DOCSLIB.ORG

Graham & Doddsville

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Graham & Doddsville Graham & Doddsville An investment newsletter from the students of Columbia Business School Inside this issue: Issue XVI Fall 2012 Joel Greenblatt P. 1 Joel Greenblatt Loews Loews P. 1 — “Thought Corporation Corporation Process and — Royce & P. 1 Clarity are Key” “Patience is Associates part of our Omaha Dinner P. 3 DNA” Joe Rosenberg and Jim Tisch Loews Corporation is one of the largest diversified hold- ing companies in the United States. Since its founding in 1959, Loews has been rooted in the principles of value investing as a means of generating wealth for its share- holders. CEO Jim Tisch (one of three members of the company’s Office of the President along with his brother Editors Andrew and cousin Jonathan) and Chief Investment Jay Hedstrom, CFA Joel Greenblatt Strategist Joe Rosenberg shared their thoughts and ex- MBA 2013 periences with G&D. Joel Greenblatt is the (Continued on page 14) Jake Lubel Managing Partner of MBA 2013 Gotham Capital, an in- vestment firm he founded Royce & Associates — Sachee Trivedi in 1985, and a Managing Legendary Small Cap Investors MBA 2013 Principal of Gotham As- set Management. Mr. Richard Hunt Greenblatt is the author MBA 2014 of four investing-related books, including the New Stephen Lieu York Times bestseller The MBA 2014 Little Book that Beats the Market and You Can Be a Stock Market Genius. Mr. Visit us at: Greenblatt is the former www.grahamanddodd.com Chairman of Alliant Tech- systems, a Fortune 500 www0.gsb.columbia.edu/students/ Charlie Dreifus, Chuck Royce, Buzz Zaino, Whitney George organizations/cima/ company and the current Chairman of Success Royce & Associates, investment advisor to The Royce Charter Network, a net- Funds, is one of the industry’s most experienced and work of charter schools in highly respected small-cap investment manag- New York City. He is an ers. Founded in 1972, Royce & Associates has produced Adjunct Professor in Fi- outstanding returns over its 40 year history by main- nance at Columbia Busi- taining its value-oriented discipline regardless of market ness School and a gradu- movements and trends. G&D sat down for a group in- ate of the Wharton MBA terview with portfolio managers Chuck Royce, Charlie program. Dreifus, Whitney George, and Buzz Zaino. (Continued on page 4) (Continued on page 23) Page 2 Welcome to Graham & Doddsville WeWelcome are pleased back toto anotherpresent yearyou an adjunct member of the Co- nate to be granted a group in- withof Graham Issue XV & Doddsville. of Graham &We lumbia Business School faculty, terview with Chuck Royce, Doddsville,are delighted Columbia to bring Business to you describes his shift from special Whitney George, Charlie School’sthe 16th editionstudent of-led Columbia invest- situations investing to a for- Dreifus, and Buzz Zaino mentBusiness newsletter, School’s costudent-sponsored-led mula-based approach. He de- from Royce & Associates. This byinvestment the Heilbrunn newsletter, Center co for- scribes how the most glaring quartet of legendary small cap Pictured: Bruce Greenwald at Grahamsponsored & Doddby the InvestingHeilbrunn and inefficiencies in the market investors speaks candidly about the Columbia Student Invest- theCenter Columbia for Graham Student & DoddInvest- today are caused by a wide- the similarities and differences of ment Management Conference mentInvesting Management and the Columbia Association. spread focus on very short- their respective investment in February 2012. Student Investment Manage- term performance which isn’t styles – from the importance of The Heilbrunn Center sponsors TOOment Association.ADD likely to abate any time soon. meeting with management to the Applied Value Investing pro- Mr. Greenblatt notes that de- the safety of a clean balance gram, a rigorous academic cur- PleaseNow in feel its freeseventh to contact year, Gra- us if spite the market’s run this sheet. They also detail how riculum for particularly commit- youham have& Doddsville comments is stillor ideas going year, he still believes it is cheap they believe small-cap investing ted students that is taught by aboutstrong. the We newsletter. would like Weto offer based upon the measures that has changed over time, and how some of the industry’s best prac- hopea special you thank enjoy you reading to Anna Graham he follows. it has impacted where they find titioners. &Baghdasaryan Doddsville as and much Joe as Jaspan, we ideas. enjoylast year’s putting editors, it together! for showing Jim Tisch and Joe us the ropes and ensuring that Rosenberg from Loews Cor- This issue also contains pictures -the Editors, product Graham presented & Doddsville to you poration detail some of the from the 2012 “From Graham last year, in three spectacular history behind a few of their to Buffett and Beyond” Dinner, issues, was of the highest qual- best investments. Mr. Tisch which takes place each May in ity. We would also like to expands on the importance Omaha, Nebraska. We thank recognize Graham & permanent capital has had on our featured investors for shar- Doddsville’s founders, Joseph his investment style and the ing their time and insights with Esposito, Abigail Corcoran, and inherent dangers in acquiring our readers. Please feel free to David Kessler. What you are companies. Mr. Rosenberg, contact us if you have comments reading today is a product of who recently celebrated his or ideas about the newsletter as their initiative and inspiration. 