G E N E R A L
A M E R I C A N
I N V E S T O R S
2 0 1 9
A N N U A L
R E P O R T
GENERAL AMERICAN INVESTORS COMPANY, INC.
Established in 1927, the Company is a closed-end investment company listed on the
New York Stock Exchange. Its objective is long-term capital appreciation through
investment in companies with above average growth potential.
FINANCIAL SUMMARY (unaudited)
Net assets applicable to Common Stock - December 31
$ 1,081,697,614
$ 896,789,202
Net investment income
Net realized gain
Net increase (decrease) in unrealized appreciation
Distributions to Preferred Stockholders
8,218,332
60,896,277
227,762,298
(11,311,972)
8,173,881
59,267,989
(139,146,694)
(11,311,972)
2019
2018
Per Common Share - December 31
Net asset value
Market price
Discount from net asset value
$43.70
$37.74
-13.6%
$34.51
$28.44
-17.6%
Common Shares outstanding - December 31
24,753,191
25,984,054
Market price range* (high-low)
Market volume - shares
*Unadjusted for divident payments.
DIVIDEND SUMMARY (per share) (unaudited)
$ 38.41-$28.28
$ 37.26-$27.09
9,705,681
12,069,886
Record Date
Common Stock
Nov. 18, 2019
Total from 2019 earnings
Payment Date
Ordinary
Income
Long-Term
Capital Gain
Total
Dec. 30, 2019
$ 0.387946
$ 2.062054
$ 2.450000
Nov. 19, 2018
Dec. 28, 2018
$ 0.293862
$ 1.956138
$ 2.250000
Total from 2018 earnings
Preferred Stock
Mar. 7, 2019
Jun. 7, 2019
Sept. 9, 2019
Dec. 9, 2019
Total for 2019
Mar. 7, 2018
Jun. 7, 2018
Sept. 7, 2018
Dec. 7, 2018
Total for 2018
Mar. 25, 2019
$ 0.058885
$ 0.312990
$ 0.371875
Jun. 24, 2019
0.058885
Sept. 24, 2019
0.058885
Dec. 24, 2019
0.058885
0.312990
0.312990
0.312990
0.371875
0.371875
0.371875
$ 0.235540
$ 1.251960
$ 1.487500
Mar. 26, 2018
$ 0.048567
$ 0.323308
$ 0.371875
Jun. 25, 2018
0.048567
Sept. 24, 2018
0.048567
Dec. 24, 2018
0.048567
0.323308
0.323308
0.323308
0.371875
0.371875
0.371875
$ 0.194268
$ 1.293232
$ 1.487500
General American Investors Company, Inc.
530 Fifth Avenue, New York, NY 10036
(212) 916-8400 (800) 436-8401
E-mail: InvestorRelations@gainv.com
www.generalamericaninvestors.com
1
T O T H E S T O C K H O L D E R S
G e n e r a l A m e r i c a n I n v e s t o r s
G
eneral American Investors’ net asset value
(assuming
(NAV) per Common Share
reinvestment of all dividends) increased 35.1%
for the year ended December 31, 2019. The
U.S. stock market was up 31.5% for the year, as
measured by our benchmark, the Standard &
Poor’s 500 Stock Index (including income). The
return to our Common Stockholders increased
by 41.5% and the discount at which our shares
traded to their NAV continued to fluctuate and
on December 31, 2019, it was 13.6%.
The table that follows provides a comprehensive
presentation of our performance and compares
our returns on an annualized basis with the
S&P 500.
Years
Stockholder Return
(Market Value)
NAV Return
S&P 500
3
5
10
20
30
40
50
15.6%
14.1%
15.3%
9.5
11.8
7.2
11.5
13.1
11.7
9.9
11.4
7.1
11.2
12.8
12.1
11.7
13.6
6.0
9.9
11.8
10.6
The U.S. equity markets in 2019 experienced their
strongest performance since 2013. Likewise,
General American’s portfolio outperformed the
S&P 500 and the share price benefitted further
from a reduction in the shares’ discount to net
asset value. The market’s advance appears to have
been built on late 2018’s investor dismay with
harsh U.S. - Sino trade rhetoric amid escalating
tariffs, fear of the resulting margin compression
of changing corporate supply chains, and a
hawkish monetary policy. Within the first days
of 2019 those headwinds began to dissipate when
Federal Reserve Chairman Powell suggested that
the Fed’s tightening of monetary policy could
be finished. The Fed followed, through the year,
with three cuts in policy rates as well as adoption
of quantitative easing in response to unusual
behavior
funding markets,
effectively reversing a significant portion of its
prior tightening actions. As the year entered
its later months, investor sentiment improved
from relatively depressed levels as the U.S.
neared completion of its phase one trade deal
with China.
short-term
in
While the year’s strong returns are worth
celebrating, they do not tell the full story.
As world economies weakened throughout the
year, U.S. companies’ revenue growth diminished
and profit margins compressed due to stronger
employment data and elevating wages, as well
as increased supply chain costs. At mid-year,
national purchasing manager surveys were
foretelling the possibility of impending recession.
As the Fed and other central banks reacted to the
slowdown by lowering benchmark rates among
other policy tools, short-term interest rates fell
and economies began to recuperate. Given that
declines in interest rates often behave like a lever
to price-to-earnings ratios, multiple expansion
occurred and accounted for nearly 85% of the
advance in the S&P 500.
leading
Since stimulus can act with a lengthy delay,
it is perhaps not surprising that in the fourth
surveys and
quarter purchasing manager
other
indicators began to flash a
modest recovery for world economies. Likewise,
improved probability for passage of USMCA and
a phase one deal with China has led to markedly
improved consumer confidence and corporate
management sentiment surveys.
2020 may be the year volatility increases as
the market transitions from price-to-earnings
multiple expansion, due to interest rate declines,
to improved revenue and earnings growth
prospects. Equity markets appear frothier but
valuations, though elevated, seem fair especially
when compared to fixed income yield alternatives.
While concerned with the concentration of the
advance in a few companies’ shares within the
S&P 500, we remain constructive on the equity
market’s long-term performance. A broadening
of participation in the rally has been noted by
many analysts. And though the potential for
price corrections are ever present, it appears that
the underlying U.S. and world economies have
a number of favorable tail-winds: principally
stimulative central bank policies and increased
vigilance by fiscal policy leaders.
By Order of the Board of Directors,
Jeffrey W. Priest
President and Chief Executive Officer
January 29, 2020
2
T H E C O M PA N Y
G e n e r a l A m e r i c a n I n v e s t o r s
Corporate
Overview
Investors,
General American
established in 1927, is one of
the nation’s oldest closed-end
investment companies. It
is
an independent organization
that is internally managed. For
regulatory purposes, the Company is classified
as a diversified, closed-end management
investment company; it is registered under and
subject to the Investment Company Act of 1940
and Sub-Chapter M of the Internal Revenue
Code.
Investment
Policy
The primary objective of the
Company is long-term capital
appreciation. Lesser emphasis
is placed on current income. In
seeking to achieve its primary
objective, the Company invests
principally in common stocks believed by
its management to have better than average
growth potential.
The Company’s investment approach focuses on
the selection of individual stocks, each of which
is expected to meet a clearly defined portfolio
objective. A continuous investment research
program, which stresses fundamental security
analysis, is carried on by the officers and staff of
the Company under the oversight of the Board
of Directors. The Directors have a broad range of
experience in business and financial affairs.
Portfolio
Manager
Mr. Jeffrey W. Priest, has been
President of the Company since
February 1, 2012 and has been
responsible for the management
of the Company since January 1,
2013 when he was appointed
Chief Executive Officer and Portfolio Manager.
Mr. Priest joined the Company in 2010 as a
senior investment analyst and has spent his
entire 30-year business career on Wall Street.
Mr. Priest succeeds Mr. Spencer Davidson who
served as Chief Executive Officer and Portfolio
Manager from 1995 through 2012.
its
“GAM”
Common
Stock
investment
As a closed-end
Company
company,
the
shares
does not offer
continuously.
The Common
Stock is listed on The New York
Stock Exchange (symbol, GAM)
and can be bought or sold in the same manner as
all listed stocks. Net asset value is computed and
published on the Company’s website daily (on
an unaudited basis) and is also furnished upon
request. It is also available on most electronic
quotation services using the symbol “XGAMX.”
