Henry Crown and Material Service Corporation

Welcome to Episode 12 of the Preferred Shares Podcast.In this episode—the third in our series on the beneficiaries of the spending on the interstate highway system of the United States—Preferred Shares does a deep dive into the life of businessman and investor, Henry Crown.In this episodeHenry Crown is born in Chicago in 1896 to a family of poor immigrants.Henry and his brother Sol started Material Service Corporation (MSC) in 1919.Henry enlists as a Lt. Colonel in the Army in WWII and is awarded the Legion of Merit at the end of the war.Three outstanding investments outside of MSC during the 1940s and 1950s: defaulted bonds of the Rock Island railroad; Hilton; and the Empire State building.Henry sells MSC to General Dynamics (GD) in 1959, is ousted from GD in 1966, and then acquires a 20% stake in GD in 1969 after GD’s share price tanks.Henry retires from GD’s board at the age of 89 in 1986.Henry dies in 1990 at the age of 94. The Crown family is worth billions.Episode Resources“Midwest Midas”, TIME, November 3, 1952.“Henry Crown: Sand, Gravel, and Money”, Fortune, April 1956.“Material Service Corporation to Become Dynamics Division”, Convairiety, July 8, 1959.“Personality: A Colonel Upholds Autonomy”, New York Times, Feb. 21, 1960.“The Clans of Vulcan”, Fortune, January 1960.“Crown to Get Seat at Dynamics”, New York Times, Feb. 26, 1970.“Taking Account of Henry Crown”, New York Times, Dec. 12, 1976.“Colonel Crown Greatly Influence the Development of General Dynamics”, General Dynamics World, May 1986.“Henry Crown, Industrialist, Dies; Billionaire, 94, Rose From Poverty”, New York Times, Aug. 16, 1990.“Col. Henry Crown, 1896-1990”, General Dynamics World, September 1990.“Ike’s Soldiers: Henry Crown”, Eisenhower Foundation.“Lester Crown – Full interview about Henry Crown (father)”, Toldot Yisrael, August 3, 2018.Additional ReadingCurious to see what else we’ve been working on? Below are some pieces we’ve written independently that we think you’d like:"Going South: Implications of Business and Population Migration", a whitepaper by Douglas Ott (Andvari Associates) and Lawrence Hamtil (Fortune Financial) published June 2024.DisclaimerAll opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

Welcome to Episode 11 of the Preferred Shares Podcast.In this episode—the second part in our series on the beneficiaries of the spending on the interstate highway system of the United States—Preferred Shares explores the aggregates industry. In particular, we go over the early history of Birmingham Slag, the family-owned business that evolved into Vulcan Materials Company (VMC).In this episodeInterstate Highway System background refresherThe unique qualities of the aggregates industryEarly Vulcan Materials historyRole of inheritance tax in driving industry consolidationState of the industry today: does a focus on aggregates drive premium valuations?Henry Crown, founder of Material Service Corp.How two large aggregates businesses were acquired by two defense contractorsDevin’s case study on FRP HoldingsWrapping up on key takeawaysEpisode ResourcesCruikshank, George M. A History of Birmingham and its Environs. Lewis Publishing, 1920.“Shipped Over Million Tons of Slag in 1923”, The Dixie Manufacturer, January 25, 1924.“Crush Million Tons of Stone For T.V.A.”, Rock Products, December 1941.“Slag Firm In Merger”, Rock Products, November 1956.“Invasion From the Deep South”, Business Week, Feb. 14, 1959.“Vulcan Materials acquires three N. C. quarries”, Rock Products, April 1959.“The Clans of Vulcan”, Fortune, January 1960.“Martin, Marietta Agree to Merger”, New York Times, June 24, 1961.“Materials in Use in U.S. Interstate Highways”, US Geological Survey, 2006.A History Written in Stone. Vulcan Materials Company, 2008.Additional ReadingCurious to see what else we’ve been working on? Below are some pieces we’ve written independently that we think you’d like:Rock Pile Riches, Lawrence Hamtil, 2/02/2024The Pits, Devin LaSarre, 1/8/2023DisclaimerAll opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

