SP 2008-01
October 2008
Staff Paper
Department of Applied Economics and Management
Cornell University, Ithaca, New York 14853-7801 USA
The Double Eagle Club’s
First 50 Years
Eddy LaDue and Brent Gloy
It is the Policy of Cornell University actively to support equality of
educational and employment opportunity.
No person shall be
denied admission to any educational program or activity or be
denied employment on the basis of any legally prohibited
discrimination involving, but not limited to, such factors as race,
color, creed, religion, national or ethnic origin, sex, age or
handicap.
The University is committed to the maintenance of
affirmative action programs which will assure the continuation of
such equality of opportunity.
The Double Eagle Club’s First 50 Years
By
Eddy LaDue and Brent Gloy1
The Double Eagle Club was established as an investment club in 1958. During
that year the background work for development of the club was completed and the first
investments made. Initial work involved establishing the legal tax position. In a letter to
C. D. Kearl, the first treasurer of the Club, dated July 16, 1958, Dominic Mangiaruca,
Chief, Office Audit Branch, U.S. Treasury Department, Internal Revenue Service stated
that “Reference is made to your letter of June 30th relative to a group of fellow workers
organizing an investment club to enable such employees to make stock and bond
investments. It is the opinion of this office that a club as mentioned in your letter is a
non-taxable joint venture; however, each member will be liable for his individual tax in a
case of profit and loss and should be reported on his return.”
The organizational meeting of the Club was held in Warren Hall on October 7,
1958. A previously distributed draft of the Articles of Agreement were reviewed,
modified and formally adopted by the group. Officers were elected (Table 1). It was
agreed that “…the first Investment Committee will be selected by the President and Vice
President in consultation with J. W. Mellor.” Those present indicated the amount that
they would initially invest in the club. The next meeting was called for December 12,
1958.
The Articles of agreement indicate that the purpose of the Club is to (1) Educate
members in principles and techniques of investment, and (2) Enable members to invest
funds mutually. Membership is limited to Cornell Agricultural Economics Professional
Staff Members with a minimum appointment of three years. This membership
requirement has insured that most of the members of the Club have a Ph.D. in
agricultural economics, economics or a related field.
The name for the club came from the agreed upon minimum investment of $20, or
one Double Eagle. Although the minimum investment was later changed, the name was
not. In real terms, adjusted for inflation (CPI), that $20 in 1958 would be equal to $155
in 2008.
The first investments were made in December 1958 when the 18 charter members
contributed a total of $900 ($6,995 in 2008 dollars). These funds were invested in 10
shares of Eastern Airlines and 10 shares of Winn Dixie Stores.
During the first years, four meetings were held per year: February, May,
September and November. This was changed in 1963 to six meetings per year in odd
numbered months, a practice which has continued to the current time. The January
meeting is designated as the annual meeting.
For the May 1959 meeting member’s wives were invited to attend as guests.
Seven wives attended and one wife (Mrs. K. L. Robinson) was placed on the investment
committee for the next meeting. At the next meeting Mrs. Kearl reported as part of the
1
The authors are current members of the Double Eagle Club. The authors would like to thank Bernard
Stanton and Joseph Metz for helpful reviews of an earlier draft.
investment committee for Mrs. Robinson. Wives continued to attend, though in declining
numbers through 1963. It is interesting that the wives were always listed as guests, not
members, even though they were allowed to do the work of serving on investment
committees.
Officers for the Double Eagle Club are elected each January and start serving
immediately upon election. The officers for the club since inception are shown in
Table 1.
Table 1. Officers of the Double Eagle Club, 1958 to 2008
Year
1958
1959
President
Robinson
Darrah
Vice President
Brunk
Loomis
Secretary
Metz
Metz
Treasurer
Kearl
Kearl
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
Loomis
Mellor
Story
Barker
Stanton
Sisler
How
Aplin
Forker
Casler
Mellor
Story
Barker
Stanton
Sisler
How
Aplin
Forker
Casler
Ben David
Metz
Metz
Metz
Metz
Goodrich
Goodrich
Goodrich
Goodrich
Conneman
Conneman
Kearl
Carpenter
Baumel
Tomek
Tomek
Tomek
Loomis
Loomis
Loomis
Bratton
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
Goodrich
Conneman
Tomek
Metz
Mapp
Brown
Boisvert
Day
Allee
Blandford
Conneman
Tomek
Metz
Mapp
Brown
Jacobs
Day
Allee
Blandford
LaDue
Hedlund
Hedlund
Hedlund
Hedlund
LaDue
LaDue
LaDue
Stanton
Stanton
Stanton
Bratton
Bratton
Bratton
Bratton
Eiler
Eiler
Eiler
Eiler/Bratton
Casler
Casler/Metz
1980
1981
1982
1983
1984
1985
1986
1987
1988
LaDue
Lesser
How
Bratton
Lazarus
Tomek
Lee
Ranney
LaDue
Lesser
How
Bratton
Lazarus
Tomek
Lee
Ranney
LaDue
Lesser
Stanton
Stanton
Stanton
Stanton
Stanton
Blandford
Blandford
Blandford
Blandford
Metz
Metz/LaDue
LaDue
LaDue
LaDue
LaDue
LaDue
Knoblauch
Knoblauch
2
Table 1. Officers of the Double Eagle Club, 1958 to 2008 Cont.
