Bank of America Q2 results

On 7/16, Bank of America (BAC) reported core Q1 EPS of $.84 ahead of estimates of $.77.  Highlights for the quarter were continued deposit growth, strong credit metrics and balance sheet quality. Concerns were negative loan growth as low rates encouraged refinancing of residential mortgages.  BAC’s earnings are levered to rising rates, providing ballast to the portfolio.  We expect the announced dividend increase (+17%) and share buybacks to support stock price.

 

Current Price: $38.5                         Price Target: $40

Position Size:   2.24%                       Trailing 12-month Performance: 61.7%

 

Highlights:

  • Deposits surged 20% YOY spurring growth in equity of 3.0% YOY
  • Strong metrics for loan quality throughout pandemic. This quarter BAC released $1.6b in loan loss reserves.
  • Over $31b of excess capital – announce 17% increase in dividend with last quarter’s announcement of $25b share buyback which is worth 7.5% of outstanding shares.

Concerns:

  • Expenses remain higher than pre-pandemic levels. During quarter BAC donated $500m to Charitable Foundation, elevating expenses.
  • Negative loan growth.  Low interest rates have sparked a wave of mortgage refinancings.  Despite BAC issuing new loans, there existing loan book has been shrinking.  This trend seems to have bottomed.  
  • Net Interest Margin (NIM) fell to 1.83% from 1.90%

 

 

  • Deposits have grown 14% YOY
    • BAC ranked #1 in deposit share
    • Fiscal stimulus programs have supported consumers
    • BAC pays just .03% on deposits

Chart, bar chartDescription automatically generated

  • BAC has managed the pandemic well with strong credit performance.
    • Net charge-offs only 0.27% of loans.  Last year this ratio peaked at 0.45%.  For comparison during 2010, the charge-off ratio peaked at 3.8% showing the relative severity of the Great Recession and the current strength of the U.S. banking system.
    • With improving economy and outlook, BAC released $1.6b from loss reserves
  • Excess capital
    • Last quarter, BAC announce a $25b share repurchase program which is worth 7.5% of outstanding shares. 
    • Increased dividend by 17% expected yield is 2.2% for a shareholder yield over 9%.

 

BAC Thesis:

 

  • Over the years BAC has dramatically improved their Consumer Banking unit, leveraging technology and their digital platforms which has driven earning’s growth. 
  • BAC has a high-quality loan book which was seen during the pandemic as loan loss metrics were best among peers
  • BAC has strong earnings power, generating over $5b a quarter in earnings
  • BAC continues to build capital which should lead to increased dividends and buybacks
  • BAC’s earnings are sensitive to rate increases.  They estimate a 100 bps parallel shift in the yield curve will increase income by $8b or $.90 in EPS.

 

Please let me know if you have questions.

Thanks,

John

 

[category Equity Earnings]

[tag BAC]

$BAC.US

 

 

John R. Ingram CFA

Chief Investment Officer

Partner

 

Direct: 617.226.0021

Fax: 617.523.8118

 

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com

 

Berkshire Hathaway Q1 2021 results

On 4/30, Berkshire Hathaway reported their 2021 Q1 results followed by their annual meeting for shareholders.   Key takeaways from the quarter are as follows:

 

  • Berkshire reported $7.02b operating earnings versus $5.87b from prior year
  • Buffett repurchased $6.6b of shares about 1%  
  • Cash on books increased to $145B represents $62 per BRK/B shares or 21% of value. 

 

Current Price: $284                         Price Target: $330 (raised from $300)

Position Size: 3.0%                          TTM Performance: 65.2%

 

Highlights from Berkshire’s annual meeting:

  • Greg Abel will succeed Warren Buffett as CEO

Buffett quote regarding retirement: “People talk about the ageing management at Berkshire,” he said. “I always assume they’re talking about Charlie, when they say that. But I would like to point out that in three more years [when Munger turns 100], Charlie will be ageing at 1 per cent a year. No one is ageing less than Charlie.”

