Like many people with retirement accounts, Glenn Paul wondered if he could outperform the averages. After 2008 he developed the idea of the “perfect company” and scanned for investment candidates. Last year a friend challenged him to publish a portfolio online. Here are the results, and some of the narrative from almost 30,000 words.
by Glenn Paul
The defining behavior of the stock market in recent years is a good value that pops up and then shoots back down. The smart money pumps up a value, investors follow, and the smart money dumps out. It’s like the carnival game, Whack-a-Mole.
What to do? As an investor focused on growth and value, my main strategy is to invest in Perfect Companies, or as close to “perfect” as possible: companies that earn a good return on their cost basis net of cash and debt, that are growing sales profitably, that insiders are buying (or at least not selling — if the operators of the company have no confidence in their plan, I won’t buy), and that have a business that can grow quickly, among other factors.
The heart of it is a return on enterprise value rather than earnings per share or price/earnings ratio. Enterprise value is a measure of what it would cost to buy a company outright: the market cap (cost of all the shares at a given price), plus the company’s debt, minus the company’s cash. The P/E ratio is useless because the company could have a ton of debt that is not reflected. But if I can buy a company that has half its value in cash, the cost is half and the P/E doubles.
Most investors try to forecast earnings, which requires divining the future. I look at stocks as a retailer looks at products: what would I like to own that other investors or companies would like to buy at a higher price?
A Perfect Company would also have a simple business plan that can be expanded without a monstrous cash outlay. These tend to be high tech companies. I don’t like giant companies because they are impossible to analyze. I like a dividend, too, because it gives you a return while you’re waiting for the stock to rise.
December 10, 2014. Since early 2013, Spirit (SAVE) has taken off like one of its planes. I’ve always avoided airlines, but they are now helped by many factors: (1.) Newer, more efficient planes; (2.) Internet reservation systems that can be tweaked at a moment’s notice to fill up planes; (3.) lower fuel prices; and (4.) the realization among managements that they are bus companies and that customers will tolerate almost anything.
This last point is important: I despise Frontier Airlines for the abuse it has heaped on me. It is so disorganized that the lines are often long, and they have taught me — if I must fly them — never to carry baggage. But I will fly it again because its small airport at Mercer County Airport is five minutes away from my house. If Frontier can remain fully loaded, a well-run airline like Spirit will soon fly to Mars.
ATA Inc. is my single Chinese investment. What if ETS were a for-profit company and had a market the size of China? The competitive Chinese people will seek online training and testing that helps them get ahead. ATAI sales and profits are growing. The company has $51 million in cash and pays a 12 percent dividend.
The fly in the ointment is that plenty of Chinese companies with great numbers simply stop reporting. A friend recommends checking on the auditors; in this case, KPMG audits ATAI. Sales and profits continue to rise, and ATAI just bounced off a four-year low.
January 12, 2015. The beginning of the year can be wild because Wall Street bonuses are based on assets under management at year end. I believe money managers are loath to sell at year end; if anything, they would prefer to push stocks a little higher by buying. Trillions of other people’s money is available to help produce billions in bonuses.
This tiny IBM data point appeared in the past week: “Welltok, a company that uses game mechanics, social networks, and IBM supercomputer Watson to encourage healthy behavior, has raised $12 million from Hearst Health Ventures and Catholic Health Initiatives.” I think we’re going to see a lot more money raised to employ IBM’s Watson in health care and other industries, and that Watson has the potential to supercharge IBM the way cell phones goosed another computer company.
February 2. January reminds me that fear is the most powerful motivator: virtually all price movements are based on fear of loss or fear of being left out. No one invests with glee except those with illegal inside knowledge.
As Ben Graham, author of “The Intelligent Investor,” said, “You’re neither right nor wrong because other people agree with you. You’re right because your facts are right and your reasoning is right — and that’s the only thing that makes you right.” I have my reasons for buying these companies, but time will tell whether the facts are right. Unfortunately, we cannot know all the facts, and so are attempting to limit risk while diversifying over growth candidates.
February 7. Trefis, the stock-tracking website, has re-set IBM’s price target to $204; the price is currently at $156. In the last three months, insider sales at IBM have moved from a net sale to a net purchase of 53,136 shares — about $8.1 million. There are many reasons for insiders to sell, but only one reason to buy: a belief that the price will increase. I believe that we will see this common herd behavior around IBM in the next six months: several analysts will discover that IBM is a great value in the tech sector; portfolio managers, seeking a stock that can absorb a large amount of cash, will cycle back into IBM, and the price will rise to $195.
