DOCSLIB.ORG

11 20 2020 WOWS Listening In

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
11 20 2020 WOWS Listening In www.WellingonWallSt.com VOLUME 10 ISSUE 15 listeningin NOVEMBER 20, 2020 Bargain Hunting Isn’t Us INSIDE Polen Capital’s Big-Cap Mavens Talk Long-Term Compounding Magic Listening In Amid, dare I say, the Growing Client chaos of the last few Assets By Staying weeks — with the mar- Strictly In Quality kets tossed to and fro by Growth Stocks alternating news of stun- ning vaccine advances Guest Perspectives and heretofore unimagin- Dunne & Henwood able record numbers of Life Depends On It Covid-19 infections and John Hussman deaths all across this na- Pushing Extremes tion and the globe — not Dave Rosenberg to mention the sorry spec- Looking Across Gap tacle of an electorally de- Greg Swenson feated President trying to FAANGless Growth prolong his hold on the Gail Dudack White House by hook or Priced For Perfection by increasingly desperate crook, it seemed important Chart Sightings to find interviewees thor- Michael Belkin oughly grounded in incon- Dan Davidowitz Damon Ficklin Last Shall Be First trovertible fundamentals; Blaze Tankersley their process rooted in principles that have stood the test only the best quality growth stocks with, of all things, a A FortuneWaiting? of time — and who have delivered extraordinary invest- Thomas Peterson margin of safety. They were kind enough to fill me in on ment returns through some pretty horrible markets. all the details when we chatted last week. Listen in, and China Miners Crater Andrew Addison learn. Meet Dan Davidowitz and Damon Ficklin, who are pic- — KMW Fall Follow-Ups tured, shoulder-to-shoulder, above. The pair are the co- Deep Dives heads of the research efforts of Polen Capital’s Large How did a couple of evidently nice guys, like Save People First Company Growth Team. Dan is also the lead PM of you, end up in money management? Was it Ode to Comfy Cushion Polen’s Focus Growth strategy, while Damon handles something in your upbringing, perhaps? Pandemic Relief Impact that chore for its Global Growth strategy. Concentrated Poverty DAMON FICKLIN: [Laughter.] Deaths Of Despair DAN DAVIDOWITZ: I like that question as a start — Polen Capital, which now oversees $56-plus billion of Middle Class Angst AUM placed under its stewardship by institutions and Just saying, it’s always mom’s fault! Acute Observations individuals, is a Boca Raton, FL-based growth man- DAN: Well, my mom always wanted me to be a doc- Comic Skews ager that has been practicing and refining its highly tor, so apparently, I’m the one that did something Hot Links concentrated, quality growth investing methodology for wrong, not her. better than 30 years, with admirable results. In large ALL ON WEBSITE measure, they say, because they strictly insist on buying You still haven’t figured out what? RESEARCH SEE DISCLOSURES P. 20 -2 1 WELLINGONWALLST. November 20, 2020 PAGE 1 DAN: My career actually started out in health care, DAN: Well, I’m not a millennial, let’s just put it that so, I wasn’t far off from what my mother wanted me to way. In my case, a Value Line alum was Director of do, but on the finance side of it. I went to college in- Research at a Osprey Partners Investment Manage- Published exclusively tending to be a pre-med, but didn’t end up going that ment, a firm in New Jersey that was doing large- for professional and/or route, though I was a public health major. Now, it and small-cap value, long-only, equities, and he avid investors who are seems kind of funny, in the light of the Covid-19 hired me. Those were really my formative years, paid-up subscribers by pandemic, but I took only one epidemiology class. learning how to do research and understand busi- I’m not at all qualified to opine on anything Covid-19. nesses. I spent five years there before coming to Welling ON Wall St. LLC ISSN 2332-161X understand that their style, which is low p/e, low Would that many others were so punctilious! price-to-book and contrarian, wasn’t really resonat- DAN: Still, while studying public health, I did real- ing with me. I much prefer finding great companies ize that I liked the financial stuff. That’s how I that should compound earnings for long periods, Kathryn M. Welling ended up working at and decided to try to Editor, Publisher & Principal [email protected] Sloan Kettering Cancer concentrate on that. Office. (631)315-5076 Center for five years “We can’t stress Cell. (973)650-2722 after