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2017 Forest Capital Intern Class

August 10, 2017

Good morning:


I hope this note finds you doing well.  The Summer in Piedmont/NC has been wonderful and relatively cool.   


In lieu of opining on the current interest rate environment (bullets below), I wanted to officially compliment our 2017 intern class.


Interest Rates:    Lower for longer (10 year Treasury 2.21%)

Inflation:             Moderate (10 year Breakeven 1.78%)

Valuations:          High* (Foreward S&P500  P/E 19x CAPE                    

   30x)  http://www.multpl.com/shiller-pe/  

Outlook:             Low Rates = High Asset prices, until they don't!

Experience:        Risk Happens fast (drafted this note prior

   to Thursday drawdown)


Forest Capital runs a parallel internship program with a hands-on construction/development element (Rowan Rock & Timber).  

The intent is to not only teach the mechanics of finance, bond vernacular, and valuation techniques, but to connect the arcane world of finance to the world of real economic growth.  

Real estate development is a good means to this end.  


The Summer 2017 class was stellar and brought an enthusiasm and intellect we cherish.  


Attached is a photograph of Cow Day and our FC interns.  Cow day is a character builder, condensed life metaphor, and torch passing for their Fall 2017 adventures.  

Few injuries this time through the shoot, except my bruised ribs.   


2017 Class includes:


Forest Capital:    Davis Dawson.  Sophomore UNC - Chapel Hill (2yr.

    intern+). Eagle Scout

Forest Capital:    Austin Krum.  High School Junior - NC School of Science and

   Math (great work Krum). Eagle Scout

Forest Capital:    Marco Mercado.  Senior UNC-Charlotte (2 yr. BS super-early

    college graduate, not pictured)


Forest Capital/RRT:    James Barrier.  Eagle Scout (not pictured)


RRT:      Cameron McClure.  Freshman - Auburn University.  Eagle Scout

RRT:      Anson Laukaitis.  Senior - Kannapolis High School

RRT:      Lee Heath.  Senior - Kannapolis High School   


Manager RRT:    John Michael Johnson (U.S. Army 1st Lt.).  Eagle Scout


We are thrilled and appreciative to have worked with each one of these young men and look forward to their further personal growth.  Well done gentlemen.         


We appreciate your interest in Forest Capital and Sixty Guilders Research.










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Julien B. Booth

Principal & Portfolio Manager


Dana Christner

Operations Manager



© 2019 Forest Capital, Corp. - All Rights Reserved

300 McGill Avenue NW

Concord, NC 28027

(704) 750-8000

2400 CrownPoint Executive Drive, Suite 200

Charlotte, NC 28227

(704) 847-0101

(704) 849-0535