50th year on Wall Street, re- we continue to refine this publi- counts how he got started in cation for future editions. We Now on to our distinguished the industry. He also shares hope you enjoy reading this Pictured: Heilbrunn Center and diverse lineup of successful with us his introduction to issue of Graham & Doddsville as Director Louisa Serene Schnei- value investors as well as some Larry Tisch many years ago and much as we have enjoyed put- der at the CSIMA conference in of the interesting topics you what brought him to Loews, ting it together. February 2012. will see them address in the his home since 1973. Louisa skillfully leads the Heil- following pages. Joel Green- - G&Dsville Editors brunn Center, cultivating strong blatt, now in his 17th year as We were also extremely fortu- relationships with some of the world’s most experienced value investors and creating numerous learning opportunities for stu- dents interested in value invest- ing. The classes sponsored by the Heilbrunn Center are among the most heavily demanded and highly rated classes at Columbia Business School. Alex Porter and Jon Friedland of Porter Panelist of Judges at the Pershing Square Orlin with the first and second place Value Investing and Philanthropy finishers at the Moon Lee Prize Challenge which was held in April 2012 Competition which was held in January at the Center for Jewish History 2012 at Columbia Business School Page 3 2012 “From Graham to Buffett and Beyond” Dinner, Omaha Panel: Prof. Greenwald, Mario Gabelli, David Winters, Tom Russo Greenwald making a point Russo explaining Nestle Winters answering a question Russo posing with audience Gabelli with Columbia students and Louisa Schneider Gabelli in a light moment Page 4 Joel Greenblatt (Continued from page 1) year as undergraduates. G&D: Professor Green- “… when I was a When we first joined that blatt, what was your intro- program in our senior un- duction to investing and junior, I read an dergraduate year, I had told who were some investors him about some of the read- who directly or indirectly article in Forbes ing I had done regarding influenced you early in your about Ben Graham. Graham’s belief that formu- career? las could be used to deter- The article outlined mine profitable investments. JG: I went to Wharton, We decided to do a mas- and, as they still do today, how he had this ter’s thesis with another they taught the efficient good friend of mine analyz- market theory. This didn’t formula to beat the ing Graham’s approach. At resonate with me all that the time, we didn’t have Joel Greenblatt well. Then, I think when I market, provided an access to a database of was a junior, I read an arti- explanation of his stock market information. cle in Forbes about Ben Standard and Poor’s used to Graham. The article out- thought process, and put out a Stock Guide with lined how he had this for- some balance sheet and mula to beat the market, described “Mr. income statement informa- provided an explanation of tion on about 5,000 compa- his thought process, and Market” a little bit. I nies monthly. The school described “Mr. Market” a library had about 10 years’ little bit. I read that article read that article and worth of these guides. and a light bulb went off – I a light bulb went off – thought: “boy, this finally Not having access to a data- makes some sense to me.” I thought: ‘boy, this base, we actually went to the library. We wanted to I started reading everything finally makes some go back and test Graham’s I could by Benjamin Gra- formulas, so to speak. So ham. I also read a book sense to me.’ ” we went to the library and called Psychology and the manually went through the Stock Market by David Dre- G&D: You spent some S&P stock guides. We man. He was one of the time with Richard Pzena, started with the A’s and B’s, first people to focus on be- who happened to be the which covered about 750 havioral finance and was first interviewee for Graham companies, and analyzed really ahead of his time. I & Doddsville, while at Whar- eight or nine years’ worth started reading about Buf- ton. Do you have any sto- of financial data.
