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Meryl Witmer, Berkshire Director


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Guest notorious546

Hello Everyone,

 

I'm looking for some information on Meryl Witmer, specifically, when she had joined the Berkshire board and what kind of returns her investment partnership has delivered recently? The name of the firm is "Eagle Capital Partners, L.P." Other than the odd WSJ article or video online I haven't been able to find too much. I believe she is less well known than many of the investment managers we tend to discuss on the board here, but her involvement on the board is probably very beneficial for her development and track record.

 

Thanks!

 

http://online.barrons.com/news/articles/SB50001424053111903583804579614302229286512

 

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AFAIK, Barron's roundtable is the only place I have seen her picks. It would be interesting to see if there are other places to find her investments. I think somebody said recently that she might be not reporting and not publishing, but I don't remember the details.  :-\

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Guest notorious546

Is Meryl Witmer Ready to Challenge the Oracle of Omaha? (Video)

http://video.foxbusiness.com/v/2359767049001

 

Meryl Witmer: How I Pick Stocks?

http://www.wsoctv.com/videos/news/meryl-witmer-how-i-pick-stocks/v4ZG4/

1) Good Management, who allocates capital appropriately and generates good returns on capital

2) Good Business, Special segment of it or a Moat

3) Transitory Problem of some sort

 

• Two Takeaways from being on the Berkshire Board i) Keep working you will live longer ii) as smart as you think warren and charlie are they are much smarter!

 

http://seekingalpha.com/author/meryl-witmer/articles

 

http://www.marketwatch.com/story/how-is-barrons-all-star-investing-team-doing-2013-06-21

 

Meryl Witmer: Buy This Beaten-Down Gas Stock

http://www.statesman.com/videos/news/meryl-witmer-buy-this-beaten-down-gas-stock/vC6n9T/

• Capital allocation and valuation are very important. We really like Navigator holdings. Own and operate ships that move propane, butane and some ethylene. Large technical skill set needed to effectively implement.

• Graphic Packing,

 

Meryl Witmer Sept 2013 CNBC appearance

http://neoalpha.blogspot.ca/2013/09/meryl-witmer-on-cnbc.html

• Similarities between all the people who she has learned from is that they all have the ability to shift their mindset and are optimists. Treat people fairly. Ability to change mind when new information is presented. Uses a 10% discount rate when discounting after-tax cash flow. Look for stocks that generate really high returns, but importantly never lose money. Misperceptions are key.

 

Meryl Witmer - Eagle Capital

 

Witmer learned the ropes with Michael Price and Max Heine of Mutual Series. She spent her time talking about two idea: Gildan and Viacom. In one of her opening slides, she discussed Eagle's general philosophy which focus on looking for strong management teams that are good capital allocators who buy back stock a "fire sale prices" running companies that generate good cash flow and maintain a healthy balance sheet. The emphasis on fire sale prices is interesting - so often the investment community pushes for companies to buy back stock irrespective of price. Yes, its probably better than making a dumb acquisition, but its far less important the value of cash in a downturn (whether buying own stock or someone elses). As investors, we know this but we rarely put that to our management teams we cover.

 

the CIK is wrong here. http://www.robotti.com/admin/file/157

I think this is right. EAGLE CAPITAL MANAGEMENT LLC  (0000945631) address seems the same?

2014-10-27_Barrons_The_Art_of_Successful_Investing_Conference_NYC.pdf

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She and her husband Charles Witmer used to file under Eagle Value Partners (post 2010) or Witmer Asset Management (pre 2010).

 

http://www.sec.gov/cgi-bin/browse-edgar?company=eagle+value+partners&owner=exclude&action=getcompany

 

But as you can see from the Eagle Capital Management filings, they're no longer filing 13F-NTs even though they still have notice of exempt offering filings.  I'm guessing they've gone offshore with their managed accounts.

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Guest notorious546

She and her husband Charles Witmer used to file under Eagle Value Partners (post 2010) or Witmer Asset Management (pre 2010).

 

http://www.sec.gov/cgi-bin/browse-edgar?company=eagle+value+partners&owner=exclude&action=getcompany

 

But as you can see from the Eagle Capital Management filings, they're no longer filing 13F-NTs even though they still have notice of exempt offering filings.  I'm guessing they've gone offshore with their managed accounts.

 

ok thanks! I will keep posting as I learn more about her.

 

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Guest notorious546

Meryl likes spectrum brands. She's positive on management, recent insider buying by chairman and sees after tax cash flow at 7.75 in 15e growing to 9.95 16e. net operating losses shield some of the company's income from taxes. she would continue to hold up to 14-15x cash flow multiple, assuming current mgmt still in place.

 

http://on.wsj.com/1Ti8gqS

 

http://www.valuewalk.com/2015/06/meryl-witmer-talks-top-picks-at-barrons-roundtable/

 

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Guest notorious546
Meryl Witmer, General partner, Eagle Capital Partners: Witmer, also a Roundtable member, called out those who are “pro-buyback at any price” on the logic that reduced share count boosts earnings per share. “I view that as returning capital to ex-shareholders,” she said. “Paying too much to buy back shares isn’t helpful to the overall enterprise or the remaining shareholders.”

 

Witmer often invests in new spinoffs, whose value hasn’t yet been recognized by the market. “A spinoff is a great opportunity to educate a new CEO about the importance of capital allocation,” she said.

2015-07-24_6_Great_Investors_Explain_What_Makes_Stocks_Rise_-_Barrons.pdf

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