February 23. Universal Display (OLED) has just announced a licensing agreement with OLEDworks, a lighting company in Rochester, NY. This is significant because the lighting market is much bigger than the market for screens. OLED lights will be more efficient than LED lights, and may replace lighting as we know it: instead of bulbs in sockets, rooms may be lit by glowing panels. Ultimately, Universal Display executives expect their company to make more money in lighting, which is what they were showing off in an inventor’s symposium I attended recently in Princeton.
We watched the Enron movie this weekend. Something about the Corporate Executive Board and LinkedIn reminds me of Enron. CEB hires young people to sell platitudes to corporations, and is valued at $2.7 billion. In the last 12 months, insiders have sold 321,651 shares and bought 1,311. On the employee review site, Glassdoor, the employees don’t have a lot of great things to say about it.
LinkedIn is valued at $33.7 billion. It had operating income of $36 million in the last four quarters. I cannot find a single peer who says, “Wow! I contacted someone through LinkedIn and it made a real difference to me.” It’s a pay-to-use directory that you build yourself. Trefis pegs LNKD’s value at $163; it sells at $267. Insiders are selling.
March 16. The case against Apple: Apple has ridden the biggest consumer product boom in history to become the most valuable company in history. Here are indications that the ride may be over:
Apple will join the Dow Industrials on March 18. One of the last things every great company does is to build itself a giant headquarters; a few years later they sell it and lease it back. Apple is spending $5 billion on a circular spaceship.
Apple milked the Chinese market for its $18 billion profit last quarter. Sales in China grew 70 percent, and the Chinese responded to the larger screen of the iPhone 6. China mobile manufacturer Xiaomi now offers large screen phones. Xiaomi is a hungry, private Chinese company with a market cap of $41 billion. Many American companies have briefly thrived in China only to have their kneecaps broken by upstart Chinese competitors and a government that wants its own companies to dominate communications tools.
I bought an iPhone 6 Plus — Apple’s top-of-the-line phone, and I found a phone that would not send a photo to my Toshiba computer by Bluetooth, would not allow me to access the phone’s files even when attached by cable, could not accept an SD card, and, generally, is a closed, frustrating system. I returned my iPhone, and got a Samsung Note 4. I can even change the battery. It seems to me that Apple is more fashion cult than technology leader. How long can that continue?
Apple is now reaching for new markets to move the needle, but it’s a very big needle to move. I have yet to meet anyone who wants an Apple Watch.
March 29. Perfect Company Trade Alert: Buy PDLI.
PDLI is a biotech company that licenses its antibody humanization patents and license agreements with various biotechnology and pharmaceutical companies. Insiders bought 235,662 shares in the last three months and 481,393 in the last 12 months. PDLI pays an 8.52 percent dividend, and operating profits increased from $427 million to $540 million in 2014. The company has assembled an expertise in buying biotech patents from companies and universities, and licensing the patents — probably in bundles that can better benefit the buyers.
Distributing intellectual property in biotech is a good idea because it reduces the high risks of development and product distribution while retaining the potential of the powerful cash flow associated with blockbuster drugs. The company notes, “Our investments are typically in assets with strong intellectual property protection and current near term product commercialization opportunities.”
Second Quarter, 2015
April 6. Since December 10 the S&P 500 is up about 1/3 of one percent. This must be a thrilling time for fund managers because surely they have earned their clients more than 0.35 percent. However, we read that most managers fail to beat “the market.” CNN reports that “a staggering 86 percent of active large-cap fund managers failed to beat their benchmarks in the last year, according to an S&P Dow Jones Indices scorecard. And that wasn’t a one-off blip either. Nearly 89 percent of those fund managers under-performed their benchmarks over the past five years and 82 percent did the same over the last decade, S&P said.”
Large-cap fund managers, however, have almost impossible analytical problems: they must analyze multiple business lines in huge, unfathomable companies trading across tens of countries each with unpredictable currencies. It’s no wonder that a dart board would be more helpful.