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Lesser
White
Knoblauch
Metz
De Gorter
De Gorter
Lee
Lee
Poe
Poe
Hagen
White
Knoblauch
Metz
de Gorter
Forker
Lee
Poe
Poe
Hayward
Hagan
Stanton
Tauer
Tauer
Tauer
Tauer
White
Tomek
Tomek
Tomek
Tomek
Tomek
Tomek
Knoblauch
Figueroa
Figueroa
Figueroa
Figueroa
Forker
Forker
Forker
Forker
Forker
Forker
2000
2001
2002
2003
2004
2005
2006
2007
2008
Stanton
LaDue
Gloy
Gloy
Casler
Casler
Herdt
Maloney
Cuykendall
LaDue
Gloy
Uva
Casler
Leiponen
Herdt
Maloney
Cuykendall
Schmit
Tomek
Tomek
Tomek
Tomek
Tomek
Tomek
Tomek
Tomek
Tomek
Cuykendall
Cuykendall
Cuykendall
Cuykendall
Cuykendall
Cuykendall
Cuykendall
Stephenson
Stephenson
Membership
New members can join the Club at any meeting. Whenever a new member joins,
the club is disbanded and immediately reformed including the new member. Originally,
members could leave at any time. This was changed in the late 1970’s to request that
withdrawals occur at the November meeting. For tax equity reasons, this was changed in
2001 to require that all withdrawals occur effectively as of the end of the year with
notification of intent to withdraw required by the November meeting.
Members are allowed to withdraw part of their investment at the end of any year
and still remain members. This provides members who need funds for other purposes to
remain members and allows long time members the opportunity to reduce their
investment to levels more in line with that of newer members. When a member leaves
for withdraws funds, the member is paid 98 percent of year-end market value of their
Shares in the Club.
Equitable treatment of all members when a member leaves the Club has been a
difficult issue due to large fluctuations in stock values. In 1974 (for 1973 year end report
and henceforth), treasurer Bratton requested permission to not count dividends received
in November and December until the following year “to facilitate the apportionment of
dividends to members, including those who withdrew at the last meeting of the year.”
This issue also led to the 2001 decision to require exit from the club at the end of the year
with notice of intent to withdraw due by the November meeting.
3
The membership of the club over the past 50 years is shown in Table 2. Two of
the founding members of the Club continue as current members (Metz and Stanton). The
average tenure of members is 12.6 years. Two members (Barker and Forker) withdrew
from the club and then rejoined some years later. One member (Knoblauch) has
withdrawn joined and rejoined the club twice. The distribution of years of membership is
shown in Table 3.
Table 2. Double Eagle Club Membership 1958 to 2008
Member Name
Bratton, Arthur
Brunk, Max
Carpenter, Kenneth
Darrah, Lawrence
Earle, Wendel
Hedlund, Glenn
How, R.Brian
Jeffrey, A.D.
Kearl, C.Delmar
Loomis, Clifton
Lutz, Ed
Mellor, John
Metz, Joe
Robinson, Kenneth
Smith, Robert S.
Stanton, Bernard
Story, Robert
Wright, Carlton E.
Ott, Leland
Barker, Ranolph
Tobey, John
Aplin, Richard
Conneman, George
Tomek, Bill
Goodrich, Dana
Baumel, C.P.
Brown, Earl
Sisler, Daniel
Allee, Dave
Casler, George
Forker, Olan
Ben-David S.
Bugliari, Joe
Number of years
a member
27
13
10
7
7
19
35
1
7
17
8
9
51
25
6
51
14
4
2
16
6
13
12
48
14
2
17
10
20
43
37
5
19
Year joined Club
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1958
1959
1960
1960
1961
1961
1961
1961
1961
1963
1963
1965
1966
1966
1967
1967
4
Year withdrew
from Club
1984
1970
1967
1964
1964
1976
1992
1958
1964
1974
1965
1966
1982
1963
1971
1961
1960
1995a
1965
1973
1972
1974
1962
1979
1972
1984
b
1971
1985
Table 2. Double Eagle Club Membership 1958 to 2008 Cont.
Eiler, Doyle
7
1971
LaDue, Eddy
38
1971
Mapp, Harry
3
1972
Jacobs, James
4
1972
Boisvert, Richard
27
1973
Lifferth, Dennis
2
1973
Mount, Timothy
1
1974
Day, Lee
13
1975
Blandford, David
14
1976
Lessor, William
12
1978
Knoblauch, Wayne
20
1982
Lazarus, William
7
1982
Lee, David
19
1982
Ranney, Christine
9
1984
White, Jerry
24
1985
Figueroa, E.
10
1987
Willett, Lois
2
1988
Kyle, Steve
2
1988
Tauer, Loren
7
1988
DeGorter, Harry
16
1988
Christy, Ralph
12
1992
Poe, Greg
8
1994
Hayward, Bud
6
1994
Hagen, James
10
1997
Chapman, Duane
8
1999
Cuykendall, Charles
10
1999
Gloy, Brent
10
1999
Meloy,Megan
5
1999
Uva, Win-fe
5
1999
Hawkes, Rod
3
2000
Ng, David
2
2000
Grusenmeyer, David
3
2001
Maloney, Tom
8
2001
Leiponen, Aija
5
2002
Herdt, Robert
6
2003
Barrett, Chris
3
2006
Henehan, Brian
3
2006
Stephenson, Mark
3
2006
Pinstrup-Anderson, P. 2
2007
Schmit, Todd
2
2007
Nicholson, Chuck
1
2008
a
Member 1960 through 1967 and1988 through 1995.
b
Member 1966 through 1984 and since 1991.
c Member 1984 through 1993, 1997 through 2003 and for 2008.
