MerylWitmerEagleCapitalPartners

BarronsTheArtofSuccessfulInvestingConferenceOctober21,2013
Verydifficulttofindgoodopportunitiesinthecurrentenvironment
o Only6575%invested
WyndhamWorldwideCorp(WYN)isafavoritelong
o Hospitalityservices,haslargetimesharebusiness
o VeryhighROIC
o Lotsofroomforvacancyratestodecline
o Timesharebusinessismisunderstoodbecausetheindustryhadbeenplaguedbypoor
businesspractices.WYNspracticesareethical
o 70%ofsalesarefrompeoplebuyingmorepoints
o Timesharescanbestatussymbolsamongthemiddleclass
o Managementisagreatstewardofcapital
o Sees$6.45in2015anddeservesa1314multiple[stockisat$64on10/23/13]
SpectrumBrands(SPB)isanotherfavoritelongidea
o Sees$7.25in2014FCF[stockis$66.65on10/23/13]
o PhilFalconeisontheboardpossiblyscaringawaysomeinvestorsbutitisanonissue
Looksatpostbankruptequities
LikesChicagoBridgeandIron(CBI)
CurrentlylookinginEurope
o UtilitiesarecheapinGermany
StilllikesLanxess(LXS.F)
o HasntworkedoutyetbutthelovestheCEOandlovesthebusiness