We, on the other hand, are seeking focused companies that are beginning to grow, and may have already turned the corner toward solid, profitable growth. Perfect Companies are more likely to continue to experience growth and even acquisition than large-cap companies that are virtually unmeasurable and are unlikely to be acquired at a sizable premium. The Perfect Company portfolio is up an average of 16.43 percent in the same period, with five stocks having increased more than 10 percent.
April 12. My cousin once paid $25,000 to put wheels on the back of his dog, and I put out $2,500 to fix a ferret that swallowed a rubber worm. But when it comes to horses, money gets wacky stupid, so I’m glad to see that Kindred Biosciences (KIN) is reporting a 66.7 percent improvement on resolution of fever in horses versus 12.5 percent over the placebo group.
I know nothing about drug development, but I know that horse owners will pay $800 for a used show vest, so I like the idea of selling them horse-saving drugs. I also like the idea of modifying existing human drugs for animal use because it reduces development and approval risk, and has an excellent upside.
April 20. Oil and energy are suffering lately, and we now install more power plants with renewable energy than mined energy, which is great for the planet, but not for the traditional long-term economy. The energy sector will be severely diminished in 20 years when solar power can deliver most of our energy needs. If this seems far-fetched, consider the problem in southern California, where public utilities already refuse to buy excess solar power and are lobbying for a tax on self-sustaining homes to support the electric grid.
Readers ask: What are stockholders fighting about at DuPont?
DuPont (DD) is a fine company with lots of assets that could probably produce more value for shareholders. A hedge fund called Trian would like to improve governance. For instance, instead of staggering terms for directors, which ensures that they entire board cannot be suddenly replaced, Trian would like a single election date. The good thing about interlopers like Trian at old companies like DuPont is that they can light a fire. Other hedge funds are attracted and buy shares. Business may actually change for the better; an enemy can make you sharper.
Most boards could be better governed. Boards work like this: a swaggering bucko gets all his buddies to be “board members.” The board members get a nice check and some stock options, which buys their loyalty. At each meeting, they look at spread sheets and never ask any questions about the business. The main issues have to do with executive compensation, and “certain discussions” that cannot be recorded for liability concerns. Minutes of a board meeting will say, “The board held certain further discussions.” I kid you not. The most important discussions are not recorded.
I was on the board of a company one time where the lawyer fell asleep in every meeting. He actually slept. I pointed out the linear relationship between cash lost and months remaining; when the company ran out of cash, the lawyer woke up, began suing everyone, and then they sold the company.
The director of a gigantic insurance company once told me that going to their board meetings was like attending the world’s best business school. Teams of people worked their whole lives to serve up presentations at board meetings. As an outsider, you would have to be overawed by these astonishing presentations. No one wants to ask the dumb questions, though that’s exactly what is necessary.
April 27. Sell IBM; buy Nvidia instead. IBM said revenue fell 12 percent from a year ago to $19.6 billion, but if discontinued operations and currency impacts are counted, revenue was flat. That’s a win, right? Analysts expected worse, so IBM rose 4.2 percent.
I can’t help feeling that, with IBM, I’ve been more lucky than smart. IBM is far from a perfect company. Sales and profits have declined. IBM has used its cash flow and credit lines to buy back shares rather than invest in new technologies or businesses. I hoped that IBM would capitalize on big data and its Watson initiative, but big ideas often fail to resurrect failing companies. Xerox Parc didn’t do much for Xerox; digital camera patents didn’t help Kodak; AT&T wasn’t the main beneficiary of the transistor. IBM sells at a premium to its enterprise value. The upside is maybe 20 percent over the next year, but, if sales continue to fall, a meaningful downside is just as probable.
Nvidia (NVDA), on the other hand, is a tech company that keeps growing. Insiders bought net 467,668 shares in the last year and 570,823 shares in the last quarter. But the best thing about NVDA is that it’s a focused tech company that understands high performance computing — perhaps even better than IBM. Nvidia started out in video cards, which require multiple processors to handle increasingly complex graphics. Last year, however, Nvidia created a $33,000 “deep learning” machine that roughly duplicated Google’s own $5 million deep-learning network of 1,000 computers. Nvidia could reach more of the market faster than IBM, and even a small impact of this new technology could have a big impact on your investment.
May 1. In 2013 a hot air balloon caught fire and descended toward the earth. Just before it landed, the pilot and another man jumped out. Lightened of its load, the balloon shot back up into the air, and 19 people died. I took notice of this because it was one in a series of disasters that went from bad to worse — especially when the leader fled — such as when the captain of the Costa Concordia cruise ship swam to shore to watch his ship sink.
