Sunday, June 26, 2011

That's what friends are for.

Funny. Roger Davis made a better case for Lee Yancey to be Treasurer than his entire campaign has on Majority in Mississippi:

"June 23, 2011 1:18 pm

Lee Yancey has worked with me at Woodridge Capital for the past 3 years. For the record, Lee holds a Series 65 license and is registered as and investment advisor with the appropriate SRO. He could open his own investment advisory company today and, as far as I know, is the only candidate in this race that could lawfully do so. The Series 65 license is earned by months of intense preparation and only after successfully passing a very difficult test that covers every aspect of the public equity and fixed income markets including municipal and taxable bonds. The State Treasurer does not manage money; rather, he/she manages (with the help of a board in the case of PERS) the process by which managers are hired to manage the state’s money. To the extent a short term fixed income portfolio is managed by the office of the treasurer, I feel sure that is done by the very capable and long serving staff.

A CFP (certified financial planner) designation hardly qualifies someone to manage money. I’ve been in this business for almost 20 years and never considered it.

As to the criticism that Lee “is only in sales and marketing”, a CFP amounts to little more than a sales and marketing credential, as it relates to the matter of managing money. It is useful in estate and insurance planning – but not in the business of managing money.

Lee is a conservative candidate with a proven record. He is not just a “conservative republican” candidate; Lee has a deep, fundamental understanding and belief in the principals that under-gird the political philosophy we describe as “conservatism”. It’s all to easy and common today to refer to oneself as a conservative. It’s convenient to mention popular and successful conservatives at every opportunity. But the fact is, true conservatism, when it is most needed, requires a conviction that is intensely personal and cultivated over a lifetime of real world experience. That experience includes things like sales and marketing jobs and 4 years of service in the MS Senate, raising a family for almost 20 years, making and living within a budget…things like that. Real American Conservatism can’t be reduced to sound bites and clever campaign slogans; to the contrary, it is the result of consistently making the difficult decision to choose principals over personality. Lee has demonstrated the ability and willingness to do that in his political career, business career and in his personal life.
" comment

Should be a campaign ad. However, I'm sure the genius consultants out of Texas who charged $57,000 and the campaign manager who got $20,000 will think otherwise since they've done a wonderful job of promoting their candidate while eating up nearly two-thirds of his campaign funds.


Anonymous said...

I wouldn't believe a word Roger Davis said about anything. BTW, it's "principles", not principals. I have heard that Lee Yancey is a fine man, but Davis' endorsement of him would cause me not to vote for him.

Anonymous said...

Wow, there are many factual errors in Roger Davis' statements. As for the Series 65 being "rigorous", I hold a Series 65 license. I drove to Memphis on a Sunday night, went to a one day cram class on Monday and I passed the exam on Tuesday morning. Whoop-de-doo. I view this "rigorous exam" as an iddy biddy hoop to jump through.

I also hold the CFP certificate. CFP is a bazillion times tougher than Series 65, but it is a certificate, it's not an earned degree. Some CFP folk get a little excited and carried away.

As for Davis' statement that CFP is some "sales and marketing tool", a lot of CFPs aren't in sales or marketing, so why would they spend two years on this? Then again, he hasn't tried CFP, so I don't know why Roger is talking about something he knows nothing about.

The Chartered Financial Analyst is the main certiticate for actually managing money. Most mutual fund managers are CFAs (as is Tate Reeves, FWIW). The Certified Financial Planner designation is not spun gold, but it means a boatload more than a Series 65.

Anonymous said...

Why the attacks on roger. I thought roger and his firm woodridge capital were on the up and up. Do you have any personal dealings with him to justify your comments?

Anonymous said...

As someone who holds the CFA and CFP designation and has passed the Series 65, I can tell you the CFP is worth little and the Series 65 even less. Roger Davis is not the sharpest knife in the drawer, either.

Anonymous said...

With all of the negative comments about Roger, how has his firm attracted so much money? Again are these comments based on business dealings or personal opinions.

Anonymous said...

Well, shoot the messenger why don't you. No wonder good people won't run for office anymore. Roger expressed his opinion, and you asshats beat him up for it, to the depths of pickIng apart a typo?

Anonymous said...

How has roger built his firm so fast if he is dishonest and not very bright.

Anonymous said...

I totally agree with everyone's comments about Roger. His investment background is very sketchy...the last I heard he was driving around Jackson in a pickup truck with advertisements on the back panels!! He has been quoted as saying he hated being an investment manager..burned out..etc. He is definitely not the brains behind Woodbridge...and I would be very, very cautious putting money with that firm as well.

His comments on the Series 65 are way, way off base. I have it, along with the Series 7,63, and 24....and those tests are much, much, harder than the 65. Lee Yancey would be so far over his head, it would take years for him learn what is going on in that office. At least Tate had the CFA, which is want you want at a minimum. Lee is preacher. His ads are creepy. The other two candidates are much more qualifed than Lee...who will not even be in the runoff.

Anonymous said...

Roger didn't "build" this firm. The other guys were there many years before and he and Lee came in very late with no clients or money management experience as I recall.

Lee is most unqualifed candidate I have ever seen to run for this office. He has absolutely no investment experience, not one class in finance or banking, and really scares me to death if he takes over this office. I feel for the taxpayers who might put him in there not knowing his true background.....a religion major at Miss College.

Anonymous said...

I have met Roger through the Republican party and church, he is a great friend, good christian, and good republican.
I don't have any money to invest, so can't speak of that part.
Oh and he has what I consider a very dry sense of humor!

Anonymous said...

