67 WALL STREET, New York - April 1, 2013 - The Wall Street Transcript has just published its Investment Banks and Asset Management Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs and Equity Analysts. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Consistent BDC Dividend Yield - Private Middle Market Funding - Decreased Bank Loan Competition - Exchanges Trading Volumes and Cash Flow - Increase In Investor Risk Tolerance - Asset Growth - Capital Flow Into Equities - Fixed Income Bonds
Companies include: GAMCO Investors, Inc. (GBL) and many more.
In the following excerpt from the Investment Banks and Asset Management Report, the CIO of GAMCO Investors, Inc. (GBL) discusses company strategy and the outlook for this vital sector.
TWST: Can you begin by introducing yourself? Tell us a bit about your professional background, and give us an overview of your role at GAMCO.
Mr. Ward: My career on Wall Street started in 1978 after graduating from Northwestern University. I went to work for Brown Brothers Harriman & Co. in their executive development training program. I spent four years at Brown Brothers, the last couple of years as an Investment Officer in their institutional investment department.
In mid-1982, I joined Scudder, Stevens & Clark in New York, specializing in institutional equity management and rose to lead their large-cap growth mutual fund and related separate account products. I left Scudder on January 3, 1995, to go to work for Gabelli Asset Management, which of course is now known as GAMCO Investors, Inc.
At GAMCO, I am the Portfolio Manager for the GAMCO Growth Fund and Co-Manager of the GAMCO Global Growth Fund along with my partner, Caesar Bryan. I am also in charge of our large-cap growth separate account business.
TWST: How would you describe your investment philosophy?
Mr. Ward: It's a growth at a reasonable price philosophy. While earnings growth drives share prices over time, valuation is important, as many people have learned time and time again. You can overpay for a stock.
So it's not just growth at any price; it's growth at a reasonable price, so we have a price discipline that we employ when looking for the kinds of stocks that might appeal to us. Stock valuations must make mathematical sense to us. We must be able to defend the price we pay...
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.