Presentation on theme: "Jeff Friedberg Friedberg Investment Management Investing by InstinctInvesting by Instinct."— Presentation transcript:
Jeff Friedberg Friedberg Investment Management Investing by InstinctInvesting by Instinct
1964 Jeff buys first stock. 20 shares of Varian Associates. 1965 Jeff often stops by Merrill Lynch office before attending graduate school classes. 1968 Jeff is first employed as a geophysicist and manages his own portfolio. 1975 Brokerage industry is deregulated. Fixed commissions disappear. Discount brokers arise. The Evolution of FIMThe Evolution of FIM
1978 Jeff meets with the SEC. 1979 Jeff gets registered and licensed. First client gives Jeff $7,431.50 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.
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
Today’s Blue Chips are good companies …but tomorrow’s Blue Chips are today’s best investments.
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….
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
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
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:
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:
Investment Conferences Road Shows Companies visit our office Interaction with other investors Finding Companies for InvestmentFinding Companies for Investment
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
Clarity Teamwork Longevity Newness Treating employees as assets, not expenses. “Jack of all Trades” Responsiveness to questions Assessing CEOs and ManagementsAssessing CEOs and Managements
We don’t think so Is Stock-Picking Dead?Is Stock-Picking Dead?
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