  • Munger said Bitcoin is “disgusting and contrary to interest of civilization.”
  • Buffett said they are “seeing very substantial inflation”
  • Buffett criticized Robinhood for “taking advantage of the gambling instincts of society”
  • SPACs make it hard to find acquisitions at a bargain until this period ends

 

Highlights from quarter – solid cyclical rebound

  • Railroads – YoY revenue rose 5.1% and earnings fell -5.8% with pandemic slowdowns
  • Berkshire energy – YoY revenue up 31% and earnings up 63%
  • Manufacturing, service and retail – Profits rose 15% YoY
  • Insurance revenues rose 4.29% and profits up 109% YoY though BRK’s insurance profits are very lumpy.

 

Valuation:  Berkshire is selling at a 18% discount to intrinsic value using sum of the parts.  Their cash of $145b represents $62 per share for B shares. 

 

Berkshire remains a core holding, is currently undervalued, defensively positioned and cyclically sensitive to the economic recovery.

 

Please let me know if you have any questions.

 

Thanks,

John

 

($brk/b.us)

 

 

John R. Ingram CFA

Chief Investment Officer

Partner

 

Direct: 617.226.0021

Fax: 617.523.8118

 

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com

 

S&P Global reports strong Q1 2021 results

On 4/29, S&P Global announced impressive Q1 earnings with EPS up 24%.  Key takeaways are:

  • Revenue up 13% to $2.0b
  • Expense growth of 2% and operating margins increased 450 basis points!
  • All four businesses grew revenue and increased operating margins

 

Current Price: $391.69                    Price Target: $450 (increased from $410)

Position Size:   2.88%                         Performance since add on 2/3/21: +21.0%

 

2021 Q1 Highlights:

  • Ratings
    • Revenue grew 23% and operating profit rose +32%
    • Margins increased 440 bps to 67.5% (after rising 450bps last quarter!)
    • Global bond issuance up a healthy +9% with surging bank loans +70% and High Yield +111% issuance
    • No S&P rated investment-grade issuer defaulted in 2020
  • Market Intelligence
    • Revenue grew 4% Operating profit rose +13%
    • Margins increased 260 bps to 33.5%
  • Platts
    • Revenue grew 5% and operating profit rose +15%
    • Margins increased 520 bps to 58.1%
  • S&P Dow Jones Indices
    • Revenue grew 4% and operating profit rose 7%
    • Margins increased 70 bps to 71.3%

 

Growth initiatives

  • Implementing ESG offerings across platform – ESG revenues up 40%
  • China analytic platform – 22 ratings in 2020 and 18 ratings this quarter
  • Technology expertise – Kensho AI initiatives
    • RiskGuage, ProSpread, Riskcasting Indices, Moonshot index, Kensho Scribe and many others combining data and analytics
  • Merger with IHS Markit remains on track for closure in second half of 2021

Capital allocation

  • SPGI has a current yield of .79%
  • SPGI has repurchased 14% of outstanding shares over past 5 years
  • Currently, share buybacks are on hold with the pending merger of IHS Markit.  SPGI has $4.5b of cash piled up on the balance sheet.  Expect majority to be returned to shareholders post merger.

 

S&P Global Investment Thesis:

  • S&P Global is a highly profitable company that has established businesses with deep moats in attractive industries
  • S&P Global is focused on shareholders and returns 75% of free cash flow in dividends and share buybacks
  • Over the past several years, S&P Global has demonstrated an enviable history of revenue growth and margin expansion
  • With the merger of IHS Markit, S&P Global will combine many unique data sources, enhance data analytics capabilities, and broaden addressable markets.

 

Please let me know if you have any questions.

 

Thanks,

John

 

$SPGI.US

 

John R. Ingram CFA

Chief Investment Officer

Partner

 

Direct: 617.226.0021

Fax: 617.523.8118

 

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com

 

Schwab Q1 earnings

On 4/22, Schwab hosted their spring update detailing exceptionally strong quarterly earnings. The merger with TD Ameritrade and the surge in retail activity have driven Schwab’s business trends:

  • Total client assets rose to $7.1t up 6% QoQ
  • Core new asset growth shot up 24% QoQ, totaling $148.2b inflows for the quarter which is more than last year’s flows!
  • Revenue up 13% QoQ   
  • Trading (up 45%) and margin lending (up 20%) surged during the quarter, helping revenues.