I graduated from And that’s when you Rutgers. Mostly in ana- enough that we found Polen Capital? lytical and finance-re- DAN: Right. I looked Donald R. Boyle lated jobs. But I also actually know what around to find firms that Chief Financial Officer went back to school at did that, and lo and be- Chief Marketing Officer night to get my MBA at has been driving our hold, Polen Capital was [email protected] City University of New one of them. I coinciden- Office. (631)315-5077 York’s Baruch College in outperformance — and tally had a friend who Cell. (201)394-1548 Manhattan. had just interviewed at it’s a very different Polen Capital at the As soon as I graduated, I time, who ended up not Distributed biweekly, mentality than waking usually on Fridays, decided I really wanted going through with the 16 times a year, by to pursue finance — it up on January 1 and whole interview process. Welling ON Wall St. LLC was during the dot.com But he told me, “This is PO Box 620 bubble in the late ‘90s a firm that you should be Mattituck, NY 11952 trying to pick what — exciting for the wrong looking at.” So I begged Office:(631)315-5076 reasons, right? stocks are going and pleaded and inter- Fax. (631)315-5077 viewed with Stan Moss, www.wellingonwallst.com Exactly. to rise the most who’s now our CEO, and DAN: But I didn’t have our founder, David the background to get a in the next 12 months. Polen, and lucky for me, Copyright Warning and Notice. job at any of the signifi- I ended up here. It is a violation of cant firms. Value Line This is a marathon, federal copyright law to repro- was the only place that I I took a bit of a circu- duce all or part of this publica- not a sprint” tion or its contents could get a job as a re- itous route, from Public by any means. The Copyright search analyst, basically, Health major, to hospital Act imposes liability of up to $150,000 per issue for but it was a great place administration, to a value such infringement. for me to learn how to do research. It was a place shop and finally to here, but thank goodness, I had Welling ON Wall St. LLC does not license or authorize where you learned to fly on your own, so to speak. those experiences and ended up in the right spot. redistribution in any form by They didn’t really have a lot of formal training. But clients or anyone else. Ho- that’s where I got very interested in understanding Does that also explain why I actually saw wever, clients may print one personal copy and limited re- businesses and really understanding what made the phrase “margin of safety’ in Polen’s print/republication permission them tick. And there’s a huge network of Value Line description of its growth strategy? may be made available, in writ- DAN: ing, upon specific request. alums out there, as you’d imagine, because turnover Yes, the value influence is really just under- is so high. standing the concept of margin of safety in invest- ing. We really look to have a margin of safety in the It was actually renowned as a training ground way that we invest in growth companies, and we’re Copyright 2020 in years gone by. I don’t know if it’s still — always looking for that. But our methodology is a K.M. Welling and DAN: I’m not as young as you’re implying. little bit different than just saying, “I know this Welling on Wall St. LLC All rights reserved and company is worth X, and I’m buying it at a discount vigorously enforced. That depends on your perspective. to X.” WELLINGONWALLST. November 20, 2020 PAGE 2 How so? DAN: That’s not the whole margin of safety for us. I mean, our margin of safety is really in the per- manence of a business, its compet- itive advantage, the strength of the balance sheet, its long-term earn- ings growth. It’s a little bit more robust, I think. But it does come out of the concept that Ben Gra- ham made famous. In The Intelli- gent Investor, he talks about margin of safety and growth stocks. There’s just a tiny little part of The Intelligent Investor about investing in growth stocks. But that’s what David Polen latched onto, and we’ve built our whole investment philosophy around it. It’s a very tiny part in a very weighty book — DAN: Yes, I had to read it a sec- We Have PROOF, by Pat Byrnes, Politi- ond time to find it. vesting. Plus, I was just always fascinated by the calCartoons.com miracle of compounding. I was a little bit of a Which may say a lot more about when he Warren Buffett junkie, even as a student — when I was writing that book than anything else.
