The Davis Dynasty: 50 Years of Successful Investing on Wall Street

Book Description

A half-century of Wall Street history as seen through the lives of its most illustrious family
This compelling new narrative from bestselling author John Rothchild tells the story of three generations of the legendary Davis family, who rank among the most successful investors in the history of the Street. With a novelist's wit and eye for telling detail, Rothchild chronicles the financial escapades of this eccentric, pioneering clan, providing a vivid portrait of fifty years of Wall Street history along the way. Rothchild shadows the Davis family's holdings through two lengthy bull markets, two savage and seven mild bear markets, one crash, and twenty-five corrections and, in the process, reveals the strategies behind the family's uncanny ability to consistently beat the markets.
The Davis Dynasty begins in 1947, the year Shelby Davis quit his job as a state bureaucrat and, armed with $50,000 of his wife's money, took the plunge into stock investing. By the time he died in 1994, he had multiplied his wife's original stake 8,000 times! The story continues with his son, Shelby, who established one of the most successful funds of the past thirty years. The final characters in this enthralling family saga are grandsons Chris and Andrew. Both surrendered to the Davis family passion for investing and both went on to earn reputations as investment luminaries in their own right.
John Rothchild (Miami Beach, FL) co-wrote the blockbusters One Up on Wall Street, Beating the Street, and Learn to Earn with Peter Lynch. He is the author of Survive and Profit in Ferocious Markets (Wiley: 0-471-34882-1), A Fool and His Money (Wiley: 0-471-25138-0), and Going for Broke. He has written for Harper's, Rolling Stone, Esquire, and other leading magazines and he has appeared on the Today Show, the Nightly Business Report, and CNBC.

Customer Reviews:

Family history and market history in one.......2007-02-15

This is one of the better investment books on the history of post-WWII stock investing. While there are a number of absolute classic books on the 1920s and earlier periods (Lefevre's "Remininscenses of a Stock Operator", Galbraith's "The Great Crash", Brooks's "Once in Golconda", to name just a few), there aren't as many great books on recent history. This is one of them, however.

The Davis family, starting with Shelby Collum, is used by the author as a vehicle to traverse the history of the stock market from WWII through the late 1990s. Followers of mutual fund investing in the past 25-30 years are probably more familiar with Shelby Davis the younger, than with his father Shelby Collum. But it was the elder Shelby that made the family fortune. His is one of the great fortunes ever created strictly through long term investment and is a story of buying extreme value and holding for very long time periods. It's also about venturing into uncharted waters -- like being one of the first to invest in Japan.

This theme is carried forward to the story of his son, the well-known former portfolio manager of New York Venture Fund. Shelby the younger came of age in the go-go sixties and picked up some bad habits. The savage bear markets that followed chastened him and forced him to revert to a style of investing closer to his father's in the mid 1970s. The tensions between them created a sort of competition with the son posting a tremendous record with his mutual fund vehicle, New York Venture.

The relationship between father and son would be best described as "semi-estrangement." It took Shelby's sons, Andrew and, particularly, Chris to reconcile their father and grandfather's differences. The human story is interesting, and the elder Shelby was quite a character. I found the chapter on Chris's "apprenticeship" with his grandfather fascinating -- perhaps the best part of the book. In short, Shelby the elder is getting old and wants to retire and turn his portfolio over to a younger generation for management, but because of the bad feelings he doesn't know how to approach his son. And it's clear that he greatly admires the record his son has build with NY Venture. So he talks grandson Chris Davis (now the co-manager of NY Venture and Selected American Shares) into inventorying his portfolio. Chris then brings his father into the picture and the two of them work long hours reading through the 5 decades of trades and holdings. The portfolio at that time was close to $1 billion.

