I am a busy surgeon with a particular interest in personal finance and investing. My father, a retired financial advisor, taught me discipline and the power of dividends and compound interest. I do not feel it is necessary to employ expensive, self-motivated brokers or managers to invest one's money.
I am a value based income investor, primarily in common, with 15% in fixed income. I like MLP's, REIT's, CEF's, and BDC's. I select positions based on business fundamentals, ultimately concerned with their ability to continue to pay and to increase their dividends, and become fully valued. Started with Validea a few months ago, it is for real, already showing significant gains.
My cumulative total return for the past 3 years is 74%, 5 years 77 and 115% for 10 years. Only two of my average 25 positions decreased their dividend 2007-2010. Too good to be true, but I have been lucky. It has been a wild ride the past 5 years; new bubble building now, another opportunity on the way.
I am a retired commercial banker, evaluating businesses in the traditional way, always having a "margin of safety". I only withdraw the dividend and interest income produced, and am not concerned with the fluctuating value of my portfolio. I am working towards a true "value" portfolio, a'la Graham/Buffet/Klarman/Greenblatt, weaning myself away from dividend/interest consideration.
Let me give you some numbers about the US Economy :
Domestic debt at 400% of GDP 70%of the Economy is Consumption based with borrowed money , Now you understand why I am bearish ....I let you imagine the outcome of this debt based casino economy ....join me on my blogs meanwhile :
Upon receiving my Masters degree in Music from Connecticut's Hartt School of Music, I took a job at a local Friendly's serving ice cream, where I perfected the disgruntled, comatose look, as seen in the photo at left. As a first-time participant in the American economy by way of fast-food, I noted the vileness and squalor into which our country was plummeting.
Now, as an SA commentator, I look forward to multiplying my earnings, once I get some, and settling down as a prime member of society, living out my remaining years in the luxury every red-blooded American deserves.
I currently live in a barn with my saxophones, watching America decline around me.
I Am A Concerned Citizen As Well As A Manufacturing Engineer Heavily Involved In Distressed Real Estate.
Points To Ponder:
Function Derives From Structure.
Debate Is The Distillation Of Reality.
Reality Will Be Reality Whether Believed In Or Not.
Pretending In Dire Circumstance Usually Results In Catastrophe.
Complexity Favors The Sinister.
To Assume Benevolence Is Foolish.
Safety Is A Function Of Awareness.
Pessimism Is "Optimism With Contingency"