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James Gipson: Cash Is Not a Four Letter Word

April 29, 2005

Cash position has been creeping up in James Gipsons Clipper Fund. As reported by GuruFocus, Gipson has been selling stocks, he just added his position in Pfizer in the last quarter. Currently his stock position is at about 72%. He commented: The problem with cash is patience. There are times, and this is one of them, that building cash is a rational course of action until really good opportunities present themselves. That may take an uncomfortably long period He still likes the odd couple of Fannie and Freddie...

http://www.clipperfund.com/letters.html


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