Net asset value per share (NAV), market price,
and the discount or premium from NAV as of the
close of each week, is published in Barron’s and
The Wall Street Journal, Monday edition.
Shares of the Company usually sell at a discount
to NAV, as do the shares of most other domestic
equity closed-end investment companies.
Since March 1995, the Board of Directors has
authorized the repurchase of Common Stock
in the open market when the shares trade
at a discount to NAV of at least 8%. To date,
29,294,809 shares have been repurchased.
“GAM Pr B”
Preferred
Stock
On September 24, 2003, the
Company issued and sold in an
underwritten offering 8,000,000
shares of its 5.95% Cumulative
Preferred Stock, Series B with a
liquidation preference of $25
per share ($200,000,000 in the aggregate). The
Preferred Shares are rated “A1” by Moody’s
Investors Service, Inc. and are listed and traded
on The New York Stock Exchange (symbol,
GAM Pr B). The Preferred Shares are available
to leverage the investment performance of the
Common Stockholders; higher market volatility
for the Common Stockholders may result.
The Board of Directors authorized the repurchase
of up to 1 million Preferred Shares in the open
market at prices below $25 per share. To date,
395,313 shares have been repurchased.
3
T H E C O M PA N Y
G e n e r a l A m e r i c a n I n v e s t o r s
Dividend
and
Distribution
Policy
dividend
Company’s
The
and distribution policy
is
to distribute to stockholders
before year-end substantially
all ordinary income estimated
for the full year and capital
gains realized during the ten-month period
ended October 31 of that year. If any additional
capital gains are realized and available or
ordinary income is earned during the last two
months of the year, a “spill-over” distribution
of these amounts may be paid. Dividends
and distributions on shares of Preferred Stock
are paid quarterly. Distributions from capital
gains and dividends from ordinary income are
allocated proportionately among holders of
shares of Common Stock and Preferred Stock.
from
Dividends
income have been paid
continuously on the Common Stock since
1939 and capital gain distributions in varying
amounts have been paid for each of the years
1943-2019 (except for the year 1974). (A table
listing dividends and distributions paid during
the 20-year period 2000-2019 is shown at the
bottom of page 4.) To the extent that shares
can be issued, dividends and distributions are
paid to Common Stockholders in additional
shares of Common Stock unless the stockholder
specifically requests payment in cash.
to
the Company
Proxy Voting
Policies,
Procedures
and Record
The policies and procedures
to
used by
determine
vote
how
proxies relating to portfolio
securities and the Company’s
proxy voting record for the
12-month period ended June 30, 2019 are
available: (1) without charge, upon request,
by calling the Company at its toll-free number
(1-800-436-8401), (2) on the Company’s website
at www.generalamericaninvestors.com and (3)
on the Securities and Exchange Commission’s
website at www.sec.gov.
for
registration
Direct
Registration
The Company makes available
direct
its
Common Shareholders. Direct
registration, an element of
Investors Choice Plan
the
administered by our transfer
agent, is a system that allows for book-entry
ownership and electronic transfer of our
Common Shares. Accordingly, when Common
Shareholders, who hold their shares directly,
receive new shares resulting from a purchase,
transfer or dividend payment, they will receive a
statement showing the credit of the new shares
as well as their Plan account and certificated
share balances. A brochure which describes the
features and benefits of the Investors Choice
Plan, including the ability of shareholders to
deposit certificates with our transfer agent, can
be obtained by calling American Stock Transfer
& Trust Company at 1-800-413-5499, calling
the Company at 1-800-436-8401 or visiting our
www.generalamericaninvestors.com
website:
- click on Distributions & Reports, then Report
Downloads.
Privacy
Policy and
Practices
The Company collects nonpublic
personal information about its
direct stockholders with respect
to their transactions in shares of
the Company’s securities (those
stockholders whose shares are
registered directly
their names). This
in
information includes the stockholder’s address,
tax identification or Social Security number and
dividend elections. We do not have knowledge
of, nor do we collect personal information
about, stockholders who hold the Company’s
securities in “street name” registration.
We do not disclose any nonpublic personal
information about our current or former
stockholders to anyone, except as permitted by
law. We restrict access to nonpublic personal
information about our stockholders to those few
employees who need to know that information
to perform their responsibilities. We maintain
safeguards to comply with federal standards to
secure our stockholders’ information.
4
I N V E S T M E N T R E S U L T S ( U N AU D I T E D )
G e n e r a l A m e r i c a n I n v e s t o r s
Total return on $10,000
investment for 20 years
ended December 31, 2019
T
he investment return for a Common Stockholder of General American Investors (GAM) over
the 20 years ended December 31, 2019 is shown in the table below and in the accompanying
chart. The return based on GAM’s net asset value (NAV) per Common Share in comparison
to the change in the Standard & Poor’s 500 Stock Index (S&P 500) is also displayed. Each
illustration assumes an investment of $10,000 at the beginning of 2000.
Stockholder Return is the return a Common Stockholder of GAM would have achieved assuming
reinvestment of all dividends and distributions at the actual reinvestment price and of all cash
dividends and distributions at the market price on the ex-dividend date.
Net Asset Value (NAV) Return is the return on shares of the Company’s Common Stock based
on the NAV per share, including the reinvestment of all dividends and distributions at the
reinvestment prices indicated above.
Standard & Poor’s 500 Return is the total rate of return on this widely-recognized, unmanaged
index which is a measure of general stock market performance, including dividend income.
Past performance may not be indicative of future results.
The following tables and graph do not reflect the deduction of taxes that a stockholder would pay
on Company distributions or the sale of Company shares.
GENERAL AMERICAN INVESTORS
STANDARD & POOR’S 500
Stockholder return
cumulAtiVe
inVeStment
$11,910
12,426
9,045
11,488
12,497
14,672
17,134
18,628
9,649
13,206
15,351
14,539
17,413
23,372
25,550
24,185
26,021
31,540
28,427
40,236
AnnuAl
return
19.10%
4.33
-27.21
27.01
8.79
17.40
16.78
8.72
-48.20
36.86
16.24
-5.29
19.77
34.22
9.32
-5.34
7.59
21.21
-9.87
41.54
net ASSet VAlue return
cumulAtiVe
inVeStment
$11,764
11,623
8,947
11,399
12,581
14,619
16,408
17,723
10,098
13,338
15,380
14,939
17,524
23,365
24,875
24,487
26,857
31,793
29,558
39,924
AnnuAl
return
17.64%
-1.20
-23.02
27.40
10.37
16.20
12.24
8.01
-43.02
32.08
15.31
-2.87
17.31
33.33
6.46
-1.56
9.68
18.38
-7.03
35.07
return
cumulAtiVe
inVeStment
$9,091
8,010
6,237
8,018
8,883
9,312
10,770
11,353
7,144
9,034
10,395
10,616
12,314
16,304
18,536
18,798
21,050
25,645
24,522
32,244
AnnuAl
return
-9.09%
-11.89
-22.14
28.56
10.79
4.83
15.66
5.41
-37.07
26.45
15.06
2.13
15.99
32.41
13.69
1.41
11.98
21.83
-4.38
31.49
YeAr
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
This table shows dividends
and distributions on the
Company’s Common Stock
for the prior 20-year period.
Amounts shown are based
upon the year in which the
income was earned, not the
year paid. Spill-over
payments made after
year-end are attributable
to income and gains earned
in the prior year.