Load more

Recommended publications
  • City of Vadnais Heights Accounts Payable Printed: 08/28/2018 15:50 User:Leslee Checks by Date - Detail by Check Date Detail
    City of Vadnais Heights Accounts Payable Printed: 08/28/2018 15:50 User:leslee Checks by Date - Detail By Check Date Detail Check Amount Check No: 76626 Check Date: 08/21/2018 Vendor: ZuehlkeJ Jason J Zuehlke Bean bag tournament vendor HD 08/21/2018 200.00 Check Total: 200.00 Date Totals: 200.00 Check No: 76627 Check Date: 09/04/2018 Vendor: AspenMil Aspen Mills 221384 Uniforms - P Yang 08/23/2018 517.95 Check Total: 517.95 Check No: 76628 Check Date: 09/04/2018 Vendor: AutoData ADP, INC 520015802 PP ending 8/17/18 08/28/2018 320.17 Check Total: 320.17 Check No: 76629 Check Date: 09/04/2018 Vendor: BrowersJ John & Caitlyn Browers RefundFina Refund on overpmt of final UB 9975-0 08/23/2018 45.85 Check Total: 45.85 Check No: 76630 Check Date: 09/04/2018 Vendor: CentraPe Central Pension Fund PP ending 8/17/18 08/23/2018 200.00 Check Total: 200.00 Check No: 76631 Check Date: 09/04/2018 Vendor: CenturyL Century Link August 08/23/2018 58.36 August 08/23/2018 45.10 Check Total: 103.46 Check No: 76632 Check Date: 09/04/2018 Vendor: Cintas Cintas 4009096039 8/28/18 08/28/2018 112.38 4008882028 8/21/18 08/28/2018 110.99 Check Total: 223.37 Check No: 76633 Check Date: 09/04/2018 Vendor: CityRose City of Roseville 0224909 Aug PR1 chgs 08/28/2018 157.58 0224862 Aug Metro INET 08/28/2018 6,273.00 0224909 Aug phone support 08/28/2018 627.80 Check Total: 7,058.38 Check No: 76634 Check Date: 09/04/2018 Vendor: Comcast Comcast 8/20-9/19 8/30-9/19 cable services 08/23/2018 6.28 Check Total: 6.28 Check No: 76635 Check Date: 09/04/2018 Vendor: ComoLube Como
    [Show full text]
  • OSI ETF Trust O'shares U.S
    OSI ETF Trust O'Shares U.S. Quality Dividend ETF Schedule of Investments September 30, 2020 (Unaudited) Investments Shares Value ($) Investments Shares Value ($) Rockwell Automation, Inc. 4,146 914,939 COMMON STOCKS - 99.9% 1,828,788 Electronic Equipment, Instruments & Components - 0.1% Aerospace & Defense - 3.7% Amphenol Corp., Class A 6,409 693,902 General Dynamics Corp. 13,436 1,859,946 L3Harris Technologies, Inc. 4,435 753,240 Food & Staples Retailing - 2.5% Lockheed Martin Corp. 35,607 13,647,451 Costco Wholesale Corp. 15,959 5,665,445 Northrop Grumman Corp. 10,932 3,448,937 Walmart, Inc. 55,162 7,717,715 19,709,574 13,383,160 Air Freight & Logistics - 1.8% Food Products - 1.3% CH Robinson Worldwide, Inc. 9,742 995,535 General Mills, Inc. 25,291 1,559,949 Expeditors International of Hershey Co. (The) 7,961 1,141,130 Washington, Inc. 17,449 1,579,484 Hormel Foods Corp. 29,597 1,446,997 United Parcel Service, Inc., Class B 40,608 6,766,511 Kellogg Co. 8,337 538,487 9,341,530 Mondelez International, Inc., Class Banks - 0.5% A 39,472 2,267,666 JPMorgan Chase & Co. 29,156 2,806,848 6,954,229 Health Care Equipment & Supplies - 1.7% Beverages - 4.6% Abbott Laboratories 23,962 2,607,784 Brown-Forman Corp., Class B 11,255 847,727 Medtronic plc 52,777 5,484,586 Coca-Cola Co. (The) 238,082 11,754,108 Stryker Corp. 4,753 990,383 PepsiCo, Inc. 85,663 11,872,892 9,082,753 24,474,727 Health Care Providers & Services - 2.8% Biotechnology - 3.4% Anthem, Inc.
