Tag Archives: Portfolio Management

Bill Cox & Ethan Brown Attend Federal Realty’s Investor Day

Chief Investment Officer Bill Cox and Portfolio Manager Ethan Brown pictured with Federal Realty’s General Counsel Dawn Becker.

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.

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The Loser’s Game: Why Being Conservative Can Help You Win At Investing

Throughout my whole life I’ve always enjoyed playing tennis. I loved being competitive, and I played in all the local tournaments growing up – and even went on to play in both high school and college. In my later years, I read a book called “Extraordinary Tennis for the Ordinary Tennis Player” by Simon Ramo, who was a scientist and statistician.  His book analyzed how tennis matches were won or lost. The book would have served me well when I was competing years ago because it brought attention to the concept of risk and return. The author highlights the fact that in expert and professional tennis about 80% of the points are “points won” simply because of superior talents by the participants. This means that in professional matches, the points won are typically accomplished by brilliant passing shots and by very few misses. In our mere mortal amateur world, however, the opposite is the case. About 80% of the points won in an amateur match are accomplished by “points lost” – i.e. points that are caused by errors, missed shots or double faults by the opponent. In other words, just being consistent and conservative can help the lesser player win a match against a formidable foe with a reckless game plan.

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