ValueAligned Portfolio 3rd Qtr Letter #stocks
David L. Berkowitz Portfolio Manager & Advisor VALUE ALIGNED PORTFOLIO THIRD QUARTER 2010 Dear Friend, For the 3rd quarter, the S&P Total Return Index ended up +11.3%. The ValueAligned Folio was up
EVA company Tidewater’s ($TDW) crew rescues Horizon victims
BERK: Critics of value-based management (VBM) often complain that companies that have a single overarching objective to create long-term value necessarily must skimp on other important objectives. Tidewater (TDW), the offshore, oil service boat company, defies the critics. TDW puts safety first - before anything else - in its investor presentations, in its employee training and in its meaurement system. And TDW is an EVA company.
What’s up with office furniture? EVA companies $MLHR & $SCS breaking out
What's up with EVA companies Herman Miller (MLHR) and Steel Case (SCS)? The other office furniture companies are on a tear too - $HNI and $KNL. Investors seem to be betting that the late cycle companies' demand has troughed. WIth employment improving that lagging indicator often coincides with the pick up in demand for office furniture. Office furniture analyst Budd Bugatch of Raymond James raised his ratings on three office furniture companies back in the middle of March, citing
BERK: Here's another example of a company that uses EVA growth to make value-based financial decisions that in fact benefit all stakeholders - this award shows how well the "employees" at Whole Foods value their stake in the firm. By the way, no unions at this company. Fortune mentioned job growth in 2009, salary cap limits for the bosses and a "robust" healthcare plan that includes personal wellness accounts to help cover health-care expenses. That last little perk -