    [Show full text]
  • Ensemble Capital Management Quarterly Letter
    ENSEMBLE CAPITAL MANAGEMENT QUARTERLY LETTER First Quarter 2021 The performance of securities mentioned within this letter refers to how the security performed in the market and does not reflect the performance attributed to the core equity portfolio. Please see the chart at the end of letter, which reflects the full list of contributors and detractors based on each security's weighting within the core equity portfolio. For a copy of Ensemble Capital’s equity strategy performance track record, please email a request to [email protected]. It has now been a full year since global markets were shaken by COVID. If someone fell into a deep sleep on February 19, 2020 and woke up on March 31, 2021, they’d see the S&P 500 was up 19.72% since they last checked their portfolio. By historical standards, a great return in just over thirteen months! “Not much must have happened,” they’d think, “Oh well, back to bed.” For the rest of us, we know the last year was anything but sleepy. Beyond the direct impacts of COVID, which we’ve covered in previous letters, the pandemic accelerated secular trends such as video gaming, remote working, and e-commerce. As we begin lapping those impacts, the market is wrestling with what comes next for companies that prospered or struggled during COVID. The Goldman Sachs “reopen basket,” which consists of 35 US-listed stocks that Goldman believes stand to benefit the most in a reopening scenario, was up 22.0% this quarter. In contrast, the Goldman Sachs “US Stay at Home Basket” of stocks was down 2.4%.
    [Show full text]
  • 2021 Notice of Annual Meeting of Shareholders and Proxy Statement
    2021 NOTICE OF ANNUAL MEETING OF SHAREHOLDERS AND PROXY STATEMENT Pike Place Market Store, Seattle, Washington, USA © 2021 Starbucks Corporation. To inspire and nurture the human spirit – one person, MISSION one cup and one neighborhood at a time. With our partners, our coffee and our customers at our VALUES core, we live these values: Creating a culture of warmth and belonging, where everyone is 1 welcome. Acting with courage, challenging the status quo and finding new 2 ways to grow our company and each other. Being present, connecting with transparency, dignity and respect. 3 Delivering our very best in all we do, holding ourselves accountable 4 for results. We are performance driven, through the lens of humanity. Notice of Annual Meeting of Shareholders When Where Record Date March 17, 2021, Wednesday, Via Webcast. Shareholders as of January 8, 2021 are at 10:00 a.m. (Pacific Time) www.virtualshareholdermeeting.com/ entitled to vote at the meeting SBUX2021 ITEMS OF BUSINESS BOARD VOTING PAGE REFERENCE PROPOSAL RECOMMENDATION (FOR MORE DETAIL) Management Proposals Election of 12 directors FOR each director nominee 21 Approval of an advisory resolution on our named executive officer FOR 37 compensation Ratification of selection of Deloitte & Touche LLP as our independent FOR 61 registered public accounting firm for fiscal 2021 Shareholder Proposal Employee Board Representation AGAINST 63 Shareholders will also transact such other business as may properly come before the Annual Meeting. Voting Attending the Annual Meeting Shareholders may view and listen to a live webcast of the meeting. The Your broker will not be able to vote your shares with webcast will start at 10:00 a.m.
