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James H. Gipson founded PFR in 1980. Mr. Gipson is President and Chief Executive Officer and a principal of PFR. He received his B.A. and M.A. degrees in Economics with honors from the University of California, Los Angeles, and his M.B.A. degree with honors from Harvard Business School. Before entering the investment industry, Mr. Gipson served as an officer in the U.S. Navy and as a consultant for McKinsey & Co. Prior to founding PFR, he was a portfolio manager at Source Capital Co. and at Batterymarch Financial. He authored Winning the Investment Game: A Guide for All Seasons.
Profile: A value guy. Fund manager of Clipper Fund. In his 17 years tenure as fund manager of Clipper Fund, his fund has average an annual total return of 15.35%, as of third quarter of 2004. In the same period, S&P 500 has an annual total return of 13.11%.
Investing Philosophy: James Gipson and his partners build valuation models for the companies they are interested. The valuation models calculate the intrinsic value which is based on private market transactions and discounted cash flow valuations. They focus on dominant companies generating excess cash flow with good management in industries that are often "out of favor" in the investment community. Companies are only added to the portfolio when their share price trades at less than 30 percent of intrinsic value, that is their margin of safety. Companies are sold when the share price reaches intrinsic value.
Top Holdings: Freddie Mac, American Express Company, Fannie Mae, Altria Group Inc, Tyco International Ltd
Future returns will be more modest Posted on 2-24-2005 In his annual letter to shareholders, James Gipson said that low interest rate, high corporate profit margins, and tame inflation have created unusually good returns for investors for twenty years. This is unlikely to be repeated in the next years. Future returns suggest will be more modest than the past ones..
[此贴子已经被作者于2005-4-25 7:36:29编辑过]
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