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2012-09-26T00:00:00.000Z

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Wrong Joseph Patton?

Mr. Joseph Patton F. Jr.

866-444-7011

Longwood Investment Advisors Inc

Direct Phone: (617) ***-****       

Longwood Investment Advisors Inc

One International Place Suite 2601

Boston, Massachusetts 02110

United States

Background Information

Affiliations

Founder
J. P. Marvel

Education

BA
Economics
University of Rhode Island

BA degree

University of Wisconsin/Madison

MA
Media and Communications
Emerson College

Web References (185 Total References)


Barron's speaks with ...

online.barrons.com [cached]

Barron's speaks with Joseph F. Patton Jr., the founder of J.P. Marvel Investment Advisors. He uses hedge-fund techniques to limit risk.

...
The firm's founder, Joseph F. Patton Jr., was a U.S. Navy lieutenant who served a dangerous tour in Vietnam as a swift-boat captain in the late 1960s. His radio call sign on these high-powered, heavily-armed riverboats was Captain Marvel, after the 1940s Fawcett Comics superhero. The name "brought me a lot of luck," says Patton, so he put it on his firm, J.P. Marvel Investment Advisors, when he went out on his own in 2007.
That was a perilous time to begin a fund firm and full-year 2008 losses, while easily beating the market's 38% decline, still amounted to about 28%. Patton, who spent the bulk of his work life in Boston as a senior institutional salesman at the former PaineWebber, persevered. Over five years the Marvel portfolio has gained an average of 2.7% a year, beating the S&P's anemic 0.2% annual return through June of this year, as well as its U.S. equity peer group.
...
Two themes for Patton: The "energy story is being rewritten" in the U.S. and the Fed has given banks "a gift."
Now overseeing $350 million, the opportunistic firm invests in 40 or so core equity positions, holds some bonds and uses both cash and options on its equity positions to offset its bets. Patton explains that the "10 top positions do the majority of the work" for Marvel, which conducts bottom-up, fundamental analysis on roughly 100 companies, visiting "tons" of them each year. Annual turnover is a very low 20%. Monsanto (ticker: MON), one of the firm's biggest positions at 3%, is a typical holding for 69-year old Patton, who's bought and sold some of his holdings a few times during a four-decade career. He first got to know Monsanto in the past 10 years when he bought the little-followed stock for some accounts at just $6 a share. Today he thinks its seed and fertilizers can be a valuable aid to farmers who are contending with a fierce drought. Marvel purchased the stock in January, at $72; it was trading last week at $91.16 and he thinks it could top $100.
At present, Patton, who gained hedge-fund experience running the high-net-worth group for Longwood Investment Advisors, is focused on an eclectic group of energy stocks, big drug companies paying fat dividends, banks, and municipal bonds.
The energy story, says Patton, "is being rewritten in this country" because U.S. imports, as a share of global consumption, have fallen to 42% from 60% in 1995. At the same time U.S. oil production is rising faster than in any non-OPEC nation, he notes. Marvel has been buying QEP Resources (QEP), an independent natural-gas and oil-exploration and production company, working mostly in the Rocky Mountains and Midwest. Spun off from Questar (STR) in 2010, QEP gathers, compresses, and processes natural gas. "A dozen years ago, shale gas represented only 2% of total U.S. dry production. It is now 37%," Patton says. QEP has stepped up its purchase of acreage in shale basins, and recently agreed to buy North Dakota oil assets, expanding its Williston Basin holdings. The shares trade at $32.04 and Marvel has a target of $35. It projects earnings of $1.45 a share in 2012, $2.10 in 2013 and $2.40 in 2014.
Like Monsanto, General Electric (GE) is an old acquaintance of Patton's, who sold it prior to the financial crisis in the high $30s and then bought it back early this year at $18. Marvel projects the industrial conglomerate will earn $1.55 in 2012, $1.74 in 2013 and then somewhere north of $1.90 in 2014. That should allow the stock to hit the mid-20s over the next year, he estimates. Its once embattled finance unit, GE Capital, he notes, has resumed paying a dividend to its parent, and should benefit as U.S. housing regains strength.
...
Patton also bought JPMorgan in part because of the Fed's largesse: "They've been given a gift," as he puts it. He prefers JPMorgan to other big banks because of its dividend and high-quality service.
...
Dividends are also a major attraction in the pharmaceutical sector, where Patton believes investors have to take a long-term perspective.
...
The Chicago-based outfit provides replacement parts to repair cars and trucks in North America, Mexico, Central America, and the U.K. "It's a commodities play as well as a play on the aging automobile replacement cycle in the U.S.," Patton says. The stock is up to $19 a share, from $12 a year ago.
As any of their equity positions approaches its target price, Patton and his seven-person crew must decide whether to sell or not. If they still like the company, they sometimes will sell call options on a portion of its holding, thereby continuing to collect income but allowing some of its shares to be called away. "Options help us minimize the risk in the portfolio," he says.
Patton has over the years owned municipal bonds for individual clients and right now he likes this sector of the fixed-income market. He sticks to general-obligation bonds rated above "A" from issuers with solid balance sheets like Virginia's housing authority as well as the states of Texas, Delaware, and Indiana. "The wild card is taxes" as the fiscal cliff nears, he notes. "If taxes on high earners go up dramatically, municipal bonds will mathematically become more attractive."
The former Navy skipper doesn't waste a lot time sweating about things he can't control, like the stock market's next move. Still, he thinks valuations are "reasonable but no longer dirt cheap. His expectation for 2012 earnings of the S&P 500 is between $100 and $102 a share, a little lower than Wall Street's consensus of $105-$108. Throwing out the tech bubble period, the average multiple of the S&P 500 since 1990 is 16.4 times trailing earnings, notes Patton.
...
Barron's speaks with Joseph F. Patton Jr., the founder of J.P. Marvel Investment Advisors. He uses hedge-fund techniques to limit risk.