D I V I D E N D S A N D D I S T R I B U T I O N S P E R C O M M O N S H A R E ( 2 0 0 0 - 2 019 ) ( U N AU D I T E D )
YeAr
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
income
$0.480
0.370
0.030
0.020
0.217
0.547
0.334
0.706
0.186
0.103
eArningS Source
Short-term
cApitAl gAinS
$1.550
0.640
—
—
—
0.041
—
0.009
—
0.051
long-term
cApitAl gAinS
$6.160
1.370
0.330
0.590
0.957
1.398
2.666
5.250
0.254
0.186
return of
cApitAl
—
—
—
—
—
—
—
—
—
$0.010
YeAr
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
eArningS Source
Short-term
cApitAl gAinS
$0.033
0.011
0.015
—
0.254
—
—
—
—
—
income
$0.081
0.147
0.215
0.184
0.321
0.392
0.283
0.578
0.294
0.388
long-term
cApitAl gAinS
$0.316
0.342
1.770
1.916
2.925
0.858
2.997
3.012
1.956
2.062
5
I N V E S T M E N T R E S U L T S ( U N AU D I T E D )
G e n e r a l A m e r i c a n I n v e s t o r s
20-YEAR INVESTMENT RESULTS
ASSUMING AN INITIAL INVESTMENT OF $10,000
CUMULATIVE VALUE OF INVESTMENT
COMPARATIVE ANNUALIZED INVESTMENT RESULTS
YEARS ENDED
S&P 500
DECEMBER 31,
STOCK
INDEX
STOCKHOLDER
RETURN
GAM NET
ASSET VALUE
2019
1 year
5 years
10 years
15 years
20 years
41.5%
35.1%
31.5%
9.5
11.8
8.1
7.2
9.9
11.4
8.0
7.1
11.7
13.6
9.0
6.0
$50,000
$40,000
$30,000
$20,000
$10,000
0
0
0
2
0 1
0
2
2
0
0
2
3
0
0
2
4
0
0
2
5
0
0
2
6
0
0
2
7
0
0
2
8
0
0
2
9
0
0
2
0 1 0
2
0 1 1
2
0 1 2
2
0 1 3
2
0 1 4
2
0 1 5
2
0 1 6
2
0 1 7
2
0 1 8
2
0 1 9
2
P O R T F O L I O D I V E R S I F I C AT I O N ( U N AU D I T E D )
GAM Stockholder Return
GAM Net Asset Value
S&P 500 Stock Index
$0
The diversification of the
Company’s net assets
applicable to its Common
Stock by industry group as
of December 31, 2019 is
shown in the table.
induStrY cAtegorY
Financials
Banks
Diversified Financials
Insurance
Information Technology
Semiconductors & Semiconductor Equipment
Software & Services
Technology, Hardware & Equipment
Consumer Staples
Food, Beverage & Tobacco
Food & Staples Retailing
Household & Personal Products
Industrials
Capital Goods
Commercial & Professional Services
Transportation
Consumer Discretionary
Retailing
Communication Services
Media & Entertainment
Telecommunication Services
Health Care
Pharmaceuticals, Biotechnology & Life Sciences
Energy
Miscellaneous**
Materials
Short-Term Securities
Total Investments
Liabilities in Excess of Other Assets
Preferred Stock
Net Assets Applicable to Common Stock
coSt
(000)
VAlue
(000)
% common
net ASSetS*
$ 13,008
4,466
34,149
51,623
$ 48,092
58,018
126,918
233,028
4.5%
5.3
11.7
21.5
13,168
18,750
27,589
59,507
35,622
2,575
15,024
53,221
43,143
8,408
23,062
74,613
79,192
68,374
72,449
220,015
89,161
25,042
30,456
144,659
61,838
53,589
26,112
141,539
48,354
140,834
60,999
18,544
79,543
43,800
56,000
25,849
9,005
501,515
101,921
$ 603,436
86,899
26,860
113,759
79,199
66,451
27,959
7,725
1,175,168
101,921
1,277,089
(5,274)
(190,117)
$ 1,081,698
7.4
6.3
6.7
20.4
8.3
2.3
2.8
13.4
5.7
5.0
2.4
13.1
13.0
8.0
2.5
10.5
7.3
6.2
2.6
0.7
108.7
9.4
118.1
(0.5)
(17.6)
100.0%
*
**
Net Assets applicable to the Company’s Common Stock
Securities which have been held for less than one year, not previously disclosed, and not restricted.
(see notes to financial statements)
6
M A J O R S T O C K C H A N G E S ( a ) : T H R E E M O N T H S E N D E D D E C E M B E R 31 , 2 019 ( U N AU D I T E D )
G e n e r a l A m e r i c a n I n v e s t o r s
increASeS:
new poSitionS
The Boeing Company
Booking Holdings Inc.
ViacomCBS Inc. - Class B
AdditionS Cleveland-Cliffs Inc.
Corbus Pharmaceuticals Holdings, Inc.
Delta Air Lines, Inc.
Kindred Biosciences, Inc.
Nuance Communications, Inc.
Pfizer Inc.
Pioneer Natural Resources Company
Valneva SE
Vodafone Group plc ADR
The Walt Disney Company
decreASeS:
eliminAtionS Applied DNA Sciences, Inc. - Warrants
CBS Corporation - Class B
Elanco Animal Health Incorporated
FireEye, Inc.
The Kroger Co.
Macy’s, Inc.
QUALCOMM Incorporated
Valaris plc (a)
Venator Materials PLC
reductionS Cisco Systems, Inc.
Diageo plc ADR
eBay Inc.
EOG Resources, Inc.
GCI Liberty, Inc. - Class A
InterDigital, Inc.
Intra-Cellular Therapies, Inc.
JPMorgan Chase & Co.
New York Community Bancorp, Inc.
Paratek Pharmaceuticals, Inc.
Phillips 66
Target Corporation
VBI Vaccines, Inc.
(a) Common shares unless otherwise noted.
(b) Results of a merger of CBS Corporation into ViacomCBS Inc.
(see notes to financial statement)
net ShAreS
trAnSActed
ShAreS
held
45,000
4,300
49,314
50,000
75,000
10,000
22,169
45,000
4,300
49,314 (b)
919,669
632,400
446,511
516,496
113,914
644,655
35,000
365,808
8,056
59,000
250,000
950,000
41,606
30,800
384,506
80,800
281,409
371,794
209,683
361,240
315,782
450,100
80,036
331,250
1,189,536
30,886
10,000
50,000
20,000
35,000
26,800
10,000
27,300
—
— (b)
—
—
—
—
—
—
—
600,000
83,210
138,800
100,725
274,199
152,337
331,527
155,000
150,000
650,000
105,337
644,323
30,000
15,000
113,000
161,800
867,592
1,306,672
7
TE N L A R G E S T I N V E S T M E N T H O L D I N G S ( U N AU D I T E D )
G e n e r a l A m e r i c a n I n v e s t o r s
The statement of
investments as of
December 31, 2019,
shown on pages 8 - 10
includes securities of 64
issuers. Listed here are
the ten largest holdings
on that date.
the tjx CompanieS, inC.
Through its T.J. Maxx and Marshalls divisions, TJX is the leading
off-price retailer. The continued growth of these divisions in the U.S.
and Europe, along with expansion of related U.S. and foreign off-price
formats, provide ongoing growth opportunities.
miCroSoft Corporation
Microsoft is a leading global provider of software, services and hardware
devices. The company produces the Windows operating system, Office
productivity suite, Azure public cloud service, and Xbox gaming console.
republiC SerViCeS, inC.
Republic Services is a leading provider of non-hazardous, solid waste
collection and disposal services in the U.S. The efficient operation of its
routes and facilities combined with appropriate pricing enables Republic
Services to generate significant free cash flow.
aSml holding n.V.
ASML is the leading global provider of lithography systems for the
semiconductor industry, manufacturing highly complex equipment
critical to the production of integrated circuits or microchips.
ASML has established a dominant market share in next-generation
lithography even as that market grows its share of semiconductor capex
budgets. ASML has strong growth prospects, healthy margin leverage,
shareholder-friendly capital allocation, and a moderate risk profile.
alphabet inC.
Alphabet is a global technology firm with a dominant market share
in internet search, online advertising, desktop, and mobile operating
systems, as well as a growing share of cloud computing platforms.
Alphabet has a wide competitive moat, a strong business franchise,
a reasonable valuation, several positive potential catalysts, and
manageable risks.
arCh Capital group ltd.
Arch Capital, a Bermuda-based insurer/reinsurer, generates premiums of
approximately $7.5 billion and has a high quality, well-reserved balance
sheet. This company has a strong management team that exercises
underwriting discipline, expense control, and capital management
resulting in above-average earnings and book value growth.
berkShire hathaway inC. - ClaSS a
Berkshire Hathaway is a holding company owning many well-operated
subsidiaries mainly in the insurance, railroad, utility/energy, aerospace,
manufacturing, retail, and finance industries. The company also
holds various common stock investments. Berkshire is positioned to
provide above average, long term, relatively defensive returns due to its
conservative balance sheet.
neStlé S.a.
Nestlé is a well-managed, global food company with a favorably-
positioned product portfolio and an excellent balance sheet. Market
share, volume growth, pricing power, expense control, and capital
management yield durable, above average, total return potential.
amazon.Com, inC.
