And:
When Newt issued his "Contract With America," Time Magazine pasted his picture on their cover with the caption:
"Grinch Whole Stole Christmas"
I support this:
The Confusing Mr. Biden
The President’s town hall performance is cause for concern.
By The Editorial Board
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The Biden Admin Said It Left 100 Americans in Afghanistan. They Now Admit It’s Far More.
By Adam Kredo
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Another article depicting why the mass media is unreliable and, largely because of Obama's edict, omit facts that are critical:
A JetBlue Jihadist? The Great Press Cover-up
And:
More evidence of bias:
CNN Forced to Fact Check Joe Biden's CNN Town Hall
By Spencer Brow
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As a reminder, my memos focus on humor, The Middle East, Politics, The markets and I do so by posting articles of others and through my own commentary. From time to time I post articles, cartoons and commentary that are contrary to my views for modest balance.
DEPARTURE:
Today, the rest of this memo will be somewhat biographical, focus on my stock brokerage career and devotion to my love of stock selection:
I began my stock career February 1, 1960, a few days upon graduation from Law School. My first job was as a retail stock broker with Courts & Co. Courts, at that time, was the largest stocker brokerage firm headquartered in the Southeast. Our home office was in Atlanta.
I built a nice clientele base but after 6 years came to realize the retail side meant constant demands to attract new clients and pressure to churn so, in addition to a successful side career involving mergers and acting as a finder for companies going public, I retained most of my retail client base but switched to the institutional side, In other words my client focus became state pension funds, investment counselors and bank trust departments. This was a steadier endeavor. I focused on bringing the story of southeastern based companies to America and in the late seventies put on the first Institutional Seminar ever held in the region.
My initial institutional clients were Invesco, Montag and Caldwell, Birmingham Capital, State of Ga., Trust Company of Georgia, First National Bank of Birmingham, a few New York Hedge Funds and Stanford University.
My initial goal was to become a Courts' Partner in ten years and I accomplished this desire in 7.
To make a long story short. I left Courts some two years later, after it merged with Reynolds and Company, opened the Atlanta office of Burnham and Company, with another former Courts Partner, built an institutional Department that covered the entire Southeast from Virginia to Florida and west to Mississippi.
"Drexel Burnham closed their doors 10 years after I joined the firm and I took the department I created, to Oppenheimer where I remained for almost 20 years. My entire career was always based in Atlanta.
I am a value investor, so to speak, have always been creative in discovering undervalued stocks but am generally way too early and being an impatient and compulsive soul, by nature, often exit too early. In the initial phase of my institutional career I introduced Genuine Parts, Orkin, Oxford Industries, Delta, National Service Industries, Cousins Properties and Home Depot, among other Southeastern based companies, to clients in the east including The U.S.Trust Company.
I personally never had a lot of capital so found myself coming up with more ideas, an expanding family, than I had money so I sold in order to purchase. I explored the idea of starting a mutual fund called The Georgia Fund devoted solely to companies headquartered in Georgia which would have been extraordinarily successful but lacked the money to engage in such a costly endeavor and, at that time, radical idea.
Eventually, I wandered outside my geographical limits and came up with other ideas like Heath Tecna, in Seattle (Renton) Washington, Protein Design Labs, California, and many other creative ideas. I also had some flops like Stange.
In the last five or so years Lynn has given me great ideas in growth stocks selling at, what I deemed excessive multiples. I should have listened to her but I plowed on with value and was totally out of step. In 2019 to now, value stocks have returned from crushed levels and I am enjoying a degree of outperformance which I know will not last but believe will extend into 2022.
My current list of blended dividend and reasonable value ideas are telecom - T, VZ, health care - MRK, BMY, PFE and a host of very speculative Biotech names, technology - INTC (a very long term speculative potential comeback bet,) QCOM, CSCO, IBM and PROSY (longshot), in the financial area - AINV, AFL,CB, MFC, energy - KMI, SU, XOM, SLB, Utilities - EMRAF FE, VST, retail- WBA, QREA (highly speculative.)
I still own but have taken profits in ABBV, BAC, WFC, AIG, KKR, BX, OFG, SO, NRP, KMI, KHC and NWL among others.
None of these stocks are meant to be recommendations. They are simply ones I personally own or have in portfolios I manage for others. I am now quite interested in "fusion power" as a future replacement for fuel sources that are not in favor and reported on a presentation made several days ago at our home but have no public companies in mind.
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