For those of you that know us well, you know that meeting with companies and doing comprehensive research is embedded in the DNA of our firm. It’s how the business was built over 20 years ago. As part of our ongoing due diligence, we frequently meet with and check-in with the management teams of the companies in our portfolios. We have been investors in Federal Realty (FRT) for many years now, and we recently had the opportunity to attend their Investor Day. We were greeted by Dawn Becker (shown above) who gave us the lay of the land and told us about some upcoming projects that Federal Realty is working on. You may or may not be familiar with Federal Realty, but you are probably more familiar with Assembly Row – Somerville’s premier retail center which includes retail outlets, restaurants, a movie theater and apartments (and will also be PUMA’s new North American headquarters) – only a stone’s throw away from downtown Boston. Federal Realty is the mastermind behind this giant project, and they have several more high-profile office and retail centers located in urban areas around the U.S.Continue reading
Get Reference Letters
I am surprised that clients don’t ask for letters of recommendation more often. References really help to understand who the advisor is and how clients have been treated over longer periods of time. Everyone has an opinion, and three references should do the trick. The references should be from different types of clients too – possibly one from a retiree, one a non-profit or one from a family that is in the midst of long-term planning. We encourage getting real life feedback because with reputations at risk, be assured that the substance of the reference is usually excellent.Continue reading
What type of investor would they be?
We are big GoT fans. With the hit TV show returning to HBO for its final season, we couldn’t resist drawing some parallels between what we see in our finance world and the personalities of some of the main characters from the show. Hope you enjoy!
Daenerys Targaryen: Daenerys would undoubtedly be a “Unicorn Investor.” In the investing world, a Unicorn is a private company worth upwards of $1 billion with the potential to change the world. Think Uber, Lyft, AirBNB, Snapchat, and Pinterest. I mean – she’s the Mother of Dragons for crying out loud! Daenerys had the power to change the world, and she captured the hearts and minds of both allies and enemies alike WHILE ruthlessly destroying her competition. Her views of the world and vigorous drive to succeed resemble the same motivations of some of these visionary CEOs like Mark Zuckerberg or Elon Musk. She stopped at nothing to achieve her dreams. Investing in Unicorn companies would satisfy this need if Daenerys were an investor rather than a queen trying to conquer the Seven Kingdoms!Continue reading
This week’s Masters Golf Tournament is by far the most prestigious and cherished event in the golfing world. Winning the Masters is life changing and incredibly fruitful for the professional golfer in so many ways. You can make nearly $2 million in prize money, get a five-year exemption on the tour, a lifetime invite to the annual Champion’s dinner and amazing sponsorship opportunities inside and outside golf. Rarely do first-time participants win, however. It takes years of experience to get to the point where you can come even close to winning the tournament. There are many documented instances where talented players have failed because of nerves, careless mistakes or playing too aggressively. In one rare case – one player was disqualified after signing an incorrect score card! Investing success takes a long time too. Investing is an art and a science – somewhat like golf actually – because it requires a combination of skill, planning and patience.Continue reading