Amazon.com is the world’s largest online retailer and cloud services
provider. Headquartered in Seattle, WA., Amazon has individual
websites, software development centers, customer service centers and
fulfillment centers all over the world with sales of approximately $280B.
united teChnologieS Corporation
United Technologies provides products and services to the global
aerospace and building industries. The company holds a leading
position in many of the markets it serves which augments United
Technologies’ ability to generate favorable long-term shareholder yield
via growth, dividends and share repurchases.
ShareS
Value
% Common
net aSSetS
1,055,037 $ 64,420,559
6.0%
360,686
56,880,182
5.3
597,895
53,589,329
5.0
170,850
50,561,349
4.7
35,500
47,464,210
4.4
1,080,000
46,321,200
4.3
110
37,354,900
3.5
345,000
37,351,829
3.5
18,000
33,261,120
3.1
217,541
32,578,940
3.0
$459,783,618
42.8%
8
S TAT E M E N T O F I N V E S T M E N T S D E C E M B E R 31 , 2 019
G e n e r a l A m e r i c a n I n v e s t o r s
CommuniCation
SerViCeS
(10.5%)
ShareS COMMON STOCkS
mediA And entertAinment (8.0%)
35,500 Alphabet Inc. (a)
186,500 Discovery, Inc. (a)
76,500 Facebook, Inc. - Class A (a)
13,160 The Madison Square Garden Company (a)
49,314 ViacomCBS Inc. - Class B
80,800 The Walt Disney Company
telecommunicAtion SerViceS (2.5%)
274,199 GCI Liberty, Inc. - Class A (a)
384,506 Vodafone Group plc ADR (United Kingdom)
(Cost $60,999,210)
Value (note 1a)
$
47,464,210
6,106,010
15,701,625
3,871,540
2,069,709
11,686,104
86,899,198
19,426,999
7,432,501
ConSumer
diSCretionary
(13.0%)
retAiling (13.0%)
18,000 Amazon.com, Inc. (a)
4,300 Booking Holdings Inc. (a)
138,800 eBay Inc.
79,201 Expedia Group, Inc.
161,800 Target Corporation
1,055,037 The TJX Companies, Inc.
ConSumer StapleS
(13.4%)
food, BeVerAge And toBAcco (8.3%)
225,118 Danone (France)
83,210 Diageo plc ADR (United Kingdom)
345,000 Nestlé S.A. (Switzerland)
140,000 PepsiCo, Inc.
food And StApleS retAiling (2.3%)
(Cost $18,544,223)
26,859,500
(Cost $79,543,433)
113,758,698
33,261,120
8,831,039
5,012,068
8,564,796
20,744,378
64,420,559
(Cost $47,860,312)
140,833,960
18,660,848
14,014,228
37,351,829
19,133,800
89,160,705
(Cost $35,621,685)
85,200 Costco Wholesale Corporation
(Cost $2,574,642)
25,041,984
houSehold And perSonAl productS (2.8%)
530,000 Unilever N.V. (Netherlands/United Kingdom)
(Cost $15,024,215)
30,456,285
(Cost $53,220,542)
144,658,974
energy
(6.1%)
1,500,947 Cameco Corporation (Canada)
100,725 EOG Resources, Inc.
3,830,440 Gulf Coast Ultra Deep Royalty Trust
460,000 Halliburton Company
1,150,000 Helix Energy Solutions Group, Inc. (a)
113,000 Phillips 66
59,000 Pioneer Natural Resources Company
finanCialS
(21.5%)
BAnkS (4.5%)
155,000 JPMorgan Chase & Co.
110,000 M&T Bank Corporation
650,000 New York Community Bancorp, Inc.
diVerSified finAnciAlS (5.3%)
110 Berkshire Hathaway Inc. - Class A (a)(b)
350,000 Nelnet, Inc.
(Cost $55,729,483)
13,358,428
8,436,726
99,592
11,256,200
11,074,500
12,589,330
8,930,830
65,745,606
21,607,000
18,672,500
7,813,000
(Cost $13,007,925)
48,092,500
(Cost $4,084,110)
37,354,900
20,384,000
57,738,900
9
S TAT E M E N T O F I N V E S T M E N T S D E C E M B E R 31 , 2 019 -
c o n t i n u e d
G e n e r a l A m e r i c a n I n v e s t o r s
finanCialS
(21.5%)
(continued)
ShareS COMMON STOCkS (Continued)
inSurAnce (11.7%)
70,214 Aon plc (United Kingdom)
1,080,000 Arch Capital Group Ltd. (a) (Bermuda)
295,000 Axis Capital Holdings Limited (Bermuda)
105,000 Everest Re Group, Ltd. (Bermuda)
380,000 MetLife, Inc.
health Care
(7.3%)
phArmAceuticAlS, BiotechnologY And life ScienceS (7.3%)
632,400 Corbus Pharmaceuticals Holdings, Inc. (a)
333,600 Gilead Sciences, Inc.
331,527 Intra-Cellular Therapies, Inc. (a)
516,496 Kindred Biosciences, Inc. (a)
185,191 Merck & Co., Inc.
644,323 Paratek Pharmaceuticals, Inc. (a)
365,808 Pfizer Inc.
950,000 Valneva SE (a) (France)
1,306,672 VBI Vaccines, Inc. (a) (Canada)
induStrialS
(13.1%)
cApitAl goodS (5.7%)
45,000 The Boeing Company
154,131 Eaton Corporation plc (Ireland)
217,541 United Technologies Corporation
commerciAl And profeSSionAl SerViceS (5.0%)
597,895 Republic Services, Inc.
trAnSportAtion (2.4%)
446,511 Delta Air Lines, Inc.
information
teChnology
(20.3%)
SemiconductorS And Semiconductor equipment (7.3%)
153,652 Applied Materials, Inc.
170,850 ASML Holding N.V. (Netherlands)
89,309 Universal Display Corporation
SoftwAre And SerViceS (6.3%)
360,686 Microsoft Corporation
644,655 Nuance Communications, Inc. (a)
technologY, hArdwAre And equipment (6.7%)
84,000 Apple Inc.
600,000 Cisco Systems, Inc.
152,337 InterDigital, Inc.
135,000 Lumentum Holdings Inc. (a)
Value (note 1a)
$
14,624,874
46,321,200
17,534,800
29,068,200
19,368,600
(Cost $34,148,736)
126,917,674
(Cost $51,240,771)
232,749,074
3,452,904
21,677,328
11,374,691
4,379,886
16,843,122
2,596,622
14,332,358
2,738,630
1,803,207
(Cost $43,764,304)
79,198,748
14,659,200
14,599,288
32,578,940
61,837,428
(Cost $43,142,640)
(Cost $8,407,622)
53,589,329
(Cost $23,062,608)
26,111,963
(Cost $74,612,870)
141,538,720
9,378,918
50,561,349
18,403,906
78,344,173
56,880,182
11,494,199
68,374,381
24,666,600
28,776,000
8,300,843
10,705,500
72,448,943
(Cost $12,395,837)
(Cost $18,750,173)
(Cost $27,589,169)
(Cost $58,735,179)
219,167,497
materialS (0.7%)
919,669 Cleveland-Cliffs Inc.