Perceptron (PRCP) may be a disaster. The CFO resigned abruptly on April 22. The company is complaining about the Euro exchange rate. Q3 earnings estimates have swung from a gain of 9 cents to a loss of 16 cents. I like the idea of Perceptron, but I am prepared to forfeit a possible upside to avoid a loss. Sell PRCP, and wait for the business to improve.
June 11. Since December 10, 2014, the Perfect Company portfolio was up 18 percent as of Friday, June 5; the S&P 500 was up 1.6 percent in the same period.
OLED has climbed to almost 100 percent increase in six months because the company is licensing its patents to Samsung, LG, and other leading manufacturers. An article in Businessweek (June 4, 2015) notes, “Unlike LCDs, which rely on a separate light source behind the screen, OLEDs illuminate themselves, resulting in far slimmer and lighter displays. OLED TVs show deeper blacks and richer colors. `When you see one LCD and one OLED side by side, there’s definitely a 120 percent difference,’ says Han Sang Beom, LG Display’s CEO.”
This technology is taking off after many years in development, and Universal Display is preparing to go after the lighting business as manufacturing costs decrease.
June 22. I am not a fan of American car companies. However, this weekend my wife and I leased a Ford Fusion plug-in. The car is nicely appointed, and acquaintances who drive Fusions are very happy with them.
Surprisingly, the numbers for the Fusion are excellent. Ford sells about 2.5 million vehicles a year, and many are high-profit gas guzzlers, so Ford has a huge incentive to sell hybrid and plug-in Fusions, which improve the corporate average fuel economy (CAFE) for their fleet. I think I’m going to save $150 to $180 a month over a similar gas car in lease, fuel and maintenance costs.
Buyers of Tesla stock may think that competitors are asleep at the switch. My experience is that Ford is already making an excellent, economical plug-in with a small gas engine that overcomes the limited battery range. Further, Ford has economies of scale and distribution that could make it difficult for Tesla, which manufacturers perhaps 50,000 cars a year, to compete in the broader market. If TSLA becomes a luxury electric brand, will it still be worth $32.8 billion?
I looked at hybrids three years ago, and determined that gas would have to be $7 a gallon to make it worth buying one. That is no longer true. Consumer buying patterns can change quickly when people start to understand the benefits of a new product. The next five to eight years could be to electric cars what the 1980s were to personal computers. Tesla could become the Osborne of electric cars. Ford, on the other hand, may have to contend with the drag of its messy gas engine business — or it could get a major shot in the arm from electrics as IBM did from PCs.
TSLA is a personality brand right now. However, the price of gas is down for now, which marginalizes the economic attraction of electric cars, and Elon Musk is building rockets, too. Is anyone smart enough to revolutionize cars and rockets at the same time?
I talk to people who think Tesla is profitable, though it has lost over a billion dollars in the last four quarters. Cash flow in the last quarter was negative $350 million, and the company has $1.5 billion of cash and short term investments. If Tesla survives, I think there will be opportunities to buy it at a steep discount to its current price.
July 5. At the close of the markets on July 2, the S&P 500 was up less than 1 percent since we started on December 10, 2014. Perfect Company stocks are up 21.24 percent.
August 7. Give them bread and comics! As the stock market slid, CTMMB (majority owner of IDW comics) split 10 to 1 and carried the Perfect Company portfolio to a gain of 26.5 percent this year versus 0.86 percent for the S&P. “It’s risky,” they said. “I don’t believe in picking individual stocks,” they said. But it’s also risky not to have some potential rocket fuel in your portfolio or to put your entire faith in the broad market. That’s kind of like saying, “We want the best people — we hire everyone and average it out!”
Seeing my portfolio carried mainly by one stock — even though 7 of 11 are positive and 6 of 11 are beating the S&P by 300 percent — is a little embarrassing. I’d like every company to be a slugger, but this reminds me of a friend who pointed out that people cannot tolerate small losses, which may be why most people throw in the towel and say, “I just can’t tell one from the other. I have no idea why any company might be better than the next — just pay me my one percent a year.” What if you had nine 15 percent losers and one that paid 500 percent? You should be happy with a 36 percent gain, but most of us would find that disturbing.
Once you identify promising candidates, there are two challenging tasks: selling companies whose businesses are no longer promising — and holding onto those that are, but are not yet recognized by everyone else.
August 26. Two weeks ago we were at 29 percent and wondering how to get to 35 percent this year. On Friday, we were at 19.5 percent, and the market looked terrible. What happened? Investors are spooked by various fear factors.
The Fed has been waffling over whether to raise rates by, what, 0.25 percent? That’s not going to make a difference to how business actually operates. If you plug a quarter percent interest into an extravagant macro-model, large numbers appear, but, in practice, very few people will change their decision process. Perfect Companies have lots of cash, which will enable them to survive hard times and even to benefit by buying assets and competitors cheaply.
Most of the reasons why low oil prices are bad have to do with the preservation of the oil industry. That’s sad, but the oil industry has been subsidized for too long (tax breaks, defense spending, road building, etc.), and cheaper gas is letting people drive more.
Fourth quarter, 2015
October 26. Since December 10, 2014, when we started this portfolio, the S&P 500 is up 0.7 percent. The current stocks are up 28.2 percent and pay an average annual dividend from the point of purchase of 4.3 percent. Were it not for Spirit Airlines, we would have hit our 35 percent target already. Some of our more recent picks have performed best: BZC purchased in June is up 37 percent; NVDA purchased in late April is up 28 percent, and DRAD in February has jumped 42 percent.
I see great risk in large companies because it is difficult to move the needle of their sales and they are too large to analyze. Even Walmart, which is a relatively straightforward business, has a lot of moving parts even extending to the timing of welfare payments. You are less likely to have a 200 percent gain in a blue chip, and are not immune to a 35 percent loss.
Sell Digirad (DRAD). Digirad is up about 40 percent in October. The company announced on October 14 that it would buy DMS Health Technologies for $36 million in cash. This will positively impact DRAD’s sales and profits, but will also remove $36 million in cash. Rather than expanding its core technology, the company is buying companies in related industries, and I don’t know if they will make sense or not. I’m happy to take the 41.7 percent bird in hand.
It’s been a morose year, but, as I have said before, Wall Street likes to get its bonuses, and it needs a rally now to get paid in January.
November 2. Buy WSTG. I made some smart aleck comments about WSTG in the past, which I now regret. I believe they will continue to grow conservatively, and that the stock price will rocket up one day when an analyst picks them from the crowd or when a larger company buys them to bulk up. WSTG sales increased for the third quarter from $90.5 million to $98 million.
Technology is not going away, and, despite what you’ve heard, neither is distribution. In the healthcare business, McKesson has purchased everything that’s not nailed down. In tech, one or two dominant distributors will do the same. As both a growth and a value play, WSTG is perfectly positioned for that moment.
November 16. Get your next TV in Trenton, NJ. Businessweek has spotlighted a Trenton-area company that holds most of the patents in OLEDs, and says profits could jump 50 percent in the next year. The article mentions the possibility that Apple could also come to the table. I think Apple phones will become big users, and that OLED will get a massive lift from the zombies who buy everything having to do with Apple.
Beyond that, OLED’s lighting sales are practically non-existent now, but lighting is a huge business, and, like other businesses that get reinvented by new technology, it will happen quickly and right under our noses. Fifteen years from now we could be living in houses without light switches, walls that change color with our whims, and ceilings that glow when we walk toward them. It will seem radically exciting for about eight years, and prosaic forever after. OLED shareholders could have even more exciting houses.
Sirius XM Holdings (SIRI): silent running. SIRI (the combination of XM and Sirius satellite radio services) and Nvidia each earned about the same amount of money in the last four quarters. SIRI made $519 million and NVDA made $526 million. Nvidia pays a dividend, has lots of cash, and makes super computer chips that are hard to duplicate.
SIRI pays no dividend, has lots of debt, and distributes content for its satellite radio stations. Curiously, the market values SIRI at $21.5 billion and NVDA at $16 billion.
I don’t see any future for SIRI. I recently got an Internet radio from Grace Digital that tunes into all your local radio stations through the web and gives you a whole selection of comedy and other web stations. The quality is digital, and the fee for activating and listening is $0. Once people discover that digital radios and cars can access the Internet, I can’t think of any reason to use Sirius or XM.
November 19. Yesterday Breeze Eastern (BZC) agreed to be acquired for $19.61 a share. This is not surprising since the kind of companies we generally seek would also be excellent acquisition candidates: they have growth, cash, and are reasonably priced. We bought BZC on June 10, 2015 at $12.13; at the sale price, we have a 58 percent gain, or a 131 percent annualized gain. Some shareholders will hold out for a higher price. I don’t think it’s worth holding out because one risks the deal falling apart. We’ve had the big move.
Sell KIN. This was an uncharacteristic purchase for Perfect Company. KIN seemed like a good idea: apply human drugs to animals; they will be cheaper to make, and people will pay dearly for their pets. However, KIN has no products and no revenue: it is a press release factory. Their main hope — Sentikind — just failed to meet the “primary endpoint.” Disasters tend to go from bad to worse, so I sold KIN at $4.38, a 34 percent loss or 36 percent annualized. This was a bet — not an investment — and a bad one. It may yet work out for KIN, but I’m selling.
December 9, 2015. The final score is S&P 500 down 0.6 percent, Perfect Company up 37.3 percent. If you balanced out the 10 liquidated positions by their annualized returns, the Perfect Company blended score would be 26 percent. The S&P pays a 1 to 2 percent dividend; Perfect Company stocks paid 3 to 4 percent.
Spirit Airlines (SAVE) and Navios Maritime Partners (NMM) were my two biggest losers. At least I stayed away from energy, which was no mean feat since the business press announced a new nadir every two months.
Takeaways: My biggest lesson this year was learned from ignoring the threat of over-competition. To the extent that companies can cast themselves as purveyors of intellectual property (designed in the U.S. by Apple) rather than producers (manufactured in Korea by Samsung), companies have somewhat protected margins and are perceived as more valuable. Comics, patents for organic LEDs, and super computer chips have design cred. Energy, shipping, and airline operations are unlovely money-crunching machines. When enthusiastically pursued by companies and countries to the point that supply overwhelms demand, entire industries suffer.
We have been rewarded for our patience when holding good companies, which have often gone down before they went up — or went up, down, and then back up. On the other hand, disasters usually go from bad to worse — sometimes for mysterious reasons. Spirit Airlines continues to churn out impressive growth and profits, and has a business model that is stealing customers from the majors, but the stock cratered.
I would rather own shares in a good small company than a good large company. The small company is more likely to do one thing well, and is more likely to be acquired (as was BZC); the large company, while regarded as “safe” by many people, is subject to scandals, systemic errors, and selling shareholders that can keep the stock from appreciating for years. You’re also more likely to find a value in smaller stocks because most analysts follow only very large companies — their selection makes sense because they are following the flow of funds, but those companies — really collections of companies — have so many possible outcomes that they are virtually unknowable.
This exercise has been helpful to me because it forced me every week to look for new opportunities and to ask, “Would I buy these companies again today?” That question helped limit my losses, which is critical, but it is also not easy in a flat year to find stocks that have grown 30, 50, 90 and 190 percent.
I am not aware of anything quite like this public experiment. When fund managers want to impress you with their record, they pick an optimal point some years ago from which their portfolios would have delivered the maximum performance. The Perfect Company scoring system broke into two categories: (1.) the average return on stocks in the remaining portfolio and (2.) the annualized return on liquidated positions.
I am also surprised at how difficult it is for small investors to get accurate data. In a time when most workers have been ejected from paternal pension plans into self-directed mobile retirement accounts, one might expect that someone would offer a data service that enables investors to tick off any corporate variables they choose to download into a spreadsheet that helps them make sense of the universe of stocks. I have yet to meet a system that offers the data I require — standard data, by the way, that can be had by piecemeal delivery, but never as a whole meal.
I hope you have only bought the winners that I recommended this year, and that you will buy dinner the next time we meet. I have had one dinner invitation already.
#b#About the Writer#/b#
A 1979 graduate of Princeton University, Glenn Paul found work at a computer store and in 1981 parlayed that experience into a business start-up. Clancy Paul Computers became the pre-eminent computer store in Princeton and central New Jersey.
After selling the business to a national firm in 1989, Paul has engaged in a variety of business endeavors, ranging from an online photo processing company to a firm that helps nurses diagnose wounds and order proper wound care materials from a patient’s bedside.
Several years ago Paul, who lives with his wife and children in Titusville, started the Trenton Digital Initiative, to help bring affordable Internet connectivity to financially challenged families.