Welcome to Episode 10 of the Preferred Shares Podcast.Lawrence Hamtil, of Fortune Financial Advisors, and Douglas Ott, of Andvari Associates, were the primary researchers for this episode. In this episode, we are joined by Ian Clark, founder and head of Dichotomy Capital, a power market focused investment manager that utilizes intensive research to find attractive opportunities in the public and private markets. In this episodeIan Clark’s personal and professional backgroundWhat is a fat pitch for an expert in the utility space?Difference between regulated and unregulated marketsIs there an investor preference for utilities that are diversified or focused on one type of market?Ian’s checklist for evaluating a utility investmentFactors that impact the capital structure of a utility companyCatastrophe risk and why water utilities are so boringAre synergies really available post-acquisition in a heavily regulated environment?Best practices in the utility spaceThe push/pull of returning capital to shareholders versus reinvesting for growthIan on the Averch-Johnson effectWill data centers and AI be a boon to utilities?Is there a great capital allocator in the utility space?Utilities are the last bastion for true scuttlebutt researchEpisode resourcesDichotomy Capital websiteNextEra Investor MaterialsDuke Energy Investor RelationsUS Federal Energy Regulatory Commission (FERC)Changing Times, Changing Values: A Historical Analysisof Sectors within the US Stock Market 1872-2013Additional readingCurious to see what else we’ve been working on? Below are some pieces we’ve written independently that we think you’d like:Recession Resiliency: The Auto Repair Ecosystem, Douglas Ott, 4/17/2024Generational Smoking Bans, Devin LaSarre, 4/21/2024DisclaimerAll opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

Welcome to Episode 9 of the Preferred Shares Podcast.Lawrence Hamtil, of Fortune Financial Advisors, and Douglas Ott, of Andvari Associates, were the primary researchers for this episode.In this episode- The Federal Aid Road Act of 1916- Route 66- Strong road advocate Cyrus Avery- Dwight D. Eisenhower- Influences of the Trans-Continental Motor Truck Trip and German Autobahn- The Federal Aid Highway Act of 1956- Quantifying the enormity of resources needed to build the interstate system- Opposition to the interstate program - scandals, corruption, inefficiency, displacement, and the continually contentious topic of billboards- Looking back on the total economic benefits from the roads programsEpisode resourcesHow The Interstate Highway System Changed American Industry, Lawrence Hamtil, 3/7/2024The Golden Age of American Railroading, Iowa University Libraries, June-Aug 1989America on the Move, Eyewitness, 11/3/1919, page 4The Greatest Decade 1956-1966, pt 2, USDT FHA, updated 6/27/20171919 Transcontinental Motor Convoy, Eisenhower Library, 1919Essays on the Effects of Highway Spending, Daniel Leff Yaffe, 2020All Those Numbers: Logistics, Territory and Walmart, Jesse Lecavalier, May 2010Highways and Globalization, Taylor Jaworski, Carl Kitchens & Sergey Nigai, May 2023The Highway Capital Problem, USDT, Federal Highway Administration, Office of Program and Policy Planning, 1975Benefits of Interstate Highways, United States. Federal Highway Administration, 1970Additional readingCurious to see what else we’ve been working on? Below are some pieces we’ve written independently that we think you’d like:Andvari Q1 2024 Letter: Kelly Partners, CoStar, and Rates, Douglas Ott, 4/4/2024Haypp Group: Ahead of the Nicotine Pouch Megatrend, Devin LaSarre, 2/25/2024DisclaimerAll opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

Welcome to Episode 8 of the Preferred Shares Podcast.Devin LaSarre, of Invariant, was the primary researcher for this episode.In this episode- The unique origin story of Bellerby Globes- The complexities of artisanal globemaking- Bellerby’s current size, output, and price points- Custom products and the production process, start to finish- The importance of control and quality assurance- Attracting and retaining talented team members- Relationships with the suppliers of input materials- Planning for the company’s future- The lack of competition within the artisanal globemaking space- Complexity preventing counterfeiting- Bespoke projects currently in the works- Advice to founders determined to build a high-quality productDisclaimerAll opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

Welcome to Episode 7 of the Preferred Shares Podcast.Douglas Ott, of Andvari Associates, was the primary researcher for this episode.In this episode-The battle between the NFL and the AFL-The origins of specific franchises, including the Colts, Cardinals, and Giants-Lamar Hunt’s influence and the Hunt family’s wealth and other endeavors-Commonalities across original and current franchise owners-Long-term mentality and ‘permanent capital’-Future outlook for franchise and league expansionEpisode resourcesNational Football League, WikiwandNFL Team Valuations, Forbes, 7/30/2023Hunt Family, Forbes, 12/16/20Additional readingAlong with the resources above relating to episode 3, below are some pieces we’ve written independently that we think you’d like:Rock Pile Riches, Lawrence Hamtil, 2/2/2024Altria: The Great Race, Devin LaSarre, 2/4/2024Enjoy this episode? Share it with someone who loves business history as much as you do!You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.DisclaimerAll opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

