Legendary value investor Jean-Marie Eveillard said “To be a value investor, you have to be willing to suffer pain.” This is probably what a lot of value investors are experiencing. Being a lifetime value investor, he still wonders “Why discipline value investing is so difficult”. This is his portfolio update for the third quarter.
Jean-Marie Eveillard buys Starbucks Corp., State Street Corp., Texas Instruments Inc., Wells Fargo & Company, EDO Corp., Applebee's International Inc., Lyondell Chemical Company, DIRECTV Group Inc. The, Metal Management Inc., DresserRand Group Inc., Atlas Pipeline Partners L.P., Celanese Corp. Series A, Copart Inc., PRA International, WABCO HOLDINGS, UAL Corp., SLM Corp., Nucor Corp., LULULEMON ATHLETICA INC., Lockheed Martin Corp., The TJX Companies Inc., General Motors Corp., Whirlpool Corp., Companhia de Bebidas das AmricasAMBEV, Tronox Inc., Mercury General Corp., CocaCola FEMSA S.A.B. de C.V., Alcoa Inc., Wendy's International Inc., ATLAS PIPELNE HLDING, BEA Systems Inc., BristolMyers Squibb Company, ConAgra Foods Inc., Schlumberger Ltd., Gannett Co. Inc., Loews Corp., AptarGroup Inc., Weyerhaeuser Company, 3Com Corp., Array BioPharma Inc., Washington Group International, Merck & Co. Inc., Pulte Homes Inc., Novartis AG, Penn West Energy Trust Trust Units, PDL BioPharma Inc., MGIC Investment Corp., Zimmer Holdings Inc., Federal Agricultural Mortgage Corp., AbitibiConsolidated Inc., Yamana Gold Inc., Sociedad Quimica y Minera de Chile S.A., Sempra Energy, ScheringPlough Corp., SanminaSCI Corp., Traffix Inc., ResMed Inc., Tata Motors Ltd., Companhia Vale Do Rio Doce, Baldor Electric Company, Baidu.com Inc. ADS, Biogen Idec Inc, Pharmaceutical Product Development Inc., Forrester Research Inc., Fluor Corp., Flamel Technologies S.A., Dionex Corp., Discover Financial Services, E.I. du Pont de Nemours and Co., CYTYC Corp., L1 Identity Solutions Inc., Corn Products International Inc., Chesapeake Energy Corp., Coeur dAlene Mines Corp., Haemonetics Corp., Respironics Inc., Ultra Petroleum Corp, MINDRAY MEDICAL INTL, Japan Smaller Capitalization Fund Inc., Medicis Pharmaceutical Corp., The Procter & Gamble Company, ICON plc, Keystone Automotive Industries Inc., XM Satellite Radio Holdings Inc., China Life Insurance Company Ltd., Occidental Petroleum Corp., Nektar Therapeutics, Skyworks Solutions Inc., Macy's Inc., Manhattan Associates Inc., Mattel Inc., Microtek Medical Holdings Inc, Medco Health Solutions Inc., Monsanto Company, Zebra Technologies Corp., Isis Pharmaceuticals Inc., IPATH ETNS LINKED TO, IDEXX Laboratories Inc., Playboy Enterprises Inc., QUALCOMM Inc., Valeant Pharmaceuticals International, Intuitive Surgical Inc., Veeco Instruments Inc., ITT Corp., UST Inc., sells Eagle Hospitality Properties Trust Inc., ABX Air Inc., The Stride Rite Corp., Manor Care Inc., iShares Lehman 20+ Year Treasury Bond Fu, Highland Hospitality Corp., Incyte Corp., IPSCO Inc., Interpool Inc., Tractor Supply Company, International Securities Exchange Holdin, Acxiom Corp., Harman International Industries Inc., Buffalo Wild Wings Inc., eFunds Corp., Finish Line Inc., Dominion Resources Inc., Rockwell Collins Inc., Flowserve Corp., Favrille Inc., GENESCO Inc., Golden Star Resources Ltd, Cerus Corp., Crescent Real Estate Equities, iShares Russell 1000 Value Index Fund, Joy Global Inc., The CocaCola Company, Coinmach Service Corp, Spirit Finance Corp., Philippine Long Distance Telephone Compa, PepsiCo Inc., Orexigen Therapeutics Inc., Yahoo! Inc., Omnicom Group Inc., Wild Oats Markets Inc., Manpower Inc., America First Apartment Investors Inc., Meredith Corp., Medarex Inc., NetBank Inc., Nokia Corp., Republic Property Trust during the 3-months ended 09/30/2007, according to the most recent filings of his investment company, Arnhold & S. Bleichroeder Advisers, LLC. Jean-Marie Eveillard owns 351 stocks with a total value of $13024.8 billion. These are the details of the buys and sells.