    [Show full text]
  • Justices' Stocks, 2012-2018
    Justices' Individual Stock Ownership, 2012-2018 Legend: Bold=Stock Purchase | Italics=Stock Sale | Underline=Spinoff Chief Justice John Roberts 2012 2013 2014 2015 2016 2017 2018 1 AOL AOL AOL AOL -> Verizon Hewlett-Packard Charter Communications Charter Communications 2 Dell Hewlett-Packard Hewlett-Packard Hewlett-Packard Hillenbrand Hillenbrand Lam Research 3 Hewlett-Packard Hillenbrand Hillenbrand Hillenbrand Hill-Rom Holdings Hill-Rom Holdings Sirius XM 4 Hillenbrand Hill-Rom Holdings Hill-Rom Holdings Hill-Rom Holdings Lam Research Lam Research Texas Instruments 5 Hill-Rom Holdings Lam Research Lam Research Lam Research Microsoft Nokia Thermo Fisher Scientific 6 Intel Microsoft Microsoft Microsoft Nokia Sirius XM Time 7 Lam Research Nokia Nokia Nokia Sirius XM Texas Instruments Time Warner -> AT&T 8 Microsoft Sirius XM Sirius XM Sirius XM Texas Instruments Thermo Fisher Scientific Year-end total: 5 cos. 9 Nokia Texas Instruments Texas Instruments Texas Instruments Thermo Fisher Scientific Time 10 Sirius XM Thermo Fisher Scientific Thermo Fisher Scientific Thermo Fisher Scientific Time Time Warner 11 Texas Instruments Time Warner Time Time Time Warner Year-end total: 7 cos. 12 Thermo Fisher Scientific Time Warner Cable Time Warner Time Warner Time Warner Cable 13 Time Warner Year-end total: 12 cos. Time Warner Cable Time Warner Cable Year-end total: 9 cos. 14 Time Warner Cable Year-end total: 13 cos. Year-end total: 12 cos. Year-end total: 12 cos. Justice Stephen Breyer 2012 2013 2014 2015 2016 2017 2018 1 ADP ADP ADP ADP ADP ADP ADP 2 Air Products & Chemical Air Products & Chemical Air Products & Chemical Air Products & Chemical Air Products & Chemical Air Products & Chemical Applied Analysis 3 Amgen Applied Analysis Applied Analysis Applied Analysis Applied Analysis Applied Analysis Cintas 4 Applied Analysis BHP Billiton BHP Billiton BHP Billiton Cintas Cintas Fastenal 5 BHP Billiton Cintas CDK Global Holdings CDK Global Holdings Cisco Systems Cisco Systems Lowe's 6 Cintas Cisco Systems Cintas Cintas EMC Corp.
    [Show full text]
  • Survey Respondents
    Overview • Smart Energy Decisions conducted a survey measuring readership and preference of current sources of news and informaon related to energy and sustainability management. • The online survey was conducted in May 2018 among corporate energy and sustainability decision makers from the Smart Energy Decisions database. • Results of the study document industry preference for informaon sources and provide insights to help suppliers improve the ROI of their marke5ng investments. 2 Survey Respondents • A total of 126 respondents represen5ng 108 companies are included in the results. • 57% of respondents have energy budgets in excess of $25 million; 31% have energy budgets in excess of $100 million. 3 Survey Respondents by Company AETOS Ericsson, Inc. Owens Illinois Airbus Americas, Inc Fastenal Company Parkway School District Albertsons Companies FedEx Ground Pequannock Township Board of Educaon Allergan Fi^h Third Bancorp Philadelphia Housing Authority Amazon.com, Inc. Fruit of the Loom Procter & Gamble American Honda Motor Co., Inc. G6 Hospitality LLC Propex Fabrics de Mexico SA de CV AutoZone General Dynamics Raymond Corporaon Avery Dennison Corporaon General Motors Company Raytheon Company BCD Travel Hanesbrands Recreaonal Equipment, Inc. BD Harbec Red Robin Internaonal, Inc Bloomberg L.P. Hartsfield-Jackson Atlanta Internaonal Regional Energy Agency Of Crete Boeing Company Herman Miller Canada Inc Ritz Carlton Hotel Company, L.L.C Boston College Honda Transmission Manufacturing of America, Inc. Saint Gobain Calumet College of St. Joseph IBM Samsung Electronics America Inc CBRE Group, Inc. Intel Corporaon School Board of Brevard County, Florida CBS Corporaon Invacare Corporaon Scogs Miracle-Gro Company Celanese Jones Lang LaSalle, Inc. Sheetz Inc. Cinemark Kra Foods Inc.
