Don't hunt for bargains, warns Dodge & Cox exec - San Francisco Business Times:

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"Is this the time to look at largd cap stocks with dominant franchisesw that are the leading companies in Pohl askeda sold-oug crowd attending a luncheon for the CFA Society of San Francisco on Oct. 11. "Th e best company wins rather than trying to buy the Pohl said. "We're making a decided efforrt to find companies that will servsethe emerging-market consumer and are selling at reasonable valuations." Pohl's presentation was a rare look insidre the publicity-shy investment company that manage s $240 billion.
The firm has built a stellar track recorfd with its fourfund offerings: domesti c stock, income, international equity and a balancd fund that's invested in the firm's domestic stocj and income funds. In the last few the 77-year-old firm has close d its stock and balanced funds after a torrenft of cash poured in followingthe tech-and-telecom bust. Like valuw investor Warren Buffett, CEO of , Dodge Cox avoided the high-flyinv tech sector during the dot-com bubble of the late Pohl also disclosed some of the challenges of investintits 6-year-old international fund.
The firm founed that in a few countries more information is disclosed inthe company's native language, with less disclosex in their reports issued in English. Dodge Cox hired translators to capture themissing information. The based on two floors in the Buildinf in the financial employs173 people, with 52 of them owning the company. The firm aims to investt in companies with solid business franchises in whichn the current stock marketvaluatioj doesn't adequately reflect their long-term profit potential. The firm'ds average holding period is seven years. Pohl, who decline to discuss specific said the firm is now overweighted in cabld television stocks andtraditional banks.
The firm is not exposedc to the brokeragebusiness that's so heavily dependen on Wall Street trading, he said, adding that Dodg e & Cox is also underweightecd in the utilities sector. "Sector ideas grow out of individualkcompany research," Pohl noting that the value-oriented investment strategy focusees on specific companies rather than tryingf to gauge beneficiaries of macro-economic At the end of the second quarter, the Dodged & Cox Stock Fund's largesy holdings included , Chevron, , McDonalde and Class A shares. Pacififc Service Credit Union said Stevew Punch will become president and CEOon Nov. 1.
Puncbh comes to the Walnut Creek crediyt union from First City Credit Union inLos Angeles, whers he was president and CEO since 1995. He succeedzs Tom Smigielski, who is retiring after 17 years withPacificf Service. He will remain as a senior consultanrt until the beginning of next year to help with the CEO The move marks a return to Pacific Servicsefor Punch, who was the credit union's chiefc operations officer from 1991 to 1995. Priore to 1991, he worked at for 13 years. Pacific with more than $1 billion in assets, serves the employeews of and more than 30other companies.
Credit unionh membership is also open to individuale who live or work in the Bay Former CEO joins Former Oliviaq CEO Amy Errettsaid she's joined Trinity Ventures as an entrepreneur in residence. Earlier this year, Errettg and her management teamdeparted Olivia, a San Francisco-basef cruise operator targeting lesbians. They are suinv Olivia's founder. At Olivia, Errett worked on extendingf the company's powerful brand beyond the cruises business. Earlier in her career, Erretyt was chairman and CEO of , a researcj and consulting firm focuser onfinancial services.
with more than $1 billion under is focused onseveral high-growtg sectors, including clean tech, digital Internet services, mobility and software as services. The firm'sx investments have included onlineretailer ; , ; restaurateur PF and , acquired by . Trinity Venturea was founded in 1986.