67 WALL STREET, New York - September 16, 2013 - The Wall Street Transcript has just published its Multicap Value Report. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Bottom-Up Stock Selection - Large-Cap, Deep-Value - Large Cap Investing
Companies include: Gap Inc. (GPS), General Dynamics Corp. (GD), Bank of America Corporation (BAC), Citigroup, Inc. (C), JPMorgan Chase & Co. (JPM), Nordstrom Inc. (JWN), Macy's, Inc. (M) and many others.
In the following excerpt from the Multicap Value Report, an experienced portfolio manager discusses his investing history and methodology:
...First and foremost, we look for changes in top management of companies. Managements to me are all important because good managements, great managements, can turn around poor companies, and poor managements can destroy even the best of companies. We have seen it time and time again. As value managers, if there is a company on our radar we like, if they announce a change in top management, we have to really understand that the board of directors of a company and top management are very close. They have board meetings, they have dinners, the wives know each other, they play golf, and whenever you criticize a chief executive of a company to one of the board members, they always tell you they have full respect for that person, they have full confidence in him. And then, two weeks later, they fire him. Now, when they do that, they do it for a reason, because the stock price has not responded, return on assets, profitability, return on equity, whatever the case is, something has happened...
For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.