The story ends with the younger Shelby's semi-retirement and turning the reins over to sons Andrew and Chris, and Ken Feinberg, who continue with this style of investing. The mutual funds and separate accounts run by the Davises typically have portfolio turnover rates less than 20%, often less than 5%. This means they buy and hold, and hold, and hold. However, it's the price they pay for stocks that really juices their returns. The pigeonhole mentality at mutual fund rating agencies like Morningstar don't adequately describe Davis funds because of this. The Davises buy deep value, but after a stock recovers from whatever temporary trauma caused the bargain price, they continue to hold as long as the company meets their growth expectations. So Morningstar, for example, will call them a "blend" fund, which seems to say absolutely nothing about such a distinctive methodology as the one the Davises follow. This book is an elucidation of the emotional discipline and intellectual process behind this style of investment. Both the book and the investment style are highly recommended by this reader.

Combination biography and investment ideas.......2002-02-27

I personally don't care for dry investment books. I read for entertainment. This book provides a great combination as it is a biography of a family steeped in money management and also gives tips of how they were able to grow their fortune.

The book traces the investment history of Shelby Davis to his son to his grandsons. Shelby had family money through his wife and starts investing shortly after the crash in '29. Like many people, I assumed the market has been a somewhat continual climb with some setbacks. This books traces the history showing the many periods of lackluster stock value growth and how most Americans shunned the stock market for bonds. Quite a difference from today.

The original Shelby was a miserly value investor who never spent an extra dime. His investment hits were insurance stocks when no one liked that industry and some prudent investments in Japan, also mainly in the insurance industry. By leaving these investments to compound for years, Shelby built a great fortune. But the hidden engine behind this vast growth was the use of margin to leverage his returns. The original Shelby eventually grew his fortune to over a billion dollars in value.

Shelby's son Shelby did not work with his father until late in his life but eventually became a money manager of some renown also. His philosophy was similar but different and his large money winners tended to be from other industries. The book ends with the sons of Shelby Jr. taking over their father's money management firm and establishing their own identity.

Along this 70 year history, you will learn about the markets and the different stages of development over the years. A significant amount of time is spent in the 60s and 70s as both of the Shelby's were investing at that time. I strongly recommend this book if you have interest in the market and its history.

Highly Recommended!.......2002-01-30

John Rothchild has written a fascinating biography of one of Wall Street's most successful and least-known investors, Shelby Davis, who turned a $50,000 initial investment in 1947 into $900 million, almost exclusively by buying and selling insurance stocks. Part character study, part Wall Street history, Rothchild's book reads like a novel, with an accessible and witty narrative. Of special note is the concise summary of Davis' investment strategy, which rivals Buffettology in its simplicity and common sense. In Rothchild's hands, Davis' life becomes a fun read, no matter what your business interests, and we from (..)recommend this book to all curious readers.

More Than a Dynasty.......2001-10-28

While this is not a "how to" book it certainly is "why to" book. It's a look at remarkable family that gives anyone who has never invested in the stock market a perfectly good reason why they should! Patience and long term results are a philosophy that has worked well for them over the years. It's a look at a concept and philosophy handed down by the patriarch of the family that wealth should not be handed down, but earned. Spanning 4 generations, Rothchild gives the reader a remarkable insight into a family that works hard and plays hard. Even with this success the family has given back through many philanthropic endeavers including millions to the United World College. The college, with 10 campus' world-wide endeavers to bring students of different cultures and backgrounds together to foster understanding of each other in a world that desperately needs it.

Book Description

The Complete Sentence Workout Book aids with the acquisition of skills in grammar, punctuation, and mechanics through an unparalleled assortment of exercise activities and an emphasis on learning these skills in the context of longer pieces of writing. The book works to make grammar and punctuation accessible. Although traditional terminology is used, activities are focused on an application of grammatical forms rather than the memorization of rules. The book's goal is to make readers confident about sentence skills so that they can focus on writing. The book is carefully sequenced. Each chapter builds upon skills mastered in previous chapters. Beginning with the sentence core, subjects and verbs, readers learn to develop their sentence writing abilities through increasingly complex levels. Self-contained chapters can easily be adapted to the needs of individuals. Each chapter progresses in a developmental sequence. Chapter objectives and benefits to help link the value of grammar to good writing are at the start of each chapter. Sentence exercises following explanatory material help readers apply newly learned concepts, and later exercises encourage them to use their own writing and to put grammar concepts in their own words. Chapters conclude with review exercises which provide sentence level work initially and then progress to paragraphs and essays for editing and revision. For anyone interested in basic writing and grammar.

