Bölümler
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Welcome to Episode 11 of the Preferred Shares Podcast.
In this episode—the second part in our series on the beneficiaries of the spending on the interstate highway system of the United States—Preferred Shares explores the aggregates industry. In particular, we go over the early history of Birmingham Slag, the family-owned business that evolved into Vulcan Materials Company (VMC).
In this episode
Interstate Highway System background refresher
The unique qualities of the aggregates industry
Early Vulcan Materials history
Role of inheritance tax in driving industry consolidation
State of the industry today: does a focus on aggregates drive premium valuations?
Henry Crown, founder of Material Service Corp.
How two large aggregates businesses were acquired by two defense contractors
Devin’s case study on FRP Holdings
Wrapping up on key takeaways
Episode Resources
Cruikshank, George M. A History of Birmingham and its Environs. Lewis Publishing, 1920.
“Shipped Over Million Tons of Slag in 1923”, The Dixie Manufacturer, January 25, 1924.
“Crush Million Tons of Stone For T.V.A.”, Rock Products, December 1941.
“Slag Firm In Merger”, Rock Products, November 1956.
“Invasion From the Deep South”, Business Week, Feb. 14, 1959.
“Vulcan Materials acquires three N. C. quarries”, Rock Products, April 1959.
“The Clans of Vulcan”, Fortune, January 1960.
“Martin, Marietta Agree to Merger”, New York Times, June 24, 1961.
“Materials in Use in U.S. Interstate Highways”, US Geological Survey, 2006.
A History Written in Stone. Vulcan Materials Company, 2008.
Additional Reading
Curious to see what else we’ve been working on? Below are some pieces we’ve written independently that we think you’d like:
Rock Pile Riches, Lawrence Hamtil, 2/02/2024
The Pits, Devin LaSarre, 1/8/2023
Disclaimer
All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.
Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com -
Welcome to Episode 10 of the Preferred Shares Podcast.
Lawrence Hamtil, of Fortune Financial Advisors, and Douglas Ott, of Andvari Associates, were the primary researchers for this episode. In this episode, we are joined by Ian Clark, founder and head of Dichotomy Capital, a power market focused investment manager that utilizes intensive research to find attractive opportunities in the public and private markets.
In this episode
Ian Clark’s personal and professional background
What is a fat pitch for an expert in the utility space?
Difference between regulated and unregulated markets
Is there an investor preference for utilities that are diversified or focused on one type of market?
Ian’s checklist for evaluating a utility investment
Factors that impact the capital structure of a utility company
Catastrophe risk and why water utilities are so boring
Are synergies really available post-acquisition in a heavily regulated environment?
Best practices in the utility space
The push/pull of returning capital to shareholders versus reinvesting for growth
Ian on the Averch-Johnson effect
Will data centers and AI be a boon to utilities?
Is there a great capital allocator in the utility space?
Utilities are the last bastion for true scuttlebutt research
Episode resources
Dichotomy Capital website
NextEra Investor Materials
Duke Energy Investor Relations
US Federal Energy Regulatory Commission (FERC)
Changing Times, Changing Values: A Historical Analysis
of Sectors within the US Stock Market 1872-2013
Additional reading
Curious to see what else we’ve been working on? Below are some pieces we’ve written independently that we think you’d like:
Recession Resiliency: The Auto Repair Ecosystem, Douglas Ott, 4/17/2024
Generational Smoking Bans, Devin LaSarre, 4/21/2024
Disclaimer
All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.
Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com -
Eksik bölüm mü var?
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Welcome to Episode 9 of the Preferred Shares Podcast.
Lawrence Hamtil, of Fortune Financial Advisors, and Douglas Ott, of Andvari Associates, were the primary researchers for this episode.
