital, LLC Portfolio Management Team Form ADV Part 2B Investment Adviser Brochure Supplement Dividend Assets Capital, LLC Portfolio Management Team Team Members: C. Troy Shaver, Jr. John C. Cheshire, III Peter G. Gerry, III James Haley, CFP

More information

The Fortress Group at Morgan Stanley

The Fortress Group at Morgan Stanley The Fortress Group at Morgan Stanley 1 PENN PLAZA, 43RD FL NEW YORK, NY 10119 212-643-5781 / MAIN 800-223-4565 / TOLL-FREE 212-714-2546 / FAX http://www.morganstanleyfa.com/thefortressgroup lane.h.katz@ms.com

More information

Overview of Venture Equity

Overview of Venture Equity Overview of Venture Equity SVB Analytics Report 2017 Written by SVB Analytics: Steve Liu Managing Director sliu@svb.com Sean Lawson Senior Manager slawson2@svb.com Steven Pipp Senior Associate spipp@svb.com

More information

SPEAKER PROFILE ~~ larry griggs

SPEAKER PROFILE ~~ larry griggs SPEAKER PROFILE ~~ larry griggs LARRY GRIGGS serves as DISTRICT MANAGER of the NORTHERN Michigan ASSESSMENT AND CERTIFICATION Division of the Department OF TREASURY, Mr. Griggs has accumulated over 28

More information

For personal use only

For personal use only Suite 2, 12 Parliament Place West Perth WA 6005 Ph: +618 9482 0510 Fax: +618 9482 0505 Email: info@emeraldoilandgas.com www.emeraldoilandgas.com 6 October, 2011 Centralised Company Announcements Platform

More information

The Berkheimer Group at Morgan Stanley

The Berkheimer Group at Morgan Stanley The Berkheimer Group at Morgan Stanley 30 West Patrick Street 7th Floor, Frederick, MD 21701 301-663-8833 / MAIN 800-634-0072 / TOLL-FREE 301-663-4798 / FAX theberkheimergroup@morganstanley.com Managing

More information

Cover Page. Confluence Investment Management LLC Investment Team

Cover Page. Confluence Investment Management LLC Investment Team Cover Page This brochure supplement provides information about Confluence s Investment Team personnel that supplements the Confluence brochure. You should have received a copy of that brochure. Please

More information

Philip N. Feder. Los Angeles. Practice Areas. Admissions. Languages. Education. Partner, Real Estate Department

Philip N. Feder. Los Angeles. Practice Areas. Admissions. Languages. Education. Partner, Real Estate Department Philip N. Feder Partner, Real Estate Department philipfeder@paulhastings.com Philip N. Feder is a partner and former chair of the Global Real Estate practice of Paul Hastings and is based in the firm s

More information

The Klausner & Duffy Investment Group at Morgan Stanley Smith Barney

The Klausner & Duffy Investment Group at Morgan Stanley Smith Barney The Klausner & Duffy Investment Group at Morgan Stanley Smith Barney 800 East 96th Street Suite 400, Indianapolis, Indiana 46240 317-818-7300 / Main 888-930-0159 / Toll-Free 317-818-7440 / fax jonathan.klausner@mssb.com

More information

The Promise and Prospect of a new Fiduciary Environment

The Promise and Prospect of a new Fiduciary Environment YOUR GUIDE TO GLOBAL FIDUCIARY INSIGHTS The Promise and Prospect of a new Fiduciary Environment Blaine Aikin & Kristina Fausti Topics Proposals for a fiduciary standard Proposals for regulatory oversight

More information

The Snowball. Warren Buffett and the Business of Life. The Big Idea

The Snowball. Warren Buffett and the Business of Life. The Big Idea The Snowball Warren Buffett and the Business of Life About the Author/s Alice Schroeder was a Wall Street Analyst and a managing director at Morgan Stanley when she decided at Warren Buffett s suggestion

More information

The Nolan Group at Morgan Stanley Smith Barney

The Nolan Group at Morgan Stanley Smith Barney The Nolan Group at Morgan Stanley Smith Barney 125 High St., Floor 24 Boston, MA 02110 617-478-6403 / MAIN 617-249-0308 / FAX http://fa.morganstanleyindividual.c om/thenolangroup/ leonard.nolan@mssb.com

More information

The Sullivan Group at Morgan Stanley Smith Barney. Where Your Needs Come First

The Sullivan Group at Morgan Stanley Smith Barney. Where Your Needs Come First The Sullivan Group at Morgan Stanley Smith Barney Where Your Needs Come First By serving your comprehensive financial needs, we value the unique opportunity and privilege of helping you plan for and achieve