Load more

Recommended publications
  • Copyrighted Material
    bindex.qxd 6/30/04 8:44 AM Page 251 INDEX Acción International, 182 Bloomberg, Michael, 219, 225 Adler, Jack, 55–56, 79, 85, 196, 202 Bloomingdale’s, Chicago (Dick Tracy AIDS patients, community outreach party), 54 programs, 125–126, 134 Boetcker, William J. H., 63 Alcohol prohibition, 45 Boston Opera House, 54 Allegheny Child Care Academy (ACCA), Boston visitor’s bureau (Restaurant Week), 180 157 Allen, Woody, 217 Bradley, Christopher, 180 American Academy of Pediatrics, 60 Brainstorming, 235 Americana Hotel, Bal Harbour, Florida, Branding/co-branding, 142–149, 236–237 9–10, 28, 40 Brennan, Dick and Ella, 87 American Airlines, 149, 150 Brock, Paul, 91 American Apparel, 67–68 Brown, Ron, 184 “American Experiment, The” (Gardner Bulova Corporation, 45 essay), 222–223 Burger King, 17, 170 American Express, 155, 167, 216 Burke, Edmund, 189 American Hotel and Lodging Association Bush, George W., and administration, 60, (AH&LA), 151, 152 112, 166–167, 174, 182 American Society of Association Business: Executives (ASAE), 54, 151–152, 218 defining nature of your, 200 America Works, 18 idealism and, 2 AmeriHost Inn, 94 myth of go-it-alone business hero, 6 Anatole Hotel, Dallas (Loews), 42, 150–151 partnering with, 141–161 Animal rescue service, 133 association partnerships, 142, Annapolis Hotel (Loews), 78 149–154 ARC Gospel Choir, 221 civic partnerships, 142, 154–159 Association partnerships, 142, 149–154 co-branding partnerships, 142–149 Atassi, Maria, 27 profits vs. social responsibility, 20, 122 Atlanta Loews Theatre, 42 purpose of (short-term profit vs. long- Atlantic City, Traymore Hotel, 40 term value), 190, 194 Australia, 165 Business of hotels vs.
    [Show full text]
  • 2007 Annual Report Loews Corpora
    LOEWS CORPORATION 2007 ANNUAL REPORT 667 Madison Avenue, New York, NY 10065-8087 2007 ANNUAL REPORT www.loews.com Loews Corporation, a holding company, is one of the Revenues (in billions of dollars) largest diversified corporations in the United States. 2003 2004 2005 2006 2007 17.7 18.4 16.3 15.1 15.8 CNA Financial Corporation (89 percent owned) is one of the largest commer- cial property-casualty insurance companies in the United States. (NYSE: CNA) www.cna.com Lorillard, Inc. (100 percent owned) is America’s oldest tobacco company. Its principal products are marketed under the brand names Newport, Kent, True, Maverick and Old Gold. Substantially all of its sales are in the United States. www.lorillard.com Net Income (Loss) (in billions of dollars) 2003 2004 2005 2006 2007 Diamond Offshore Drilling, Inc. (51 percent owned) is one of the world’s largest off- 2.5 2.5 shore drilling companies, offering comprehensive drilling services to the energy industry around the world. The company owns and operates 44 offshore drilling rigs. (NYSE: DO) www.diamondoffshore.com 1.2 1.2 HighMount Exploration & Production LLC (100 percent owned) is engaged in the ex- (0.6) ploration and production of natural gas. HighMount’s primary holdings are located in the Permian Basin in Texas, the Antrim Shale in Michigan and the Black Warrior Basin in Alabama. Total Assets (in billions of dollars) 2003 2004 2005 2006 2007 Boardwalk Pipeline Partners, LP (70 percent owned) is engaged in the operation of interstate natural gas pipeline systems. (NYSE: BWP) www.bwpmlp.com 77.7 76.9 76.1 73.7 70.9 Loews Hotels (100 percent owned) is one of the country’s top luxury lodging companies.
