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Strategies & Market Trends : Disciplined Investing, especially the NAIC way -- Ignore unavailable to you. Want to Upgrade?

To: The Philosopher who wrote (347)	7/2/2002 9:02:54 PM
From: - with a K	Read Replies (1) \| Respond to of 469

Yet another list: Liberty Acorn Twenty's portfolio. Recently I had the distinct pleasure of talking with John Park, CFA and MBA (Univ. of Chicago) who manages the $120 mil LTFAX fund. His approach, knowledge of companies and valuations both inside and out of his portfolio, and his general lucidity and intelligence were most impressive. We talked about 20 minutes about his portfolio, his approach, what he looks for, and some of my picks (he likes and owns MIK, EXPD, and MHK, but didn't care for CD [management] or PAYX ["great company but expensive"]). He also liked my pick CEFT but I don't see it show up in his portfolio. It was an inspiring conversation and one I have thought about many times in the last few weeks. I told him about PRX and he said he would have to look into it, but I don't kid myself! My notes after our conversation: * besides other things, he concentrates on insider buying, margin leverage, pricing power (like with Harley Davidson, MSFT, and Tiffany's), discounted cash flow, ROIC, and debt levels. * he is chartered to find and buy small to mid-sized growth companies off the beaten path (a man after my own heart!) * he tries to think 2 or 3 moves ahead, to see what will be right and good in a year or more. Perhaps that explains some of his current "dogs" he owns. It also might mean that the NAIC approach might not apply to some of his picks! * I mentioned TYC at this level and said I read where Bill Miller has bought some and he calmly said, yeah, but look at Bill's record the last 3 years (!). * I asked about PFE and he said he didn't like it (can't remember why). * he tries to look at the downside risk - what can go wrong? He counseled not to let emotions get in the way of decision making. Anyway, his portfolio, according to Morningstar quicktake.morningstar.com shows he has a big stake in H&R Block, which I did a SSG on but it came out a Hold. Christopher, you'll be glad to hear he owns LNCR. Other stocks he has been adding to that look interesting to study: Liberty Media (heard this rec'd many times but it keeps falling!) Int'l Game Tech (a hot sector?) Jones Apparel (been on a watch list for me) JD Edwards Dynegy (???) Mettler-Toledo Intl Techne (been on watch list for me) Waters SEI Investments (I look briefly and liked what I saw.) Any comments on the above list or his approach would be appreciated. - Kris