In this episode
- The Federal Aid Road Act of 1916
- Route 66
- Strong road advocate Cyrus Avery
- Dwight D. Eisenhower
- Influences of the Trans-Continental Motor Truck Trip and German Autobahn
- The Federal Aid Highway Act of 1956
- Quantifying the enormity of resources needed to build the interstate system
- Opposition to the interstate program - scandals, corruption, inefficiency, displacement, and the continually contentious topic of billboards
- Looking back on the total economic benefits from the roads programs
Episode resources
How The Interstate Highway System Changed American Industry, Lawrence Hamtil, 3/7/2024
The Golden Age of American Railroading, Iowa University Libraries, June-Aug 1989
America on the Move, Eyewitness, 11/3/1919, page 4
The Greatest Decade 1956-1966, pt 2, USDT FHA, updated 6/27/2017
1919 Transcontinental Motor Convoy, Eisenhower Library, 1919
Essays on the Effects of Highway Spending, Daniel Leff Yaffe, 2020
All Those Numbers: Logistics, Territory and Walmart, Jesse Lecavalier, May 2010
Highways and Globalization, Taylor Jaworski, Carl Kitchens & Sergey Nigai, May 2023
The Highway Capital Problem, USDT, Federal Highway Administration, Office of Program and Policy Planning, 1975
Benefits of Interstate Highways, United States. Federal Highway Administration, 1970
Additional reading
Curious to see what else we’ve been working on? Below are some pieces we’ve written independently that we think you’d like:
Andvari Q1 2024 Letter: Kelly Partners, CoStar, and Rates, Douglas Ott, 4/4/2024
Haypp Group: Ahead of the Nicotine Pouch Megatrend, Devin LaSarre, 2/25/2024
Disclaimer
All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.
Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com -
Welcome to Episode 8 of the Preferred Shares Podcast.
Devin LaSarre, of Invariant, was the primary researcher for this episode.
In this episode
- The unique origin story of Bellerby Globes
- The complexities of artisanal globemaking
- Bellerby’s current size, output, and price points
- Custom products and the production process, start to finish
- The importance of control and quality assurance
- Attracting and retaining talented team members
- Relationships with the suppliers of input materials
- Planning for the company’s future
- The lack of competition within the artisanal globemaking space
- Complexity preventing counterfeiting
- Bespoke projects currently in the works
- Advice to founders determined to build a high-quality product
Disclaimer
All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.
Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com -
Welcome to Episode 7 of the Preferred Shares Podcast.
Douglas Ott, of Andvari Associates, was the primary researcher for this episode.
In this episode
-The battle between the NFL and the AFL
-The origins of specific franchises, including the Colts, Cardinals, and Giants
-Lamar Hunt’s influence and the Hunt family’s wealth and other endeavors
-Commonalities across original and current franchise owners
-Long-term mentality and ‘permanent capital’
-Future outlook for franchise and league expansion
Episode resources
National Football League, Wikiwand
NFL Team Valuations, Forbes, 7/30/2023
Hunt Family, Forbes, 12/16/20
Additional reading
Along with the resources above relating to episode 3, below are some pieces we’ve written independently that we think you’d like:
Rock Pile Riches, Lawrence Hamtil, 2/2/2024
Altria: The Great Race, Devin LaSarre, 2/4/2024
Enjoy this episode? Share it with someone who loves business history as much as you do!
You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.
Disclaimer
All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.
Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com -
Welcome to Episode 6 of the Preferred Shares Podcast.
This episode is our first interview with a special guest; friend of the show Warwick from Down Under (Australia). Warwick is a chemical process engineer by training and has worked at some of the world’s most secretive food companies, including Mars and Cargill. We are privileged to share his expertise and stories with you.
“One thing I've learned is the thing that you think is so unlikely that it will never happen, even though the consequences are pretty bad—that's waiting for you next week.” - Warwick from Down Under
In this episode
* (0:02:20) Warwick’s background in the food industry, spanning back more than two decades
* (0:03:04) Warwick’s current role overseeing a plant that processes 400 tons of carrots into carrot juice PER DAY
* (0:03:55) Extreme quality control at Mars is not hyperbole
* (0:05:31) Plant safety, GMP (good manufacturing processes), and what can go terribly wrong
* (0:06:54) Differences between Mars and its publicly-held competitors. The importance of culture, consequences, and morale
* (0:10:13) The shortcomings of business improvement systems (Six Sigma, Lean, etc.)