New Purchases: AA, ABV, ABY, AGM, AHD, APL, APPB, ARRY, ATR, AUY, BEAS, BEZ, BIDU, BIIB, BMY, CAG, CDE, CE, CHK, COMS, CPO, CPRT, CYTC, DD, DFS, DNEX, DRC, DTV, EDO, FLML, FLR, FORR, GCI, GM, HAE, ICLR, ID, IDXX, INP, ISIS, ISRG, ITT, JOF, KEYS, KOF, LFC, LMT, LTR, LULU, LYO, M, MANH, MAT, MCY, MHS, MM, MON, MR, MRK, MRX, MTG, MTMD, NKTR, NUE, NVS, OXY, PDLI, PG, PHM, PLA, PPDI, PRAI, PWE, QCOM, RESP, RIO, RMD, SANM, SBUX, SGP, SLB, SLM, SQM, SRE, STT, SWKS, TJX, TRFX, TRX, TTM, TXN, UAUA, UPL, UST, VECO, VRX, WBC, WEN, WFC, WHR, WNG, WY, XMSR, ZBRA, ZMH,
Added Positions: AL, AMGN, AMIC, APH, AVAN, CCI, CCO, CMCSK, CTAS, CTO, DDS, DELL, DVN, ELRC, EMMS, GD, GFI, GG, GYI, HIG, HRB, HUN, IDA, IDIX, ILE, ISCA, JNJ, JPM, KFT, KOPN, LBTYA, LEAP, MIR, MLNM, MO, MS, MSFT, NAPS, NEM, PH, PTN, RENT, S, SJT, SNE, SNY, TTP, TWX, WAG, WMB,
Reduced Positions: ABX, ADI, AIG, APOL, ASN, BDK, BJRI, BK, C, CAKE, CBS, CCU, CEN, CKH, CMCSA, COST, CRXX, DOX, FCX, FO, GE, GERN, HD, HGSI, HOFF, INTC, ITMN, JNC, KMX, KR, LBTYK, LCAPA, MOT, MSSR, NLC, ORLY, PFE, SHPGY, SNUS, SWZ, THS, TXRH, TYC, UAPH, VNDA, VSAT, WLP, WMT,
Sold Out: ABXA, ACXM, APRO, BWLD, CERS, COL, D, DRY, EFD, EHP, FINL, FLS, FVRL, GCO, GSS, HAR, HCR, INCY, ISE, IWD, JOYG, KO, MAN, MDP, MEDX, NOK, OATS, OMC, OREX, PEP, PHI, RPB, SRR, TLT, TSCO, YHOO,
Jean-Marie Eveillard buys Starbucks Corp., State Street Corp., Texas Instruments Inc., Wells Fargo & Company, EDO Corp., Applebee's International Inc., Lyondell Chemical Company, DIRECTV Group Inc. The, Metal Management Inc., DresserRand Group Inc., Atlas Pipeline Partners L.P., Celanese Corp. Series A, Copart Inc., PRA International, WABCO HOLDINGS, UAL Corp., SLM Corp., Nucor Corp., LULULEMON ATHLETICA INC., Lockheed Martin Corp., The TJX Companies Inc., General Motors Corp., Whirlpool Corp., Companhia de Bebidas das AmricasAMBEV, Tronox Inc., Mercury General Corp., CocaCola FEMSA S.A.B. de C.V., Alcoa Inc., Wendy's International Inc., ATLAS PIPELNE HLDING, BEA Systems Inc., BristolMyers Squibb Company, ConAgra Foods Inc., Schlumberger Ltd., Gannett Co. Inc., Loews Corp., AptarGroup Inc., Weyerhaeuser Company, 3Com Corp., Array BioPharma Inc., Washington Group International, Merck & Co. Inc., Pulte Homes Inc., Novartis AG, Penn West Energy Trust Trust Units, PDL BioPharma Inc., MGIC Investment Corp., Zimmer Holdings Inc., Federal Agricultural Mortgage Corp., AbitibiConsolidated Inc., Yamana Gold Inc., Sociedad Quimica y Minera de Chile S.A., Sempra Energy, ScheringPlough Corp., SanminaSCI Corp., Traffix Inc., ResMed Inc., Tata Motors Ltd., Companhia Vale Do Rio Doce, Baldor Electric Company, Baidu.com Inc. ADS, Biogen Idec Inc, Pharmaceutical Product Development Inc., Forrester Research Inc., Fluor Corp., Flamel Technologies S.A., Dionex Corp., Discover Financial Services, E.I. du Pont de Nemours and Co., CYTYC Corp., L1 Identity Solutions Inc., Corn Products International Inc., Chesapeake Energy Corp., Coeur dAlene Mines Corp., Haemonetics Corp., Respironics Inc., Ultra Petroleum Corp, MINDRAY MEDICAL INTL, Japan Smaller Capitalization Fund Inc., Medicis Pharmaceutical Corp., The