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Jeff Friedberg Friedberg Investment Management Investing by InstinctInvesting by Instinct.

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Presentation on theme: "Jeff Friedberg Friedberg Investment Management Investing by InstinctInvesting by Instinct."— Presentation transcript:

1 Jeff Friedberg Friedberg Investment Management Investing by InstinctInvesting by Instinct

2 1964 Jeff buys first stock. 20 shares of Varian Associates Jeff often stops by Merrill Lynch office before attending graduate school classes Jeff is first employed as a geophysicist and manages his own portfolio Brokerage industry is deregulated. Fixed commissions disappear. Discount brokers arise. The Evolution of FIMThe Evolution of FIM

3 1978 Jeff meets with the SEC Jeff gets registered and licensed. First client gives Jeff $7, to manage 1990 Jeff moves from home office to regular office 2014 FIM now consists of a team of 9 persons managing nearly $300 million for more than 350 individuals or families.

4 FIM is an independent, fee based, money management firm. We manage customized investment portfolios to meet each client’s objective in a continually changing economic environment. We do this by investing exclusively in publicly traded securities. We believe the key to successful investing is to make long term investments in successful companies. Who We AreWho We Are

5 Today’s Blue Chips are good companies …but tomorrow’s Blue Chips are today’s best investments.

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7 Bloomberg

8 FIM Performance History (Growth)

9 Finding Companies for Investment

10 Are managed by people Have personalities Reflect the DNA of their managers Evolve and adapt Can be complacent, reactive, proactive, aggressive We View Companies as organisms which….

11 Institutional Analysts FIM Data Input KeyboardEyes and Ears Analysis DigitalConceptual Data Output Earnings ModelCompany DNA Time Frame Next Quarter2-5 Years Approach to Investment AnalysisApproach to Investment Analysis

12 Large companies are usually fairly priced. Silicon Valley companies are typically overpriced. New York companies are well known on Wall Street. Companies with little debt don’t go bankrupt. The closer a stock is to zero, the more likely it is to get there. There is greater risk in international stocks than domestic ones. Observations Over 33 Years of InvestingObservations Over 33 Years of Investing

13 Above-average growth is achievable. Competitive advantages are sustainable. Smaller companies can be successful. Examples include Energy, Industrials, Aerospace, Technology (non- semiconductor), and Healthcare. Over the years, FIM has chosen to focus on a handful of specific sectors where:

14 Banks & Brokers Insurance Companies National Retailers Semiconductors Commodity-Oriented or Cyclical Companies Large Companies International Companies FIM generally avoids investing in areas where institutional investors are strong:

15 Investment Conferences Road Shows Companies visit our office Interaction with other investors Finding Companies for InvestmentFinding Companies for Investment

16 Reading company press releases Watching archived presentations from investment conferences (200+/yr) Listening to company earnings conference calls (600+/yr) Calling company executives or visiting them (100+/yr) Reading investment analyst reports Getting Acquainted with CompaniesGetting Acquainted with Companies

17 Clarity Teamwork Longevity Newness Treating employees as assets, not expenses. “Jack of all Trades” Responsiveness to questions Assessing CEOs and ManagementsAssessing CEOs and Managements

18 We don’t think so Is Stock-Picking Dead?Is Stock-Picking Dead?

19 Schlumberger -- SLB

20 Core Labs (CLB) vs. SLB

21 Apache -- APA

22 EOG vs. APA

23 Kinder Morgan LP (KMP)

24 Plains (PAA) vs. KMP

25 Magellan (MMP) vs. KMP

26 Allergan -- AGN

27 Valeant (VRX) vs. AGN

28 Illinois Tool Works -- ITW

29 Middleby (MIDD) vs. ITW

30 Database company – 1980’s Zapata – 1981 Compaq – 1986 McDermott – 2004 Sprint SXCI (CTRX) Digital River Instinctive Decision ExamplesInstinctive Decision Examples

31 Bought in 1985 at $43 Bought more in 1986 at $72 Sold in April, 1987, at $127 Compaq

32 McDermott International Inc. (MDR)

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34 McDermott

35 SXC Health Solutions, Corp. (SXCI) Partial Sale

36 SXC Health Solutions, Corp. (SXCI) Partial Sale

37 Catamaran

38 Digital River Inc. (DRIV)

39 Digital River earnings revenue

40 In 2011, we intend to capitalize on this market momentum while continuing to grow our enterprise commerce business in software, consumer electronics and games, and expand into the education and payments markets. The common denominator that continues to successfully drive these growth strategies is our value proposition – delivering the online expertise, technologies and revenue strategies companies need to succeed in today’s online marketplace. At the heart of Digital River is the drive to succeed – nowhere was this more evident than in 2010, when we delivered on our aggressive commitment to accelerate our revenue and convert our pipeline of prospects into signed clients. Our ability to execute against this plan was backed by the people at Digital River – a team of e-commerce experts unparalleled in the industry. Annual Report ExcerptAnnual Report Excerpt

41 Digital River Inc. (DRIV)

42 Digital River

43 Some Energy Companies with Excellent Management

44 Plains All American – PAA/PAGP

45 Magellan Midstream LP -- MMP

46 EOG Resources -- EOG

47 Noble Energy -- NBL

48 Core Labs -- CLB

49 Oceaneering Intl -- OII

50 Matador Resources -- MTDR

51 Some of Our FavoritesSome of Our Favorites

52 Wabtec -- WAB

53 LKQ Corp -- LKQ

54 Oceaneering Intl -- OII

55 XPO Logistics -- XPO

56 Polaris -- PII

57 Matador Resources -- MTDR

58 EPL Oil & Gas -- EPL

59 Bonanza Creek -- BCEI

60 Questions? Thank YouThank You https://twitter.com/dowjeff

61 Stock Picks for 2013 Ansys ANSS +30% Liquidity Svcs LQDT -45% Bonanza Creek BCEI +56% Middleby MIDD +87% Cardtronics CATM +83% Magellan MMP +47% Campus Crest CCG -23% Oceaneering OII +47% Core Labs CLB +74% Plains LP PAA +14% Clean Harbors CLH +9% Shuffle Ent SHFL acquired Catamaran CTRX +6% STAG Industrial STAG +13% Digital Globe DGI +68% Titan Machinery TITN -28% HMS Holdings HMSY -24% Monotype TYPE +94% ITC Holdings ITC +25% Valeant Pharma VRX +85% Total +36%

62 Stock Picks for 2014 American Electric AETI -32% Noble Energy NBL +2% Ansys ANSS -4% Oceaneering OII -10% Ardmore Shipping ASCP -13% Plains GP PAGP +4% Black Diamond BDI.TO -1% Polaris PII -5% Catamaran CTRX -7% Power Integ POWI +14% EPL Oil & Gas EPL +6% ResMed RMD -6% Genesee & Wyo RR GWR +4% STAG Industrial STAG +14% ITC Holdings ITC +9% Wabtec WAB +10% LKQ Corp LKQ -15% Westlake WLK +12% National Inst NATI -8% XPO Logistics XPO +23% Total -1%


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