5
1977
1974
1975
1999
1974
1974
1987
1989
1989
c
1988
2000
1992
1996
1989
1989
1994
2003
2003
2001
1999
2006
2006
2003
2003
2002
2001
2003
2006
Table 3. Distribution of Years as Members of The Double Eagle Club
1958 to 2008
Years as a member
50
40-49
30-39
20-29
10-19
Under 10
Number of members
2
2
3
6
22
39
The Results
The original value of a share in the Double Eagle Club was $20. That, of course,
changed as the fortunes of the club changed. In 1999 the Club conducted a 10 for 1 split,
giving everyone 10 times as many shares. The changes in the value of shares in the Club
are shown in Table 4. For consistency, data for all years are adjusted for the split,
resulting in the original value of shares at $2.
The returns for the Club also include the reinvestment of any dividends received
from stocks in the portfolio. No funds have been withdrawn from the Club accounts
except for payments to withdrawing members or members reducing their individual
investment. No payments have been made from Club accounts for bi-monthly or annual
meetings, staff, supplies or other purposes.
Table 4 also compares the Double Eagle Club performance with performance of
the Standard and Poors 500 index and the Dow Jones Industrial Average. As expected
the performance of the Club is strongly influenced by the fortunes of the general market.
The tremendous increase in 1999 resulted primarily from the ownership of one
stock, QualCom. After our January purchase of an additional 100 shares (a wise
purchase!) the Club’s total investment was $14,089. By the end of December, the value
of this holding had increased in value to $211,500 (Table 9). A significant part of the
decline in the value of Club shares from 2000 to 2002 were the result of price declines in
QualCom as the bubble burst.
Table 4. Value of Shares and Number of Shares
Double Eagle Club, 1958 through 2008
Year
1958
1959
1960
1961
1962
Number of
Shares
45.00
136.07
229.76
322.84
442.84
Value per
Share ($)
2.00
2.53
2.22
2.53
1.97
6
DE Annual
% change
% change
in S&P 500a
% change
in DJIAb
27
-12
14
-22
0
11
11
-4
5
4
8
-2
Table 4. Value of Shares and Number of Shares
Double Eagle Club, 1958 through 2008 Cont.
Year
Number of
Shares
Value per
Share ($)
DE Annual
% change
% change
in S&P 500a
% change
in DJIAb
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
522.50
611.35
671.72
747.95
739.12
830.00
893.69
793.40
701.49
710.99
631.13
675.21
687.81
629.06
663.05
707.44
694.51
723.26
746.30
708.85
730.62
504.04
477.49
492.61
459.75
478.68
486.09
461.88
478.80
493.22
459.23
459.58
464.94
334.16
325.63
332.78
3251.06
2856.32
2754.03
2627.20
2.24
2.14
3.10
2.69
4.41
4.94
4.77
3.69
3.94
4.75
3.83
2.77
2.79
3.49
3.31
3.82
4.51
7.25
8.67
10.12
11.99
12.15
13.85
16.70
15.63
15.96
18.99
17.27
19.03
18.32
19.35
19.57
25.69
31.42
37.05
43.04
116.74
69.39
62.03
40.24
14
-4
45
-13
64
12
-3
-23
7
21
-19
-28
1
25
-5
15
18
61
20
17
19
1
14
21
-6
2
19
-9
10
-4
6
1
31
22
18
16
171
-41
-11
-35
16
14
6
-7
7
12
-17
13
8
12
-17
-20
31
1
-13
12
14
13
-7
21
12
10
18
29
-6
16
11
5
19
7
10
-2
35
24
25
31
9
-2
-17
-24
15
15
9
-14
1
11
-21
17
4
11
-14
-18
39
-2
-19
9
4
8
-8
23
13
5
22
37
-9
20
11
6
18
3
20
-3
40
26
16
18
17
0
-9
-19
7
Table 4. Value of Shares and Number of Shares
Double Eagle Club, 1958 through 2008 Cont.
Year
Number of
Shares
Value per
Share ($)
DE Annual
% change
% change
in S&P 500a
2003
2004
2005
2006
2007
June 2008
2629.34
58.59
46
32
2535.31
67.59
15
4
2592.38
80.12
19
8
2650.05
82.78
3
12
2623.14
115.56
40
-4
2651.52
119.42
3
-8
Simple average
12.2
7.7
Compound rate
8.6
6.8
First 40 years simple average
9.7
9.0
First 40 years compound rate
8.0
8.2
a
Standard and Poors 500 index. Price adjusted for dividends and splits.
b
Dow Jones Industrial Index. Price adjusted for dividends and splits
% change
in DJIAb
30
0
4
16
0
-10
7.5
6.4
8.2
7.1
Over the past 50 years Double Eagle has significantly outperformed the market.
The compound rate of growth averaged about two percent higher over the entire period.
A large proportion of the superior performance has occurred in the last 10 years. Over
the first 40 years, Double Eagle performance was similar to or slightly above the market
(Table 4). During the past few years, the Club has been lucky or astute enough to have a
heavy weighting of energy stocks and little investment in financial stocks along with a
few good selections.
A dollar invested in Double Eagle in 1958 would be worth about $60 today (Chart
1). Adjusted for inflation, today’s $60 would be worth about $7.72 in 1958 dollars, so
there has been significant real growth. This chart also shows the substantial impact of the
internet bubble of the late 1990’s on the club as well as the major market indices.
Individual Stock Investments
Throughout the 50-year period an investment committee has reported at each
meeting on the performance of owned stocks and recommendations for purchase and
sale. During the first few years, the number of shares of any stock purchased was quite
small, due to the amount available to invest and the relative price of stocks (Table 8).
Purchases of 4 to 15 shares of a stock were numerous. From 1958 to 1970 the purchase
of 100 or more shares at one time occurred only five times. After 1980, purchases of 100
or more shares became common, spurred during part of that time by the lower
commissions on round lot (multiples of 100 shares) purchases.