Procter & Gamble Company, ICON plc, Keystone Automotive Industries Inc., XM Satellite Radio Holdings Inc., China Life Insurance Company Ltd., Occidental Petroleum Corp., Nektar Therapeutics, Skyworks Solutions Inc., Macy's Inc., Manhattan Associates Inc., Mattel Inc., Microtek Medical Holdings Inc, Medco Health Solutions Inc., Monsanto Company, Zebra Technologies Corp., Isis Pharmaceuticals Inc., IPATH ETNS LINKED TO, IDEXX Laboratories Inc., Playboy Enterprises Inc., QUALCOMM Inc., Valeant Pharmaceuticals International, Intuitive Surgical Inc., Veeco Instruments Inc., ITT Corp., UST Inc., sells Eagle Hospitality Properties Trust Inc., ABX Air Inc., The Stride Rite Corp., Manor Care Inc., iShares Lehman 20+ Year Treasury Bond Fu, Highland Hospitality Corp., Incyte Corp., IPSCO Inc., Interpool Inc., Tractor Supply Company, International Securities Exchange Holdin, Acxiom Corp., Harman International Industries Inc., Buffalo Wild Wings Inc., eFunds Corp., Finish Line Inc., Dominion Resources Inc., Rockwell Collins Inc., Flowserve Corp., Favrille Inc., GENESCO Inc., Golden Star Resources Ltd, Cerus Corp., Crescent Real Estate Equities, iShares Russell 1000 Value Index Fund, Joy Global Inc., The CocaCola Company, Coinmach Service Corp, Spirit Finance Corp., Philippine Long Distance Telephone Compa, PepsiCo Inc., Orexigen Therapeutics Inc., Yahoo! Inc., Omnicom Group Inc., Wild Oats Markets Inc., Manpower Inc., America First Apartment Investors Inc., Meredith Corp., Medarex Inc., NetBank Inc., Nokia Corp., Republic Property Trust during the 3-months ended 09/30/2007, according to the most recent filings of his investment company, Arnhold & S. Bleichroeder Advisers, LLC. Jean-Marie Eveillard owns 351 stocks with a total value of $13024.8 billion. These are the details of the buys and sells.
New Purchases: AA, ABV, ABY, AGM, AHD, APL, APPB, ARRY, ATR, AUY, BEAS, BEZ, BIDU, BIIB, BMY, CAG, CDE, CE, CHK, COMS, CPO, CPRT, CYTC, DD, DFS, DNEX, DRC, DTV, EDO, FLML, FLR, FORR, GCI, GM, HAE, ICLR, ID, IDXX, INP, ISIS, ISRG, ITT, JOF, KEYS, KOF, LFC, LMT, LTR, LULU, LYO, M, MANH, MAT, MCY, MHS, MM, MON, MR, MRK, MRX, MTG, MTMD, NKTR, NUE, NVS, OXY, PDLI, PG, PHM, PLA, PPDI, PRAI, PWE, QCOM, RESP, RIO, RMD, SANM, SBUX, SGP, SLB, SLM, SQM, SRE, STT, SWKS, TJX, TRFX, TRX, TTM, TXN, UAUA, UPL, UST, VECO, VRX, WBC, WEN, WFC, WHR, WNG, WY, XMSR, ZBRA, ZMH,
Added Positions: AL, AMGN, AMIC, APH, AVAN, CCI, CCO, CMCSK, CTAS, CTO, DDS, DELL, DVN, ELRC, EMMS, GD, GFI, GG, GYI, HIG, HRB, HUN, IDA, IDIX, ILE, ISCA, JNJ, JPM, KFT, KOPN, LBTYA, LEAP, MIR, MLNM, MO, MS, MSFT, NAPS, NEM, PH, PTN, RENT, S, SJT, SNE, SNY, TTP, TWX, WAG, WMB,
Reduced Positions: ABX, ADI, AIG, APOL, ASN, BDK, BJRI, BK, C, CAKE, CBS, CCU, CEN, CKH, CMCSA, COST, CRXX, DOX, FCX, FO, GE, GERN, HD, HGSI, HOFF, INTC, ITMN, JNC, KMX, KR, LBTYK, LCAPA, MOT, MSSR, NLC, ORLY, PFE, SHPGY, SNUS, SWZ, THS, TXRH, TYC, UAPH, VNDA, VSAT, WLP, WMT,
Sold Out: ABXA, ACXM, APRO, BWLD, CERS, COL, D, DRY, EFD, EHP, FINL, FLS, FVRL, GCO, GSS, HAR, HCR, INCY, ISE, IWD, JOYG, KO, MAN, MDP, MEDX, NOK, OATS, OMC, OREX, PEP, PHI, RPB, SRR, TLT, TSCO, YHOO,