    [Show full text]
  • Usaa Fund Holdings Usaa Nasdaq-100 Index Fund
    USAA FUND HOLDINGS As of June 30, 2021 USAA NASDAQ-100 INDEX FUND CUSIP TICKER SECURITY NAME SHARES/PAR/CONTRACTS MARKET VALUE 00507V109 ATVI ACTIVISION BLIZZARD INC 229,531.00 21,906,438.64 00724F101 ADBE ADOBE INC 141,201.00 82,692,953.64 007903107 AMD ADVANCED MICRO DEVICES 358,915.00 33,712,885.95 015351109 ALXN ALEXION PHARMACEUTICALS 65,289.00 11,994,242.19 016255101 ALGN ALIGN TECHNOLOGY INC 23,377.00 14,283,347.00 02079K107 GOOG ALPHABET INC - CLASS C 62,814.00 157,431,984.48 02079K305 GOOGL ALPHABET INC - CLASS A 58,382.00 142,556,583.78 023135106 AMZN AMAZON.COM, INC. 97,900.00 336,791,664.00 025537101 AEP AEP CO., INC. 147,626.00 12,487,683.34 031162100 AMGN AMGEN, INC. 169,722.00 41,369,737.50 032654105 ADI ANALOG DEVICES, INC. 108,951.00 18,757,004.16 03662Q105 ANSS ANSYS INC 25,745.00 8,935,059.70 037833100 AAPL APPLE, INC. 3,239,420.00 443,670,963.20 038222105 AMAT APPLIED MATERIALS, INC. 269,988.00 38,446,291.20 052769106 ADSK AUTODESK, INC. 65,007.00 18,975,543.30 053015103 ADP AUTOMATIC DATA PROCESSING 125,698.00 24,966,136.76 056752108 BIDU BAIDU INC 76,539.00 15,606,302.10 09062X103 BIIB BIOGEN INC 44,474.00 15,400,011.98 09857L108 BKNG BOOKING HOLDINGS INC 12,127.00 26,534,967.43 11135F101 AVGO BROADCOM INC 120,612.00 57,512,626.08 12514G108 CDW CDW CORP OF DELAWARE 41,416.00 7,233,304.40 126408103 CSX CSX CORP.
    [Show full text]
  • Schedule of Investments(A) March 31, 2021 (Unaudited)
    Schedule of Investments(a) March 31, 2021 (Unaudited) Shares Value Shares Value Common Stocks & Other Equity Interests–99.60% Electrical Components & Equipment–3.35% Aerospace & Defense–0.49% Hubbell, Inc. 21,713 $ 4,057,943 Curtiss-Wright Corp. 10,338 $ 1,226,087 Rockwell Automation, Inc. 16,189 4,297,208 8,355,151 Apparel Retail–1.42% Ross Stores, Inc. 29,468 3,533,508 Electronic Equipment & Instruments–2.15% (b) Keysight Technologies, Inc. 37,390 5,361,726 Apparel, Accessories & Luxury Goods–0.75% Tapestry, Inc. 45,472 1,873,901 Environmental & Facilities Services–1.72% Republic Services, Inc. 43,052 4,277,216 Application Software–6.18% (b) Aspen Technology, Inc. 9,886 1,426,846 Financial Exchanges & Data–2.43% Citrix Systems, Inc. 12,132 1,702,848 Intercontinental Exchange, Inc. 31,186 3,482,853 Manhattan Associates, Inc.(b) 32,246 3,785,035 Tradeweb Markets, Inc., Class A 34,622 2,562,028 Paylocity Holding Corp.(b) 13,296 2,391,020 6,044,881 Q2 Holdings, Inc.(b) 11,477 1,149,995 Synopsys, Inc.(b) 19,925 4,937,017 Food Distributors–1.43% Sysco Corp. 45,350 3,570,859 15,392,761 Gas Utilities–2.40% Asset Management & Custody Banks–1.02% Atmos Energy Corp. 37,397 3,696,693 Northern Trust Corp. 24,104 2,533,571 Southwest Gas Holdings, Inc. 33,060 2,271,553 Auto Parts & Equipment–1.06% 5,968,246 Visteon Corp.(b) 21,592 2,633,144 General Merchandise Stores–1.01% Automotive Retail–2.88% Dollar General Corp.