    [Show full text]
  • Loews Corporation Announces Plan to Spin-Off Lorillard
    Loews Corporation Announces Plan to Spin-off Lorillard December 17, 2007 Transaction Would Exchange Carolina Group Tracking Stock for Shares of Lorillard NEW YORK--(BUSINESS WIRE)--Dec. 17, 2007--Loews Corporation (NYSE:LTR; CG) today announced that its Board of Directors has approved a plan to spin off its entire ownership interest in Lorillard, Inc. to holders of its Carolina Group stock and Loews common stock in a tax free transaction. As a result of the transaction, Lorillard, presently a wholly owned subsidiary of Loews, would become a separate publicly traded company. "This transaction is consistent with our unrelenting focus on long-term value creation," said James S. Tisch, Chief Executive Officer of Loews. "A spin-off of Lorillard will benefit both companies as well as the holders of Loews common stock and Carolina Group stock." The transaction would be accomplished through the following steps: -- Loews would effect a redemption of all of the outstanding Carolina Group stock in exchange for shares of common stock of Lorillard, in accordance with the terms of the Carolina Group stock contained in the Restated Certificate of Incorporation of Loews. Holders of Carolina Group stock would receive one share of common stock of Lorillard for each share of Carolina Group stock they own. The Lorillard shares distributed in the redemption of the Carolina Group stock would constitute approximately 62% of Lorillard's outstanding common stock, which is the percentage of the economic interest in the Carolina Group that is allocated to the outstanding Carolina Group stock. -- Loews would dispose of the remaining 38% of Lorillard's outstanding common stock in an exchange offer for shares of outstanding Loews common stock if Loews determines that market conditions are acceptable for an exchange.
    [Show full text]
  • UNITED STATES SECURITIES and EXCHANGE COMMISSION Washington, D.C
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D/A Under the Securities Exchange Act of 1934 (Amendment No. 16)* -- CBS Inc. ----------------------------------------------------------------------- (Name of Issuer) Common Stock ----------------------------------------------------------------------- (Title of Class of Securities) 124845 10 8 ----------------------------------------------------------------------- (CUSIP Number) Barry Hirsch, Senior Vice President and Secretary Loews Corporation 667 Madison Avenue, New York, New York 10021 (212) 545-2920 ----------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) July 25, 1994 ----------------------------------------------------------------------- (Date of Event which Required Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(b)(3) or (4), check the following box __ . Check the following box if a fee is being paid with the statement __ . (A fee is not required only if the reporting person: (1) has a previous statement on file reporting beneficial ownership of more than five percent of the class of securities described in Item 1; and (2) has filed no amendment subsequent thereto reporting beneficial ownership of five percent or less of such class.) (See Rule 13d-7) Note: Six copies of this statement, including all exhibits, should be filed with the Commission. See Rule 13d-1(a) for other parties to whom copies are to be sent. *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
    [Show full text]
  • The Survival of the Three Original U.S. Television Networks Into the Twenty-First Century As Diverse Broadcast Programming Sources
    Butler University Digital Commons @ Butler University Graduate Thesis Collection Graduate Scholarship Winter 1-19-1995 The Survival of the Three Original U.S. Television Networks Into the Twenty-First Century as Diverse Broadcast Programming Sources Don Robert Fitzpatrick Butler University Follow this and additional works at: https://digitalcommons.butler.edu/grtheses Part of the Broadcast and Video Studies Commons Recommended Citation Fitzpatrick, Don Robert, "The Survival of the Three Original U.S. Television Networks Into the Twenty-First Century as Diverse Broadcast Programming Sources" (1995). Graduate Thesis Collection. 31. https://digitalcommons.butler.edu/grtheses/31 This Thesis is brought to you for free and open access by the Graduate Scholarship at Digital Commons @ Butler University. It has been accepted for inclusion in Graduate Thesis Collection by an authorized administrator of Digital Commons @ Butler University. For more information, please contact [email protected]. Name of candidate: Don Robert Fitzpatrick Oral exami nation: Date---------------------------------------- !-Iq-<;S Chairman Thesis title: The Survival of the Three Original U.S. Television Networks Into the Twenty-First Century as Diverse Broadcast Programming Sources Thesis approved in final form: Date !.~.!.!l.=_f_~ _ Major Professor The Survival of the Three Original u.s. Television Networks into the Twenty-First Century as Diverse Broadcast program Sources by Don R. Fitzpatrick EXECUTIVE SUMMARY The economic viability of the three original U. S . television networks, ABC, CBS, and NBC, is threatened by emerging competition, excessive regulation, and the proliferation of new broadcasting and telecommunications technologies. This is a significant problem because United States viewers have depended upon free, diverse, broadcast television programming for more than forty years.