Barron's speaks with ...

online.barrons.com [cached]

Barron's speaks with Joseph F. Patton Jr., the founder of J.P. Marvel Investment Advisors. He uses hedge-fund techniques to limit risk.

...
The firm's founder, Joseph F. Patton Jr., was a U.S. Navy lieutenant who served a dangerous tour in Vietnam as a swift-boat captain in the late 1960s. His radio call sign on these high-powered, heavily-armed riverboats was Captain Marvel, after the 1940s Fawcett Comics superhero. The name "brought me a lot of luck," says Patton, so he put it on his firm, J.P. Marvel Investment Advisors, when he went out on his own in 2007.
That was a perilous time to begin a fund firm and full-year 2008 losses, while easily beating the market's 38% decline, still amounted to about 28%. Patton, who spent the bulk of his work life in Boston as a senior institutional salesman at the former PaineWebber, persevered. Over five years the Marvel portfolio has gained an average of 2.7% a year, beating the S&P's anemic 0.2% annual return through June of this year, as well as its U.S. equity peer group.
...
Two themes for Patton: The "energy story is being rewritten" in the U.S. and the Fed has given banks "a gift."
Now overseeing $350 million, the opportunistic firm invests in 40 or so core equity positions, holds some bonds and uses both cash and options on its equity positions to offset its bets. Patton explains that the "10 top positions do the majority of the work" for Marvel, which conducts bottom-up, fundamental analysis on roughly 100 companies, visiting "tons" of them each year. Annual turnover is a very low 20%. Monsanto (ticker: MON), one of the firm's biggest positions at 3%, is a typical holding for 69-year old Patton, who's bought and sold some of his holdings a few times during a four-decade career. He first got to know Monsanto in the past 10 years when he bought the little-followed stock for some accounts at just $6 a share. Today he thinks its seed and fertilizers can be a valuable aid to farmers who are contending with a fierce drought. Marvel purchased the stock in January, at $72; it was trading last week at $91.16 and he thinks it could top $100.
At present, Patton, who gained hedge-fund experience running the high-net-worth group for Longwood Investment Advisors, is focused on an eclectic group of energy stocks, big drug companies paying fat dividends, banks, and municipal bonds.
The energy story, says Patton, "is being rewritten in this country" because U.S. imports, as a share of global consumption, have fallen to 42% from 60% in 1995. At the same time U.S. oil production is rising faster than in any non-OPEC nation, he notes. Marvel has been buying QEP Resources (QEP), an independent natural-gas and oil-exploration and production company, working mostly in the Rocky Mountains and Midwest. Spun off from Questar (STR) in 2010, QEP gathers, compresses, and processes natural gas. "A dozen years ago, shale gas represented only 2% of total U.S. dry production. It is now 37%," Patton says. QEP has stepped up its purchase of acreage in shale basins, and recently agreed to buy North Dakota oil assets, expanding its Williston Basin holdings. The shares trade at $32.04 and Marvel has a target of $35. It projects earnings of $1.45 a share in 2012, $2.10 in 2013 and $2.40 in 2014.
Like Monsanto, General Electric (GE) is an old acquaintance of Patton's, who sold it prior to the financial crisis in the high $30s and then bought it back early this year at $18. Marvel projects the industrial conglomerate will earn $1.55 in 2012, $1.74 in 2013 and then somewhere north of $1.90 in 2014. That should allow the stock to hit the mid-20s over the next year, he estimates. Its once embattled finance unit, GE Capital, he notes, has resumed paying a dividend to its parent, and should benefit as U.S. housing regains strength.
...
Patton also bought JPMorgan in part because of the Fed's largesse: "They've been given a gift," as he puts it. He prefers JPMorgan to other big banks because of its dividend and high-quality service.
...
Dividends are also a major attraction in the pharmaceutical sector, where Patton believes investors have to take a long-term perspective.
...
The Chicago-based outfit provides replacement parts to repair cars and trucks in North America, Mexico, Central America, and the U.K. "It's a commodities play as well as a play on the aging automobile replacement cycle in the U.S.," Patton says. The stock is up to $19 a share, from $12 a year ago.
As any of their equity positions approaches its target price, Patton and his seven-person crew must decide whether to sell or not. If they still like the company, they sometimes will sell call options on a portion of its holding, thereby continuing to collect income but allowing some of its shares to be called away. "Options help us minimize the risk in the portfolio," he says.
Patton has over the years owned municipal bonds for individual clients and right now he likes this sector of the fixed-income market. He sticks to general-obligation bonds rated above "A" from issuers with solid balance sheets like Virginia's housing authority as well as the states of Texas, Delaware, and Indiana. "The wild card is taxes" as the fiscal cliff nears, he notes. "If taxes on high earners go up dramatically, municipal bonds will mathematically become more attractive."
The former Navy skipper doesn't waste a lot time sweating about things he can't control, like the stock market's next move. Still, he thinks valuations are "reasonable but no longer dirt cheap. His expectation for 2012 earnings of the S&P 500 is between $100 and $102 a share, a little lower than Wall Street's consensus of $105-$108. Throwing out the tech bubble period, the average multiple of the S&P 500 since 1990 is 16.4 times trailing earnings, notes Patton.
...
Barron's speaks with Joseph F. Patton Jr., the founder of J.P. Marvel Investment Advisors. He uses hedge-fund techniques to limit risk.