8
Double Eagle
S&P 500
DJIA
Value of 1$ Invested in 1958
70
60
50
40
30
20
10
1 95
8
1 96
0
1 96
2
1 96
4
1 96
6
1 96
8
1 97
0
1 97
2
1 97
4
1 97
6
1 97
8
1 98
0
1 98
2
1 98
4
1 98
6
1 98
8
1 99
0
1 99
2
1 99
4
1 99
6
1 99
8
2 00
0
2 00
2
2 00
4
2 00
Jun
6
e2
0 08
0
Year
Chart 1. Double Eagle Club Comparative Perforamance, Value of $1 Invested in 1958.
The number of stocks owned by the Club at one time started out at two, but was
up to 10 by 1964. It peaked at 17 in 1966. By 1968 the number was down to 10 to 12 and
stayed near that range for the next 30 years. However, since 2000 the number has tended
to creep up, in spite of numerous investment committee suggestions that the number be
controlled, to the current holding of nearly 20 different stocks.
Over the 50 years from 1958 to 2008 the Club made 300 different investments in
stocks, where an investment includes the initial investment in a stock, possible additional
purchases and sale at one or more times until the club no longer owns any of that stock.
This involved slightly less than 300 different stocks, since the Club invested in the a few
stocks more than once over the 50-year period. Examples include Morrell and Tompkins
Trust Company.
Only 43 percent of the stocks purchased resulted in a gain. Of the 300 stocks
purchased, 170 resulted in losses, that were often small, and 130 resulted in gains, some
of which were quite sizeable.
The Club frequently confirmed earlier decisions by purchasing additional shares
of stocks that it already owned. This occurred with about 30 percent of the stocks (89
stocks) owned. Some stocks, like Fairchild Camera and Taylor Wine, were purchased
9
several times. The success rate on such stocks was somewhat better than the average for
stocks where additional purchases were not made. Fifty-two percent of these stocks (46
stocks) resulted in a gain while only 40 percent of stocks (84 of 211 stocks) without
added purchases resulted in gains.
Large gains have been achieved with a few stocks (Table 5). The over $125,000
gain from ownership of Qualcom (see Table 9 for details) has had a significant influence
on the Club’s value, which is now slightly under $300,000. This might lead to the charge
that the Club’s good return has been the result of a lucky pick of one stock. However,
one could counter that one excellent pick in 50 years could be expected.
Table 5. Ten Stocks With the Largest Gains
Year of
Stock
Purchase
Year of Sale
Gain
Qualcomm Inc.
1998
a
125,612
Browning Ferris
1979
1991
32,623
General Electric
1991
a
31,246
Intuitive Surgical
2006
a
28,363
Coca Cola Co.
1990
1999
22,479
Harris Corp.
2001
a
20,976
Potash Corp Sask. Inc.
2007
a
17,366
General Growth Prop.
2003
2007
15,233
Petrochina Company
2002
2006
14,645
Gillette
1995
1998
13,176
a
Stock is still owned and gain includes unrealized gain on current investment.
Fortunately, the Club has been able to keep the big losses smaller in absolute
value than the gains (Table 6). The large losses have been kept under $10,000 and only
nine have exceeded $4,000.
Table 6. Ten Stocks With the Largest Losses
Stock
Phone.Com Inc./ Openwave Systems
Home Nutr.Svcs.
Safeguard Scientifics Inc
I 2 Technologies
Zila Inc.
IBM
Broderbund Software Inc
Microsoft Corp.
Syntex Corp.
Ectel Ltd.
Year of
Purchase
2000
1992
2000
2000
2000
2000
1995
1999
1991
2000
10
Year of Sale
2001
1993
2001
2001
2007
2002
1996
2002
1993
2001
Loss
-9,803
-6,995
-6,930
-6,891
-5,398
-5,260
-4,654
-4,096
-4,011
-3,930
Some decades during the past 50 years have been much better for the club than
others (Table 7). If it were not for dividends, the Club would have been better off not
investing during the 1969-1978 decade. Although the gain in the first decade of the
Club’s existence seems quite low, when it is adjusted for inflation, performance during
that decade was better than the most recent decade. Of course, the gain in the 1989-98
decade is strongly influence by the purchase of Qualcomm in 1998.
Table 7. Average Gain per Stock Held by Decade
Decade
Number of
Stock
Investments
Average
Gain or
Loss ($)
Average Gain or
loss adjusted for
inflation ($) a
Number of
Losers
1,568
-148
1,479
3,644
1,116
29
30
39
39
33
1958-1968
49
261
1969-1978
54
-37
1979-1988
67
804
1989-1998
64
2,874
1999-2008
66
1,116
a
Adjusted to mid last decade (2003) values.
Number
of
Gainers
20
24
28
25
33
Summary
The Double Eagle Club Started in 1958 with 18 members. All were members of the
faculty and professional staff of the Department of Agricultural Economics at Cornell
University. The club has had 74 different members during the 50-year period. Two of
the founding members are still members of the club. Investments have been evaluated
and recommended by an investment committee at each bi-monthly meeting. The number
of different stocks started at two and has increased erratically to nearly 20 stocks at the
current time. During the 50-year period the compound rate of return of the Club has
averaged about 2 percent above that of the market as indicated by the S&P 500 and the
Dow Jones Industrial Average. Individual stock performance has varied widely. The
best stock has resulted in a gain of $125,000 while the biggest loser resulted in a loss of
under $10,000. The average stock purchased during the 1969-78 decade resulted in a loss
while the best performance occurred for stocks purchased during the 1989-98 decade.
11
Table 8. Gain or Loss on Stocks Purchased, 1958 through 2008
Stock Name
Eastern Airlines
Winn Dixie
Ashland Oil
Admiral Corp.