More information

2018 Proxy Statement

2018 Proxy Statement 2018 Proxy Statement FEBRUARY 2018 To Our Members: The Annual Meeting of Members of Massachusetts Mutual Life Insurance Company will be held on Wednesday, April 11, 2018, at our home office in Springfield,

More information

WILSON SONSINI GOODRICH & ROSATI

WILSON SONSINI GOODRICH & ROSATI WILSON SONSINI GOODRICH & ROSATI IS PLEASED TO ANNOUNCE THAT THE FOLLOWING ATTORNEYS HAVE BECOME PARTNERS AT THE FIRM. Troy Foster Corporate & Securities, Palo Alto Jessica L. Margolis Litigation, New

More information

Michigan County Treasurers

Michigan County Treasurers SPEAKER PROFILE ~~ BEN STONE As Relationship Manager, Ben Stone is responsible for delivering investment, checking and treasury management services to the bank's existing public sector clients and attracting

More information

CASA MAESTRI The Lovely Rita Distillers

CASA MAESTRI The Lovely Rita Distillers CASA MAESTRI The Lovely Rita Distillers The awardwinning Casa Maestri distillery is located in the heart of Jalisco Mexico, in the magical city of tequila. This factory was born by a dream desired by a

More information

Smith A. Brownlie III, CPA

Smith A. Brownlie III, CPA Brownlie & Braden, LLC, provides services specifically addressing the needs of individuals and families that have accumulated significant wealth. Our approach to providing these services is sensitive to

More information

MICHAEL RYNGAERT Graham-Buffett Professor of Finance at University of Florida

MICHAEL RYNGAERT Graham-Buffett Professor of Finance at University of Florida MICHAEL RYNGAERT Graham-Buffett Professor of Finance at University of Florida EDUCATION: University of Chicago Graduate School of Business, MBA 1985, Ph.D. in Finance and Economics 1988. University of

More information

The Apollo Group at Morgan Stanley

The Apollo Group at Morgan Stanley The Apollo Group at Morgan Stanley A wealth advisory practice that provides clients with the financial planning and investment management services they require and deserve. Private Wealth Management: The

More information

Jim Labe. The Global Leader in Venture Finance

Jim Labe. The Global Leader in Venture Finance Jim Labe CHIEF EXECUTIVE OFFICER & CO-FOUNDER Jim Labe is the Chief Executive Officer and co-founder of TriplePoint Capital. Mr. Labe is widely recognized as the pioneer of the venture leasing and lending

More information

Procurement Summit Connecting Minority Business Enterprises to Opportunities

Procurement Summit Connecting Minority Business Enterprises to Opportunities Philadelphia Economic Recovery Procurement Summit Connecting Minority Business Enterprises to Opportunities Presented by: The Enterprise Center Pennsylvania Minority Business Enterprise Center In partnership

More information

DIRECTORS EDUCATION PROGRAM

DIRECTORS EDUCATION PROGRAM DEP 71 MODULE III DIRECTORS EDUCATION PROGRAM FACULTY BIOGRAPHIES National Academic Director Richard C. Powers M.B.A. (Queen's University), L.LB. (Queen's University), ICD.D Profit Governance Essentials

More information

It wasn t until years later when my son was diagnosed that I learned I also have Dyslexia and ADHD.

It wasn t until years later when my son was diagnosed that I learned I also have Dyslexia and ADHD. 1 CONGRATULATIONS Congratulations and thank you to Chico State for giving me the opportunity to share a bit of what I have learned since leaving here 30 years ago. Before I do that though, let me give

More information

The dos Santos Group at Morgan Stanley

The dos Santos Group at Morgan Stanley The dos Santos Group at Morgan Stanley 399 Park Avenue 12th Floor, New York, NY 10022 212-893-6310 / MAIN 800-646-6301 / TOLL-FREE 646-862-9748 / FAX www.morganstanleyfa.com/dossantosgroupsb dossantosgroup@morganstanley.com

More information

Brookfield Investment Partners, LLC 330 South Executive Drive #307 Brookfield, WI July 29, 2011

Brookfield Investment Partners, LLC 330 South Executive Drive #307 Brookfield, WI July 29, 2011 Item 1- Cover Page Michael J. Steppe William H. Bergner Lora J. Olenchek Brookfield Investment Partners, LLC 330 South Executive Drive #307 Brookfield, WI 53005 262-785-6751 July 29, 2011 This Brochure