(Cost $9,005,496)
7,725,220
miSCellanouS (2.6%)
1,477,042 Other (c)
(Cost $25,849,264)
27,959,283
totAl common StockS (108.5%)
(Cost $499,561,654)
1,173,335,780
10
S TAT E M E N T O F I N V E S T M E N T S D E C E M B E R 31 , 2 019 -
c o n t i n u e d
G e n e r a l A m e r i c a n I n v e s t o r s
pharmaCeutiCalS,
bioteChnology and
life SCienCeS (0.0%)
Call optionS
energy (0.1%)
put optionS
rightS RIGhTS (a)
1,415,824 Elanco Animal Health Incorporated/
December 31, 2021/$0.25
Value (note 1a)
(Cost $35,646)
—
OPTIONS (a)
ContraCtS
(100 shares each) Company/expiration date/exerCiSe priCe/notional
3,322 Transocean Ltd./February 21, 2020/$5/$1,661,000
$
200 Transocean Ltd./May 15, 2020/$5/$100,000
(Cost $270,967)
diVerSified finanCialS
(0.0%)
500 Capital One Financial Corporation/
June 19, 2020/$85/$4,250,000
750 Capital One Financial Corporation/
June 19, 2020/$90/$6,750,000
(Cost $381,660)
661,078
44,600
705,678
88,500
190,500
279,000
retailing
(0.0%)
SemiConduCtorS
and SemiConduCtor
equipment (0.1%)
1,500 The TJX Companies, Inc./
January 17, 2020/$42.50/$6,375,000
(Cost $493,551)
—
400 Universal Display Corporation/
June 19, 2020/$200/$8,000,000
(Cost $772,500)
848,000
TOTAL OPTIONS (0.2%)
(Cost $1,918,678)
1,832,678
ShareS ShORT-TERM SECuRITY ANd OThER ASSETS
101,920,425 State Street Institutional Treasury Plus Money
Market Fund, Trust Class, 1.48% (d) (9.4%)
(Cost $101,920,425)
101,920,425
TOTAL INVESTMENTS (e) (118.1%)
Liabilities in excess of other assets (-0.5%)
PREFERRED STOCK (-17.6%)
NET ASSETS APPLICABLE TO COMMON STOCK (100%)
(Cost $603,436,403)
1,277,088,883
(5,274,094)
1,271,814,789
(190,117,175)
$ 1,081,697,614
ADR - American Depository Receipt
(a) Non-income producing security.
(b) 50 shares of 110 total shares held as collateral for options written.
(c) Securities which have been held for less than one year, not previously disclosed, and not restricted.
(d) 7-day yield.
(e) At December 31, 2019, the cost of investments and derivatives for Federal income tax purposes was $606,623,333; aggregate gross unrealized
appreciation was $687,132,410; aggregate gross unrealized depreciation was $17,448,113; and net unrealized appreciation was $669,684,297.
S TAT E M E N T O F O P T I O N S W R I T T E N D E C E M B E R 31 , 2 019
Call optionS
media and
entertainment (0.0%)
ContraCtS
(100 shares each) Company/expiration date/exerCiSe priCe/notional premiumS reCeiVed* Value (note 1a)
353 World Wrestling Entertainment, Inc./
February 21, 2020/$65/$2,294,500
$
175,646 $
162,380
retailing (0.1%)
1,500 The TJX Companies, Inc./
January 17, 2020/$52.50/$7,875,000
371,944
1,305,000
SemiConduCtorS
and SemiConduCtor
equipment (0.1%)
put optionS
media and
entertainment (0.0%)
400 Universal Display Corporation/
June 19, 2020/$240/$9,600,000
687,454
552,000
TOTAL CALL OPTIONS (0.2%)
1,235,044
2,019,380
1,500 Lions Gate Entertainment Corp./
February 21, 2020/$11/$1,650,000
155,519
172,500
TOTAL OPTIONS WRITTEN (0.2%)
$
1,390,563 $
2,191,880
* The maximum cash outlay if all options are exercised is $21,419,500.
(see notes to financial statements)
11
S TAT E M E N T O F AS S E T S A N D L I A B I L I T I E S
G e n e r a l A m e r i c a n I n v e s t o r s
aSSetS
inVeStmentS, At VAlue (note 1a)
Common stocks (cost $499,561,654)
Rights (cost $35,646)
Purchased options (cost $1,918,678; note 4)
Money market fund (cost $101,920,425)
Total investments (cost $603,436,403)
other ASSetS
Receivable for securities sold
Dividends, interest and other receivables
Qualified pension plan asset, net excess funded (note 7)
Present value of future office lease payments (note 8)
Prepaid expenses, fixed assets, and other assets
totAl ASSetS
liabilitieS
Payable for securities purchased
Accrued preferred stock dividend not yet declared
Outstanding options written, at value (premiums received $1,390,563; note 4)
Accrued compensation payable to officers and employees
Present value of future office lease payments (note 8)
Accrued supplemental pension plan liability (note 7)
Accrued supplemental thrift plan liability (note 7)
Accrued expenses and other liabilities
totAl liABilitieS
5.95% CUMULATIVE PREFERRED STOCK, SERIES B -
7,604,687 shares at a liquidation value of $25 per share (note 5)
NET ASSETS APPLICABLE TO COMMON STOCK - 24,753,191 shares (note 5)
NET ASSET VALUE PER COMMON SHARE
net ASSetS ApplicABle to common Stock
Common Stock, 24,753,191 shares at par value (note 5)
Additional paid-in capital (note 5)
Unallocated distributions on Preferred Stock
Total distributable earnings (note 5)
Accumulated other comprehensive loss (note 7)
NET ASSETS APPLICABLE TO COMMON STOCK
(see notes to financial statements)
deCember 31, 2019
$ 1,173,335,780
—
1,832,678
101,920,425
1,277,088,883
3,125,119
2,113,323
4,078,133
5,008,827
3,506,850
1,294,921,135
1,501,389
219,955
2,191,880
1,930,000
5,008,827
6,300,297
4,999,938
954,060
23,106,346
190,117,175
$ 1,081,697,614
$
43.70
$
24,753,191
391,026,460
(219,955)
670,326,885
(4,188,967)
$ 1,081,697,614
1 2
S TAT E M E N T O F O P E R AT I O N S
G e n e r a l A m e r i c a n I n v e s t o r s
inCome
Dividends (net of foreign withholding taxes of $462,011)
Interest
totAl income
expenSeS
Investment research
Administration and operations
Office space and general
Transfer agent, custodian, and registrar fees and expenses
Directors' fees and expenses
Auditing and legal fees
State and local taxes
Stockholders' meeting and reports
totAl expenSeS
net inVeStment income
realized gain and Change in unrealized appreCiation on inVeStmentS (noteS 1, 3 and 4)
Net realized gain on investments:
Common stock
Purchased option transactions
Written option transactions
Net increase in unrealized appreciation:
Common stocks and rights
Purchased options
Written options
gAinS And AppreciAtion on inVeStmentS
net inVeStment income, gAinS, And AppreciAtion on inVeStmentS
diStriButionS to preferred StockholderS
increASe in net ASSetS reSulting from operAtionS
S TAT E M E N T S O F C H A N G E S I N N E T A S S E T S
operationS
Net investment income
Net realized gain on investments
Net increase (decrease) in unrealized appreciation
Distributions to Preferred Stockholders
increASe (decreASe) in net ASSetS reSulting from operAtionS
other ComprehenSiVe loSS
Funded status of defined benefit plans (note 7)
Distributions to Common Stockholders
Capital Share tranSaCtionS (note 5)
Value of Common Shares issued in payment of dividends
and distributions
Cost of Common Shares purchased
decreASe in net ASSetS - cApitAl trAnSActionS
net increASe (decreASe) in net ASSetS
net aSSetS appliCable to Common StoCk
Beginning of YeAr
end of YeAr
(see notes to financial statements)
year ended
deCember 31, 2019
$ 18,805,323
2,460,058
21,265,381
7,528,665
3,478,691
965,963
315,078
258,518
269,946
145,196
84,992
13,047,049
8,218,332
62,870,020
(1,038,228)
(935,515)
60,896,277
230,296,559
(1,732,944)
(801,317)
227,762,298
288,658,575
296,876,907
(11,311,972)
$ 285,564,935
$
$
year ended deCember 31,
2018
2019
8,173,881
8,218,332
59,267,989
60,896,277
(139,146,694)
227,762,298
(71,704,824)
296,876,907
(11,311,972)
(11,311,972)
(83,016,796)
285,564,935
(224,943)
(59,144,808)
(1,328,128)
(70,424,179)
25,592,701
(66,879,473)
(41,286,772)
184,908,412
22,883,574
(41,808,714)
(18,925,140)
(173,694,243)
896,789,202
$1,081,697,614
1,070,483,445
$ 896,789,202
13
F I N A N C I A L H I G H L I G H T S
G e n e r a l A m e r i c a n I n v e s t o r s
The following table shows
per share operating
performance data, total
investment return, ratios,
and supplemental data
for each year in the
five-year period ended
December 31, 2019. This
information has been
derived from information
contained in the financial
statements and market
price data for the
Company’s shares.
