Thursday, December 4, 2008
Our backgrounds
All of us have engineering degrees of various disciplines. Everyone except myself came into this with minimal experience investing, mainly in the 401k and IRAs, and had read books and various articles on the subject. I was actually a financial advisor for 4 years before my current job, had my Series 7, but did nothing with individual stock investing, focusing solely on mutual funds and a wrap account. So while I may have been able to sell stocks, I never did, and never learned the fundamentals of individual stock selection. Hopefully the rest of the club members will give their backgrounds at some point.
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As St. Cadillac so eloquently typed, I, Paul Woodcreek, was born and raised on the mean streets of Detroit, I am an engineer by trade, and I knew nothing of any real value about stocks before coming over to the dark side of investing.
Prior to the formation of this stock club, I had been investing a large portion of my salary in such staples as malt liquor, Marlboros and Happy Meals, and while these turned out to be better investments than many stocks over these past few months, I needed a more diversified portfolio to survive these trying times.
So, as of this past week, I decided to take about $1000 from a glass jar I had buried in the bakyard and put that money into Caterpillar, Wal-Mart, General Electric, Coca Cola and Chesapeake Energy. These investments were made apart from the club, but in an effort to be open and honest with the readers, I offer you this disclosure of my current nest egg.
In later blogs, I hope to provide some insight on these stocks, as well as others I will pick in the future, then stand back and wait for the flood of day traders to come in and tear apart these pics.
Another stock I found compelling enough to sink some cash into late this past week was Manitowoc Inc.
This stock purchase was made after the original five I already mentioned. They make cranes, ships and food service equipment.
As previously mentioned, I plan to provide a more in-depth review of each stock in my personal porfolio, as well as any others that catch my eye or may be considerations for our club, so stay tuned...
I'm the greenest of the group and only recently learned balance sheets from reading "The New Buffettology." I'm a former statistical process control engineer new to Michigan from the New York City area. I love trend analysis. Home for me is Atlanta, GA. --Schlitz
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