In 1980 my sisters, mother, father and I were fortunate enough to come into a little capital. But once the celebration ended, the question remained: What to do with our newly acquired capital?
Serendipitously I had just begun working for a privately held Wall Street firm, Kidder, Peabody & Co., Incorporated. Over the course of the next ten years, through a process of trial and error, my father and I worked out a method, a philosophy, a way of investing that, frankly, worked very well. We were reinforced in our endeavor by a strong equity investment culture at Kidder, Peabody. (Some of the legends of 20th Century investing had passed through Kidder, including Bill Ruane and Julian Robertson.) Along the way, a cohort of clients assembled to invest alongside the Lewis clan.
Fast-forward the movie ten years, and our evolving method of investing was working so well that I was no longer interested in trading bonds for institutional investors and wealthy individuals, the primary way I’d made my living since starting at Kidder; I yearned to focus on the implementation and improvement of our evolving investment philosophy. This was the inception of Weybosset Research and Management LLC.
But first I spent five years with Compton Capital Management, an investment manager in Providence, RI. At Compton I met Jeannine Bizier who oversaw, and still oversees, our administrative affairs. In 2000, Jeannine convinced me to open our own firm, and in August of that year, Weybosset Research and Management LLC opened its doors.
Tom Lamb joined in 2003 after nine years as a security analyst at Credit Suisse First Boston. Tom is integral to the investment process here at Weybosset Research and Management.
After being Justin Deutsch’s client for four and a half years, in 2014 we decided that Weybosset and our clients would be much better served having him work in house with us. Justin has been, and will continue to be instrumental in our stock picking…. think trains, truck engines, healthcare, and food and drinks.
But despite a multi-decade history, and numerous changes along the way, we remain essentially what we have always been. We only invest on behalf of individuals (“our clients all have faces and mothers”), or entities associated with individuals. Our firm has grown mightily since 2000, but we spend no time at all marketing. We grow only by referrals from existing clients; and, of course, through appreciation of the assets we manage.
We are first of all dedicated to delivering the best possible service for our clients, and to long-term fundamental investing, an approach which has served us well for many, many years. We are long-term in our approach to investing, and also in our relationships with our clients, a substantial number of whom have been with us for twenty or thirty years. We have enjoyed a good multi-decade run and look forward to its continuation in the decades ahead.