Several analysts believe that the tobacco industry will grow as new, more acceptable ‘nicotine delivery systems’ replace cigarettes. But tobacco stocks are priced as though the industry will disappear in a few years. The future is unknowable, but some historical perspective is in…
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Social Security is very different from the state funds. It holds no investments. Current payments to retirees come from money people are now paying into…
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The worst day in market history was October 19, 1987 – 35 years ago tomorrow. Some analysts will mention this on market news, perhaps referring to “old…
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INVESTMENT ADVICE IS NOT CHEAP Treasurer Boyles’ investment world in 1977 was a lot simpler than now. His $40 billion fund paid advisory fees of about…
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INTRODUCTION In late 2021, I met with North Carolina State Treasurer, Dale Folwell. He talked about the challenges in keeping the pension fund in sound…
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THE INNOCENT ABROAD In 1977 when I went into the pension group, RJR had only one significant fund outside the U.S. – Macdonald Tobacco’s pension plan in…
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INTRODUCTION This post carries a double message. It is about an investment industry consultant, Morton ‘Bud’ Watnik, but his story is more important as…
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THE NUMBERS DON’T LIE! Krispy Kreme doughnuts are more popular than tobacco. I started my posts to tell stories about tobacco. But, I made a brief stop…
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Reflections on "Going Down Tobacco Road" and Investing