Steven Romick Presenting: “Where to now?” at the 8th Annual Value Investing Congress
Steven Romick of of First Pacific Advisors, LLC will be fourth with his presentation titled: “Where to now?” at the Value Investing Congress.
Steven Romick, CFA is Co-Managing partner of First Pacific Advisors, LLC, a Los Angeles-based investment manager with $21 Billion under management in equity, fixed income, and alternative strategies.
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Steven Romick Live Coverage
1:45PM EST: Steve Romick says that his firm, First Pacific Advsiors’s portfolio is positioned to tackle both deflation and inflation.
1:50 PM: Romick said that Bernanke has been successful in raising asset prices but he has not been right about everything. Romick is on the lookout for out-of-favor companies which are in trouble.
1:55 PM: Romick presents the case of tech majors like, Microsoft Corporation (NASDAQ:MSFT), Oracle Corporation (NASDAQ:ORCL), Cisco Systems, Inc. (NASDAQ:CSCO).
1:58 PM: Regarding Oracle Corporation (NASDAQ:ORCL), he says that the brand offers a unique product and has 50 percent recurring revenue. Romick says that 24 percent of ORCL is owned by Larry Ellison himself, co-founder and CEO of Oracle.
2:02 PM: Romick starts talking about Occidental Petroleum Corporation (NYSE:OXY). The company has its largest energy reserves in the lower 48 states of US. First Pacific’s activism at OXY ousted the chairman of the company.
2:07 PM: The company should focus on its costs and spending. However there is a lot of room to grow.
2:10 PM: Occidental Petroleum Corporation (NYSE:OXY) is the largest landowner in the state of California with 2.1 million acres. Additionally the company is also the top oil producer in the state of Texas.
2:15 PM: Romick has concluded his presentation and is now taking questions.
2:20 PM: Romick says that it will be great for the company if Microsoft Corporation (NASDAQ:MSFT) drives out some of its executives.