Observations

I would like to propose a toast to all of you, my readers and my clients. You see, I love my job, I love the pressure, I love the idea that it is my decisions and my views that count.

I do not have to rely on anyone. I am it. It is like when I used to play tennis championships. I had to figure out how to win.

I work in a large room, with large windows on three sides and with the view of a lake. Seven anthurium plants constantly grow wonderful red flowers.

I would like to salute some special and unique people I knew.

Peter, the ultimate classy salesman, asked me many years ago to talk to his clients about investing. Then he moved to Colorado. He and his wife, a handsome couple, were often on magazines advertising retirement resorts. He called often. We skied together the glorious mountains of Vail and Summit. Managing his money was an honor.

Rich gave me the responsibility to manage $4 billion and to propose the strategy for $3 billion corporate debt. He trusted me and relied on me after I proved I deserved it. He was gentle and shrewd. But he never failed to make me feel comfortable when I had to make tough decisions. He often let bankers know I was “the brain”.

John was a gentle intellectual who enjoyed good food. How to forget the 3 hour lunches we had at the Black Pearl in Newport, RI? I went to see him often to discuss his portfolio. We clicked. We decided to meet in Rome, so I could show him where I grew up. He showed me the restaurants he knew so well. What a treat! It was great fun….just three days. John, Lagavulin is a great scotch!

The client I remember with great affection is Mr. B, a businessman from Michigan. He called me weekly to find out his balances. He wanted to know my strategy and what I was planning to do. We talked about business and the outlook for the economy and how it could affect his business. At the end of the conversation he used to tell me with his hoarse voice: ”OK kid, keep up the good work.” How can you not love the old man.

I salute you all. Thank you for your trust.

(This "Observations" appeared in the issue of 1/21/08 of The Peter Dag Portfolio.

George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked best market timer in the 12 and 6 months ending 8/20/10 by Timer Digest

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