John Morrell
Mexican Power and
Light
Lone Star Cement
Fedders Corporation
Howe Sound
Wilson and Company
Initial purchase
No.
shares
Cost
More
purYear first
a
chased? purchased
Year
last
sold
Gain or
lossb
1958
1958
1959
1959
1959
1959
1960
1959
1960
1960
1959
1961
-110
1
-4
25
413
-82
10
10
15
14
18
15
353
429
312
252
507
202
15
34
40
31
488
619
828
1,175
yes
yes
1959
1959
1960
1960
1965
1965
1962
1965
-412
284
-149
413
Fairchild Camera
John Morrell
El Paso Natural gas
Bobbie Brooks
American Airlines
Gillette Company
Bristol Myers
Liggett and Myers
Tobacco
Frito Lay/Pepsico. Inc.
Swift and Co.
8
14
26
35
45
47
6
4
1,206
495
yes
yes
796
1039
1,524
681
299
yes
yes
1960
1961
1961
1962
1962
1963
1963
1964
1966
1964
1965
1967
1963
1964
1969
1966
3,092
-263
-106
-149
-133
-142
1,451
-192
15
16
609
809
1964
1964
1966
1967
6
-4
Telephone Services co.
of Ohio
Family Finance
Ford Motor
Penn Fruit Co.
Cenco Instruments
Taylor Wine
Grand Union
Union Carbide
Borroughs Corp
Spencer Packing
76
1,734
1964
1965
599
26
12
100
38
40
32
20
40
60
744
673
903
1,286
1,047
910
1,374
1,540
1,469
1964
1965
1965
1965
1965
1965
1965
1965
1965
1966
1967
1968
1967
1972
1967
1968
1967
1967
-100
-161
905
470
6,534
279
-363
4,404
-474
Iowa Beef Packers
VSI Corporation
25
50
1,623
1,236
1966
1966
1967
1967
-579
1,555
12
yes
yes
yes
yes
Table 8. Gain or Loss on Stocks Purchased, 1958 through 2008 Cont. 1
Initial purchase
No.
shares
Cost
More
purYear first
chased?a purchased
Royal Dutch Petroleum
Chemetron Corp.
Archer Daniels
Midland
Rayette-Fabrege
Stauffer Chemical Co.
Bemis co.
Marriott Hot-Shoppes
Aetna Life Ins. Co.
14
38
16
585
2,049
676
1966
1966
1966
Year
last
sold
1967
1968
1967
32
40
55
52
50
1,108
1,818
2,137
1,845
2,368
1967
1967
1967
1967
1967
1967
1696
1971
1968
1968
584
-380
-703
1,385
-1,449
Electric Computer
Program Inst.
Planning Research
American Tel and Tel
First Penn. Bank and
Trust
Texas Gulf Sulphur
American Pipe and
Construction/Ameron
Standard Oil of New
Jersey
Gulf and Western Ind.
Westvaco Corp.
Alaska Interstate
30
1,509
1968
1968
-625
40
60
50
1,509
3,047
2,021
yes
1968
1968
1968
1972
1971
1974
-311
-195
781
82
130
3,612
2,771
yes
yes
1968
1968
1971
1970
-2,452
-282
30
2,394
yes
1968
1970
-365
52
100
50
2,735
3,675
1,564
1968
1969
1969
1969
1970
1971
-1,536
-1,273
-693
100
25
954
1,182
1969
1969
1970
1973
-693
-873
40
1,146
1996
1970
-267
35
55
18
100
65
200
1,821
1,012
1,195
1,787
1,591
2,528
1970
1970
1970
1970
1971
1971
1971
1974
1978
1972
1974
1973
199
-742
-1,108
-1,479
-2,429
130
1969
1974
6
1971
1973
-905
Stock Name
Bermec
Kentucky Fried
Chicken/Heublein
MacAndrews and
Forbes Co.
Upjohn Co.
Teledyne, Inc.
Eastman Kodak
Capital Industries, Inc.
City Investing
Heitman Mortgage
Investors
Madison Square
Gardenc
Simon and Schuster
8
200
yes
yes
yes
yes
yes
Yes
c
1,138
13
Yes
Gain or
lossb
-113
-619
21
Table 8. Gain or Loss on Stocks Purchased, 1958 through 2008 Cont. 2
Stock Name
International Food
Service
Marriott Corporation
Rorer-Amchem
Armstrong Rubber
Syntex
VCA Corporation
Hormel & Co.
Airco, Inc.
Deere & Co.
W.R.Grace and Co.
Tesoro Petroleum
Seaboard Coast Lines
Inds.
Ford Motor Corp.
Mead Corp.
Philip A. Hunt
Chemical
UniTek
Consyne Corp.
Burlington Northern
Pneumo Corp.
Uarco Inc.
IBM
Reynolds Metals
Crane Co.
Eastern Gas & Fuel
Assoc.
Marathon
Manufacturing
George A. Hormel
Iowa Beef Processors
Zurn Industries
Cone Mills
Envirotech Corp.
