I just received a great honor. I am the member of a professional organization called the Association of Investment Management and Research (AIMR). It publishes a bi-monthly publication, the AIMR Exchange. My husband and I were written up in a two-page spread - with pictures and everthing. It is an incredibly glowing article
- many of our clients are members of the association and will see this. It couldn't have happened at a better time, and I feel ultimately blessed.
Normally I'd just paste in a link to the website to give you a choice about reading it, but that's not an option as you have to be a member of AIMR to enter the site.
The author of the article, Christine Martin, e-mailed me a final copy of the article so I could share it with my family.
The Cat Site has become a kind of extended family, and I wanted to share it with you. It's sans color and pictures, but a number of you have asked about the R.V. and what I do. So if you'd like to see what was written, here it is:
DYNAMIC DUO: Husband and Wife Team Take Research to a New Level
When Laurie XXXXX, CFA, and husband, Gary, quit their jobs and hit the road in a 40-foot RV in 1994, an extended vacation was all they had in mind. But a few side trips to research "out-of-the-way" companies for some of Laurie's buy-side friends evolved into a new career-one in which their home travels with them. Now nine years into their road trip, the XXXXX shared how their mobile lifestyle fits well with traditional, boutique-style research shops, allowing them to seek out some interesting investment opportunities for their customers.
"From a buy-side perspective, it seemed to me that actionable research based on real input was really lacking. So we hoped to fill a hole in the sell-side market with our decision to hit the road researching companies," explained Laurie, whose background included managing, trading and investing for Arbor Partners, LP, which she cofounded, and equity analysis for Omega Partners and Baron Asset Management.
Gary, who was a Regional Manager for Stone Container Corporation, added: "Everybody on the sell side claim that they get out and kick the tires by going to visit companies. Sure, they may visit headquarters, but very few analysts travel off the beaten path to spend time visiting distribution facilities or manufacturing plants, meeting with department heads, the chief technology officer, guys on the line and so on."
They gave the example of Arizona-based Continental Homes, which the XXXXX visited in the mid 90s at the request of one of their customers because it appeared fully or over valued. "When we got on site in Scottsdale, spoke with the developers and other players, Laurie and I looked at each other and thought 'Holy Smokes, this is just the beginning,'" said Gary. By the end of their three-week stay, the XXXXXX had met with city counsel, investigated building permits, and were certain of a real buy opportunity at the dawn of Arizona's housing boom.
Initially, the XXXXX performed independent research on a soft-dollar basis as "Road Research," visiting over 200 companies in the first year and a half. Since 1995, they have worked for a number of boutique firms. "As special situations analysts not pegged to any index or industry, we've become very familiar with the industry of America. So for a number of our customers, which are strictly institutional and extremely loyal, we act as almost an extension of their research arm," explained Laurie. "We're their eyes and ears on the road."
Laurie and Gary were in New Mexico visiting Santa Fe Pacific Gold in 1997, just prior to Newmont Mining's surprise takeover. "We were actually at one of the mines when a couple of geologists and mining engineers showed up wearing Newmont hats and shirts. Although we had no access to direct information, the many clues caused us to surmise a potential takeover," recalled Gary of the serendipitous visit.
"Staying in RV parks and small towns for a period of time, we learn a lot from the local scuttlebutt," noted Laurie. Chitchat about layoffs clued the XXXXXs into problems with MasTec Industries, which developed cable infrastructure in southeast United States. Several weeks of investigation, which even included counting idle cable trucks in the parking lot over a period of days, confirmed the XXXXXX suspicions and resulted in a timely sell recommendation.
The XXXXX picked up Harris Corporation, an international communications equipment company, at what is now a seven-year low after spending several days at their facilities in Melbourne, Florida. Laurie and Gary believed the conglomerate was under-followed and mis-understood. "If I'm an analyst in New York, I have to make a budgetary decision. I ask myself, 'Should I fly all the way down to Melbourne, Florida, where there is only one company called Harris?' Of course not," said Gary. "But we take our home with us. So we're not only mobile, we're not necessarily anxious to leave either," added Laurie.
The XXXXX home is a 29,000-pound Holiday Rambler, from which they tow their SAAB 9000 Turbo. "Our kitchen is like anybody else's. We have a toaster oven, double sink, stove, microwave, and an oven," which, admitted Laurie, is a little small. "But we've roasted a 12-pound turkey," Gary boasted. Their "bus" even has hardwood floors and marble countertops. Really impressive, however, are the XXXXX three satellite dishes, network computer system and full uplink capability, which make their lifestyle possible.
"We spend 24 hours a day together, and people think we're nuts. But it works for us," explained the XXXXX, who, interestingly, were high school sweethearts. "My wife's my partner and best friend. We spend our winters in the south at luxury RV parks. So when people say we need a vacation, I ask, 'Who's complaining?'" noted Gary.
Plus nowadays, when more sophisticated research methods find analysts looking for an edge, the XXXXX have already found one. Said Laurie: "In this economic environment, what could be better than traveling America's heartland to see for ourselves what's on the shelves and what's not and which parking lots and warehouses are full and which are not?"
