David Fleer
Bristlecone Value Partners, LLC
12301 Wilshire Blvd., Suite 320
Los Angeles, CA 90025 USA
Work 1-877-806-4141
www.Bristlecone-VP.com


Monthly Digest – September 2011

September 23rd, 2011

Eureka!

Though not adopted until 1963 as the official motto of our home state of California, “Eureka” was first officially associated with the Golden State upon adoption of the state seal in 1849, which includes the word above an idyllic image of the goddess Minerva surrounded by a bear, grapes, and a miner, set against a backdrop of the Sacramento river and snow-capped Sierra Nevada mountains.

Eureka—translated from the Greek as “I have found it!”—was widely associated with the discovery of gold in the state in 1848. It could as well be the motto for today’s gold-obsessed market. Read the rest of this entry »

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Large Cap Value Commentary – August 2011

September 13th, 2011

In August, the Large Cap Value model portfolio declined but outperformed the S&P 500 index’s 5.4% drop (net of dividends). Investors are becoming increasingly pessimistic about growth prospects in the US and the ability of European governments to solve the sovereign debt crisis within the euro zone.  Long gone is the optimism prevalent last spring. We can’t help but think that the current negative mood greatly exaggerates the deterioration in economic and business fundamentals, but we also understand that pessimism can become a self-fulfilling prophecy especially if companies start cutting back on investments and hiring. Read the rest of this entry »

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