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As an independent investment advisor with a background that includes previously having been a CPA and Chief Financial officer with extensive audit, tax and operational experience, it is particularly easy for me to provide substantive comments on political candidates financial disclosures, including investments and tax returns.

This work has been featured in leading publications including the Wall Street Journal,  New York Times, Bloomberg, the Los Angeles Times and the Oregonian.   I strive to be completely independent and provide the same focus regardless of a candidates political affiliation.

Gaining access to these reports can appear confusing and the purpose of this post is to articulate how anyone has access these reports given most major news stories review them yet do not provide a link to the source information.

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by Gretchen Morgenson, The New York Times

Bill Parish, a registered investment adviser at Parish & Company in Portland, Ore., is a big fan of Intel and owns its shares for his clients. In an interview, he characterized Intel’s retirement plan as “great” but said it would be even better if it jettisoned the hedge funds.

Last year, in an email to Andy D. Bryant, Intel’s chairman, Mr. Parish expressed his concerns about those investments in the retirement plan. Mr. Bryant responded by saying he would forward the criticism to the appropriate Intel officials, according to the email.

“My perspective, regardless of whether it is prudent diversification, is it doesn’t make investment sense,” Mr. Parish said. “It would be better for Intel to eliminate hedge funds altogether because they don’t meet the standard with respect to financial disclosure. They’re too opaque.”

Read full story here:  Intel Lawsuit Questions Place of Hedge Funds in Retirement Plans

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Warren Buffett has announced his largest buyout in history, the $38 billion takeover of Portland, Oregon based Precision Castparts.  This is almost twice the size of the Heinz takeover, one of his largest prior takeovers.

Heinz and other Buffett enterprises, including Burlington Northern and Pacific Power, are having a strong negative impact on the Oregon economy.

This includes potato farmers in Eastern Oregon who had a win/win long term relationship with Heinz cancelled, and local communities battling to prevent oil and coal from being shipped by rail thru their communities without adequate safety guidelines.

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Disclsoure and Media Development Background:  Parish & Company maintains no speculative investments in the health care companies discussed and does not collaborate with any private equity or hedge funds.  It’s goal is to identify high quality health care opportunities suitable for long term oriented investment.

This effort includes providing high quality news material to leading journalists including Gretchen Morgenson of the NY Times, Mark Maremont and Rich Rubin of the Wall Street Journal, Joseph Tanfani of the LA Times and Margaret Collins of Bloomberg.

In doing its research Parish & Company has revealed a massive price fixing scheme, both in medications and medical equipment, being orchestrated by private equity and hedge funds, often financed by public pensions including Oregon PERS.   These firms purchase drug and medical equipment royalty cash flows and, in conjunction with the use of various drug and medical procedure distribution systems, including hospitals, specialized clinics and pharmacies, are price gouging patients and fleecing taxpayers via Medicare and Medicaid reimbursements.

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Today Oregon PERS approved a $400 million investment in Stonepeak, a firm that invests in “infrastructure projects.”

In his presentation Stonepeak’s managing director Michael Dorrell noted their strategy is to invest in “essential infrastructure assets with an economic monopoly, much like an airport.”  This includes water, power plants, transportation and telecom with a focus “outside the auction process.”  They expect an annual return of 12 percent over 30 years.

One of their major projects he discussed is the largest desalination operation in the western hemisphere, in Southern California.  The key development partner is Poseidon Resources, “former GE guys.”  Dorrell noted they obtained the exclusive rights to such desalination projects.  They brought these rights over from their former employer Blackstone, who is entitled to 50 percent of the carried interest from this project. The expected return is 14 percent over 30 years and the City of San Diego could not do much about this high rate since Stonepeak has rights to the “only viable site near San Diego.”

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Disclosure:  Parish & Company maintains no ties to any of the Presidential candidates.  The purpose of this post is to summarize the major candidates tax returns and related financial disclosures.  Given that both the Clinton and Bush campaigns have issued reports using the Scribd service, which prohibits printing the entire documents, as a public service, Parish & Company has created a simple archive at the end of this post with all the reports in a standard PDF format.

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It is surprising how much discussion surrounds Hillary Clinton’s emails after Edward Snowden clearly revealed that more than 1 million people have top level security clearance, many of whom are contractors with no government oversight.  Whether there are 2 or 20 top secret emails on her server may be irrelevant.

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There is also a certain irony that Clinton’s converted barn, put in service for home office purposes in 2002, running various computer equipment purchased in 2011 for a total cost of $6,500, could have been more secure than government servers.  See form 4562 for 2011 tax return.  I’ll post up a detailed review of the Clinton’s returns along with those of Jeb Bush and Carly Fiorina next week.

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