Reflections on "Going Down Tobacco Road" and Investing
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BRIDGING THE GENERATIONAL DIVIDE ON TOBACCO ROAD
INTRODUCTION The June 6 comments on D-Day had the highest readership of any of my posts. Because of this reader interest, we will do a series on people…
Gene Hoots
Jun 28
27
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BRIDGING THE GENERATIONAL DIVIDE ON TOBACCO ROAD
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EMPLOYEE BENEFIT FUNDS - PART VIII – PIMCO -A FASCINATING HISTORY
INTRODUCTION In PART VII, we discussed how RJR restructured its pension fund. One of the choices was PIMCO in Newport Beach. PIMCO’s long history has…
Gene Hoots
Jun 14
10
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EMPLOYEE BENEFIT FUNDS - PART VIII – PIMCO -A FASCINATING HISTORY
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A LOOK BACK 78 YEARS ON TOBACCO ROAD
As you get this Post, I am in the Italian Alps at my granddaughter’s wedding. But even on this festive day, my memory turns back to another time and…
Gene Hoots
Jun 6
33
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A LOOK BACK 78 YEARS ON TOBACCO ROAD
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EMPLOYEE BENEFIT FUNDS – PART VII THE SEARCH FOR NEW MANAGERS
DUE DILIGENCE Not uncommon for a new Chief Financial Officer, Joe Abely wanted a total review and restructure of the investment managers for the RJR…
Gene Hoots
May 31
10
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EMPLOYEE BENEFIT FUNDS – PART VII THE SEARCH FOR NEW MANAGERS
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TOBACCO STOCKS - AN UPDATE
BACKGROUND The book Going Down Tobacco Road ended in 2017, about the time British American Tobacco bought the 60% of Reynolds American that it did not…
Gene Hoots
May 17
12
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TOBACCO STOCKS - AN UPDATE
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EMPLOYEE BENEFIT FUNDS – PART VI – RJR PENSION GETS A MAKEOVER WITH OUTSIDE HELP
Shortly after I took the pension job, Joe Abely arrived to become RJR’s CFO. Joe was Boston Irish, a Boston College graduate, with both an MBA and an…
Gene Hoots
May 3
14
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EMPLOYEE BENEFIT FUNDS – PART VI – RJR PENSION GETS A MAKEOVER WITH OUTSIDE HELP
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TOBACCO GOES TO WAR – AMERICAN CIVIL WAR
On April 9, 1865, General Ulysses S. Grant accepted General Robert E. Lee’s surrender of his Army of Northern Virginia at the village of Appomattox…
Gene Hoots
Apr 12
7
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TOBACCO GOES TO WAR – AMERICAN CIVIL WAR
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EMPLOYEE BENEFIT FUNDS – PART V - THANKFULLY, WE DON’T ALWAYS GET WHAT WE WANT
In 1977, I moved into the pension fund section at the RJR Treasurer’s Department, reporting to Treasurer John Dowdle. I was still smarting about not…
Gene Hoots
Mar 22
12
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EMPLOYEE BENEFIT FUNDS – PART V - THANKFULLY, WE DON’T ALWAYS GET WHAT WE WANT
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EMPLOYEE BENEFIT FUNDS - PART IV - RJR’S PROFIT SHARING PLAN THAT WENT AWRY
In 1955, R. J. Reynolds Tobacco created an employee profit sharing plan. Based on a profitability formula, a portion of the company’s profit was…
Gene Hoots
Mar 8
9
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EMPLOYEE BENEFIT FUNDS - PART IV - RJR’S PROFIT SHARING PLAN THAT WENT AWRY
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EMPLOYEE BENEFIT FUNDS - PART III – HOW DID ‘ERISA’ AFFECT RJR?
The first challenge that ERISA posed for pension plans was making a realistic forecast of future payouts over the next forty years and beyond. This was…
Gene Hoots
Feb 22
8
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EMPLOYEE BENEFIT FUNDS - PART III – HOW DID ‘ERISA’ AFFECT RJR?
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THE TOBACCO AUCTIONEER – AN ICONIC SYMBOL
INTRODUCTION Tobacco farmers have many memories of the autumn tobacco market – the crowds, the pickup trucks loaded with tobacco, the aroma of the leaf…
Gene Hoots
Feb 8
9
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THE TOBACCO AUCTIONEER – AN ICONIC SYMBOL
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EMPLOYEE BENEFIT FUNDS - PART II - A FORTY YEAR SUMMARY OF RJR
The “modern” history of RJR’s retirement funds begins about 1949 when Reynolds was making annual, and increasing, contributions.[i] We will examine that…
Gene Hoots
Jan 25
7
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EMPLOYEE BENEFIT FUNDS - PART II - A FORTY YEAR SUMMARY OF RJR
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