Gregg Jahnke CFA
My 30 year investment career can be summarized is one phrase:
“There must be a better way to do this”
After 7 years as a corporate accountant (Beatrice Foods), manager of the largest student run investment fund (at TCU), analyst at a long-forgotten bank (Interfirst), and portfolio manager for a small money manager (Concorde Financial), I was continually frustrated by the poor quality of Wall Street research.
So in 1987 I started a small institutional research company called JKE Equity Research. Along with two great partners (Steve Klaffke and David Ekstrom) we wrote some excellent research, but had little marketing success.
As our research business was winding down we noticed the poor quality of the study materials available to CFA exam candidates. For the next 10 years JKE Exam Review wrote 2 complete practice exams for all 3 levels of the exams. The practice exams were used by about 50,000 candidates in over 30 different countries. This was an enjoyable business that was eventually sold to The Washington Post Co..
While helping run the CFA study business, I was also a consultant/research director for David Tice’s institutional research service Behind the Numbers. As we watched the momentum stocks go crazy in the early 1990’s, we thought there should be a mutual fund that allowed individual investors to profit from such ridiculous valuations. I was one of the founding directors of the Prudent Bear Fund, and later the Prudent Global Income funds. I had little to do with the day-to-day operations of these funds, but instead handled strategic, legal, and compliance issues. The funds grew from nothing in 1995, to over $2 billion under management. The funds were sold to Federated investors in 2008.
While in blissful retirement I began to read some investment research on Seeking Alpha. Several articles were excellent, many others were well meant, but needed a little improvement. When one of the best analysts I had ever worked with became available this summer, it was once again time to find a better way to do things.
Investing 501 will attempt to find undervalued stocks for value investors,. However, our secondary mission will be to help educate investors and hopefully have a little fun along the way.
While completing my MBA I had the good fortune to work with Dr. Henry Oppenheimer. Dr. O was doing groundbreaking research on the performance of Ben Graham’s investment strategies. I was the data gatherer. Dr. O also inspired students to believe they could do top-flight security analysis without the help of Wall Street. This drive to produce independent research has been part of every step in my investment career. Thanks, Dr. O!
If you need some good bedtime reading check out the Congressional Submitted Testimony we wrote in 2001. We were asked to testify about the tech stock collapse. Instead we warned about the coming problems in financial stocks.
If you play chess challenge Quixote58 to a game on chess.com
If you play golf, let me know if your travels take you through Dallas
If you play serious fantasy baseball, tell me about your sleepers
If you need to find me on weekends, check the horse track at Lone Star Park
Timothy M. Heitman
I have 30 years of experience in the investment industry, primarily as an analyst writing both long and short investment ideas. I also have experience as a trader and institutional salesman. My diverse background allows me to bring a unique, well-balanced perspective to the analytical process that improves my investment results. I have enjoyed teaching what I have learned to up and coming analysts and seeing them develop their own skills and become successful is very rewarding. We started this website to allow us to help individuals grow as analysts and investors by sharing our experiences and lessons we have learned over the years. We are going to continue to learn along with everyone and are excited about the journey that is ahead. Here is a brief bio that summarizes some of my experience. There are no letters (CFA, MBA, PHD) behind my name from impressive schools or organizations, but I think you will find that my 30 years of “real-time” experience was a great substitute.
Here’s an overview:
- Manalapan Oracle Advisors – Director of Research/Partner. Oversaw the development of the entire equity selection process for long/short hedge fund with assets in excess of $250M. Numerous ideas were eventually acquired that produced IRRs of 20-100%, including Charming Shoppes, P.F. Chang’s, Medco Health Services, Brigham Exploration and Nalco. Trained and mentored three junior analysts in all aspects of investment management. Only non-founding employee to become a partner.
- David Tice & Assoc./Behind the Numbers- Provided over 200 institutional investors (Fidelity, Putnam, George Soros, Michael Steinhardt, Leon Cooperman) with earnings quality warnings, industry analysis reports and short selling recommendations. Clients in aggregate managed over $1 Trillion in assets. Lead analyst liaison between Behind the Numbers and Prudent Bear mutual fund responsible for presenting recommendations to fund management. Assisted in training several junior analysts. Wrote significant industry analysis pieces on housing, mortgage insurance and telecommunications industries that provided investors with insightful, contrarian analysis of problems those industries would eventually face. W
- Southwest Securities – Institutional sales representative that established new business relationships with firms such as Templeton, Mutual Shares, Kornitzer, Principal Group, Munder and Advantus.
- Cullum & Sandow – CFO/Equity Trader. Oversaw the development of the entire equity selection process and idea implementation for firm. Established a proprietary trading operation with firm capital. Incurred only two losing months in 7 years of trading. Member of the Dallas Securities Dealers Assoc. Created accounting platform to manage sales records for over 200 independent sales reps..Was awarded ownership in firm for outstanding performance.
- Fidelity Investments – Selected as one of the first 100 employees to staff sales site located outside of Boston. Only salesperson to be designated as mutual fund manager liaison between Dallas and Boston. Received several sales awards and was only salesperson to speak to local investment clubs.
- Key contributor to Congressional testimony before House Committee on Financial Services
- Congressional Submitted Testimony
I have been lucky enough to have turned a hobby into a second career. For the last 17 years I have been the assistant team photographer at the Dallas Stars. I was born in Iowa and the Minnesota North Stars were always my favorite hockey team. Getting to be a part of such an organization as a participant during their Stanley Cup run and not just be a fan has been a wonderful experience. I was also the assistant team photographer for the Dallas Mavericks for many years, but left before their Championship run. I also freelance with USA Today Sports Images, so you may have seen my work on various sports websites and magazines like Sports Illustrated and ESPN the Magazine. I have had the privilege of photographing the Super Bowl, a couple of World Series, two Stanley Cup Finals, the NBA finals, the MLS finals, numerous college football bowl games, a few All-Star games and hundreds of other sporting events. I am probably one of the few people you will encounter that has been quoted in Forbes Magazine and has a Sports Illustrated Cover (Photo credit was wrong, oh well)!!!! Sports photography teaches many things that apply to investing like, patience, abiltity to think under pressure, forcing yourself to look for unique angles and ideas, have a process that works for you and accepting the fact that most of what will impact your performance is out of your control.
I also am involved in dog rescue and am using my photography skills to help improve the images posted of shelter and rescue animals. If you want to help or learn more, check our my Mission of Mercy Animal Photography Facebook page.