How CEOs Scare Investors

When portfolio managers take a position in a company’s shares, or even think about taking a position, it’s a highly analytical process.  But interpersonal dynamics have an impact too. When a CEO makes an investor’s Spidey sense tingle, it can derail the investor’s interest.  Here’s some ways I’ve seen CEOs get on the wrong side of an investor.

Outsized compensation. Despite prevailing sky-high compensation for CEOs, it still makes investors jumpy.  Among S&P 500 companies, the CEO’s salary has less of an impact. But among small and mid-cap companies the impact is larger.   When a CEO is making $5 million a year, the investor will register a risk that the CEO might be fat, happy and overly motivated to maintain the status quo. read more

Shelter Your Portfolio In Consumer Staples With Food, Clothing And Stellar Returns

This article was written with Oliver Pursche, the Co-Portfolio Manager of GMG Defense Beta Fund. It was part of a series of articles developed under an agreement with forbes.com to work with a variety of contributors and assist them in delivering actionable investment ideas each week. The site, forbes.com is one of the top 500 sites in the world with nearly 10 million subscribers and nearly 100 million page views a month.

Life After the Greek Elections

This article was written with Oliver Pursche, the Co-Portfolio Manager of GMG Defense Beta Fund. It was part of a series of articles developed under an agreement with thestreet.com to work with a variety of contributors and assist them in delivering actionable investment ideas each week.

Going Upstream With Annuities

This article was written on behalf of J.G. Wentworth as a by-lined article. It serves as a primer piece for so called Brokerage General Agents and was part of a broad market education initiative associated with J.G. Wentworth's launch of their Annuity Purchase Program, which offered investors liquidity for their annuities.

Bad Policy and Bad Luck: The S&L Crisis From the Rear-View Mirror

This is a chapter in a book I helped boutique investment banker Cohen Bros. & Company create called Present Value: Essays on the Revolution and Evolution in Community Banking. The Cohen family has a notable heritage in banking and financial services, and with this work they wanted to formalize some of their thinking and observations on banking gleaned over the years.

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