Customer Reviews:

Great Sentence Combining Exercise source.......2005-07-30

I used this book with adults in a Business English class, and they really liked the exercises. There are sections on fragments and run-on sentences that seemed to open their eyes to mistakes that they were making in their writing. Highly recommended.

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Complete Sentence Workout Book
Carolyn H. Fitzpartick
Manufacturer: D C Heath & Co
ProductGroup: Book
Binding: Paperback

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ASIN: 0669274534

The Complete Sentence Workout Book Instructor's 3rd Edition,

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The Complete Sentence Workout Book Instructor's 3rd Edition,
Marybeth B. Ruscica Carolyn H. Fitzpatrick
Manufacturer: DC Heath
ProductGroup: Book
Binding: Paperback
ASIN: B000PVTJ4W

Instructor's Guide for The Complete Sentence Workout Book

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Instructor's Guide for The Complete Sentence Workout Book

Manufacturer: Heath
ProductGroup: Book
Binding: Paperback
ASIN: B000G1F64S

The Complete Sentence Workout Book With Readings

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The Complete Sentence Workout Book With Readings
Carolyn H. Fitzpatrick
Manufacturer: NY
ProductGroup: Book
Binding: Paperback
ASIN: B000N7KLMM

The Complete Sentence Workout Book--Instructor's Manual and Test Bank

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The Complete Sentence Workout Book--Instructor's Manual and Test Bank

Manufacturer: Allyn & Bacon
ProductGroup: Book
Binding: Paperback
ASIN: 0205315518

The Complete Sentence Workout Book--Instructor's Manual, 3rd Edition

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The Complete Sentence Workout Book--Instructor's Manual, 3rd Edition
Fitzpatrick">Marybeth B. Ruscica Carolyn H> Fitzpatrick
Manufacturer: DC Heath
ProductGroup: Book
Binding: Paperback
ASIN: B000PVQDB4

Book Description

'Successful Pubs and Inns plots a clear course towards successful innkeeping. It is ideal for those planning a career in the licensed trade, professionals already within the business and for students.

It is of particular value to those who are considering acquiring their own pub, be it freehold, leasehold or tenancy. It gives clear direction on the vitally important process of initial selection and evaluation, highlighting the many pitfalls that will be found along the way. It details the controls required to maximise profit and reduce the risk of financial failure.

This second edition of 'Successful Pubs and Inns':

* Down to earth, jargon-free guide to running a pub - and making a profit
* Provides an excellent overview of the legislation affecting all innkeepers
* Looks at the social responsibilities of licensees
* Puts into context the dramatic growth in themed and branded pubs
* Gives practical advice on the dangers of slack food hygiene practice

Michael Sargent after an early career in marketing, ran a successful inn before moving into managing groups of pubs, becoming a director of pub operating companies. He now concentrates on writing.

Tony Lyle has had considerable experience in senior roles in the licensed trade with responsibilities for large groups of pubs throughout the south of England. He now runs his own licensed trade consultancy specialising in leasing, appraisals, acquisitions and rent reviews.

Provides an excellent overview of the legislation affecting innkeepers
Puts into context the dramatic growth in themed and branded pubs and clarifies the confusion of multiple pub ownerships
Gives practical advice on the dangers of slack food hygiene practices

Book Description

The inspiring autobiography of one of America’s wealthiest entrepreneurs. John H. Johnson rose from the welfare rolls of the Depression to become the most successful Black businessman in American history; the founder of EBONY, JET, and EM magazines; a member of the FORBES 400. He has had dinner at the White House under seven Presidents. Like the man himself, Succeeding Against The Odds is brash, inspirational, and truly unforgettable. “I believe that the greater the handicap the greater the triumph.”

