Back in 1999, while still cutting my teeth on a bond-trading desk at Merrill Lynch in New York City, a seasoned veteran trader and astute investor in his own right suggested to me several stocks for my “forever portfolio”. His investment thesis was that these companies were “disruptive” and well positioned in the rapidly growing space of portable telecommunications, and they would likely dominate the field for decades to come. Being long on student loan debt and short on discretionary cash flow, I didn’t quite have the means to take him up on his advice. Which turned out to be somewhat fortuitous, as two of the half-dozen or so companies he mentioned were Nokia and Motorola.
Amidst all the hype and hoopla surrounding the burgeoning technology, media and telecom (TMT) field back then, nascent companies needed little more than a zany internet-based idea, followed by “.com” in their name, and a lucrative IPO awaited. Similar to the SPAC craze today, gullible investors awash in liquidity chased company after company, justifying increasingly dizzying valuations with newly formed metrics touted by Wall Street sales departments and technology gurus like George Gilder (remember him?). Alas, as is often the case when hope triumphs over experience, many were left disappointed amidst the rubble of bankrupt companies.
Larry Whistler, CFA
Larry joined Nottingham in 2006 and heads the Investment Policy Committee, along with portfolio and relationship management responsibilities. He brings over 32 years of investment experience to the team. Prior to joining Nottingham in 2006, Larry worked as an independent RIA for two years and, before that, spent a decade as a bond trader for Merrill Lynch Capital Markets in Los Angeles and New York City.
Nottingham Advisors offers both institutional and individual clients experience, sophistication, and professionalism when helping them achieve their goals. With over 40 years of serving Western New York and clients in more than 30 states, Nottingham tailors each solution to fit the specific needs of each client.
For more information about Nottingham’s offerings, visit www.nottinghamadvisors.com or call 716-633-3800.
Nottingham Advisors, LLC (“Nottingham”) is an SEC registered investment adviser located in Amherst, New York. Registration does not imply a certain level of skill or training. Nottingham and its representatives are in compliance with the current registration and notice filing requirements imposed upon SEC registered investment advisers by those states in which Nottingham maintains clients. Nottingham may only transact business in those states in which it is registered, notice filed, or qualifies for an exemption or exclusion from registration or notice filing requirements. For information pertaining to the registration status of Nottingham, please contact Nottingham or refer to the Investment Advisor Public Disclosure Website (www.adviserinfo.sec.gov). Any subsequent, direct communication by Nottingham with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.
This newsletter is limited to the dissemination of general information pertaining to Nottingham’s investment advisory services. As such nothing herein should be construed as the provision of personalized investment advice. The information contained herein is based upon certain assumptions, theories and principles that do not completely or accurately reflect your specific circumstances. Information presented herein is subject to change without notice and should not be considered as a solicitation to buy or sell any security. Adhering to the assumptions, theories and principles serving the basis for the information contained herein should not be interpreted to provide a guarantee of future performance or a guarantee of achieving overall financial objectives. As investment returns, inflation, taxes and other economic conditions vary, your actual results may vary significantly. Furthermore, this newsletter contains certain forward-looking statements that indicate future possibilities. Due to known and unknown risks, other uncertainties and factors, actual results may differ materially from the expectations portrayed in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of their dates. As such, there is no guarantee that the views and opinions expressed in this article will come to pass. This newsletter should not be construed to limit or otherwise restrict Nottingham’s investment decisions.
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