Maryland Cup
Rubbermaid Inc
American Airlines
Initial purchase
No.
shares
Cost
More
purYear first
chased?a purchased
Year
last
sold
Gain or
lossb
100
2,471
1971
1973
-1,266
20
45
42
23
200
100
100
10
65
20
55
1,154
1,606
1,814
2,002
4,322
1,962
1,772
461
1,664
706
1,431
1972
1972
1972
1972
1972
1972
1972
1973
1973
1973
1973
1972
1972
1973
1973
1974
1973
1973
1974
1976
1975
1975
220
-164
-880
451
-2,654
-427
-336
-797
335
-921
-463
45
100
54
2,546
1,839
976
1973
1973
1974
1974
1975
1975
-1,097
-490
-226
100
65
100
100
30
8
35
31
46
1,433
495
1,373
556
614
1,348
574
1,196
2,015
1974
1974
1974
1974
1974
1974
1975
1975
1975
1976
1974
1977
1975
1976
1980
1975
1975
1,613
-263
601
496
16
-500
127
152
185
300
3,345
1975
1976
-1,027
115
72
155
46
50
135
100
140
2,096
1,721
1,499
1,904
1,446
3,132
2,489
2,086
1975
1975
1975
1976
1976
1976
1976
1977
1976
1976
1981
1976
1978
1979
1979
1979
391
469
2,325
136
-95
982
175
-804
14
yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Table 8. Gain or Loss on Stocks Purchased, 1958 through 2008 Cont. 3
Stock Name
Louisiana
Land&Explo.
Doyle Dane Bernbach
Metpath, Inc
Genisco Technology
Hospital Corp of
America
Int’l Flavor &
Fragrances
Johnson Controls
Data General Corp.
George A Hormel
Texaco
Browning Ferris
Intersil, Inc
Pentair Industries
Ampex
Savin Corp.
Englehard Mineral &
Chemical/ Philbro
Shared Medical
Systems
Santa Fe (Int’l or Ind.)
Bergen Brunswig
Conoco, Inc
Citicorp
Viacom Int.
First City BC Texas
Boeing Co.
Chrysler Corp.
MCI Comm
Gelman Science
Bally Mfg.
Dow Jones
Commerce Clearing
Nike Inc. Class B
Medtronic Inc.
Commodore Int’l
Philips Industries
IBM
Initial purchase
No.
shares
Cost
More
purYear first
chased?a purchased
Gain or
lossb
1977
Year
last
sold
1977
1977
1977
1977
1977
1978
1979
1979
1983
-125
1,044
984
10,249
68
1,894
18
100
100
100
369
1,893
174
2,629
Yes
79
1,737
Yes
1978
1980
-620
43
41
19
100
100
200
100
100
200
100
1,188
2,408
467
2,578
1,220
3,174
2,045
2,515
3,022
2,874
Yes
1978
1978
1978
1979
1979
1979
1979
1980
1980
1980
1979
1979
1979
1980
1991
1979
1980
1981
1980
1981
-442
63
732
1,391
32,623
3032
-491
691
-280
800
100
1,821
1980
1982
1,069
100
200
100
100
50
100
100
200
100
200
100
100
100
100
100
150
100
40
4,278
4,977
6,793
2,406
2,739
3,250
2,998
1,389
2,113
2,599
3,010
4,637
4,889
2,708
4,208
8,958
2,746
4,739
1980
1980
1980
1981
1981
1981
1981
1981
1981
1981
1981
1982
1982
1982
1982
1982
1983
1983
1982
1983
1981
1981
1982
1983
1982
1982
1983
1982
1982
1985
1983
1983
1982
1984
1984
1986
3,913
9,183
-1,417
123
-1,436
-1,909
-986
536
6,403
-821
-109
3,780
2,266
735
-266
2,757
439
2,068
15
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
-278
Table 8. Gain or Loss on Stocks Purchased, 1958 through 2008 Cont. 4
Stock Name
James River
Advest
Coleman
Ransburg
Eastman Kodak
Caesars World
Manor Care
Tacoma Boatbuild.
Ungermann Bass
Dysan Corp.
Daisy Systems
Exxon Corp.
Equatorial Comm.
Coherent Inc.
Kulicke and Soffa
Compression Labs
American Motors
J. P. Morgan
Charter Medical
Wachovia Corp.
Maxicare Health
Guest Supply
National Education
Meditrust
Ryland Group
Worthington Industries
Heinz, H. J.
Liz Clayborne
Millipore Corp.
Chi Chi
Trans World Air
Curtice Burns
Seagate Tech.
Inland Steel
USG Corp.
Masco Corp.
Worthington
Sands Regent
Apple Computer
Initial purchase
No.
shares
Cost
100
100
100
100
100
200
200
100
200
100
100
100
50
150
100
500
500
50
200
75
300
50
100
100
100
150
100
100
200
200
200
45
100
100
100
100
100
300
100
More
purYear first
chased?a purchased
4,360
2,746
4,335
2,532
6,951
2,726
3,994
1,228
3,061
2,418
2,468
4,379
1,029
3,412
2,638
2,769
1,885
2,626
5,847
2,780
5,955
892
1,980
2,499
4,127
4,305
4,013
3,761
5,541
1,472
4,784
1,886
4,452
3,206
3,420
3,446
2,363
3,024
4,350
16
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
1983
1983
1983
1983
1983
1983
1983
1983
1984
1984
1984
1984
1984
1985
1985
1985
1985
1985
1985
1985
1985
1985
1986
1986
1986
1986
1986
1986
1986
1986
1987
1987
1987
1987
1987
1987
1987
1987
1988
Year
last
sold
Gain or
lossb
1985
1984
1984
1984
1984
1984
1988
1984
1985
1984
1985
1984
1985
1986
1985
1987
1986
1988
1986
1987
1987
1987
1990
1989
1987
1990
1993
1988
1989
1987
1987
1988
1987
1989
1987
1988
1988
1988
1989
200
-1,376
-1,622
-644
-206
-431
5,045
-757
-497
-1,884
-19
-108
-575
-778
-1,471
-663
-699
679
-2,147
267
-1,841
-1,902
-1,208
-74
386
476
5,918
-1,598
782
-21
-1,307
-292
-2,252
737
-715
-921
-425
-323
-468
Table 8. Gain or Loss on Stocks Purchased, 1958 through 2008 Cont. 5
Stock Name
Nordson Corp
Wausau Paper
Arctic Alaska Fisheries
Laidlaw Trans.