* (0:13:41) Manufacturers losing technical strength over the last 20 years
* (0:14:31) How the pandemic altered the manufacturing landscape
* (0:20:54) Step changes in process automation, technical debt, and managing key systems
* Siemens and Allen-Bradley (Rockwell) - Automation and digitization
* (0:25:55) Approaching evolving regulation and comparing the Australian system to the United States
* (0:30:02) Quality and consistency problems as a leading indicator prior to major food safety risks
* (0:31:04) The story of when Warwick presented to John Mars, a notably intimidating character
* (0:33:00) Implementing rigorous safety systems and the importance of on-site evaluations
* (0:35:35) Learnings from the Deepwater Horizon disaster
* (0:39:37) Critical inputs - Industrial Staples:
* FUCHS and Klueber - Industrial lubricant oil suppliers
* GEA - Expansive provider of industrial equipment and services
* EcoLab and Diversy - Cleaning chemical suppliers
* Fastenal and Coventry Group - Critical industrial parts distributors
* Spirax-Sarco, TLV, and Armstrong International - Steam equipment suppliers
* (0:48:02) Capital equipment, warranties, maintenance, and the benefits to scaled operators
* (0:54:17) Energy availability vs. post-production transport costs and the formation of geographic moats
Episode resources
* Praise for an Unlikely ‘Whistleblower’, Food Safety News, 9/25/2015
* Workers on Doomed Rig Voiced Concern About Safety, New York Times, 7/21/2010
* EPSC Learning Sheets Booklet, European Process Safety Centre, 2023
* Knowledge, Service, Products, Spirax-Sarco, 2019, Order a free copy of the book!
Additional reading
Along with the resources above relating to episode 3, below are some pieces we’ve written independently that we think you’d like:
Toxic State, Devin LaSarre, 12/24/2023
Linear Technology: The Analog Chip Company That No One Leaves, Douglas Ott, 9/1/2022
Enjoy this episode? Share it with someone who loves business history as much as you do!
You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.
Disclaimer
All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.
Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com -
Welcome to Episode 5 of the Preferred Shares Podcast.
Lawrence Hamtil, of Fortune Financial Advisors, and Douglas Ott, of Andvari Associates, were the primary researchers for this episode.
In this episode
* Immigrating to the Unites States
* Pest control on the family farm
* Experimentation with poisons
* Winning early clients
* Lucky breaks
* Family squabbles
* The first leveraged buyout
* Rapid, sustained growth
* Reflections on seemingly unstoppable industry dynamics
Episode resources
* Q3 2023 Letter: Introducing Rollins, Douglas Ott, 11/7/2023
* Orkin Exterminator Company Gives You Surety Bonded Guarantee, The Atlanta Constitution, Vol 80 Iss 330, 1948
* Chain Store Exterminator, Fortune, Vol 45 Iss 5, 1952
* Termite Swarming Is a Warning—Call Orkin for Free Inspection, The Atlanta Constitution, Vol 82 Iss 271, 1950
* Otto Slays 'Em on TV, Broadcasting Telecasting, 1955
* So you think there are bugs in your approach?, Sponsor, 1956
* Spot removes a stigma, Television Age, 1957
* Otto the Orkin Man, TV ad, 1950s
* FINAL ORDER, OPINION, ETC. , IN REGARD TO ALLEGED VIOLATION OF SEC. 5 OF THE FEDERAL TRADE COMMISSION ACT, 1986
Additional reading
Along with the resources above relating to episode 3, below are some pieces we’ve written independently that we think you’d like:
Peter Lynch’s Blossoms in the Desert, Lawrence Hamtil, 9/20/2018
British American Tobacco: Identity Crisis, Devin LaSarre, 12/10/2023
Enjoy this episode? Share it with someone who loves business history as much as you do!
You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.
Disclaimer
All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.
Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com -
Welcome to Episode 4 of the Preferred Shares Podcast.
Lawrence Hamtil, of Fortune Financial Advisors, was the primary researcher for this episode.
In this episode
* Consecutive failures before rapid success
* Family fallout
* Suspected espionage
* Corporate overhauls
* Iteration and innovations
* Principles for exceptional performance
* True long-term orientation
* An eye for global domination
Episode resources
* Brenner, Joël Glenn. The Emperors of Chocolate : Inside the Secret World of Hershey and Mars. New York :Random House, 1999
* The Eclipse of Mars, CNN, 11/28/1994
* Accounting For Success, The Washington Post, 4/12/1992
* Uncovering Mars’ Unknown Empire, Fortune, 9/26/1988
* Mars Has Secretly Become Bigger Than Coca-Cola, and the Reason Might Not Have Much to Do With Candy Bars, Fortune, 6/22/2022
* Mars to Buy Wrigley’s for $23 Billion, The New York Times, 4/28/2008
* Mars, Incorporated Completes Acquisition of Procter & Gamble's Pet Food Business in Major Markets, Mars Incorporated News, 8/1/2014
Additional reading
Along with the resources above relating to episode 3, below are some pieces we’ve written independently that we think you’d like:
Secular Growth In The Pet Industry, Lawrence Hamtil, 8/13/2023
OTIS: Compounding Lifetime Value, Devin LaSarre, 11/5/2023
Linear Technology: The Analog Chip Company That No One Leaves, Douglas Ott, 9/1/2022
Q3 2023 Letter: Introducing Rollins, Douglas Ott, 11/7/2023
Enjoy this episode? Share it with someone who loves business history as much as you do!