per ShAre operAting performAnce
Net asset value, beginning of year
Net investment income
Net gain (loss) on common stocks,
options and other realized and
unrealized
Other comprehensive income (loss)
Distributions on Preferred Stock:
Dividends from net investment income
Distributions from net capital gains
Total from investment operations
Distributions on Common Stock:
Dividends from net investment income
Distributions from net capital gains
Net asset value, end of year
Per share market value, end of year
totAl inVeStment return - Stockholder
return, based on market price per share
rAtioS And SupplementAl dAtA
Net assets applicable to Common Stock
2019
2018
2017
2016
2015
$34.51
0.33
$40.47
0.31
$37.56
0.32
$37.74
0.30
$39.77
0.48
11.78
(0.01)
12.10
(0.07)
(0.39)
(0.46)
11.64
(3.03)
(0.05)
(2.77)
(0.06)
(0.38)
(0.44)
(3.21)
(0.39)
(2.06)
(2.45)
$43.70
$37.74
(0.29)
(2.46)
(2.75)
$34.51
$28.44
6.23
0.08
6.63
(0.04)
(0.39)
(0.43)
6.20
(0.30)
(2.99)
(3.29)
$40.47
$34.40
3.10
0.02
3.42
(0.04)
(0.38)
(0.42)
3.00
(0.33)
(2.85)
(3.18)
$37.56
$31.18
(0.99)
0.02
(0.49)
(0.12)
(0.27)
(0.39)
(0.88)
(0.34)
(0.81)
(1.15)
$37.74
$31.94
41.54%
(9.87%)
21.21%
7.59%
(5.34%)
end of year (000’s omitted)
$1,081,698 $896,789 $1,070,483 $1,022,535 $1,068,028
Ratio of expenses to average net assets
applicable to Common Stock
Ratio of net income to average net assets
applicable to Common Stock
Portfolio turnover rate
1.28%
1.20%
1.28%
1.27%
1.17%
0.81%
0.78%
17.76% 23.00%
0.79%
19.58%
0.78%
20.29%
1.17%
14.41%
preferred Stock
Liquidation value, end of year
(000’s omitted)
Asset coverage
Liquidation preference per share
Market value per share
(see notes to financial statements)
N O T E S T O F I N A N C I A L S TAT E M E N T S
G e n e r a l A m e r i c a n I n v e s t o r s
$190,117 $190,117
572%
$25.00
$25.72
669%
$25.00
$27.60
$190,117
663%
$25.00
$26.59
$190,117
638%
$25.00
$25.77
$190,117
662%
$25.00
$26.75
1. SIGNIFICANT ACCOUNTING POLICIES
General American Investors Company, Inc. (the “Company”), established in 1927, is registered under the Investment
Company Act of 1940 as a closed-end, diversified management investment company. It is internally managed by its
officers under the direction of the Board of Directors.
The accompanying financial statements have been prepared in accordance with United States generally accepted
accounting principles (“U.S. GAAP”) pursuant to the requirements for reporting; Accounting Standards Codification
946, Financial Services - Investment Companies (“ASC 946”), and Regulation S-X.
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the
reported amounts of income, expenses and gains and losses during the reported period. Changes in the economic
environment, financial markets, and any other parameters used in determining these estimates could cause actual
results to differ, and these differences could be material.
a. SecuritY VAluAtion Equity securities traded on a national securities exchange are valued at the last reported sales
price on the last business day of the period. Equity securities reported on the NASDAQ national market are valued
at the official closing price on that day. Listed and NASDAQ equity securities for which no sales are reported on that
day and other securities traded in the over-the-counter market are valued at the last bid price (asked price for options
written) on the valuation date. Equity securities traded primarily in foreign markets are valued at the closing price
of such securities on their respective exchanges or markets. Corporate debt securities, domestic and foreign, are
14
N O T E S T O F I N A N C I A L S TAT E M E N T S - c o n t i n u e d
N O T E S T O F I N A N C I A L S TAT E M E N T S
G e n e r a l A m e r i c a n I n v e s t o r s
G e n e r a l A m e r i c a n I n v e s t o r s
generally traded in the over-the-counter market rather than on a securities exchange. The Company utilizes the
latest bid prices provided by independent dealers and information with respect to transactions in such securities
to determine current market value. If, after the close of foreign markets, conditions change significantly, the price
of certain foreign securities may be adjusted to reflect fair value as of the time of the valuation of the portfolio.
Investments in money market funds are valued at their net asset value. Special holdings (restricted securities) and
other securities for which quotations are not readily available are valued at fair value determined in good faith
pursuant to specific procedures appropriate to each security as established by and under the general supervision of
the Board of Directors. The determination of fair value involves subjective judgments. As a result, using fair value
to price a security may result in a price materially different from the price used by other investors or the price that
may be realized upon the actual sale of the security.
b. optionS The Company may purchase and write (sell) put and call options. The Company purchases put options
or writes call options to hedge the value of portfolio investments while it purchases call options and writes put
options to obtain equity market exposure. The risk associated with purchasing an option is that the Company pays
a premium whether or not the option is exercised. Additionally, the Company bears the risk of loss of the premium
and a change in market value should the counterparty not perform under the contract. Put and call options
purchased are accounted for in the same manner as portfolio securities. Premiums received from writing options
are reported as a liability on the Statement of Assets and Liabilities. Those that expire unexercised are treated by the
Company on the expiration date as realized gains on written option transactions in the Statement of Operations.
The difference between the premium received and the amount paid on effecting a closing purchase transaction,
including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid
for the closing purchase transaction, as a realized loss on written option transactions in the Statement of Operations.
If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security
in determining whether the Company has realized a gain or loss on investments in the Statement of Operations.
If a written put option is exercised, the premium reduces the cost basis for the securities purchased by the Company
and is parenthetically disclosed under cost of investments on the Statement of Assets and Liabilities. The Company
as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the
written option. See Note 4 for option activity.
c. SecuritieS trAnSActionS And inVeStment income Securities transactions are recorded as of the trade date. Realized
gains and losses are determined on the specific identification method. Dividend income and distributions to
stockholders are recorded as of the ex-dividend dates. Interest income, adjusted for amortization of discount and
premium on investments, is earned from settlement date and is recognized on the accrual basis. Cost of short-term
investments represents amortized cost.
d. foreign currencY trAnSlAtion And trAnSActionS Portfolio securities and other assets and liabilities denominated in
foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies versus U.S. dollars
on the date of valuation. Purchases and sales of securities, income and expense items denominated in foreign
currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. Events may impact
the availability or reliability of foreign exchange rates used to convert the U.S. dollar equivalent value. If such an
event occurs, the foreign exchange rate will be valued at fair value using procedures established and approved by the
Company’s Board of Directors. The Company does not separately report the effect of changes in foreign exchange
rates from changes in market prices on securities held. Such changes are included in net realized and unrealized
gain or loss from investments on the Statement of Operations.
Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized
between the trade and settlement dates on securities transactions and the difference between the recorded amounts
of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received
or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign
denominated assets and liabilities other than investments in securities held at the end of the reporting period.
Foreign security and currency transactions may involve certain considerations and risks not typically associated
with those of U.S. companies as a result of, among other factors, the possibility of political or economic instability
or the level of governmental supervision and regulation of foreign securities markets.
e. diVidendS And diStriButionS The Company expects to pay dividends of net investment income and distributions
of net realized capital and currency gains, if any, annually to common shareholders and quarterly to preferred
shareholders. Dividends and distributions to common and preferred shareholders, which are determined in
accordance with Federal income tax regulations are recorded on the ex-dividend date. Permanent book/tax
differences relating to income and gains are reclassified to paid-in capital as they arise.
f. federAl income tAxeS The Company’s policy is to fulfill the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute substantially all taxable income to its stockholders. Accordingly,
no provision for Federal income taxes is required. In accordance with U.S. GAAP requirements regarding accounting
for uncertainties in income taxes, management has analyzed the Company’s tax positions taken or expected to be
taken on Federal and state income tax returns for all open tax years (the current and the prior three tax years) and
has concluded that no provision for income tax is required in the Company’s financial statements.
g. contingent liABilitieS Amounts related to contingent liabilities are accrued if it is probable that a liability has
been incurred and an amount is reasonably estimable. Management evaluates whether there are incremental legal
or other costs directly associated with the ultimate resolution of a matter that are reasonably estimable and, if so,
they are included in the accrual.
1. SIGNIFICANT ACCOUNTING POLICIES - (Continued from previous page.) 15
N O T E S T O F I N A N C I A L S TAT E M E N T S - c o n t i n u e d
N O T E S T O F I N A N C I A L S TAT E M E N T S
G e n e r a l A m e r i c a n I n v e s t o r s
G e n e r a l A m e r i c a n I n v e s t o r s
h. indemnificAtionS
In the ordinary course of business, the Company enters into contracts that contain a variety
of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the
Company has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of
loss thereunder to be remote.
