Evergreen Q4 2019

It’s Complicated…

Evergreen Q4 2019, News

While airplanes themselves and the flight systems that the airlines use to ferry us around the country and around the world are some of the most complicated systems humans have devised, perhaps there are lessons we can learn in dealing with other less complicated systems from their travails.  One commentator on Boeing’s maneuvering control system failure simply states that manufacturers and regulators need to recognize that “many current pilots are simply not up to the standard necessary to operate current systems”.[1] 

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Noise Cancelling “Fed-phones”? Isolating the Signal from the Noise

Evergreen Q4 2019, News

Investors like data and particularly the predictability of data. In fundamental investment analysis, company and economic data are the signal that is useful for modeling future expected economic growth rates, revenue, earnings, cash flows, etc. We use these to determine future values that can be discounted back to a fair value today. This helps us decide if something is currently cheap or expensive relative to future expectations, and importantly, what are we buying, holding or selling for our clients’ portfolios. Unplanned economic and political events can affect our economic decision making but they are mostly noise around a signal.

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Tax Update

Evergreen Q4 2019, News

Wealth Taxes Are in the News

How does someone get a feel for our tax system?  In business, running your own, smaller business is probably good preparation for running a larger one.  A senior executive of a large firm who was pushed out to make way for another manager, started and ran his own firm before being hired back to run the larger firm.

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On Building A New Portfolio From Cash

Evergreen Q4 2019, News

Woodstock Quarterly Newsletter / Winter 2019

When constructing a new portfolio from cash our philosophy is to move expeditiously but use common sense.  Initially, fully knowing that we cannot predict the market, the impetus is to invest a major portion of the funds in a diversified portfolio of stocks that both line up with the client’s circumstances and desires and meet Woodstock financial and quality criteria.  Subsequently, depending upon market conditions, our strategy is to put the remaining resources to work over a period of several months.

Peter Hartzel, Senior Vice President and Portfolio Manager

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90th Anniversary

Evergreen Q4 2019, News

Woodstock Quarterly Newsletter / Winter 2019

According to Company lore, Woodstock Corporation and its predecessor organizations were founded in October 1929. After the passing of the founder of Paine Webber, (the Boston based broker dealer and investment bank), William A. Paine, his estate and financial affairs were handled by an office called Paine Estates.  Within a few years Paine Estates was incorporated as Woodstock Corporation, mostly handling tax and custody issues.  In the late 1960s, Woodstock Corporation registered as an investment adviser, as we are today. William A. Paine died a few weeks before the Wall Street Crash of 1929. As with other estates, the valuation before the crash was much higher than the valuation post-crash. Company lore credits William A. Paine’s estate with helping to establish the alternate valuation date now available to all US taxable estates.

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