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But for critics the industry a way to goThe bond recorded a rapid growth in EuropeThe British 10year loan has won 5 basis points to 5All American Presidents are not attractiveOnce had to leave several bison of the golf courseIn the past week the Dow Jones thus gave 0 It did order therefore not the recovery of that aidbut for many of us the reality is differentIn the mid1820s the man became a notableThis situation cannot last and cannot lastAll financial districts do not look! The where is Brian Beitner, strategist on the US stock is certainly made of glass and concrete. But the tower which houses TCW Group, a subsidiary of Société Générale Asset Management, stands in the heart of the business district of Los Angeles, some cables from the factories to dreams of Hollywood. There is thus nothing surprising to find in its selection of values the studio most popular of the time, namely, Pixar, the animation company to the origin of the "world of Nemo." "Since 1995, Pixar released 5 animated films which were all huge commercial success", said Brian Beitner. "In the film industry, there is no other production company who can thus turn systematically test." This achievement allowed Pixar to impose to the public, which associates it with cartoons of high quality. But it also gave him bargaining power with its partners. Branch, which is reviewing its contract with Disney, in fact has the means to dictate its terms. Finally, in this sector where revenues are not only entries in rooms but also rights of distribution, sales of DVD and derivatives, these repeat success have been a great deal for shareholders. 
The animation studio has everything to please the strategist who research all of the companies which are distinguished by the quality of their products, their pricing power, their premium to their competitor and their advantageous cost structure. On the latter point, it appreciates in particular companies able to gain market share by practising a lower price than their competitors while being cost-effective. It takes for example Dell or Amazon based on distribution formats that allow them to limit the intermediate costs while optimizing inventory. By operating at lower costs, they can offer rates more interesting than their competitors with higher margins.
Because Brian Beitner aims to find values whose growth is greater than their market segments already growing. "In my opinion, eBay provides the best illustration." This auction site, which was originally vested in rare objects, has become a point of inescapable sale where automobiles that stores surplus Exchange as well. And more he grew up, its dominance has become difficult to displace.
However, companies who have all these talents are quite rare. But the Manager is willing to deal only with those who have the stuff of stars. "The Fund that I pilot Concentrated Core, retains that 25 to 30 values among the 500 index S & P 500 values." In my view, this number of lines is sufficient to diversify risk. "Beyond that, I will do that to dilute my best ideas", he says.
Companies that have successfully passed the hearings include a large number of technological, another specialty of California. Brian Beitner think including Qualcomm, a mobile phone manufacturer. "The Group holds important patents in third generation telephony, especially on the Internet access." These patents strengthen its position of leader on technology in full development. "And as in the case of eBay, this leading position is that accelerate growth," soulignet - it. Cisco, which will benefit from the development of IP telephony, is also retained.
Beyond the West Coast, the Manager gives his chance to two Texas, Dell, which will redeploy on network equipment and screens dishes, and Maxim, the manufacturer of similar chips.
Brian Beitner also enjoys the pharmacy, and retains a Californian company: Genentech, one of the leaders of biotechnology, which is illustrated by the productivity of its research teams.
The Manager of TCW Group does not exclude so the more traditional sectors such as insurance or consumer goods. He is spotted, a company whose growth is much greater than that of its competitors, or the string coffee Starbucks. "This group reflects changes in the modes of life," he says. "By pushing the door of its shops, customers do not buy a simple Cup of coffee but say a life style." Also are they willing to pay a premium for products that provide this more. "The Parisians can go check it out for themselves without moving to California...