Customer Reviews:

a Great Book:RIP to Mr.Johnson.......2005-08-15

I bought this Book way back in 1992.I always Admired Mr.John H.Johnson for all that He overcame&also for providing Ebony&Jet into my early childhood all the to the present. what He overcame&what He Accomplsihed is truly incredible. He created magazines that spoke&gave Black America a Fair shake at the Newsstand&also showed our world in a up-lifting light. John H.Johnson is a true Pioneer who trail-blazed so much for the better.RIP&this is a Must have Book.

Inspiring true story of African American success.......2005-06-08

This book uplifted the self esteem of me and many other African Americans. It was the story of a black man raised in rural Arkansas who had a dream. He figured out at an early age that African Americans wanted to know about what was happening in their community. There where only so many if any stories about us in Life Magazine. And if they did publish something about us it was negative. Why couldn't African Americans have a magazine of their own? One that told stories, positive stories about our lives, our heroes, and our history. This book gave me hope to know that even a lower middle class, African American boy from the Bronx like myself could grow up and strive for greatness amongst our people and the rest of society. John H. Johnson's publications are over 50 years old now and are still giving us stories that uplift our minds, bodies and spirits. Reading this book is not only a joy and a honor but it should be required reading for all African Americans and focal point of reading for all others.

The advantage of the disadvantage.......2000-07-18

In his book, Johnson states "There is an advantage in every disadvantage, and a gift in every problem" and "I believe that the greater the handicap the greater the triumph." By this he means to say that disadvantage creates opportunities and forces one to do more with less. He believed that disadvantages were "...challenges to be overcome and not facts to be accepted." A disadvantage provides a challenge that, with the proper motivation and mindset, forces one to try a little harder and work a little smarter.

Two distinct disadvantages that Johnson cites are early in his life: 1) Arkansas City (his birthplace) did not provide a high school education for African Americans, and 2) The economic depression stemming from the Great Depression. These two disadvantages, when taken together, provided a sort of "critical mass" that propelled Johnson on the trajectory that is his story -- his move to Chicago and subsequent business endeavors.

The fact that the disadvantages cited above were realized so early in life is worth note. There is a scientific discipline known as "Chaos Theory" that, among other precepts, states that the time evolution of a series of interrelated complex events is extremely sensitive to the system's initial condition. The analogy that may be drawn to Johnson's life is this: had he not moved to Chicago due to his ambition and his Mother's tremendous sacrifices for her son's education, it would have become increasingly difficult for Johnson to have succeeded to the extent he did, as chronicled in his autobiography.

This statement is supported by the many references he makes in the book about the seemingly random events that led to his success as a businessman; Johnson states, "I'm scared someone with pinch me and wake me up." Thus, it seems that the many disadvantages the author faced throughout life, most notably (in his words) early in life, created an advantage, which led him to great wealth and notoriety.

Faithful guide to the weary traveler........1999-10-14

I could definitely related to Mr.Johnson's story. It is inspiring, insightful, and truly a guide to those of us on the often obstacle laden road to success.

Never allow your personal feelings or emotions to close the doors of oppourtunities. Where the is a will there truly is a way. His story is remarkable and his book enables you to understand that yours is too.

Think and Grow Rich...

perfect.......1999-01-13

I like this book very much,for I used to be a officer that rank is major,I admire his method (or skill) to solve every different problem.

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Succeeding against the Odds

Succeeding against the Odds
Sally L. Smith
Manufacturer: Tarcher
ProductGroup: Book
Binding: Paperback

General | Education | Nonfiction | Subjects | Books

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ASIN: 0874777313

Customer Reviews:

Succeeding against the Odds.......2000-07-11

This book is a must for educators, family, and friends of a learning disabled child or adult. You can clearly understand what they are going through - and how they CAN suceed differently, against all odds!

