Parisian Family Office, CEO. Began Wall Street, 82. Founded investment firm, CHIPPEWA PARTNERS, Native American Advisors. Member, White Earth Chippewa Tribe. Was NYSE/FINRA arb. Conservative, raised on Native reservations. Pureblood, clot-shot free. In a world elevated on a tech-driven dopamine binge, he trades from Ghost Ranch on the Yellowstone River in MT, his TN farm, Pamelot or CASA TULE', his winter camp in Los Cabos, Mexico. Always been, and will always be, an optimist.
Monday, October 15, 2007
Touts, scum and Wall Street thieves.........
Unexamined acceptance is the greatest cause of investor losses in my book. Listening to conference calls is tricky. Listening for a change in breathing patterns, tonality changes and hurried answers when the tough questions are asked is a far better tip-off than reading the press releases. How management handles bad quarterly earnings, criticism, merger issues and revenue shortfalls can be telling and impact our invested capital
I can not trust those who manage the companies we own. It’s my job. Many are more concerned about the next golf outing on the corporate jet than the stock price. Always question. Few actually own shares they have purchased in the open market like we have. Few pony up real money to buy shares like investors do every day in the open market. I do my best to verify all I am told by corporate chieftains and public relations firms. I do my best to verify everything. Studying the financial reports, especially the footnotes and “risk factor” sections is important. In conference calls I listen for excuses, deflection and innuendo and run when the integrity of those of us asking the tough questions is questioned. These guys have huge ego’s, status, arrogance and usually a huge financial incentive to keep the status quo.
It’s a tough job. Somebody has to do it.