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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Diamonds and Dogs

Leadership

Great companies (and great investments) are bigger than their founders, bigger than their current CEO's, and larger than any one person. A truly great company will survive and flourish even with the departure of its founder or with the departure of a high profile CEO. The concerns over Warren Buffett and his legacy I believe are over blown. Berkshire appears to have the culture and the solid business foundations, particularly with the different businesses managed by individual former owners, to do well in the future. Microsoft will endure with or without the full commitment of Bill Gates. Who remembers all of the CEO's that have passed through Coke? Here is some food for thought. Company management is important, especially when they are aligned completely with increasing shareholder value. Narcissistic leaders like Donald Trump, Jack Welch, and Sandy Weil eventually leave a trail of pain. The companies that we want to own should have strong leadership but even a stronger business belief and business culture.

Diamonds and Dogs

Monday, April 27th, 2009
Diamonds
A blast from the past as Whirlpool rose $2.96 to close the day at $43.69. Earnings that were better than expected pushed this venerable household appliance company higher. The stock has now risen over 100% off the March lows.

Dogs
A pig in Mexico blows his nose and the hog producers catch the flu. With the swine flu from Mexico becoming more and more concerning to the US, pig producers fell hard. Smithfield Foods (SFD) fell 12% to $9.04 as all meat stocks got slaughtered. Look for a bounce as the flu does not travel through food.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.