2. FAIR VALUE MEASUREMENTS
Various data inputs are used in determining the value of the Company’s investments. These inputs are summarized
in a hierarchy consisting of the three broad levels listed below:
Level 1 - quoted prices in active markets for identical securities (including money market funds which are valued
using amortized cost and which transact at net asset value, typically $1 per share),
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, credit
risk, etc.), and
Level 3 - significant unobservable inputs (including the Company’s own assumptions in determining the fair
value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with
investing in those securities. The following is a summary of the inputs used to value the Company’s net assets as of
December 31, 2019:
Assets
Common stocks
Rights
Purchased options
Money market fund
Total
Liabilities
Level 1
Level 2
Level 3
Total
$ 1,173,335,780
—
1,832,678
101,920,425
$ 1,277,088,883
—
—
—
—
—
—
—
—
—
—
$ 1,173,335,780
—
1,832,678
101,920,425
$ 1,277,088,883
Options written
$
(2,191,880)
—
—
$
(2,191,880)
Transfers among levels, if any, are reported as of the actual date of reclassification. No such transfers occurred
during the year ended December 31, 2019.
3. PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities (other than short-term securities and options) during 2019 amounted to
$198,689,398 and $345,425,755, on long transactions, respectively.
4. OPTIONS
The level of activity in purchased and written options varies from year-to-year based upon market conditions.
Transactions in purchased call and put options, as well as written covered call options and collateralized put options
during the year ended December 31, 2019 were as follows:
Purchased Options
Outstanding, December 31, 2018
Purchased
Exercised
Expired
Outstanding, December 31, 2019
Written Options
cAllS
putS
contrActS
coSt BASiS
contrActS
coSt BASiS
—
4,022
—
(500)
3,522
—
$ 357,876
—
(86,909)
$
270,967
5,300
7,158
(2,800)
(6,508)
3,150
$ 600,557
2,373,352
(317,675)
(1,008,523)
$ 1,647,711
coVered cAllS
collAterAlized putS
contrActS
premiumS
contrActS
premiumS
Outstanding, December 31, 2018
Written
Terminated in closing purchase transaction
Options assigned
Expired
Outstanding, December 31, 2019
—
13,981
(11,137)
(91)
(500)
2,253
—
$ 4,724,342
(3,167,259)
(68,063)
(253,976)
$ 1,235,044
—
6,725
(3,625)
(1,000)
(600)
1,500
—
$ 1,072,154
(612,843)
(219,817)
(83,975)
$ 155,519
1. SIGNIFICANT ACCOUNTING POLICIES - (Continued from previous page.) 16
N O T E S T O F I N A N C I A L S TAT E M E N T S - c o n t i n u e d
N O T E S T O F I N A N C I A L S TAT E M E N T S
G e n e r a l A m e r i c a n I n v e s t o r s
G e n e r a l A m e r i c a n I n v e s t o r s
5. CAPITAL STOCK AND DIVIDEND DISTRIBUTIONS
The authorized capital stock of the Company consists of 50,000,000 shares of Common Stock, $1.00 par value,
and 10,000,000 shares of Preferred Stock, $1.00 par value. With respect to the Common Stock, 24,753,191 shares
were issued and outstanding; 8,000,000 Preferred Shares were originally issued and 7,604,687 were outstanding on
December 31, 2019.
On September 24, 2003, the Company issued and sold 8,000,000 shares of its 5.95% Cumulative Preferred
Stock, Series B in an underwritten offering. The Preferred Shares were noncallable for the 5 year period ended
September 24, 2008 and have a liquidation preference of $25.00 per share plus accumulated and unpaid dividends
to the date of redemption.
On December 10, 2008, the Board of Directors authorized the repurchase of up to 1 million Preferred Shares in
the open market at prices below $25.00 per share. This authorization has been renewed annually thereafter. To date,
395,313 shares have been repurchased.
The Company allocates distributions from net capital gains and other types of income proportionately among
holders of shares of Common Stock and Preferred Stock. To the extent that dividends on the shares of Preferred
Stock are not paid from net capital gains, they will be paid from investment company taxable income, or will
represent a return of capital.
Under the Investment Company Act of 1940, the Company is required to maintain an asset coverage of at least
200% of the Preferred Stock. In addition, pursuant to Moody’s Investor Service, Inc. Rating Agency Guidelines,
the Company is required to maintain a certain discounted asset coverage for its portfolio that equals or exceeds a
Basic Maintenance Amount. If the Company fails to meet these requirements in the future and does not cure such
failure, the Company may be required to redeem, in whole or in part, shares of Preferred Stock at a redemption
price of $25.00 per share plus accumulated and unpaid dividends. In addition, failure to meet the foregoing asset
coverage requirements could restrict the Company’s ability to pay dividends on shares of Common Stock and could
lead to sales of portfolio securities at inopportune times.
The holders of Preferred Stock have voting rights equivalent to those of the holders of Common Stock (one vote
per share) and, generally, vote together with the holders of Common Stock as a single class.
Holders of Preferred Stock will elect two members to the Company’s Board of Directors and the holders of Preferred
and Common Stock, voting as a single class, will elect the remaining directors. If the Company fails to pay dividends
on the Preferred Stock in an amount equal to two full years’ dividends, the holders of Preferred Stock will have the
right to elect a majority of the directors. In addition, the Investment Company Act of 1940 requires that approval
of the holders of a majority of any outstanding Preferred Shares, voting separately as a class, would be required to
(a) adopt any plan of reorganization that would adversely affect the Preferred Stock and (b) take any action requiring
a vote of security holders, including, among other things, changes in the Company’s subclassification as a closed-
end investment company or changes in its fundamental investment policies.
The Company presents its Preferred Stock, for which its redemption is outside of the Company’s control, outside
of the net assets applicable to Common Stock in the Statement of Assets and Liabilities.
Transactions in Common Stock during the 2019 and 2018 were as follows:
ShareS
amount
2019
2018
2019
2018
Par Value of Shares issued in payment of dividends
and distributions (issued from treasury)
695,832
758,865
$
695,832
$
758,865
Increase in paid-in capital
Total increase
—
—
24,896,869
22,124,709
695,832
758,865
25,592,701
22,883,574
Par Value of Shares purchased (at an average
discount from net asset value of 15.4% and 16.0%,
respectively)
(1,926,695)
(1,227,947)
(1,926,695)
(1,227,947)
Decrease in paid-in capital
—
—
(64,952,778)
(40,580,767)
Total decrease
Net decrease
(1,926,695)
(1,227,947)
(66,879,473)
(41,808,714)
(1,230,863)
(469,082)
$ (41,286,772)
$ (18,925,140)
At December 31, 2019, the Company held in its treasury 7,227,681 shares of Common Stock with an aggregate
cost of $242,048,420.
The tax basis distributions during the year ended December 31, 2019 are as follows: ordinary distributions of
$10,340,608 and net capital gains distributions of $60,116,172. As of December 31, 2019, distributable earnings on
a tax basis totaled $674,526,722 consisting of $4,842,425 from undistributed net capital gains and $669,684,297
from net unrealized appreciation on investments. Reclassifications arising from permanent “book/tax” difference
reflect non-tax deductible expenses during the year ended December 31, 2019. As a result, additional paid-in capital
was decreased by $1,300,000 and total distributable earnings was increased by $1,300,000. Net assets were not
affected by this reclassification. As of December 31, 2019, the Company had wash loss deferrals of $3,186,930 and
straddle loss deferrals of $1,653,522.
17
N O T E S T O F I N A N C I A L S TAT E M E N T S - c o n t i n u e d
N O T E S T O F I N A N C I A L S TAT E M E N T S
G e n e r a l A m e r i c a n I n v e s t o r s
G e n e r a l A m e r i c a n I n v e s t o r s
6. OFFICERS’ COMPENSATION
The aggregate compensation accrued and paid by the Company during the year ended December 31, 2019 to its
officers (identified on page 20) amounted to $7,362,500 of which $1,880,000 was payable as of year end.