More information

The Century Group at Morgan Stanley

The Century Group at Morgan Stanley The Century Group at Morgan Stanley 9665 Wilshire Blvd Suite 600 Beverly Hills, CA 90212 310-551-9466 / MAIN 800-458-9838 / TOLL-FREE 310-551-9401 / FAX The Century Group at Morgan Stanley What do you

More information

The Evergreen Harbor Group at Morgan Stanley Smith Barney. Client-Focused Wealth Management

The Evergreen Harbor Group at Morgan Stanley Smith Barney. Client-Focused Wealth Management The Evergreen Harbor Group at Morgan Stanley Smith Barney Client-Focused Wealth Management Every investor has the right to know when either risk or opportunity is prevalent in the market. You owe it to

More information

Investing. Carlson Growth Fund Now Has Five Year Track Record. A Message from the Carlson Funds Enterprise Program Director

Investing. Carlson Growth Fund Now Has Five Year Track Record. A Message from the Carlson Funds Enterprise Program Director Summer 2004 Investing A newsletter of the Carlson Funds Enterprise Carlson Growth Fund Now Has Five Year Track Record The Carlson Growth Fund began operations in May of 1998 and was funded by four of the

More information

The Udine Group at Morgan Stanley Smith Barney. Helping Clients Accumulate, Manage, and Transfer Wealth

The Udine Group at Morgan Stanley Smith Barney. Helping Clients Accumulate, Manage, and Transfer Wealth The Udine Group at Morgan Stanley Smith Barney Helping Clients Accumulate, Manage, and Transfer Wealth 330 Fellowship Road Suite 400, Mount Laurel, NJ 08054 856-222-4547 / MAIN 800-932-0037 / TOLL-FREE

More information

BROCHURE SUPPLEMENTS (ADV PART 2B)

BROCHURE SUPPLEMENTS (ADV PART 2B) BROCHURE SUPPLEMENTS 2018470 1 BROCHURE SUPPLEMENT BRADFORD A. EVANS This brochure supplement provides information about Bradford A. Evans that supplements the Heartland Advisors, Inc. Brochure (ADV Part

More information

SOLAR. Representing clients across the renewable energy industry. Troutman Sanders LLP. troutman.com

SOLAR. Representing clients across the renewable energy industry. Troutman Sanders LLP. troutman.com SOLAR Representing clients across the renewable energy industry What clients value Troutman Sanders served as counsel to over 5600 MWs of solar projects in 2016-2017. U.S. News Best Lawyers Our innovative

More information

Michael Klump Chairman and Co-founder

Michael Klump Chairman and Co-founder TEAM EXPERIENCE At RCG Ventures, our highly skilled senior management team has over 165 years of combined retail real estate experience. As a fully-integrated real estate company, our team is comprised

More information

WHO WE SERVE. Regulators Business and Law Schools. Executives and Staff Job Seekers & Students

WHO WE SERVE. Regulators Business and Law Schools. Executives and Staff Job Seekers & Students RCA MISSION Protect investors and financial markets as the exclusive authority for compliance education, training, accreditation, certification, skills assessment, and employee development. 1 WHO WE SERVE

More information

The Patterson Group at Morgan Stanley Smith Barney

The Patterson Group at Morgan Stanley Smith Barney The Patterson Group at Morgan Stanley Smith Barney 1241 JOHN Q HAMMONS DRIVE MADISON, WI 53717 608-829-4338 / MAIN As the financial world becomes more complex and investment choices multiply, careful planning

More information

THE INSTITUTIONALIZATION OF THE PRE-IPO EQUITY MARKET

THE INSTITUTIONALIZATION OF THE PRE-IPO EQUITY MARKET THE INSTITUTIONALIZATION OF THE PRE-IPO EQUITY MARKET 1 A LONGER ROAD TO THE PUBLIC MARKET... For decades, there has been a well-worn path for innovative and fast-growing companies funded by venture capitalists

More information

Personnel Change in the Directors and Executive Officers

Personnel Change in the Directors and Executive Officers NEWS RELEASE Aozora Bank, Ltd. May 27, 2011 Personnel Change in the Directors and Executive Officers [Directors] I. Nomination [June 29, 2011] [New Assignment] Director [] Louis J. Forster The director

More information

COLLABORATIVE CREATIVE LONG-TERM EXPERIENCED VALUE ADDED HIGH INTEGRITY

COLLABORATIVE CREATIVE LONG-TERM EXPERIENCED VALUE ADDED HIGH INTEGRITY For over thirty years, Northwood Ventures has been a leading venture capital and buyout investor. Partnering with experienced, successful management teams, we invest at all stages of company growth. Our

More information