Contacts

www.longwoodinvestmentadvisors.com [cached]

Joseph PattonManaging Director


Keith Lockhart to Lead 22nd Annual "A Company Christmas at Pops" Benefit Concert for the BSO

www.jacneed.com [cached]

International, LLC; Ian Levine, executive vice president, Merrill/Daniels; Paul Mattaliano, senior vice president, Keefe, Bruyette & Woods, Inc.; Thomas J. May, chairman, president, and CEO, NSTAR; Mark J. McKenna, managing director, Communications, Putnam Investments; Joseph C. McNay, chairman, Essex Investment Management Company; Thomas J. Niedermeyer, managing partner, Liberty Square Asset Management; Robert L. Paglia, executive managing director, Duff & Phelps, LLC; Joseph F. Patton Jr., managing director, Longwood Investment Advisors, Inc.; R. Robert Popeo, chairman, Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo, P.C.; Merril S. Pyes, managing director, Merrill Lynch; Erwin Schinnerl, area general manager, The Ritz-Carlton Hotels of Boston; John C. Smith, managing director, Marsh, Inc.; Tom Stemberg, venture partner, Highland Capital Partners; James G. Sullivan, partner, Deloitte & Touche USA LLP; Patrick Sullivan, CEO - Massachusetts, Sovereign Bank; James F. Cleary, advisory di


BSO -- Press Release

www.bso.org [cached]

The 2002 committee for "A Company Christmas at Pops" includes James L. Bildner, Chairman and CEO, Tier Technologies; Heather P. Campion, Group Executive Vice President and Director of Corporate Affairs, Citizens Financial Group; Maryanne Cataldo, President and CEO, City Lights Electrical Co., Inc.; Dennis M. Clark, General Manager, The Fairmont Copley Plaza Hotel; James S. DiStasio, Area Managing Partner, Ernst & Young; Philip J. Edmundson, CEO, William Gallagher Associates; Ian Levine, Executive Vice President, Merrill/Daniels; Peter G. Meade, Executive Vice President, Blue Cross lue Shield of Massachusetts; Mike Neely, Client Delivery Executive - NE/NY, EDS; Joseph F. Patton, Jr., Managing Director, Longwood Investment Advisors, Inc.; Colette A.M. Phillips, President and CEO, Colette Phillips Communications; Micho F. Spring, Chairman, New England, Weber Shandwick Worldwide; Stephen P. Tocco, President and CEO, ML Strategies, LLC; and Christopher L. Wilson, President and CEO, CDC IXIS

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