    [Show full text]
  • Aggressive Investors 1 Fund SCHEDULE of INVESTMENTS (Unaudited) Showing Percentage of Net Assets As of September 30, 2020
    Aggressive Investors 1 Fund SCHEDULE OF INVESTMENTS (Unaudited) Showing percentage of net assets as of September 30, 2020 Industry Company Shares Value Industry Company Shares Value COMMON STOCKS - 99.33% Communication Services - 6.19% Financials (continued) Discovery, Inc., Class A*+ 63,700 $ 1,386,749 MarketAxess Holdings, Inc. 3,000 $ 1,444,770 DISH Network Corp., MetLife, Inc. 34,000 1,263,780 Class A* 52,000 1,509,560 Morgan Stanley 30,000 1,450,500 Netflix, Inc.* 6,000 3,000,180 MSCI, Inc. 3,800 1,355,764 Sirius XM Holdings, Inc.+ 244,300 1,309,448 People's United Financial, Zynga, Inc., Class A* 220,000 2,006,400 Inc. 108,000 1,113,480 Prudential Financial, Inc. 22,000 1,397,440 9,212,337 RenaissanceRe Holdings, Ltd. 10,000 1,697,400 Consumer Discretionary - 13.99% Synchrony Financial 72,200 1,889,474 Amazon.com, Inc.* 500 1,574,365 TD Ameritrade Holding Chegg, Inc.* 22,500 1,607,400 Corp. 33,500 1,311,525 Dollar General Corp. 9,000 1,886,580 UBS Group AG+ 130,000 1,449,500 Domino's Pizza, Inc. 3,400 1,445,952 23,526,909 eBay, Inc. 27,900 1,453,590 Fiat Chrysler Automobiles Health Care - 14.43% NV* 215,000 2,627,300 10X Genomics, Inc., Gentex Corp. 57,000 1,467,750 Class A* 15,300 1,907,604 Las Vegas Sands Corp. 30,100 1,404,466 AbbVie, Inc. 16,000 1,401,440 8,200 871,578 LCI Industries Amneal Pharmaceuticals, 18,500 1,511,080 Lennar Corp., Class A Inc.*+ 145,000 562,600 10,000 1,658,600 Lowe's Cos., Inc.
    [Show full text]
  • Council Packet 4-3-17
    CITY OF ANNANDALE COUNCIL MEETING AGENDA Meeting #4 April 3, 2017 Special Meeting 6:30 P.M. Mayor: Dwight Gunnarson Councilmember’s: Matthew Wuollet Corey Czycalla Shelly Jonas Jullie Hastings AGENDA 1. CALL TO ORDER/ROLL CALL/ADOPT AGENDA 2. LOCAL BOARD OF REVIEW 3. ADJOURNMENT CITY OF ANNANDALE COUNCIL MEETING AGENDA Meeting #5 April 3, 2017 Regular Meeting 7:00 P.M. Mayor: Dwight Gunnarson Councilmember’s: Matthew Wuollet Corey Czycalla Shelly Jonas Jullie Hastings NOTE: If you wish to address the Council on a particular item, please approach the podium, ask to be recognized, clearly state your name and address and sign the roster. The Citizens Forum is intended for comments on items not on this meeting’s agenda. 1. CALL TO ORDER/ROLL CALL/ADOPT AGENDA 2. MINUTES – March 6, 2017 3. AUDITING CLAIMS 4. VISITORS A. Sue Thwing- Farmer’s Market B. Stadium- 4th of July Street Dance 5. PUBLIC HEARINGS 6. CITIZEN’S FORUM 7. CONSENT AGENDA A. Departments 1) Police – February Report 2) Finance – February Report 3) Public Works – February Report 4) Fire – February Report 5) Deputy Registrar- February Report B. Other 1) Donations 2) Employment Anniversaries/Step Increases 3) Fund Transfers/Fund Closures 4) Pay Estimates 5) Planning Commission Minutes 6) Park Commission Minutes 7) Wastewater Commission Minutes 8) Employment Status Change- Krienke (See Reverse Side for Additional Agenda Items) 8. UNFINISHED BUSINESS- NONE 9. NEW BUSINESS A. Resolution 17-13 Approving CUP Amendment for Village Ranch B. Approve Minor Subdivision in Business Park C. Site Plan approval- Sand Profile D. Employment Resignation- Sommers E.
