Free Call: (856) 581-9075
"No question is too small."
Request brochure or other free info
or email dwertz@princetonvalue.com

Our Owner, David Wertz is Retiring so we are no longer taking clients

Stock Results

Dave's IRAs are up over 400% since 2000 while S&P is up about 60%

138 stocks were purchased by Dr. Wertz from January 2000 through December 2014. The average stock had a return of 28% per year.

Performance quoted represents past performance and is not a guarantee or a reliable indicator of future results. Investment return and the principal value of an investment will fluctuate. An investment account may be worth more or less than than original cost. Current performance may be lower or higher than average annual returns shown. Performance quoted does not reflect investment advisor fees, if applicable, and performance would be lower if it did.


Interpreting the Stock Results Tables


Overview of the Stocks Purchased by Dr. Wertz

Dave Wertz is an international value investor who looks anywhere in the world for stocks selling for much less than their intrinsic value. However, most companies he purchased are small and located outside the US – because there are many more small companies than large companies and there are more companies outside the U.S. than in the U.S. In additional, large companies like GE or Microsoft have thousands of professional investors looking at them every day. This intense attention keeps these stocks from getting "ridiculously" low priced. Small companies, especially outside the U.S., get little or no attention from professional investors. Thus, they are far more likely to have the "ridiculously" low prices relative to their true value that Dr. Wertz seeks.


Stocks Purchased and Their Annual Returns

Company Name

Buy Date Holding period (days) Holding Period Return (%) Geo. Ave, Annual Return (%)5
Lung Kee 9/3/01 838 265.6 75.7