    [Show full text]
  • Loews Annual Report 2009
    IBC Hinge Spine Hinge FC Gatefold $1,622 Loews value in 2009 consistent LoewsCorporation 2009Annual r eport 667 Madison Avenue, New York, NY 10065-8087 www.loews.com $19 S&P 500 value in 2009 creation $1 invested in s&P 500 IN 1959 $1 invested in Loews in 1959 vaLue of $1 invested in 1959 in the s&P 500 vs. Loews (excluding dividends) Loews has provided greater ShArehoLder RETUrNS We believe that taking the long-term view rather than focusing on results for any particular quarter or year ultimately provides our shareholders with greater rewards. Loews Corporation 2009 Annual report energy e&p natural gas pipelines CCorporateorporate ddirectoryirectory BBoardoard ooff ddirectorsirectors OOfffi ccersers PPrincipalrincipal subsidiariessubsidiaries offshore drilling AAnnnn EE.. BermanBerman JJamesames S.S. TischTisch CCNANA FFinancialinancial CCorporationorporation insurance Retired Senior Advisor to the President Offi ce of the President, Thomas F. Motamed Harvard University President and Chief Executive Offi cer Chairman and Chief Executive Offi cer 333 South Wabash Avenue luxury lodging JJosephoseph LL.. BBowerower AAndrewndrew HH.. TTischisch Chicago, IL 60604-4107 Professor of Business Administration Offi ce of the President, www.cna.com tobacco Harvard Business School Co-Chairman of the Board, and Chairman of the Executive DDiamondiamond OOffshoreffshore Drilling,Drilling, Inc.Inc CCharlesharles MM.. DDikeriker Committee Lawrence R. Dickerson watches & clocks Managing Partner President and Chief Executive Offi cer Diker Management, LLC JJonathanonathan MM.. TTischisch 15415 Katy Freeway supertankers Offi ce of the President, Houston, TX 77094-1810 JJacobacob A.A. FrenkelFrenkel Co-Chairman of the Board, and www.diamondoffshore.com Chairman of the Group of Thirty, Chairman and Chief Executive Offi cer movie theaters Chairman of JPMorgan Chase Loews Hotels HHighMountighMount EExplorationxploration & International PProductionroduction LLLCLC DDavidavid BB.
    [Show full text]
  • Letter to Shareholders
    1 Letter2019 to Shareholders 667 Madison Ave. New York, NY 10065 www.loews.com 2019 ANNUAL REPORT ANNUAL 2019 19991_Loews_Annual_Report.indd 1 3/13/20 3:15 PM 2 Financial Highlights <($5(1'(''(&(0%(5ưƮ ƯƭƮƶ ƯƭƮƵ ƯƭƮƴ D ƯƭƮƳ D ƯƭƮƲ D ,10,//,216(;&(373(56+$5('$7$ 5HVXOWVRI2SHUDWLRQV Revenues $ 14,931 $ 14,066 $ 13,735 $ 13,105 $ 13,415 Income before income tax $ 1,119 $ 834 $ 1,582 $ 936 $ 244 Net income $ 871 $ 706 $ 1,412 $ 716 $ 287 Amounts attributable to noncontrolling interests 61 (70) (248) (62) (27) Net income attributable to Loews Corporation $ 932 $ 636 $ 1,164 $ 654 $ 260 Diluted net income per share $ 3.07 $ 1.99 $ 3.45 $ 1.93 $ 0.72 )LQDQFLDO3RVLWLRQ Investments $ 51,250 $ 48,186 $ 52,226 $ 50,711 $ 49,400 Total assets 82,243 78,316 79,586 76,594 76,006 Debt Parent company 1,779 1,778 1,776 1,775 1,679 Subsidiaries 9,754 9,598 9,757 9,003 8,881 Shareholders’ equity 19,119 18,518 19,204 18,163 17,561 Cash dividends per share 0.25 0.25 0.25 0.25 0.25 Book value per share 65.71 59.34 57.83 53.96 51.67 Shares outstanding 290.97 312.07 332.09 336.62 339.90 (a) On January 1, 2018, the Company adopted Accounting Standard Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606)” and ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10); Recognition and Measurement of Financial Assets and Financial Liabilities.” Prior period revenues were not adjusted for the adoption of either of these standards.