 

Current Price: $67.8                         Price Target: $78 (up from $68)

Position Size:   2.41%                       Performance TTM: 95.1%

 

Schwab is building scale and platform as premier asset gather. 

  • Transfer ratio of 1.6, means that 1.6x the assets came to Schwab from competitors than left Schwab
  • Schwab recorded 1,597k new households for Q1, up 92%. 
  • Schwab is succeeding with millennials.  70% of new-to-firm households were under the age of 40.

TD Ameritrade merger

  • One-time costs are a bit higher (+$600m) than expected and now targeting $2.0b-$2.2b total costs. 
  • Scope of back-office data/hosting/software Integration has increased with surge in retail activity
  • Estimates for recurring synergies have increased +$800m to an expected $4.3b-$4.8b annually

Net interest margin of 1.48% down from 1.55%

  • Average interest earning assets rose 60% ($465b) driven by market volatility and mergers.
  • Schwab remains levered to rising rates:
    • Increase 50bips in 5-year UST will increase revenues by 8%
    • Increase of 25bips in Fed Funds Rate will increase revenues by 15%

Profitability – industry leader

  • ROTE of 24% and pre-tax profit margin of 47.4%.  Expect margins to continue to expand over the next 2-3 years due to cost savings and scale from the mergers
  • Current expenses are elevated due to mergers

Capital allocation

  • Schwab plans to build capital on the balance sheet due to rising deposits and mergers, which may temper share buybacks.
  • Dividend yield of 1.05%

 

Schwab Thesis:

 

  • Expect Schwab’s vertically integrated business model to drive AUM growth.  Schwab has averaged 6% organic core net new asset growth as retail clients and advisors are attracted to Schwab’s low-cost trading and custody services.
  • Conservative, well-managed firm who is a leader in online trading and focused on leveraging platform. 
  • Schwab has experience material AUM growth with USAA and TD Ameritrade mergers.  Expect SCHW to reduce costs and continue to leverage platform.

 

Please let me know if you have any questions.

Thanks,

John

 

$SCHW.US

 

 

 

John R. Ingram CFA

Chief Investment Officer

Partner

 

Direct: 617.226.0021

Fax: 617.523.8118

 

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com

 

Travelers Q1 2021 results

On 4/20, Travelers reported a Q1 EPS of $2.73, ahead of estimates of $2.40.  Positives for the quarter were improving margins, core return on equity of 11.1% and continued strong pricing gains in business and personal insurance lines. 

 

Travelers is a high quality, disciplined underwriter of insurance that is focused on returning capital to shareholders through dividends and share buybacks. 

 

Current Price: $156                                Price Target: $170 (raised from $160)

Position Size:   1.71%                              TTM Performance: +59.6%

 

Thesis Intact. Key takeaways from the quarter:

 

1.       Core business results were solid, beating estimates

·         Combined ratio improved 1.8 points to 89.5%

·         Net premiums increased 2% for quarter

·         Strong pricing with renewal premiums up

o   Business +8.0%

o   Bond & specialty +10.8%

o   Homeowners +7.7%

o   International +6.9%

·         The industry has faced several headwinds – higher cat losses, negative tort trends and falling yields.  As a result, industry wide pricing has been strongest in 10 years.

               

2.       Total net Investment Income rose $71m due to strong returns in private equity investments as returns from fixed income investments fell $31m.

 

3.       Strong financial position

·         Debt to capital ratio of 20.5%

·         Most of debt is long term – just issued a 30yr bond yielding 2.5%

·         98.2% of fixed income portfolio is investment grade with average rating of AA

·         Strong rankings from rating agency relative to peers

 

4.       TRV continues to return capital with dividend yields 2.24% and shareholder yield over 6%

·         Raised dividend 4%

·         Book value growth of 9%

·         Over past 10 years shares outstanding have fallen by 53%!

·         Management has a long history of employing capital wisely! Instead of investing in mature business with spotty pricing, they have returned excess capital to shareholders

 

The Thesis on TRV:

·         We expect TRV will be able to grow book value per share in the mid-single digits over the near-medium term, and generate ROE in the 10-14% range

·         Industry leader with disciplined underwriting and investment portfolio track record  

·         Consistent returns in the low to mid double digits

·         Responsible capital allocation and proven desire to act in the best interests of shareholders

 

Please let me know if you have any questions.