Welcome to Episode 6 of the Preferred Shares Podcast.This episode is our first interview with a special guest; friend of the show Warwick from Down Under (Australia). Warwick is a chemical process engineer by training and has worked at some of the world’s most secretive food companies, including Mars and Cargill. We are privileged to share his expertise and stories with you.“One thing I've learned is the thing that you think is so unlikely that it will never happen, even though the consequences are pretty bad—that's waiting for you next week.” - Warwick from Down UnderIn this episode* (0:02:20) Warwick’s background in the food industry, spanning back more than two decades* (0:03:04) Warwick’s current role overseeing a plant that processes 400 tons of carrots into carrot juice PER DAY* (0:03:55) Extreme quality control at Mars is not hyperbole* (0:05:31) Plant safety, GMP (good manufacturing processes), and what can go terribly wrong* (0:06:54) Differences between Mars and its publicly-held competitors. The importance of culture, consequences, and morale* (0:10:13) The shortcomings of business improvement systems (Six Sigma, Lean, etc.)* (0:13:41) Manufacturers losing technical strength over the last 20 years* (0:14:31) How the pandemic altered the manufacturing landscape* (0:20:54) Step changes in process automation, technical debt, and managing key systems* Siemens and Allen-Bradley (Rockwell) - Automation and digitization* (0:25:55) Approaching evolving regulation and comparing the Australian system to the United States* (0:30:02) Quality and consistency problems as a leading indicator prior to major food safety risks* (0:31:04) The story of when Warwick presented to John Mars, a notably intimidating character* (0:33:00) Implementing rigorous safety systems and the importance of on-site evaluations* (0:35:35) Learnings from the Deepwater Horizon disaster* (0:39:37) Critical inputs - Industrial Staples:* FUCHS and Klueber - Industrial lubricant oil suppliers* GEA - Expansive provider of industrial equipment and services* EcoLab and Diversy - Cleaning chemical suppliers* Fastenal and Coventry Group - Critical industrial parts distributors* Spirax-Sarco, TLV, and Armstrong International - Steam equipment suppliers* (0:48:02) Capital equipment, warranties, maintenance, and the benefits to scaled operators* (0:54:17) Energy availability vs. post-production transport costs and the formation of geographic moatsEpisode resources* Praise for an Unlikely ‘Whistleblower’, Food Safety News, 9/25/2015* Workers on Doomed Rig Voiced Concern About Safety, New York Times, 7/21/2010* EPSC Learning Sheets Booklet, European Process Safety Centre, 2023* Knowledge, Service, Products, Spirax-Sarco, 2019, Order a free copy of the book!Additional readingAlong with the resources above relating to episode 3, below are some pieces we’ve written independently that we think you’d like:Toxic State, Devin LaSarre, 12/24/2023Linear Technology: The Analog Chip Company That No One Leaves, Douglas Ott, 9/1/2022Enjoy this episode? Share it with someone who loves business history as much as you do!You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.DisclaimerAll opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

Welcome to Episode 5 of the Preferred Shares Podcast.Lawrence Hamtil, of Fortune Financial Advisors, and Douglas Ott, of Andvari Associates, were the primary researchers for this episode.In this episode* Immigrating to the Unites States* Pest control on the family farm* Experimentation with poisons* Winning early clients* Lucky breaks* Family squabbles* The first leveraged buyout* Rapid, sustained growth* Reflections on seemingly unstoppable industry dynamicsEpisode resources* Q3 2023 Letter: Introducing Rollins, Douglas Ott, 11/7/2023* Orkin Exterminator Company Gives You Surety Bonded Guarantee, The Atlanta Constitution, Vol 80 Iss 330, 1948* Chain Store Exterminator, Fortune, Vol 45 Iss 5, 1952* Termite Swarming Is a Warning—Call Orkin for Free Inspection, The Atlanta Constitution, Vol 82 Iss 271, 1950* Otto Slays 'Em on TV, Broadcasting Telecasting, 1955* So you think there are bugs in your approach?, Sponsor, 1956* Spot removes a stigma, Television Age, 1957* Otto the Orkin Man, TV ad, 1950s* FINAL ORDER, OPINION, ETC. , IN REGARD TO ALLEGED VIOLATION OF SEC. 5 OF THE FEDERAL TRADE COMMISSION ACT, 1986Additional readingAlong with the resources above relating to episode 3, below are some pieces we’ve written independently that we think you’d like:Peter Lynch’s Blossoms in the Desert, Lawrence Hamtil, 9/20/2018British American Tobacco: Identity Crisis, Devin LaSarre, 12/10/2023Enjoy this episode? Share it with someone who loves business history as much as you do!You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.DisclaimerAll opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

