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Investing by Instinct. Jeff Friedberg Friedberg Investment Management. The Evolution of FIM. 1964 Jeff buys first stock. 20 shares of Varian Associates. 1965 Jeff often stops by Merrill Lynch office before attending graduate school classes.

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Jeff friedberg friedberg investment management

Investing by Instinct

Jeff Friedberg

Friedberg Investment Management


The Evolution of FIM

  • 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.


  • 1978 Jeff meets with the SEC.

  • 1979 Jeff gets registered and licensed. First client gives Jeff $7,431.50 to manage

  • 1990Jeff moves from home office to regular office

  • 2014FIM now consists of a team of 9 persons managing nearly $300 million for more than 350 individuals or families.


Who We Are

  • 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.


Today’s Blue Chips are good companies

…but tomorrow’s Blue Chips are today’s best investments.





We View Companies as organisms which….

  • Are managed by people

  • Have personalities

  • Reflect the DNA of their managers

  • Evolve and adapt

  • Can be complacent, reactive, proactive, aggressive



Observations Over 33 Years of Investing

  • 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.


Over the years, FIM has chosen to focus on a handful of specific sectors where:

  • Above-average growth is achievable.

  • Competitive advantages are sustainable.

  • Smaller companies can be successful.

  • Examples include Energy, Industrials, Aerospace, Technology (non-semiconductor), and Healthcare.


FIM generally avoids investing in areas where institutional investors are strong:

  • Banks & Brokers

  • Insurance Companies

  • National Retailers

  • Semiconductors

  • Commodity-Oriented or Cyclical Companies

  • Large Companies

  • International Companies


Finding Companies for Investment investors are strong:

  • Investment Conferences

  • Road Shows

  • Companies visit our office

  • Interaction with other investors


Getting Acquainted with Companies investors are strong:

  • 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


Assessing CEOs and Managements investors are strong:

  • Clarity

  • Teamwork

  • Longevity

  • Newness

  • Treating employees as assets, not expenses.

  • “Jack of all Trades”

  • Responsiveness to questions


We don t think so

Is Stock-Picking Dead? investors are strong:

We don’t think so


Schlumberger slb
Schlumberger -- SLB investors are strong:


Core labs clb vs slb
Core Labs (CLB) vs. SLB investors are strong:


Apache apa
Apache -- APA investors are strong:


Eog vs apa
EOG vs. APA investors are strong:


Kinder morgan lp kmp
Kinder Morgan LP (KMP) investors are strong:


Plains paa vs kmp
Plains (PAA) vs. KMP investors are strong:


Magellan mmp vs kmp
Magellan (MMP) vs. KMP investors are strong:


Allergan agn
Allergan -- AGN investors are strong:


Valeant vrx vs agn
Valeant (VRX) vs. AGN investors are strong:


Illinois tool works itw
Illinois Tool Works -- ITW investors are strong:


Middleby midd vs itw
Middleby investors are strong: (MIDD) vs. ITW


Instinctive Decision Examples investors are strong:

Database company – 1980’s

Zapata – 1981

Compaq – 1986

McDermott – 2004

Sprint -- 2007

SXCI (CTRX) -- 2008

Digital River -- 2011


Bought in 1985 at 43 bought more in 1986 at 72 sold in april 1987 at 127

Compaq investors are strong:

Bought in 1985 at $43

Bought more in 1986 at $72

Sold in April, 1987, at $127


Mcdermott international inc mdr
McDermott International Inc. (MDR) investors are strong:


Mcdermott international inc mdr1
McDermott International Inc. (MDR) investors are strong:


Mcdermott
McDermott investors are strong:


Sxc health solutions corp sxci
SXC Health Solutions, Corp. (SXCI) investors are strong:

Partial

Sale


Sxc health solutions corp sxci1
SXC Health Solutions, Corp. (SXCI) investors are strong:

Partial

Sale


Catamaran
Catamaran investors are strong:


Digital river inc driv
Digital River Inc. (DRIV) investors are strong:


Digital river earnings revenue
Digital River investors are strong:earnings revenue


Annual Report Excerpt investors are strong:

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.


Digital river inc driv1
Digital River Inc. (DRIV) investors are strong:


Digital river
Digital River investors are strong:



Plains all american paa pagp
Plains All American – PAA/PAGP investors are strong:


Magellan midstream lp mmp
Magellan Midstream LP -- MMP investors are strong:


Eog resources eog
EOG Resources -- EOG investors are strong:


Noble energy nbl
Noble Energy -- NBL investors are strong:


Core labs clb
Core Labs -- CLB investors are strong:


Oceaneering intl oii
Oceaneering investors are strong: Intl -- OII


Matador resources mtdr
Matador Resources -- MTDR investors are strong:


Some of Our Favorites investors are strong:


Wabtec wab
Wabtec -- WAB investors are strong:


Lkq corp lkq
LKQ Corp -- LKQ investors are strong:


Oceaneering intl oii1
Oceaneering investors are strong: Intl -- OII


Xpo logistics xpo
XPO Logistics -- XPO investors are strong:


Polaris pii
Polaris -- PII investors are strong:


Matador resources mtdr1
Matador Resources -- MTDR investors are strong:


Epl oil gas epl
EPL Oil & Gas -- EPL investors are strong:


Bonanza creek bcei
Bonanza Creek -- BCEI investors are strong:


Questions
Questions? investors are strong:

Thank You

[email protected]://twitter.com/dowjeff


Stock picks for 2013
Stock Picks for 2013 investors are strong:

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%


Stock picks for 2014
Stock Picks for 2014 investors are strong:

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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