Thanks,

John

 

$TRV.US

 

John R. Ingram CFA

Chief Investment Officer

Partner

 

Direct: 617.226.0021

Fax: 617.523.8118

 

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com

 

Bank of America’s Q1 earnings

On 4/15, Bank of America (BAC) reported core Q1 EPS of $.86 well ahead of estimates of $.65.  Positives for the quarter were strong deposit growth, stable net interest margin (NIM) and resumption of share buybacks with a new program of $25b. 

 

Current Price: $38.5                         Price Target: $40 (up from $36)

Position Size:   2.39%                       Trailing 12-month Performance: 82.7%

 

Highlights:

  • Deposits surged 25% YOY spurring balance sheet growth of 4.4% YOY
  • Strong metrics for loan quality throughout pandemic
  • Return of excess capital built up over the pandemic – $25b share buyback which is worth 7.5% of outstanding shares

Concerns:

  • Elevated expenses
  • Negative loan growth

 

Deposits have grown 25% YOY

    • BAC ranked #1 in deposit share
    • Fiscal stimulus programs have supported consumers
    • BAC pays just .03% on deposits

BAC has managed the pandemic well with strong credit performance.

    • Net charge-offs only 0.37% of loans.  Last year this ratio peaked at 0.46%.  For comparison during 2010, the charge-off ratio peaked at 3.8% showing the relative severity of the Great Recession.
    • With improving economy and outlook, BAC released $2.7b from loss reserves

Net interest income roughly flat from last quarter with margin at 1.68%

    • NIM growth will remain sluggish until we see a sustained economic recovery and continued increases in interest rates.

Excess capital

    • BAC announce a $25b share repurchase program which is worth 7.5% of outstanding shares. 
    • Current dividend yield is 1.86% for a shareholder yield over 9%.

Negative loan growth

    • Loans outstanding fell 8% YOY. Corporations and consumers continue to pay down balances.  Some of the YOY decreased is due to elevated loan balances at Q1 last year during the onset of the pandemic.

 

BAC Thesis:

 

  • Over the years BAC has dramatically improved their Consumer Banking unit, leveraging technology and their digital platforms which has driven earning’s growth. 
  • BAC has a high-quality loan book which was seen during the pandemic as loan loss metrics were best among peers.
  • BAC has strong earnings power, generating over $5b a quarter in earnings
  • BAC continues to build capital which should lead to increased dividends and buybacks

 

Please let me know if you have questions.

Thanks,

John

 

[category Equity Earnings]

[tag BAC]

$BAC.US

 

 

John R. Ingram CFA

Chief Investment Officer

Partner

 

Direct: 617.226.0021

Fax: 617.523.8118

 

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com

 

Berkshire Hathaway Q4 2020 annual report

On 2/27, Berkshire Hathaway reported their 2020 Q4 results.  Annual results are accompanied by Warren Buffett’s letter to shareholders (attached), which lacked the usual news-worthy disclosures or sage market advice.   Key takeaways from the quarter and year are as follows:

  • Buffett sizably increased share buybacks to $8.97b, which is more than he has ever bought bringing the total buyback for the year to $24.7b reducing share count by 5.2%.
  • Cash on books remained steady at $138B. 
  • Cash and stock portfolio represent over 50% of the company’s value.
  • Sum of the parts valuation shows 25% upside

 

Current Price: $252                         Price Target: $300 (raised from $280)

Position Size: 3.0%                          TTM Performance: 34.4%

 

Segment highlights from the quarter:

  • Geico earnings more than doubled on lower loss ratio
  • Berkshire Hathaway Reinsurance continues to struggle with $-2.7b in losses
  • Low interest rates highlight Berkshire’s competitive advantage of an investment portfolio being invested primarily in equities and being less dependent on bond market yields
  • Railroads – YoY revenue fell -11.3% and earnings fell -5.8% with pandemic slowdowns
  • Berkshire energy – YoY revenue up 4.5% and earnings up 8.8%
  • Manufacturing, service and retail – Profits fell -14% due to pandemic
  • $11b write down of Precision Castparts purchased in 2016.  They sell many parts to the aerospace industry

 

Stock portfolio highlights:

  • Investment in Apple is worth $120b
  • Since 2019 Berkshire has cut allocation to finance stocks from 41% to 24%
  • Dumped airline stocks
  • Latest filing shows
    • Added Verizon which is now 6th largest holding
    • Added Chevron

 

Valuation:  Berkshire is selling at a 25% discount to intrinsic value using sum of the parts.  Their cash of $138b represents $57 per share for B shares. 