Huntingdon Intl.
Reuters Holdings
N. E. Critical Care
Air Canada
Pegasus Gold
Stride Rite
N. C. National Bank
Candela Laser Co.
Biogen Inc.
Minnesota M & M
Coca Cola Co.
Disney Walt Co.
Bird Corporation
Fluor Corp.
Daniel Industries
Syntex Corp.
General Electric
Bank of Boston
Bank One Corp.
Forest Labs
Universal Foods
Home Nutr.Svcs.
Amgen
GTE Copr.
Wal-Mart Stores
Hong Kong Telephone
Idexx Labs Inc.
Value Health
Abbott Labs Inc.
Hi-Shear Industries
Telefonica de Espana
Bank of East Asia Ltd.
Senetek
Integrated Device
Tech.
Airborne Freight Corp.
Initial purchase
No.
shares
Cost
More
purYear first
chased?a purchased
100
100
300
400
100
100
100
300
100
100
100
200
100
100
50
50
200
100
200
200
100
100
100
100
100
200
100
100
200
100
100
100
100
400
100
500
500
100
3,811
3,635
2,697
6,119
3,564
3,892
3,025
3,308
997
2,618
4,801
3,174
1,896
8,370
4,728
6,528
2,925
4,955
4,741
8,075
7,210
1,088
4,450
3,441
3,857
4,994
5,935
3,442
6,888
4,942
4,096
3,233
4,677
2,079
4,159
2,152
2,373
2,809
100
2,822
17
Yes
Yes
Yes
Yes
Yes
Yes
Yes
yes
Yes
Yes
Yes
Gain or
lossb
1988
1988
1989
1989
1989
1989
1989
1989
1989
1989
1989
1990
1990
1990
1990
1990
1991
1991
1991
1991
1991
1991
1991
1991
1991
1992
1992
1992
1993
1993
1993
1993
1993
1993
1994
1994
1994
1994
Year
last
sold
1989
1990
1989
1991
1991
1991
1991
1991
1990
1990
1990
1992
1990
1993
1999
1990
1992
1992
1991
1993
e
1992
1994
1992
1993
1993
1995
1993
1994
1995
1995
1995
1999
1994
1994
1994
1997
1996
1994
1995
-700
1,011
1,525
111
-2,493
1,811
-109
4,943
-1,430
-503
-186
-944
-992
398
2,200
22,479
-2,166
-695
-1,002
-2,189
-4,011
31,246
368
-646
349
-473
-6,995
2,426
482
-2,156
798
5,819
-14
7,940
187
-329
-316
-940
-1,147
Table 8. Gain or Loss on Stocks Purchased, 1958 through 2008 Cont. 6
Stock Name
R.G. Barry Corp. Ohio
Prestek Inc.
Wausau Paper Mills
Co.
Zila, Inc.
Sciclone
Pharmaceuticals
Broderbund Software
Inc
Davidson & Associates
Gillette
Luminart Inc.
Oracle Systems Corp.
Parametric Technology
Southwest Airlines
Timken Co.
American Studios Inc.
Empresas La Moderna
Koninklijke Ahold
Royal Caribbean
Cruises
Aasche Transport.
Serv.
Intel Corp.
Monsanto Co.
Raymond James
Financ.
Thermedics Inc.
B.J. S. Wholesale Club
Philadelphia Suburban
Qualcomm Inc.
Solutia Inc.
Tompkins Trust Co.
Walt Disney Co
Holding
Bristol Myers Squibb
Co
Microsoft Corp.
Ethan Allen Interiors
Inc
Initial purchase
No.
shares
Cost
More
purYear first
chased?a purchased
Gain or
lossb
1994
1994
1994
Year
last
sold
1995
1996
1995
1994
1994
1999
1995
767
-75
100
100
200
2,013
4,475
4,791
600
400
2,501
2,635
100
7,738
1995
1996
-4,654
100
100
1000
100
100
200
100
1000
100
100
100
3,620
7,334
4,510
3,368
4,377
5,400
4,529
1,871
1,866
6,388
4,377
1995
1995
1995
1995
1995
1995
1995
1996
1996
1966
1997
1996
1998
1995
1998
1999
1996
1996
1996
1997
2000
2000
-2,024
13,176
-2,665
1,040
-1,425
-993
-814
-670
80
2,019
6,416
400
2,285
1997
1997
-931
100
100
200
15,563
4,478
7,144
1997
1997
1997
2005
1999
1999
3,320
-251
-1,280
200
100
200
93
100
100
200
3,811
3,961
5,262
5,177
2,838
3,999
7,119
Yes
Yes
1997
1998
1998
1998
1998
1998
1999
1998
1993
1999
e
1998
1999
2001
-617
-3,864
-843
125,612
-407
-1,516
870
100
7,051
Yes
1999
2000
-1,433
100
100
9,526
2,877
1999
1999
2002
2000
-4,096
-273
18
Yes
Yes
Yes
Yes
Yes
736
4,738
212
Table 8. Gain or Loss on Stocks Purchased, 1958 through 2008 Cont. 7
Stock Name
Initial purchase
No.
shares
Cost
Emerson Electric
100
Phone.Com Inc./
100
Openwave Systems
Minimed Inc.
100
Safeguard Scientifics
200
Inc
Zila Inc.
1000
Ectel Ltd.
300
IBM
100
I 2 Technologies
50
Motorola Inc.
100
Calpine Corp.
100
Lincare Holdings
200
Harris Corp.
200
Nabors Inds Inc.
100
Pfizer Inc.
