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Hey Guys,

Thought I would share here. You all know I have thick skin, so please don't walk on eggshells. (but don't piss me off either (LOL!))

Constructive input welcome. I certainly trailed the S&P, but that is what I expect when S&P has double digit returns.

https://rbcpa.com/wp-content/uploads/2020/01/2019231_Investo...

On On!
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How much allocation you have in "energy" sector? Is it a conscious choice to overweight the sector, it seems overweight to me at first glance.

Outside of Intel, I see you have no technology.
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just 2c - maybe it is cause I'm older but I have tried to strive for more a narrative in my meetings than before - in other words, pick a topic or subject line and go from there - last year I went into detail as to why identifying and evaluating costs can be important in any field of life, but focusing on investment management in particular. That said, I don't think there was any meaningful impact from my discussion (with zero feedback), and it pleased only me perhaps.

So...here goes...I understand the social aspect of what you are doing but find your presentation to be an interminable bore. Listing returns and holdings and the like is as dry as dry can be, and as I know you are a unique guy this doesn't express your uniqueness unless people really want to get into what you are saying or one of your holdings.

This is not an expression though that you ought to listen to and change - FAR FROM IT. If you are getting the feedback from your presentation that you want, and clients have few questions, then I wouldn't make a single change. NARY a one, cause your presentation seems like it would take - don't know - maybe 30 minutes to put together, right? But I'd find what you do far more interesting, say, if you took one of those bullet points (like: Doubt is central to understanding. This is a recurring theme in our investing. We constantly try to poke holes in our research, thought process, valuation techniques and so forth.) and expanded it to 20 minutes or so....

martian

https://www.youtube.com/watch?v=w82a1FT5o88
I think his points in the 1st minute mirror your presentation, and that's ok - this guy gives speeches, doesn't do investment management. Put your time only in the areas where it helps you with that.
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p.s. skip the commercial in that link, if you hit the link (assuming you get a commercial)

for those who care about such things (crickets!), thought this was a good resource

https://smile.amazon.com/Storytelling-Data-Visualization-Bus...
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Martian

Thank you very much for your $0.02. As you know, I have and continue to appreciate your views for many many years!

I hope I don't come accross as being too defensive on my response.

I watched the video you supplied. He actually is quite wrong on his alleged fact that there are more people alive than the total of people who died. He insists it is true, but it isn't. Nevertheless, he and you certainly supplied food for thought. https://www.scientificamerican.com/article/fact-or-fiction-l...


Our annual presentation is quite boiler plate. I produce it primarily to give our clients and potential clients a look at our performance, holdings, history and a touch of our process and what we do. I find the presentation as one tool for someone to do some DD on our firm. I also think it could be useful to other investors, and yes, quite boring, but so are 13-F's, and I do scour many. Yet, I appreciate your honest views!

I concur that a discussion on a topic is an excellent idea. I think of Howard Marks when you wrote that. I always want to write something during the year, but rarely ever do. With that mentioned, I do supply a typically lengthy and somewhat informative handout that we use at our annual conference. Here is a link to our most recent conference. https://rbcpa.com/value-investing/2019-investment-conference...

Yet, thanks, very much appreciated!

Kingram

Thank you as well for your response. You wrote, "How much allocation you have in "energy" sector? Is it a conscious choice to overweight the sector, it seems overweight to me at first glance. Outside of Intel, I see you have no technology.

On page 25 of the handout I linked above, we mention that as of September 30, 2019, we had 32% in Power and Energy, and 7% in Technology. We supply our entire list of year end holdings in the presentation, and if one desired, they could add up the sector allocations.

I am not purposely overweighting the energy sector, and underweighting the technology sector. I buy whatever I think I see future value in. I am real bottoms up, and of course much of our energy holdings was in Gazprom at December 31, 2019. I discuss the reasons for several of our holdings in the link above, as well as on our website, with various notes on companies we own or owned. I don't update all the time, as I just want to supply some information for investors, clients, potential clients, and anyone who might be interested. The companies we follow are in the middle of this page: https://rbcpa.com/investment-management/
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you don't sound defensive at all! And I was only referring to the handout itself in the linked note*, not the content of your actual meeting (which I did not review)...on the fact-check, that's good! I think the point is to grab the audience (and using an incorrect factoid could be appropriate, esp. to make a point; thanks for checking!).


*speaking for MY clients, they would find it a bore
*speaking for ME, I would not

so I don't think we disagree on many things here
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