Succeeding Against All Odds : A Practical Guide to Success in Examinations (New Revised Edition)

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Succeeding Against All Odds : A Practical Guide to Success in Examinations (New Revised Edition)
Bryan Auguste
Manufacturer: Light of Hope Publications
ProductGroup: Book
Binding: Paperback

Success | Self-Help | Health, Mind & Body | Subjects | Books

Testing | Education | Reference | Subjects | Books
ASIN: 0968352839

Book Description

The book contains a variety of practical tools that are beneficial to students who are preparing for examinations. These include: Affirmations, Prayer and Meditation, Time Management and Physical Exercise.

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Succeeding Against the Odds -
Sally Smith -
Manufacturer: Tarcher Publishing-
ProductGroup: Book
Binding: Hardcover
ASIN: B000OC13B4

Succeeding in Corporate America: A Case Study of a Black American Against the Odds

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Succeeding in Corporate America: A Case Study of a Black American Against the Odds
William R. Spivey
Manufacturer: Vantage Pr
ProductGroup: Book
Binding: Hardcover

African-American & Black | Ethnic & National | Biographies & Memoirs | Subjects | Books

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ASIN: 0533094887

Thank God for the Lifeline: Succeeding Against the Odds

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Thank God for the Lifeline: Succeeding Against the Odds
Gwendolyn Holman
Manufacturer: ACW Press
ProductGroup: Book
Binding: Paperback

African-American & Black | Ethnic & National | Biographies & Memoirs | Subjects | Books

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ASIN: 1892525402

Book Description

A tribute to the author's mother and grandmother, this book is a shining reminder to us that each of us has a lifeline.

Victory 4 Youth! Succeeding Against the Odds

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Victory 4 Youth! Succeeding Against the Odds
Otis, Jr. Williams
Manufacturer: Kendall/Hunt Publishing Company
ProductGroup: Book
Binding: Paperback

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Teenagers | Parenting | Parenting & Families | Subjects | Books
ASIN: 0787251550

Book Description

Today's youth face tough issues. Yet, they are the future. One remarkable book provides guidance and inspiration...and helps them beat the odds.

The challenges facing our youth today are greater than for any previous generation. The soaring drug abuse, school dropout, teen suicide, and youth violence rates indicate that far too many young people are ill equipped to handle the day-to-day challenges in their lives. VICTORY 4 Youth! Succeeding Against the Odds is a workbook and guide designed to provide young people with the essentials they need to overcome obstacles, reach goals, and fulfill dreams.

This is not just a book to be read; VICTORY 4 Youth! is an activity-filled workbook that encourages the reader to get involved and become an active force in creating his or her desired future. The worksheets help teach young people the critical thinking skills that will be crucial to their success in this knowledge-driven world. The author has also included inspiring, biographical vignettes about individuals who have overcome the odds to live purposeful and productive lives.

VICTORY 4 Youth! is designed for use by teachers, school systems, non-profit organizations and other groups whose mission includes the development of youth. The modular format, which includes reproducible worksheets and a resource guide, makes integration into existing middle and high school classroom curricula easy and effective.

VICTORY 4 Youth! will inspire today's youth to create opportunities where there are none, to take responsibility for his or her own destiny, and to become self-driven and motivated to succeed!

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SUCCEEDING AGAINST THE ODDS
Sally L. Smith
Manufacturer: Jeremy P. Tarcher Los Angeles
ProductGroup: Book
Binding: Paperback
ASIN: B000IWVE78

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Succeeding Against The Odds
John H. Johnson
Manufacturer: HarperTrade
ProductGroup: Book
Binding: Hardcover
ASIN: B000KPAUGE

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Succeeding Against the Odds
Sally Smith
Manufacturer: Tarcher
ProductGroup: Book
Binding: Hardcover
ASIN: B000O6EU5G

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