I have written three posts on HPs pension fund. I also wrote to HP outlining several of my main concerns.
HP filed a 10K and gave me a detailed response to other concerns. They also hired external audit people to check.
First observation: A good proportion of the gains were from total return swaps on very long US government bonds. I thought that unlikely - but many of my blog readers (correctly) guessed it.
Second observation: All my other concerns appear groundless. (I am not going to bother detailing them as they were groundless.)
I was wrong. It happens a lot unfortunately.
Kudos to HP on transparency
I have written many letters to companies before - most to very dodgy companies. I have never received a response as transparent as HP. Kudos to them.
As for Gretchen Tai. Her asset management looks pretty good.
Friday, December 28, 2012
The content contained in this blog represents the opinions of Mr. Hempton. Mr. Hempton may hold either long or short positions in securities of various companies discussed in the blog based upon Mr. Hempton's recommendations. The commentary in this blog in no way constitutes a solicitation of business or investment advice. In fact, it should not be relied upon in making investment decisions, ever. It is intended solely for the entertainment of the reader, and the author. In particular this blog is not directed for investment purposes at US Persons.