You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.
Disclaimer
All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.
Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com -
Welcome to Episode 3 of the Preferred Shares Podcast.
Douglas Ott, of Andvari Associates, was the primary researcher for this episode.
In this episode
* Simplicity turns down the huge buyout offer
* Peak price meets peak sales
* Shifting tastes in American fashion
* Corporate raiders smell blood in the water
* The big unwind
* Answering: How to fight obsolescence?
* Takeaways and timeless lessons
Episode resources
Glamour Stocks Under Pressure, New York Times, 8/1/1971
How High Is High? How High Is Safe?, Forbes, 4/15/1972
A Fund Optimist Looks at Stocks, New York Times, 2/5/1973
Nice Troubles, Fortune, 10/1/1973
Market Place: Simplicity Out of Fashion Now, 2/8/1974
A Resurgence in Home Sewing?, New York Times, 5/19/1974
Market Place: Insiders Offer Investing Clues, New York Times, 5/27/1974
Price Rises Set by Uniroyal Tire, New York Times, 8/15/1974
Simplicity Pattern Names Head, New York Times, 10/11/1974
Butterick’s Evens, New York Times, 1/19/1975
Making It With Patterns, New York Times, 1/19/1975
Simplicity’s Glynn, New York Times, 1/19/1975
President of Simplicity Resigns, 7/4/1975
SYP Promotes Executive VP Harold Hooper to President, New York Times, 7/11/1975
At Simplicity, Pattern is Still One-Man Rule, New York Times, 7/19/1975
Market Place: Seeking Undervalued Assets, New York Times, 2/14/1976
Market Place: Picking a Trend for Simplicity, New York Times, 2/28/1976
SYP Annual Results, New York Times, 2/26/1983
Simplicity Pattern Buys a 9.9% Stake in Amstar, New York Times, 6/18/1983
Simplicity Changes Name to Maxxam Group, Inc, New York Times, 6/9/1984
Triton to Acquire Simplicity Pattern (Maxxam), New York Times, 7/18/1984
Tougher Than the Rest, Time, 2/8/1988
A Raider’s Ruckus in the Redwoods, Fortune, 4/24/1989
A Pattern Maker’s Buyout Burden, New York Times, 9/2/1989
Reaping from Sewing, Forbes, 5/25/1992
Additional reading
Along with the resources above relating to episode 3, below are some pieces we’ve written independently that we think you’d like:
Sewage Pipes to Software in 30 Years, a report on Tyler Technologies (TYL), a company mentioned in this Preferred Shares episode, Douglas Ott, 9/3/2020
Executive Training Grounds Part 1: General Electric, Douglas Ott, 6/6/2023
Secular Growth In The Pet Industry, Lawrence Hamtil, 9/19/2023
A Few Thoughts On Auto Parts Retail, Lawrence Hamtil, 4/22/2023
Imperial Brands: Looking Through the Noise, Devin LaSarre, 10/8/2023
Scandinavian Tobacco Group: The Artisanal Serial Acquirer, Devin LaSarre, 7/2/2023
Enjoy this episode? Share it with someone who loves business history as much as you do!
You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.
Disclaimer
All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.
Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com -
Welcome to Episode 2 of the Preferred Shares Podcast.
Douglas Ott, of Andvari Associates, was the primary researcher for this episode.
