Tuesday, January 10th
Joel Tillinghast Returns To Low-Priced Stock
My take, without talking to Joel, is that it is a literal, initial transition back to the fold, and that it may become a permanent transition with regard to the current team staying involved at initially higher, then lower, then likely higher levels over a span years. It's up to Joel …. and he seems to want to still manage money well, otherwise, he wouldn't have returned. But, I'm aware that after a hiatus he's learned what even the best of of us in the business fear to know: the show goes on well enough with or without you despite all the ego-vested claims to the contrary and all the assumptions of their being no equal, etc. With Joel, there is a higher quotient of inimitability than most, but he's smart enough, wry enough, self-deprecating enough to have already seen through such issues, and seems to have determined that he still wants to rise to the occasion of running the fund well. Even if he hadn't returned, even if he departs, I've liked the way the team has been "running" the fund. I say it in quotes since they were restricted in their ability to chart their own course … still, they didn't not only not rock the boat, they kept it upright in a very tempestuous year. I hope to speak directly with Joel soon. Stay tuned.