    [Show full text]
  • Loews Corporation Annual Report This Year’S Results Refl Ect the Economic Recession and Disruptions in the Fi Nancial Markets
    contents fi nancial highlights 9 letter to our shareholders and employees 10 Loews: a fi nancial portrait 13 year in review 18 shareholder information 28 2008 annual report on form10-K 29 open for our company at a glance Loews Corporation Loews 2008 Annual Report stands for… 667 Madison Avenue, New York, NY 10065-8087 2008 www.loews.com Loews Corporation Annual Report this year’s results refl ect the economic recession and disruptions in the fi nancial markets. $14.3 $3.03 $76.9 $32.40 $13.8 $2.96 $73.7 $76.1 $13.2 $70.9 $69.9 $30.14 $30.17 $12.2 $11.7 $23.64 $21.85 $1.05 $0.85 $(0.38) 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 Revenues* Income (Loss) per Share from Total Assets* Book Value per Share of Continuing Operations Loews Common Stock * in billions of dollars contents fi nancial highlights 9 letter to our shareholders and employees 10 Loews: a fi nancial portrait 13 year in review 18 shareholder information 28 2008 annual report on form10-K 29 open for our company at a glance stands for… this year’s results refl ect the economic recession and disruptions in the fi nancial markets. $14.3 $3.03 $76.9 $32.40 $13.8 $2.96 $73.7 $76.1 $13.2 $70.9 $69.9 $30.14 $30.17 $12.2 $11.7 $23.64 $21.85 $1.05 $0.85 $(0.38) 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 Revenues* Income (Loss) per Share from Total Assets* Book Value per Share of Continuing Operations Loews Common Stock * in billions of dollars 0900CoverC4.indd 1 4/1/09 10:56:22 PM our company structure is not complex.
    [Show full text]
  • OBIT/Loews Corporation Mourns the Loss of Laurence A. Tisch
    OBIT/Loews Corporation Mourns the Loss of Laurence A. Tisch November 15, 2003 NEW YORK--(BUSINESS WIRE)--Nov. 15, 2003--Loews Corporation (NYSE:LTR) mourns the loss of Laurence A. Tisch, the Co-Chairman of its Board of Directors and its co-founder. Mr. Tisch succumbed to cancer on November 15, 2003. Laurence Tisch has been heralded, not only as one of the country's leading entrepreneurial business visionaries, but also for his indelible impact on society through his philanthropic leadership. Laurence Tisch, with his brother Preston R. Tisch, built Loews Corporation into one of the largest diversified financial corporations in the United States. Mr. Tisch and his brother acquired a substantial interest in Loew's Theatres, Inc., a predecessor of Loews Corporation in 1959, and became its President and Chief Executive Officer. Loews Corporation has grown over the years to include subsidiaries engaged in a property and casualty insurance (CNA Financial Corporation), the production and sale of cigarettes (Lorillard, Inc.), the operation of offshore drilling rigs (Diamond Offshore Drilling, Inc.), the distribution and sale of watches and clocks (Bulova Corporation), and the operation of an interstate natural gas pipeline (Texas Gas Transmission), and has continued as a leading hotel operator (Loews Hotels), the business which Mr. Tisch and his brother started in 1946. The Loew's Theatres business was sold in 1985. Mr. Tisch served as Chief Executive Officer of Loews Corporation for over 26 years. In 1998 he announced that he would step down from that position effective January 1, 1999, when the Company's Board of Directors designated his son, James S.