200
Petrochina Company
100
Twin City Financial
100
Zions Bancorp
100
El Paso Corp.
300
Emcor Group Inc.
100
Valmont Inds Inc.
200
Cognizant Tech Sol
100
General Growth Prop.
100
Invision Tech
100
Planer Systems
200
Utstarcom
100
British Petroleum
100
Microsoft Corp.
100
Teva Pharmaceutical
100
Align Technology
200
Tele Nordeste Cell /
200
TIM Participacoes SA
Chevron Texaco Corp.
50
Tompkins Trust Co.
100
Briggs & Stratton
100
Peabody Energy
100
Patriot Coal Corp
40
Lucent Technology Inc. 1000
Coca Cola Hellenic
200
More
purYear first
chased?a purchased
5,776
12,963
Gain or
lossb
1999
2000
Year
last
sold
d
2001
3,584
-9,803
8,338
8,302
Yes
2000
2000
2001
2001
-1,247
-6,930
4,827
6,615
12,577
9,095
2,209
5,415
6,287
6,431
2,299
7,379
1,957
4,628
4,979
4,758
4,905
4,099
6,537
5,826
2,604
4,282
3,254
4,838
2,561
6,395
3,748
4,615
Yes
2000
2000
2000
2000
2001
2001
2001
2001
2002
2002
2002
2002
2002
2002
2002
2003
2003
2003
2003
2003
2003
2004
2004
2004
2004
2004
2007
2001
2002
2001
2001
2003
2003
e
2007
2004
2006
2003
2007
2002
2004
2003
2003
2007
2003
2004
2004
2007
2005
2007
2004
2004
-5,398
-3,930
-5,260
-6,891
-725
-2,274
916
20,976
1,632
-605
14,645
695
3,795
-1,178
-712
54
-1,207
15,233
224
-1,841
-1,367
1,291
-213
2,400
-1,613
778
2004
2004
2005
2005
2005
2005
2005
2005
2006
2005
d
d
2006
d
651
545
-446
10,787
3,832
-302
1,613
5,017
4,875
3,880
5,474
343
3,131
5,845
19
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Table 8. Gain or Loss on Stocks Purchased, 1958 through 2008 Cont. 8
Stock Name
Mahanager Tel Nagam
Checkpoint Systems
Energy East
Intuitive Surgical
General Maritime
Billion Ltd.
Toyota Motors
Burlington Northern SF
United Parcel Service
Xyratex Ltd.
Chesapeake Energy
Potash Corp Sask. Inc.
Trimble Nav. Ltd.
Rogers
Communications
AT&T
Titanium Metals Corp.
Core Laboratories
BE Aerospace Inc.
Novo Nordisk
First Solar Inc.
CSX Corporation
Neogen Corp.
Syngenta Ag
Canadian Nat’l
Railway
Western Union
Initial purchase
No.
shares
Cost
More
purYear first
chased?a purchased
500
200
200
100
200
200
200
100
100
200
200
150
200
150
3,406
4,631
4,917
8,864
6,965
8,683
21,233
7,725
7,541
4,369
5,575
7,850
5,251
4,775
200
200
100
200
200
50
200
400
300
100
7,833
6,844
11,500
7,855
12,634
11,318
13205.87
10,131
17,234
4,700
200
4,788
a
Yes
Yes
Year
last
sold
Gain or
lossb
2005
2005
2006
2006
2006
2006
2006
2006
2006
2007
2007
2007
2007
2007
2006
2006
2006
e
2006
2007
2008
d
2007
2007
d
e
d
d
-67
-1,014
-178
28,363
94
-886
91
3,015
-100
-1,372
5,420
17,366
1,519
652
2007
2007
2007
2007
2007
2008
2008
2008
2008
2008
2008
2008
d
d
d
d
2008
d
d
d
153
-2,293
914
-3,065
-1,522
810
-1477
297
-1,130
553
2008
d
736
Excludes stock splits, stock dividends and part-share purchases.
Excludes dividends.
c
Received in exchange for 3 shares of Transmation Development Corporation which
was formerly Gulf and Western Land and Development Company a spin off from Gulf
and Western which had no value at the time of the spin off.
d
Stock still owned. Gain or loss represents unrealized gain or loss as of August 31,
2008.
e Stock still owned. Gain or loss includes unrealized gain of loss as of August 31, 2008
or $8,837 for General Electric, $18,320for Harris Corp., $18,405 for Intuitive Surgical,
$9,510 and $9,820 for Qualcomm.
b
20
Table 9. The Anatomy of an Auspicious Investment
Our Experience with Qualcomm
Year Action
1998 January purchase 93 shares
for $5,176.56
1999 January purchase of 100
shares for $6,062.66
May stock split 2 for 1
November sale of 86 shares
December stock split 4 for 1
2000 January sale of 200 shares
May sale of 200 shares
July sale of 300 shares
2001 May sale of 100 shares
2002
2003
2004
2005 January sale of 100 shares
November sale of 100 shares
2006 September sale of 200 shares
2007
2008 March sale of 200 shares
Unrealized gain on shares
held August 31, 2008
Total Gain
Shares
Owned
Amount
Received
Gain
93
193
386
300
1200
1000
800
500
400
400
400
800
700
600
400
400
200
200
21
Year End
Stock
Value
4,819
14,913.01
12,519.63
211,500
30,149.45
31,846.48
18,509.43
6,084.84
28,757.67
30,454.70
16,235.93
5,327.01
4,234.91
4,587.85
7,460.82
3,879.99
4,232.93
6,750.99
7,825.40
7,115.57
9,820.17
125,612.19
41,094
20,200
14,556
21,572
33,920
25,848
15,116
15,740
10,530