London Pacific

10/8/01 119 23 88.7
Fletcher Challenge Forests 2/1/02 585 98.4 53.8
NextWave Telecom 2/5/02 539 -64.7 -49.3
Barlo Group 2/19/02 241 5.2 7.9
Chung Tai Printing 4/25/02 823 9.9 4.3
TungTex Holding 4/25/02 1213 89.7 21.2
Jackin International1 5/2/02 373 -41.2 -41.5
Reed Executive 5/2/02 417 -9.4 -9.2
London Pacific 7/23/02 65 108.1 >200
World Acceptance 7/15/02 472 203.5 136.0
Aeon Credit1 9/27/02 641 100 48.4
Arts Optical 11/06/02 1177 46.2 12.5
Chase Corp 10/7/02 844 73.9 27.0
Koenig & Bauer 10/15/02 1176 180 37.7
Jackin International1 11/15/02 209 9.0 16.3
Rig Tenders 12/7/02 909 163.2 47.4
Peoples Food Holding 5/16/02 683 76.9 35.6
Sparebank Vestfold 10/25/02 307 -4.6 -5.2
Oriental Watch 12/18/02 257 69.5 115
Ionics 12/27/02 633 97.3 48.0
Artwork Systems 1/12/03 395 362 311
LA Group N shares1 1/15/03 776 504 133
African Bank Investment 6/20/03 551 222 117
Coral Products 6/21/05 432 -40 -35.0
Aeon Credit 1 4/20/03 893 112 34.7
Chung Tai Printing 1/03/03 923 5.4 2.1
Kin Yat Holdings 4/24/03 333 12.2 13.5
LA Group N shares1 1/15/03 730 422 131
Rig Tenders 1/03/03 913 167 48.1
Silentnight Holdings 3/11/03 264 44.4 65.6
Whitehead Mann 11/30/02 433 201 153
PT Berlina 3/10/04 472 -15.6 -12.3
Merck Tbk PT 11/16/04 484 -2.0 -1.5
Friedmans Inc. 8/15/04 278 2.3 3.0
Chaoda Modern 1/06/05 425 73.7 60.7
Ming Fung Jewelry 6/20/05 574 19.1 11.7
Orient Power 7/7/05 328 -100 -116
Ionics 7/8/05 333 141 162
SKF B shares 5/31/05 80 17.0 104
Lee & Mann 12/22/05 279 48.0 67.0
Food Empire 2/14/06 30 2.7 37.7
Asia Zirconium 3/05/06 71 68.5 >300
Tak Shun Technology 7/07/05 306 -50.3 -56.6
Chanco International 6/13/06 643 55.8 28.6
139 Holdings 7/20/06 35 96.4 >200
Solid Group 7/19/06 1036 43.6 13.6
Broad Intelligence 8/15/06 989 -14.6 -5.4
Kantone Holdings 7/14/06 495 14.3 10.4
KTP Holdings 11/7/06 869 -18.9 -9.1
Ming Fung Jewelry 10/26/06 115 94.8 >200
China Packaging 11/03/06 1006 -44.8 -19.4
Wing Lee3 1/15/07 2413 89.9 10.2
W Holding 8/7/07 358 -5.1 -5.1
AMBAC 12/24/07 532 -60.8 -38.5
Sinotronics 11/18/07 702 -54.0 -27.4
KXD Digital 3/15/08 517 -65.1 -47.6
SCS Upholstery 1/18/08 163 -100 -200
Sinobest technology 8/20/08 135 -12.5 -30.4
Jolimark Holdings 9/20/08 185 -23.4 -40.9
Tongda Group 9/25/08 458 138.6 99.9
Hang Ten Group 10/08/09 238 -7.6 -11.0
Sinotronics 10/08/08 419 63.0 53.1
Champion Technology 10/16/08 879 -18.6 -9.2
Chanco Group 10/15/09 607 4.7 2.8
Hongwei Technology 11/14/08 698 -40.9 -19.2
China Flex. Pack 10/30/08 891 -0.2 -0.1
Datronix3 11/14/08 526 143 85.2
Northgate PLC 11/21/08 283 -17.0 -30.1
First Natural Food 8/01/05 1337 -21.5 -6.0
Art Textile 9/02/06 1337 -40.4 -13.7
Fujikon 11/10/08 271 62.5 92.1
Cacola Furnature 11/24/08 185 23.8 52.0
First Natural Food 12/02/08 385 -100 -100
Art Textile 10/10/08 578 1.9 1.2
China Packaging 3/11/09 273 -100 <-150
China Hongxing 3/17/09 514 93.5 59.8
Sino Techfibre 4/17/09 74 100 >200
Foreland Fabritech 4/18/09 356 20.4 22.6
C&G Industrial 4/16/09 92 83.8 >160
China PowerPlus 4/26/09 78 22.0 >44
Sinotronics 5/11/09 204 191.2 >300
Herald Holdings 6/5/09 1210 94.3 22.2
Pioneer Global 6/5/09 726 52.2 23.5
China Flex. Pack 6/15/09 769 -18.4 -9.2
Hirco PLC 6/16/09 378 -3.3 -3.1
Pokfulman Devel. 8/25/09 537 85.2 52.0
Sinotronics 1 9/01/09 48 -8.9 <-20
Safety Godown 8/28/09 1203 96.5 22.8
Champion Technology1 10/03/09 534 -40.3 -29.9
Datronix1 10/06/09 351 89.3 94.3
Chanco Intl 10/15/09 600 4.7 2.8
Bright World Precision 12/02/09 388 183 166
China Haida 1/29/10 1050 -69.2 -30.1
Merchant House 2/5/10 1095 20.0 6.2
RC Group 4 2/5/10 966 -94.7 -85.6
Amer Metal & Tech 3/20/10 1548 -90.0 -43.0
Sino Techfibre 3/23/10 253 -24.7 -35.6
Safety Godown1 5/10/10 1299 232 40.0
PrimeServ 5/27/10 1324 -40.0 -13.1
Accenture Group 5/17/10 1319 35.7 8.8
AIMS-AMP Capital3 11/18/10 1026 55.4 26.6
China Ceramics 10/5/10 1408 -78.3 -32.7
Chinney Alliance 10/10/10 370 -21.3 -21.3
First Real Estate3 11/26/10 857 52.7 19.7
Southern Packaging 12/1/10 140 1.1 2.2
Augusta Capital3 12/8/10 1322 137.0 35.6
Mega Fists3 5/09/11 1452 41.6 35.6
Al-Handharah Boustead 5/11/11 649 34.1 17.9
Vanguard. Global RE-ex US 5/11/11 215 -20.7 -32.5
Atrium Real Estate 6/15/11 1479 16.0 3.9
PutPtop LTD3 11/15/10 1879 8.7 1.6
SA Corp Real Estate3 2/12/11 1782 27.8 5.2
Success Transformer 6/15/11 1038 72.8 21.4
Teckwah Industry 5/10/11 1098 13.2 4.2
TSM Global 12/2/12 116 16.6 29.8
Prosperity REIT 11/10/11 827 59.4 22.8
Valtronics Holds.3 1/1/12 1460 140.5 24.5
Weredhave3 14/12/12 1329 44.3 10.6
Ticon Property 4/6/12 973 11.6 4.2
McKay Securitie 5/24/12 156 10.9 23.9
Ceske Energetike 4/4/12 714 -27.5 -15.2
Sparbanken Vest 9/14/12 1175 53.8 14.3
China Ceramic 11/28/12 720 -47.1 27.6
China Botanic 1/8/13 236 -100 -100
Amanah Raya 1/8/13 554 6.9 6.4
Yuexiu REIT 1/8/13 401 7.1 6.5
UOA REIT 1/6/13 866 12.7 5.3
Corio NV 4/10/13 477 55.3 40.0
Segro PLC 4/10/13 320 49.6 59.7
Ascension Prop "A" 9/25/13 462 23.5 16.5
Synergy Income "A"3 1/29/14 701 10.2 5.2
Valuetronics1,3 1/16/14 714 61.7 27.9
China Taisan 5/14/14 383 -46.1 -45.5
BBR Holdings 5/21/14 371 -11.0 -20.8
China Taisan 11/10/14 234 -47.8 .-63.7
Putprop1,3 3/4/15 302 -14.7 -17.6
. . . . ...
Footnotes:
  1. When more stock in a company that is already owned is purchase 3 or more months after the previous purchase or at a price that differs by more than 30% from the previous purchase it is treated as a separate purchase. This only happens when something important has changed, such as the stock's price going down significantly.
  2. Some but not all of the original position has been sold. The part of the position still held is valued as of 6/31/10. In calculating the holding period of stocks with only part of the original position still held the holding period days reflect the fraction still held. For example, if half of a position is sold after 100 days, then the holding period 100 days after the sale be calculated to be 150 days.
  3. None of the original position has been sold. Position is valued as of 12/31/2014.
  4. So recently purchased that annualizing the return would not be meaningful. In calculating the average annual return the holding period return was used.
  5. The geometric average annual return is recognized by authorities as the correct way to calculate the annual return on investments.