 

Berkshire remains a core holding, is currently undervalued and is defensively positioned to take advantage of opportunities as they arise.

 

Please let me know if you have any questions.

 

Thanks,

John

 

($brk/b.us)

 

 

John R. Ingram CFA

Chief Investment Officer

Partner

 

Direct: 617.226.0021

Fax: 617.523.8118

 

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com

 

S&P Global’s Q4 Results

On 2/9, S&P Global announced impressive Q4 earnings with EPS up 23% for 2020.  Key takeaways are: 

  • Revenue up 11% to $7.4b with organic revenue growth up 10% 
  • All four businesses grew revenue and operating profit 
  • Generated $3.3b in free cash flow 
  • Returned $1.8b to shareholders 

 

Current Price: $337.90                    Price Target: $410 

Position Size:   2.5%                         Performance since add on 2/3/21: +4.2%  

 

2020 Highlights: 

  • Ratings  
    • Revenue grew 16% with organic revenue 15% 
    • Operating profit +25% 
    • Margins increased 460 bps to 62.4% 
  • Market Intelligence 
    • Revenue grew 8% with organic revenue 7% 
    • Operating profit +9% 
    • Margins increased 30 bps to 32.4% 
  • Platts  
    • Revenue grew 4% with organic revenue 4% 
    • Operating profit +8% 
    • Margins increased 230 bps to 54.7% 
  • S&P Dow Jones Indices 
    • Revenue grew 8% with organic revenue 8% 
    • Operating profit 7% 
    • Margins decreased 40 bps to 69.1% 

 

Growth initiatives 

  • Implementing ESG offerings across platform  
  • China analytic platform – 22 ratings in 2020 
  • Technology expertise – Kensho AI initiatives 
    • RiskGuage, ProSpread, Riskcasting Indices, Moonshot index, Kensho Scribe and many others combining data and analytics 
  • Merger with IHS Markit remains on track for closure in second half of 2021 

Capital allocation 

  • S&P returned $2.8b to shareholders in 2020.  Their stock dividend yields .79% and with stock buybacks has a shareholder yield 2.2% 
  • Given the pending merger of HIS Markit share repurchases are on hold.  Cash on balance sheet has grown from $2.8b to $4.1b, which bodes well for stock purchases in the second half of the year post merger. 

 

S&P Global Investment Thesis: 

  • S&P Global is a highly profitable company that has established businesses with deep moats in attractive industries 
  • S&P Global is focused on shareholders and returns 75% of free cash flow in dividends and share buybacks 
  • Over the past several years, S&P Global has demonstrated an enviable history of revenue growth and margin expansion 
  • With the merger of IHS Markit, S&P Global will combine many unique data sources, enhance data analytics capabilities, and broaden addressable markets. 


Please let me know if you have any questions.
Thanks,
John

SPGI.US

Schwab Q4 results and recap of winter update

On 2/2, Schwab hosted their winter update for Q4.  Schwab posted strong quarterly earnings of $.74. beating estimate of $.69.  Key takeaways are:

  • Total client assets rose to $6.7t up from $4.0t at Q4 2019 with organic growth of 7%.
  • Trading, securities lending and margin lending surged during the quarter, helping interest income.  Schwab has handled this influx of retail business relatively well.

 

Despite lower interest rates, we remain optimistic that SCHW will grow EPS at a mid-teens rate through the cycle:

  • Grow AUM organically at ~6%
  • Stock market growth of ~6.5%
  • Increase margins due to scale and cost savings from merger.

