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David Williams : Master of the Turnaround
Submitted by admin on Tue, 03/06/2007 - 12:30
"Any baboon could do what I do," says David Williams. He's being far too modest. Very few humans have done what he has, which is to compile one of the most sterling investment records going. Since he took over the euphoniously named Excelsior Value & Restructuring fund (UMBIX) in 1992, it has returned an annualized 17%. That's six percentage points per year better than Standard & Poor's 500-stock index. And by the way, Value & Restructuring whipped the index 11 of those 14 years. So let's put baboons aside and concentrate on what makes Williams tick. "You just buy cheap stocks that no one else wants and invest in companies that you expect to be around for a long time. I think any baboon could do what I do." says David Williams.
It turns out that what Williams meant by invoking baboons is that he has a method of investing that has become as natural and comfortable as his own skin. So, sure, to him it seems easy.
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