According to Bespoke Investment Group;
Allied Chemical
American Can
American Smelting
American Sugar
American Tobacco
Atlantic Refining
Bethlehem Steel
Chrysler
General Electric
General Motors
General Railway Signal
Goodrich
International Harvester
International Nickel
Mack Truck
Nash Motors
North American
Paramount Publix
Postum Inc
Radio Corp
Sears Roebuck
Standard Oil
Texas Company
Texas Gulf Sulphur
Union Carbide
US Steel
Victor Talking Machine
Westinghouse Electric
Woolworth
Wright Aeronautical
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4 comments:
The blue-bloods ran some very good companies at the time.
My observation is that capitalism provides a necessary cleansing effect for new industries (and jobs) to occur as the old are made non-competitive or outdated. The incubator of new and better industries has been, is and will be the capitalist system.
If socialism or another like-form of system were in place, Grigsby-Grunow would still be making crytal radio receives and McGraw Edison would be producing wax cylinder dictaphones - with a government subsidy propping both companies and the union headed by thugs.
Yes, capitalism is not perfect, but it sure beats everything else. Unless, of course, the country's leader wishes to be King.
T
Roger,
In case you missed this...
Rob from WI
The WisdomTree Dreyfus Emerging Currency Fund (NYSE Arca: CEW) made its official debut. The ETF provides exposure to a wide range of emerging market currencies. Those include: the Brazilian real, Chinese yuan, Chilean peso, Indian rupee, Israeli shekel, Mexican peso, Polish zloty, South African rand, South Korean won, Taiwanese dollar and Turkish new lira
funny, i am proofreading my TSCM article on this fund right now.
Roger,
Roger, first I want to thank the people that offered me some encouragement including the institutional trader and the comment on Granthman.
I hope the comment that I made on Italian market was helpful. Perhaps some people are wondering about Fiat. Well fiat in the past has always had government help but when the European Union was created all help was stopped. Giovanni Agnelli who is now dead was a strong person that controlled it and always asked the government for help under the plan if Fiat closed the government would have to pay more in subsidies. Agnelli’ family had two companies ifi and ifil holding companies that were runned by Giovanni’s brother. Giovanni’s brother died a year after Giovanni. The 3 companies were in disarray and engulfed in a family feud as to who was getting what. General Motor about 5 years ago had an option to buy fiat. Some of Agnelli members took money and others took shares that where worth not much. The two who took over the situation where Lapo and John Elkmann. They are sons of the daughter of Giovanni’s brother. Lapo is into being a playboy and fashion (I do not want to say more because I may get sued) John is very astute and a great businessman, great negotiator, and strategist. He told the mother to take a walk after she chose to take cash, then after a year when things started to pick up she changed her mind, and ended up in a lawsuit. Well John Elkmenn got out the GM tie-up about 2 years ago. Then started a modernization of fiat, design model ect. He created a totally independent company of the Ferrari(not tie-in to the rest) runned by Montezemolo. Two years ago Ferrari was rated the best company to work for. Well in John’s strategy was to consolidate ifi and ifil into Exor(exo.mi). Now exor has a billion euro in cash and ready to have fiat take advantage of this cycle bottom and position itself as number two in auto manufacture. How did they get the cash, they were active in financial dealings including NY real estate just before it plummeted. Exor trades in the Milan stock exchange and has gone up about 70% for the year.
Currently is very pricy but worth keep an eye. I would not invest in a car manufacture but would invest in exor at more actratvive price. Mar 2,2009 was euro1,5 today is around 12 euro. I have no participation.
Like you said Roger, planning, strategy is very important. John Elkmenn a great strategist has made a mark in the business world.
One company that I purchased in Milan stock exchange at 2.45 euro is Granitifiandre(GRF.mi). It makes Italian tiles. The exports to Germany and USA have grown at 6% and 8%. A year and half ago there was another Italian tile maker - Marazzi. The marazzi family had a controll over 50% the minority part was issued at 10 and where many value funds invested like t.row price. When Marazzi got down to 4.50 Euro and was so undervalued the marazzi holding company made an offer at 7 taking such a jewel from the public. GRF.mi is a growth and value play. Granitifiandre makes a product with Italian design and quality. They are located near the manufacturing plants of the ferraries. At current price of GRF.mi it is like getting in at bottom price.
The lehman debogle. – Many employees in the London offices were Italians. These employees were selling lehman instruments to the Italian banks which one part was kept in their books and the rest to customers. The day after Lehman was shut down, the bank customers could not take any money out from their account. Well there was a limit 500 euroes. Some customers had the lehman junk replaced with other instruments to prevent a lawsuit. Now these banks are recouping ground. BP.mi went from 20 to 1.87 and now over 6. BP.mi has a minority interest of Italease bank and they are planning to take over the rest. I have the shares from 17 euro and never sold my shares. The purchase of these few shares were made not on any valuation but purely based on conveniences.
I have just put this note as to tell you what happen here in Italy when Lehamn closed.
Another Italian company worth looking at is LUXOTTICA GROUP (LUX.MI). They are in the manufacturing of eye glasses. Lux has the local market and a giant export operation. Lux is based in an area that is very productive and produces high quality goods. Lux has small external independent producers making all pieces of the eye components so that the risk of a downturn is very minimal. They beat the Japanese and the rest of the Asian counterparts for quality and design with very little risk in the manufacturing. Lux is above the 200dma. I do not own any shares.
Best,
Jeff from Milan Italy
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