Welcome to Episode 4 of the Preferred Shares Podcast.Lawrence Hamtil, of Fortune Financial Advisors, was the primary researcher for this episode.In this episode* Consecutive failures before rapid success* Family fallout* Suspected espionage* Corporate overhauls* Iteration and innovations* Principles for exceptional performance* True long-term orientation* An eye for global dominationEpisode resources* Brenner, Joël Glenn. The Emperors of Chocolate : Inside the Secret World of Hershey and Mars. New York :Random House, 1999* The Eclipse of Mars, CNN, 11/28/1994* Accounting For Success, The Washington Post, 4/12/1992* Uncovering Mars’ Unknown Empire, Fortune, 9/26/1988* Mars Has Secretly Become Bigger Than Coca-Cola, and the Reason Might Not Have Much to Do With Candy Bars, Fortune, 6/22/2022* Mars to Buy Wrigley’s for $23 Billion, The New York Times, 4/28/2008* Mars, Incorporated Completes Acquisition of Procter & Gamble's Pet Food Business in Major Markets, Mars Incorporated News, 8/1/2014Additional readingAlong with the resources above relating to episode 3, below are some pieces we’ve written independently that we think you’d like:Secular Growth In The Pet Industry, Lawrence Hamtil, 8/13/2023OTIS: Compounding Lifetime Value, Devin LaSarre, 11/5/2023Linear Technology: The Analog Chip Company That No One Leaves, Douglas Ott, 9/1/2022Q3 2023 Letter: Introducing Rollins, Douglas Ott, 11/7/2023Enjoy this episode? Share it with someone who loves business history as much as you do!You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.DisclaimerAll opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

Welcome to Episode 3 of the Preferred Shares Podcast.Douglas Ott, of Andvari Associates, was the primary researcher for this episode.In this episode* Simplicity turns down the huge buyout offer* Peak price meets peak sales* Shifting tastes in American fashion* Corporate raiders smell blood in the water* The big unwind* Answering: How to fight obsolescence?* Takeaways and timeless lessonsEpisode resourcesGlamour Stocks Under Pressure, New York Times, 8/1/1971How High Is High? How High Is Safe?, Forbes, 4/15/1972A Fund Optimist Looks at Stocks, New York Times, 2/5/1973Nice Troubles, Fortune, 10/1/1973Market Place: Simplicity Out of Fashion Now, 2/8/1974A Resurgence in Home Sewing?, New York Times, 5/19/1974Market Place: Insiders Offer Investing Clues, New York Times, 5/27/1974Price Rises Set by Uniroyal Tire, New York Times, 8/15/1974Simplicity Pattern Names Head, New York Times, 10/11/1974Butterick’s Evens, New York Times, 1/19/1975Making It With Patterns, New York Times, 1/19/1975Simplicity’s Glynn, New York Times, 1/19/1975President of Simplicity Resigns, 7/4/1975SYP Promotes Executive VP Harold Hooper to President, New York Times, 7/11/1975At Simplicity, Pattern is Still One-Man Rule, New York Times, 7/19/1975Market Place: Seeking Undervalued Assets, New York Times, 2/14/1976Market Place: Picking a Trend for Simplicity, New York Times, 2/28/1976SYP Annual Results, New York Times, 2/26/1983Simplicity Pattern Buys a 9.9% Stake in Amstar, New York Times, 6/18/1983Simplicity Changes Name to Maxxam Group, Inc, New York Times, 6/9/1984Triton to Acquire Simplicity Pattern (Maxxam), New York Times, 7/18/1984Tougher Than the Rest, Time, 2/8/1988A Raider’s Ruckus in the Redwoods, Fortune, 4/24/1989A Pattern Maker’s Buyout Burden, New York Times, 9/2/1989Reaping from Sewing, Forbes, 5/25/1992Additional readingAlong with the resources above relating to episode 3, below are some pieces we’ve written independently that we think you’d like:Sewage Pipes to Software in 30 Years, a report on Tyler Technologies (TYL), a company mentioned in this Preferred Shares episode, Douglas Ott, 9/3/2020Executive Training Grounds Part 1: General Electric, Douglas Ott, 6/6/2023Secular Growth In The Pet Industry, Lawrence Hamtil, 9/19/2023A Few Thoughts On Auto Parts Retail, Lawrence Hamtil, 4/22/2023Imperial Brands: Looking Through the Noise, Devin LaSarre, 10/8/2023Scandinavian Tobacco Group: The Artisanal Serial Acquirer, Devin LaSarre, 7/2/2023Enjoy this episode? Share it with someone who loves business history as much as you do!You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.DisclaimerAll opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com