Photo caption:
Road researchers Laurie and Gary XXXXXX have logged roughly 250,000 miles on the road since 1994.
Normally I'd just paste in a link to the website to give you a choice about reading it, but that's not an option as you have to be a member of AIMR to enter the site.
The author of the article, Christine Martin, e-mailed me a final copy of the article so I could share it with my family.
The Cat Site has become a kind of extended family, and I wanted to share it with you. It's sans color and pictures, but a number of you have asked about the R.V. and what I do. So if you'd like to see what was written, here it is:
DYNAMIC DUO: Husband and Wife Team Take Research to a New Level
When Laurie XXXXX, CFA, and husband, Gary, quit their jobs and hit the road in a 40-foot RV in 1994, an extended vacation was all they had in mind. But a few side trips to research "out-of-the-way" companies for some of Laurie's buy-side friends evolved into a new career-one in which their home travels with them. Now nine years into their road trip, the XXXXX shared how their mobile lifestyle fits well with traditional, boutique-style research shops, allowing them to seek out some interesting investment opportunities for their customers.
"From a buy-side perspective, it seemed to me that actionable research based on real input was really lacking. So we hoped to fill a hole in the sell-side market with our decision to hit the road researching companies," explained Laurie, whose background included managing, trading and investing for Arbor Partners, LP, which she cofounded, and equity analysis for Omega Partners and Baron Asset Management.
Gary, who was a Regional Manager for Stone Container Corporation, added: "Everybody on the sell side claim that they get out and kick the tires by going to visit companies. Sure, they may visit headquarters, but very few analysts travel off the beaten path to spend time visiting distribution facilities or manufacturing plants, meeting with department heads, the chief technology officer, guys on the line and so on."
They gave the example of Arizona-based Continental Homes, which the XXXXX visited in the mid 90s at the request of one of their customers because it appeared fully or over valued. "When we got on site in Scottsdale, spoke with the developers and other players, Laurie and I looked at each other and thought 'Holy Smokes, this is just the beginning,'" said Gary. By the end of their three-week stay, the XXXXXX had met with city counsel, investigated building permits, and were certain of a real buy opportunity at the dawn of Arizona's housing boom.
Initially, the XXXXX performed independent research on a soft-dollar basis as "Road Research," visiting over 200 companies in the first year and a half. Since 1995, they have worked for a number of boutique firms. "As special situations analysts not pegged to any index or industry, we've become very familiar with the industry of America. So for a number of our customers, which are strictly institutional and extremely loyal, we act as almost an extension of their research arm," explained Laurie. "We're their eyes and ears on the road."
Laurie and Gary were in New Mexico visiting Santa Fe Pacific Gold in 1997, just prior to Newmont Mining's surprise takeover. "We were actually at one of the mines when a couple of geologists and mining engineers showed up wearing Newmont hats and shirts. Although we had no access to direct information, the many clues caused us to surmise a potential takeover," recalled Gary of the serendipitous visit.
"Staying in RV parks and small towns for a period of time, we learn a lot from the local scuttlebutt," noted Laurie. Chitchat about layoffs clued the XXXXXs into problems with MasTec Industries, which developed cable infrastructure in southeast United States. Several weeks of investigation, which even included counting idle cable trucks in the parking lot over a period of days, confirmed the XXXXXX suspicions and resulted in a timely sell recommendation.
The XXXXX picked up Harris Corporation, an international communications equipment company, at what is now a seven-year low after spending several days at their facilities in Melbourne, Florida. Laurie and Gary believed the conglomerate was under-followed and mis-understood. "If I'm an analyst in New York, I have to make a budgetary decision. I ask myself, 'Should I fly all the way down to Melbourne, Florida, where there is only one company called Harris?' Of course not," said Gary. "But we take our home with us. So we're not only mobile, we're not necessarily anxious to leave either," added Laurie.
The XXXXX home is a 29,000-pound Holiday Rambler, from which they tow their SAAB 9000 Turbo. "Our kitchen is like anybody else's. We have a toaster oven, double sink, stove, microwave, and an oven," which, admitted Laurie, is a little small. "But we've roasted a 12-pound turkey," Gary boasted. Their "bus" even has hardwood floors and marble countertops. Really impressive, however, are the XXXXX three satellite dishes, network computer system and full uplink capability, which make their lifestyle possible.
"We spend 24 hours a day together, and people think we're nuts. But it works for us," explained the XXXXX, who, interestingly, were high school sweethearts. "My wife's my partner and best friend. We spend our winters in the south at luxury RV parks. So when people say we need a vacation, I ask, 'Who's complaining?'" noted Gary.
Plus nowadays, when more sophisticated research methods find analysts looking for an edge, the XXXXX have already found one. Said Laurie: "In this economic environment, what could be better than traveling America's heartland to see for ourselves what's on the shelves and what's not and which parking lots and warehouses are full and which are not?"
Photo caption:
Road researchers Laurie and Gary XXXXXX have logged roughly 250,000 miles on the road since 1994.