Roger is just another salesman who tries very hard at what he does. I wouldn't take to bank everything he says either.

That test he is referring to is not "rigorous"...people from all walks of life pass it all the time...with little or no study. I took it and passed after studying as little as a month.

Anonymous said...

Is anyone else concerned that Yancey's formal education consists of schooling at a seminary?

Anonymous said...

10:04 If you really want to damage him tell Mississippians his education was at a madrasa in Indonesia ;-)

Anonymous said...

Wow. is that true 10:40? Madrasa??
I thought he was a seminarian at MC?

bill said...

I think 10:40 is talking about a politician on the national scene...

Anonymous said...

I guess that little winking smiley face emoticon that telegraphs "THIS IS A JOKE!" is not as universally understood as I was told. Oh well.....

Want to buy some oceanfront property in Phoenix? I can get you a great deal.

roger davis said...

I am a founding partner at Woodridge Capital. We mark 5 years on July 1.
A series 65 is the license that makes one an Investment Advisor; a CFP, 7, or 63 does not. If a 65 is good enough for the SEC, it should be good enough for all of us. Being dumb and all, I thought it was hard.

Anonymous said...

Actually Roger, a series 7 plus a Series 63, OR a Series 65 within the past two years allows one to apply to be an investment advisor, as does a waiver for the professional designation of CFP (or CPA, ChFC, PFS and a couple of others).

Being dumb and all, thought you'd like to know that.

Anonymous said...

3:41, your comment might have had some merit, had you not added your little sidebar at the end.

That just makes you a douche.

Anonymous said...

I made an initial comment about not voting for Yancey because of R. Davis' endorsement. I know nothing about his investment knowledge or how he transacts his business at Woodbridge. I'm sure his clients could weigh in on that. I just wouldn't trust his political endorsements. I have, however, heard that Lee Yancey is a good man. Being a good man is not the only prerequisite for handling the state coffers.

Clarence Webster said...

You anonymous phuckers that don't do shit but blog need to step up and do something other than tear others down.

Anonymous said...

You tell em, Clarence.

Anonymous said...

"3:41, your comment might have had some merit, had you not added your little sidebar at the end.

That just makes you a douche."

Just repeating what he said in his own post. It was tongue-in-cheek, but you probably don't understand that.

Anonymous said...

No need to explain, I understood. But thanks so much for trying to make me smarter.

Anonymous said...

I don't understand how correcting factual errors is "tearing someone down."

I didn't know anything about Lee Yancy until this thread started. I will say this the M.Div degree is a tough degree. Typically it is 90 graduate hours versus the 30 required by most other Masters degrees. I don't know much about the D.Ministry degree, I'm sure it is not easy. But I would think an MBA and an CFA or CFP is far more appropriate for this job. It should take more than being a good guy or a smart guy to do this job.

If correcting factual errors and making basic observations on job qualifications is "tearing people down", then so be it.

Anonymous said...

Agreed @ 9:43. This whole thread started with Roger stating many inaccurate things...and it makes you wonder if the inmates are running the prison at Woodbridge.

9:43 is totally correct. Lee might be a great guy, but this job requires someone with major, major investment/tax/finance/accounting background....not someone with a religion degree.

Anonymous said...

OK, forget his master's degree. What was his bachelor's in - accounting, or something else relevant to the position he seeks?

Anonymous said...

I thought his undergrad degree was in English or some foreign language like Spanish...not accounting.

The other two candidates have an accounting degree and also a tax laws certificate I believe along with a law degree.

I'm not sure, but Lee Yancey has never bought or sold a stock, bond, mutual fund, established a retirement account or whatever in his short career. This is makes me really nervous about his qualifications...he doesn't have any.

Anonymous said...

Lee's undergrad major was Religion.

Sherman Foley said...

All you brave anon idiots.

Boarzombie said...

People post anonymously -- or as walking dead swine -- because in this state sometimes the truth is better spoken from the crowd. And sometimes a political truth spoken with a name attached to it leads to retaliation.

To qoute Benjamin Martin: "I'm a parent. I haven't got the luxury of principles."


Anonymous said...

Although education is extremely important, I wouldn't care if a candidate held a degree in religion or ceramics or whatever as long as they had sufficient and relevant experience handling big money and making sophisticated financial transactions. Not saying Yancey does or doesn't have the background, just that OJT goes a long way with me.

bill said...

Lee Yancey is a very good guy. I supported him for Senator four years ago and would have again had he chosen to run. From everything I hear, Lucien Smith is a nice guy as well. However, I'm supporting Lynn Fitch for Treasurer because of her experience. I think the Treasurer's job is important, and Lynn's experience makes her the most qualified by far. Bill Billingsley

Anonymous said...

@5:23 OJT to manage billions of dollars for the State of Mississippi and the MPACT program?? Are you serious? What have you been smoking tonight?

Anonymous said...

Get over yourself, 7:44. I did not say OJT was most important or the only thing important for a candidate. In fact if you read my comment I wrote that a candidate needed "sufficient and relevant experience handling big money and making sophisticated financial transactions." All I meant was that I wouldn't be as concerned with what he majored in in college as I would with his professional experience. Now pass the dutchie...

johnseomaven said...

Getting your Series 65 license is not that easy. Preparing for your Series 65 licensing exam takes time to study different aspects in becoming an Investment professional specifically an adviser. You will need to have a broad knowledge about economic analysis, investment recommendations and strategies, legal and regulatory guidelines, and professional ethics as well. Taking some Series 65 study courses, Series 65 study guide or preparatory courses might help you to easily pass the actual exam.

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