Letters to Our Clients
Boeing, From Purchase to Sale: A Value Investor’s Exercise of Patience, Discipline and Risk Reduction
From the time I was a little tyke, I knew the benefits of having cash available to make a purchase. With it I could easily buy something under very favorable terms when others were in desperate need of that cash. Maybe that drive to make a purchase at a bargain price is in my DNA, or it might just be from following my Mom around to all the yard sales in town, watching as she bargained to save a nickel. So it should be no surprise that when I discovered the value approach to investing it felt right in every way. Buying a small ownership in a business, via the public securities market, at a price that was less than the value I could reasonably place on the entire business just made sense to me.
Kendall J. Anderson, CFA