In this episode
* The origin story of Simplicity Pattern - an American Dream
* Navigating the Great Depression
* Secular growth in at-home sewing
* Advantages, competition, and positioning dynamics in the pattern industry
* Managing the transition from steady to rapid growth
* Ascent into the Nifty Fifty
* An incredible buyout offer
Resources & additional reading
Pattern Industry Analyzed, Forbes, 2/15/1946, Vol 57 p 42
Pattern for Success, TIME, 6/16/1957
Home-Sewing Booms Singer, Business Week 1948-08-14: Iss 989
James J. Shapiro Succeeds Father as Head of Simplicity, New York Times, 1949
Ad and marketing figures featuring Simplicity Pattern, New York Times, 1955
High Style Sells Patterns, Business Week 1956-02-18: Iss 1381
I was afraid to start sewing, McCall's, June 1956, p. 146-149
Catching the Customers at the Most Critical Age, Business Week 1957-10-26: Iss 1469
Simplicity Pattern IPO - 112,500 shares at $13.50, New York Times, 1958
Patterns - The Market Outlook, Forbes 1958-09-15: Vol 82 Iss 6
MODERN LIVING: Sew & Reap, TIME, 11/10/1958
Supreme Court found in favor of the FTC's findings against Simplicity, New York Times, 1959
FTC is Upheld by Supreme Court in Promotion Discrimination Case, Business Week, June 13, 1959
Court backs Simplicity, New York Times, 1962
Now the Sew‐It‐Yourself Boom, New York Times, March 8, 1964
American Can Company acquires Butterick in all-stock deal valued at $27.6 million, New York Times, 9/13/1967
Simplicity Pattern Ad, Forbes, 4/15/1968
SYP gets a takeover offer from Bristol-Myers, 1/17/1970
But merger talks ENDED with no deal!, 2/28/1970
Enjoy this episode? Share it with someone who loves business history as much as you do!
You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.
Disclaimer
All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.
Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com -
Welcome to Episode 1 of the Preferred Shares Podcast.
Lawrence Hamtil, of Fortune Financial Advisors, was the primary researcher for this episode.
In this episode
* The origin story of automated vending
* The mechanics of the vending business
* Warren Buffett’s foray into coin-operated machines
* How vending machine companies turned into growth stocks
* Technological innovations in the vending industry
* The vending machine company stock bubble
* Transformation of the industry
* Parallels and lessons learned
Resources & additional reading
* A Review of the Vending Industry, James J. O'Brien, Financial Analysts Journal
Vol. 18, No. 6 (Nov. - Dec., 1962), pp. 81-87 (7 pages) Published By: Taylor & Francis, Ltd.
* Selecting Growth Stocks, Nicholas Molodovsky, Financial Analysts Journal
Vol. 24, No. 5 (Sep. - Oct., 1968), pp. 103-106 (4 pages), Published By: Taylor & Francis, Ltd.
* Vendo & Coke Sales Pitch Video, 1960, (excerpt of audio played in intro)
* Fastenal FASTVend program Video, 3/17/2023, Modern industrial vending
* Business Week 1955-11-19: Iss 1368, 11/19/1955, Vending machine sales up 13% y/y
* Business Week 1956-04-07: Iss 1388, 4/7/1956, "Vending Machines Dish Up Your Dinner or Even Fetch the Week's Groceries"
* Business Week 1956-10-27: Iss 1417, 10/27/1957, FTC alleges Vendo acted illegally by acquiring Vendorlator
* Business Week 1956-12-15: Iss 1424, 12/15/1956, Longer article about vending machine industry: "From Nuts to Soup—Literally"
* Business Week 1957-06-29: Iss 1452, 6/29/1957, "FTC Sees Monopoly Peril in Merger Of Vending Machine Makers, Operators"
* Business Week 1957-09-28: Iss 1465, 9/28/1957, "Settlement Ends Antitrust Action With Vendo Co. the Apparent Winner"
* Business Week 1960-01-16: Iss 1585, 1/16/1960, Seeburg (jukeboxes) acquires Choice Vend Corp. to get into vending machine game; lots of good commentary on the industry
* Business Week 1960-11-12: Iss 1628, 11/12/1960, "Vending Machines Get Savvier"; article about the recent industry trade show and all the new stuff going on with vending machines
* Business Week 1961-01-07: Iss 1636, 1/7/1961, "Department Stores Test Robot Salesman"
* Business Week 1961-10-07: Iss 1675, 10/7/1961, "Glamor stocks take a serious tumble"; sectors include electronics, vending, and publishing
* Metal Products Manufacturing 1960-07: Vol 17 Iss 7, “Unified fronts’ for full line vending
Enjoy this episode? Share it with someone who loves business history as much as you do!
You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.
Disclaimer
All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.
Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