    [Show full text]
  • Loews Corporation Under Rule 14E-5 TP NO.08-41
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 DlVlSlON OF TRADING AND MARKETS March 27,2008 Gregory A. Fernicola Skadden, Arps, Slate, Meagher & Flom LLP Four Tinies Square New York, NY 10036 Re: Request for Exemptive Relief for Loews Corporation under Rule 14e-5 TP NO.08-41 Dear Mr. Fernicola: In your letter dated March 27,2008, as supplemented by conversations with the staff of the Division of Trading and Markets ("Division"), you request on behalf of your client, Loews Corporation ("Loews"), an exemption from Rule 14e-5 under the Securities Exchange Act of 1934 ("Exchange Act") in connection with Loews' announced intention to dispose of its ownership interest of its wholly owned subsidiary Lorillard, Inc. ("Lorillard"). Pursuant to the plan, Loews will offer holders of Loews Common Stock the opportunity to exchange such shares of Loews in exchange for shares of Lorillard. We have attached a copy of your letter to avoid reciting the facts that you have presented. Unless otherwise noted, each defined term in this letter has the meaning given in your letter. On the basis of your representations and the facts presented, but without necessarily concurring in your analysis, the U.S. Securities and Exchange Commission ("Commission") hereby grants an exemption from Rule 14e-5 under the Exchange Act to permit Loews to engage in open market purchases of Loews Common Stock outside of the Exchange Offer subject to the following conditions: Purchases of Loews Common Stock are not made fiom and after the date that is at
    [Show full text]
  • 3M Company 7-Eleven, Inc. 99 Cents Only Stores A. O. Smith Corporation A
    Company 3M Company 7-Eleven, Inc. 99 Cents Only Stores A. O. Smith Corporation A. Schulman, Inc A.T. Kearney Inc AAR Corp. Aarons, Inc Abbott Laboratories ABC Fine Wine & Spirits ABC Supply Co. Inc Abercrombie & Fitch Co. ABM Industries, Inc Accenture ACCO Brands Corporation Accredo Health Group, Inc Accuride International Inc Ace Hardware ACH Food Companies, Inc. Activision, Inc. Actuant Corporation Acuity Brands, Inc Acument Global Technologies Acxiom Corporation Adams Resources & Energy, Inc. ADC Telecommunications ADESA, Inc Adidas Administaff, Inc Adobe Systems Incorporated Advance Auto Parts, Inc. Advance Publications, Inc. Advanced Glassfiber Yarns Advanced Lighting Technologies Inc Advanced Micro Devices, Inc(AMD) Advantage Sales and Marketing AECOM Technology Corporation Aegis Communications Group, Inc AEI Services LLC Aera Energy LLC Aeropostale, Inc Aerotek, Inc. Aetna Affiliated Computer Services, Inc Affiliated Managers Group, Inc. Affinia Group Inc AFLAC Incorporated AG Interactive Ag Processing Inc AGCO Corporation Agilent Technologies Inc. AGL Resources Air Products & Chemicals, Inc Airgas, Inc. AirTran Airways Aisin World Corp of America AK Steel Corporation Alaska Air Group, Inc Albemarle Corporation Alberto-Culver Company Albertson's, Inc. Alcoa Inc Alcon Laboratories Inc Aldec, Inc Aleris International Inc. Alex Lee Inc Alexander & Baldwin Inc Alfa Laval Inc Alleghany Corporation Allegheny Energy, Inc. Allegheny Technologies Incorporated Allen Canning Co Allergan, Inc Alliance Data Systems Alliance One International, Inc. Alliance Resource Partners, L.P. Alliant Energy Corporation Alliant Techsystems Inc AlliedBarton Security Services Allina Hospitals & Clinics Allstate Insurance Company Alon USA Alorica Inc Alpha Natural Resources, Inc Alpine Access, Inc Alston & Bird LLP Altec Industries Inc Altera Corp. Altria Group, Inc Amazon.com, Inc.
    [Show full text]
  • 2004 Annual Report Loews Corporation Loews 667 Avenue,Madison York, New York New 10021-8087
    Loews Corporation Loews 2004 Annual Report Loews Corporation 667 Madison Avenue, New York, New York 10021-8087 www.loews.com 2004 Annual Report Loews Corporation has filed an amended Annual Report on Form 10-K/A for 2004 which is attached to and forms a part of this Annual Report. References in this Annual Report to the Company’s Form 10-K refer to the amended Form 10-K/A. 54068-IFC-IBC_1.eps - 3/11/2005 7:57 AM Loews Corporation, a holding company, is one of the largest diversified financial corporations in the United States. Its principal subsidiaries are listed below. www.loews.com CNA Financial Corporation (91 percent owned) is one of the largest property-casualty insurance organizations in the United States. (NYSE: CNA) www.cna.com Annual Report Lorillard, Inc. (wholly owned) is America’s oldest tobacco company. Its principal products are marketed under the brand names Newport, Kent, True, Maverick and Old Gold. Substantially all of its sales are in the United States. 2004 www.lorillard.com Boardwalk Pipelines, LLC (wholly owned) is engaged, through its subsidiaries, in the operation of interstate natural gas transmission pipeline systems. Boardwalk Pipelines includes: Texas Gas Transmission, LLC operates a 5,900 mile interstate, natural gas pipeline and storage system from the Gulf Coast, east Texas and north Louisiana to markets in the southern United States and throughout the Midwest (www.txgt.com); Gulf South Pipeline Company, LP operates an 8,000 mile interstate natural gas pipeline, gathering and storage system located in the U.S. Gulf Coast. (www.gulfsouthpl.com).
    [Show full text]