    [Show full text]
  • QUARTERLY INVESTMENT & MARKET UPDATE Spring – Q2 2019
    QUARTERLY INVESTMENT & MARKET UPDATE Spring – Q2 2019 Conference Call Transcript: April 8, 2019 Shilpa Andalkar: Hello everyone, I am Shilpa Andalkar, a wealth manager here at Ensemble Capital. Thank you for joining us for our Spring 2019 conference call. Today, the focus will be on the recent performance of our portfolio, the current market and economic situation, and a discussion of two of our holdings, Landstar Systems and Alphabet, otherwise known as Google. Speaking today will be Sean Stannard-Stockton, chief investment officer of Ensemble Capital, and Todd Wenning, senior investment analyst. Sean Stannard-Stockton: Hi there. Thanks for taking the time to join us today. It has been a real honor to see the audience for these calls growing rapidly over the last year. We appreciate your interest in what we have to say. The performance of our equity portfolio this quarter was strong, showing a sharp reversal in both absolute and relative performance compared to last quarter. While the final calculation of our equity composite will not be available until later this month, our current estimate is that our equity portfolio composite was up 16.38% vs the S&P 500 up 13.65%. The strength in our equity strategy during the quarter was supported by positive returns from every stock in our portfolio with notable 30%+ moves from Netflix, Ferrari, TransDigm, and Tiffany and 20%+ rallies in Mastercard, Paychex, Trupanion, Fastenal, and Verisk. On the weaker side we saw low single digit gains in Sensata, Charles Schwab & Company, and Booking Holdings. While over the medium to long term our investment returns are primarily driven by security selection and the individual corporate performance of the companies in our portfolio, the dominant driver of our strategy’s performance over the last two quarters has been shifts in market expectations around economic growth.
    [Show full text]
  • Please Note New Location! Police Department – 933 Michigan Ave
    CITY OF STEVENS POINT FINANCE COMMITTEE AGENDA Monday, December 11, 2017 – 6:00 P.M. (or immediately following previously scheduled meeting) Please Note New Location! Police Department – 933 Michigan Ave. (Old MSTC Building) [A quorum of the City Council may attend this meeting] Discussion and Possible Action on: 1. Write‐off uncollectible personal property taxes and accounts receivable. 2. Approval of Payment of Claims. 3. Adjournment Any person who has special needs while attending this meeting or needs agenda materials for this meeting should contact the City Clerk as soon as possible to ensure a reasonable accommodation can be made. The City Clerk can be reached by telephone at (715) 346‐1569, or by mail at 1515 Strongs Avenue, Stevens Point, WI 54481. Copies of ordinances, resolutions, reports and minutes of the committee meetings are on file at the office of the City Clerk for inspection during normal business hours from 7:30 A.M. to 4:00 P.M. FINANCE COMMITTEE NOTES: 1. Write-Offs: These are accounts that are not able to be collected, and therefore should no longer be reported as an asset on the City’s financial statements. 2. Approval of Payment of Claims. Please feel free to call the Treasurer’s Office (346-1573) if you have any questions on the claims and would like to discuss it before the meeting. PERSONAL PROPERTY & ACCOUNTS RECEIVABLE WRITE‐OFF LIST AS OF DECEMBER 4, 2017 PERSONAL PROPERTY 2015 Eagle Point North Inc/Wendy’s (#11063) $1,673.27 2016 Farmers Insurance/Brian Burns (#14172) $ 42.35 American Family Insurance/Lori
    [Show full text]