 

Current Price: $55.8                         Price Target: $68 (up from $48)

Position Size:   2.13%                       Performance TTM: 20.2%

 

Q4 Highlights:

  • Total client assets rose to $6.7T, with core new asset growth of 7%. 
  • Net interest margin of 1.55% up from 1.34%
    • Average interest earning assets rose 72% ($462b) driven by market volatility and mergers.
    • Schwab acquired $166b in deposits from (USAA and TD) which will be transitioned to Schwab’s balance sheet at roughly $20b per year, so deposit growth will have a tailwind.
    • Revenue from securities and margin lending surged to 10% of total interest income adding 17bips to NIM.
    • Company remains levered to interest rates and higher interest rates would provide a huge tailwind for earnings.
  • Profitability – industry leader
    • ROTE 15% and 42.2% pre-tax profit margin.  Expect margins to expand over the next 2-3 years due to cost savings and scale from the mergers
    • Current expenses are elevated due to mergers
  • Capital allocation
    • Schwab plans to build capital on the balance sheet due to rising deposits and mergers, which may temper share buybacks.
    • Dividend yield of 1.29%
    • Valuation is attractive at 20x earnings.  Target price set at 23x.

Schwab Thesis:

 

  • Expect Schwab’s vertically integrated business model to drive AUM growth.  Schwab has averaged 6% organic core net new asset growth as retail clients and advisors are attracted to Schwab’s low cost trading and custody services.
  • Conservative, well-managed firm who is a leader in online trading and focused on leveraging platform. 
  • Schwab has experience material AUM growth with USAA and TD Ameritrade mergers.  Expect SCHW to reduce costs and continue to leverage platform.

 

Please let me know if you have any questions.

Thanks,

John

 

$SCHW.US

 

 

John R. Ingram CFA

Chief Investment Officer

Partner

 

Direct: 617.226.0021

Fax: 617.523.8118

 

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com

 

Travelers Q4 2020 results

On 1/20, Travelers reported a Q4 EPS of $4.91, soundly beat estimates of $3.20.  Positives for the quarter were improved margins, return on equity of 18.4% and book value growth of 14%.  Gains in pricing remain strongest in a decade which bodes well for future profitability.

 

Travelers is a high quality, disciplined underwriter of insurance that is focused on returning capital to shareholders through dividends and share buybacks. 

 

Current Price: $138                                Price Target: $160 (raised from $135)

Position Size:   1.67%                              TTM Performance: +6.7%

 

Thesis Intact. Key takeaways from the quarter:

 

  1. Core business results were solid, beating estimates

·         Combined ratio improved 5.7 points to 86.7%

·         Net premiums increased 3% for quarter and 2% for the 2020

·         Strong pricing with renewal premiums up

    • Business +7.3%
    • Bond & specialty +10.9%
    • Personal Insurance +8.2%
    • International +9.7%

·         The industry has faced several headwinds – higher cat losses, negative tort trends and falling yields.  As a result industry wide pricing has been strongest in 10 years.

               

  1. Total net Investment Income rose $47m due to strong returns in private equity investments as returns from fixed income investments fell $36m.

 

  1. Strong financial position
    • Debt to capital ratio of 20.7%
    • Most of debt is long term – just issued a 30yr bond yielding 2.5%
    • 97.9% of fixed income portfolio is investment grade with average rating of AA
    • Strong rankings from rating agency relative to peers

 

  1. TRV continues to return capital with dividend yields 2.45% and shareholder yield over 4%
    • During Q4, TRV repurchased 1.4m shares for $201m.  Full year, TRV repurchased 5.2m shares for $672m. 
    • Over past 10 years shares outstanding have fallen 53%!
    • Management has a long history of employing capital wisely! Instead of investing in mature business with spotty pricing, they are returning excess capital to shareholders

 

  1. Current valuation of 12.4 P/E is close to historical mean.  Price target represents 13.5x 2022’s estimated earnings.

 

The Thesis on TRV:

  • We expect TRV will be able to grow book value per share in the mid-single digits over the near-medium term, and generate ROE in the 10-14% range
  • Industry leader with disciplined underwriting and investment portfolio track record  
  • Consistent returns in the low to mid double digits
  • Responsible capital allocation and proven desire to act in the best interests of shareholders

 

Please let me know if you have any questions.

Thanks,

John

 

$TRV.US

[tag TRV]

 

 

 

 

John R. Ingram CFA

Chief Investment Officer

Partner

 

Direct: 617.226.0021

Fax: 617.523.8118

 

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com