        
    Geometric Average = (1 + Holding Period Return)1/N - 1
        where N equals the holding period in years.

    The geometric average is always less than the arithmetic average that one learned to calculate in high school. For example, if a stock goes up 50% in the first year and goes down 50% the second year it has lost 25% of its value yet the arithmetic average return is 0.0%. The geometric average return of -13.4% is a much more accurate reflection of what happened to the stock's price.

Back to Top

Let's Get Started Planning Your Financial Success

Call (609) 683-8005 today or email Dr. Wertz at DWertz@PrincetonValue.com today. Your initial consultation is free and without obligation.

 

Interpreting the Stock Results Tables

Past performance does not guarantee future performance.

The table above give the investment results for individual stocks. Of greater interest is the return on Dr. Wertz's portfolio. Dr. Wertz does not have the records needed to calculate the average return for his entire portfolio. He does, however, have the records to do this for his IRAs. For the period 1/1/2000 to 10/31/2012 his IRAs are up 420% while the market is up 1%. This translates into a geometric average annual return of 16.9%/year for Dr. Wertz's IRAs. While 16.8%/year is impressive when compared to the market's 1%/year return, it is very different from the 29.0%/year return on the average stock.

Some of the reasons for differences between the return as measured by the average stock and the geometric average return for the IRAs.

  • A standard average, which was used to calculate the average stock's return, is always higher than the geometric average.
  • The average return on stock's purchased has meaning only when applied to stock investments. However, the IRAs were on average only 65% invested in stock during this time.
  • A portfolio's return depends not only on the securities in it but also on the relative amounts of these securities. The risk of a security is one of the criteria used in determining the amount of a security to purchase. This weighting process can reduce portfolio returns below average security returns.

Let's Get Started Planning Your Financial Success

Call (609) 683-8005 or email Dr. Wertz at DWertz@PrincetonValue.com today. Your initial consultation is free and without obligation.


Back to Top


Companies for which too few shares were purchased to have an impact on portfolio return1
Company Name Purchase Date Holding period (days) Holding Period Return (%) Annual Return (%)
Ken Holdings 2/07/06 119 11 38
Glory Mark 7/10/06 438 60.1 48
Lipo Gen. Insurance 4/04/07 498 41.3 29
Note:
1. Only a very small amount of money was invested because after the initial, small purchase the stock's price increased above the price Dr. Wertz was willing to pay. These stocks were not used in calculating the average return.

Back to Top

During 2006 and 2007 Dr. Wertz was unable to find stocks that meet his time tested and very successful selection criteria. To test alternative criteria, he put relatively small amount of money into the stocks listed below. Events showed that he should have stuck to his proven stock selection process. These stocks were not used in calculating the average return.


Stocks purchased to test modifications to the standard selection method
Company Name Purchase Date Holding period (days) Holding Period Return (%) Annual Return (%)
Novistar Financial 8/21/07 76 -42.7 -93.6
United Food1 8/22/07 496 -68.2 -43.0
Champion Technology 8/24/07 494 -80.4 -50.0
Amalgamated Appliances 8/27/07 409 -55.5 -48.5
Metropol. Hold. 9/10/07 402 -41.6 -38.6
Bank United 11/29/07 301 -86.3 -91.0
Bank United 11/29/07 301 -86.3 -91.0

Back to Top

Let's Get Started Planning Your Financial Success

Call (856) 581-9075 or email Dr. Wertz at DWertz@PrincetonValue.com today. Your initial consultation is free and without obligation.

Site Map: