The New York Observer

Say we were to offer you a value-investing approach to rare coins—a little fundamental analysis of the 1933 gold double eagle, say, or some exegesis on why the 1913 buffalo nickel is still trading under tangible book. Is that something you’d be interested in?

Because if it is, we have a guy you should meet.

A press release from the SEC occasioned a trip on the Wayback Machine yesterday, to see if anything turned up on one Arnett L. Waters, president and CEO of A.L. Waters Capital, a Braintree, Mass. firm that allegedly solicited investments in an array of funds, then used the assets to pay for the manager’s personal expenses.

Indeed, we found an interesting nugget. After sketching out his career in sales at a string of brokerages, including Merrill Lynch, Shearson Lehman and DLJ—details that appear to be borne out by a FINRA broker check—Mr. Waters’ claims to have made the observation that launched his career running money:

“The dramatic increase in rare coins in the 1970s and 1980s convinced Mr. Waters that a value-investing approach existed in the growing marketplace. Therefore, in 1990, he founded Windsor Park Ltd., an international purveyor of high mint state United States gold and silver coins.”