7. BENEFIT PLANS
The Company has funded (qualified) and unfunded (supplemental) defined contribution thrift plans that are
available to its employees. The aggregate cost of such plans for 2019 was $1,220,645. The qualified thrift plan
acquired 87,950 shares in the open market, and distributed to former employees 249,152 shares of the Company’s
Common Stock during the year ended December 31, 2019. It held 474,462 shares of the Company’s Common Stock
at December 31, 2019.
The Company also has both funded (qualified) and unfunded (supplemental) noncontributory defined benefit
pension plans that cover its employees. The pension plans provide a defined benefit based on years of service and
final average salary with an offset for a portion of Social Security covered compensation. The investment policy
of the pension plan is to invest not less than 80% of its assets, under ordinary conditions, in equity securities and
the balance in fixed income securities. The investment strategy is to invest in a portfolio of diversified registered
investment funds (open-end and exchange traded) and an unregistered partnership. Open-end funds and the
unregistered partnership are valued at net asset value based upon the fair market value of the underlying investment
portfolios. Exchange traded funds are valued based upon their closing market price.
The Company recognizes the overfunded or underfunded status of a defined benefit postretirement plan as
an asset or liability in the Statement of Assets and Liabilities and recognizes changes in funded status in the year in
which the changes occur through other comprehensive income.
OBLIGATIONS AND FUNDED STATUS OF DEFINED BENEFIT PLANS:
deCember 31, 2019 (meaSurement date)
Supplemental
plan
qualified
plan
total
CHANGE IN BENEFIT OBLIGATION:
Benefit obligation at beginning of year
Service Cost
Interest cost
Benefits paid
Actuarial (gain)/loss
Projected benefit obligation at end of year
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year
Actual return on plan assets
Employer contributions
Benefits paid
Fair value of plan assets at end of year
FUNDED STATUS AT END OF YEAR
$ 17,420,456
339,370
737,824
(1,036,824)
2,970,671
20,431,497
$ 5,376,582
132,094
226,620
(328,579)
893,580
6,300,297
$ 22,797,038
471,464
964,444
(1,365,403)
3,864,251
26,731,794
20,309,845
5,236,609
(1,036,824)
24,509,630
4,078,133
—
—
328,579
(328,579)
—
(6,300,297)
20,309,845
5,236,609
328,579
(1,365,403)
24,509,630
(2,222,164)
Accumulated benefit obligation at end of year
$ 19,615,642
$ 6,132,401
$ 25,748,043
WEIGHTED-AVERAGE ASSUMPTIONS USED TO DETERMINE OBLIGATION AT YEAR END:
Discount rate: 3.20%
Salary scale assumption: 4.50% for NHCE* and 2.75% for HCE*
Mortality: Pri-2012 mortality table / MP-2019 projection scale with white collar adjustment and contingent survivor
mortality
CHANGE IN FUNDED STATUS:
Noncurrent benefit asset - qualified plan
before
$ 2,889,389
adjuStmentS
$ 1,188,744
after
$ 4,078,133
LIABILITIES:
Current benefit liability - supplemental plan
Noncurrent benefit liability - supplemental plan
$
(314,673)
(5,061,909)
$
3,255
(926,970)
$
(311,418)
(5,988,879)
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF:
Net actuarial (gain)/loss
Prior service cost
ACCUMULATED OTHER COMPREHENSIVE LOSS
$ 3,963,743
281
$ 3,964,024
$ 225,224
(281)
$ 224,943
$ 4,188,967
—
$ 4,188,967
18
N O T E S T O F I N A N C I A L S TAT E M E N T S - c o n t i n u e d
N O T E S T O F I N A N C I A L S TAT E M E N T S
G e n e r a l A m e r i c a n I n v e s t o r s
G e n e r a l A m e r i c a n I n v e s t o r s
7. BENEFIT PLANS - (Continued from previous page.)
WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE NET PERIODIC BENEFIT COST DURING YEAR:
Discount rate: 4.20%
Expected return on plan assets**: 7.25% for Qualified Plan; N/A for Supplemental Plan
Salary scale assumption: 4.50% for NHCE* and 2.75% for HCE*
Mortality: RP-2014 Mortality Table scaled back through 2006/MP-2018 Projection Scale without collar adjustment
*NHCE - Non-Highly Compensated Employee; HCE - Highly Compensated Employee.
**Determined based upon a discount to the long-term average historical performance of the plan.
COMPONENTS OF NET PERIODIC BENEFIT COST:
Service cost
Interest cost
Expected return on plan assets
Amortization of:
Prior service cost
Recognized net actuarial loss
Net periodic benefit cost
quAlified
plAn
SupplementAl
plAn
totAl
$
339,370
737,824
(1,514,289)
$
132,094
226,620
—
$
471,464
964,444
(1,514,289)
—
74,150
281
17,442
$ (362,945)
$
376,437
$
281
91,592
13,492
The Company’s qualified pension plan owns assets as of December 31, 2019 comprised of $17,451,532 of equity
securities and $2,768,732 of money market fund assets classified as Level 1 and $4,289,366 of limited partnership
interest which are not classified by level.
expected cASh flowS
Expected Company contributions for 2020
Expected benefit payments:
2020
2021
2022
2023
2024
2025-2028
quAlified
plAn
SupplementAl
plAn
totAl
— $
311,418
$
311,418
$ 1,033,043
1,029,421
1,028,393
1,046,931
1,086,172
5,727,087
$
311,418
297,985
283,941
278,925
315,181
1,873,552
$ 1,344,461
1,327,406
1,312,334
1,325,856
1,401,353
7,600,639
The estimated amount that will be amortized from accumulated other comprehensive income into net periodic
benefit cost in 2020 is $485,421 of net actuarial loss.
8. OPERATING LEASE COMMITMENT
The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02,
Leases, which requires lessees to reassess if a contract is or contains lease agreements and assess the lease classification
to determine if they should recognize a right-of-use asset and offsetting liability on the Statement of Assets and
Liabilities that arises from entering into a lease, including an operating lease. The right-of-use asset and offsetting
liability is reported on the Statement of Assets and Liabilities in line items entitled, “Present value of future office
lease payments.” Since the operating lease does not specify an implicit rate, the right-of-use asset and liability have
been calculated using a discount rate of 3.0%, which is based upon high quality corporate interest rates for a term
equivalent to the lease period as of January 1, 2018. The annual cost of the operating lease continues to be reflected
as an expense in the Statements of Operations and Changes in Net Assets.
In 2017, the Company entered into an operating lease agreement for office space which will expire in 2028 and
provide for aggregate rental payments of approximately $6,437,500. The lease agreement contains clauses whereby
the Company will receive free rent for a specified number of months and credit towards construction of office
improvements and incurs escalations annually relating to operating costs and real property taxes and to annual
rent charges beginning in 2023. Rental expense approximated $594,200 for the year ended December 31, 2019. The
Company has the option to extend the lease for an additional five years at market rates. As of December 31, 2019,
no consideration has been given to extending this lease. Minimum rental commitments under this operating lease
are approximately:
2020
2021
2022
2023
2024
Thereafter
Total Remaining Lease Payments
Effect of Present Value Discounting
$ 624,000
624,000
624,000
631,000
663,000
2,543,000
5,709,000
(700,173)
Present Value of Future Office Lease Payments
$ 5,008,827
19
R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M
G e n e r a l A m e r i c a n I n v e s t o r s
TO THE BOARD OF DIRECTORS
AND STOCKHOLDERS OF
GENERAL AMERICAN INVESTORS COMPANY, INC.
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of General American
Investors Company, Inc. (the “Company”), including the statement of investments, as of
December 31, 2019, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period then ended, the
financial highlights for each of the five years in the period then ended and the related notes
(collectively referred to as the “financial statements”). In our opinion, the financial statements
present fairly, in all material respects, the financial position of the Company at December 31,
2019, the results of its operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended and its financial highlights for each of the five years in the
period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our
responsibility is to express an opinion on the Company’s financial statements based on our audits.
We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (“PCAOB”) and are required to be independent with respect to the Company in
accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not
required to have, nor were we engaged to perform, an audit of the Company’s internal control
over financial reporting. As part of our audits, we are required to obtain an understanding of
internal control over financial reporting, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s internal control over financial reporting. Accordingly, we express
no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the
financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the
amounts and disclosures in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 2019, by correspondence with the custodian and brokers.
Our audits also included evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the financial statements.
We believe that our audits provide a reasonable basis for our opinion.
Ernst & Young LLP
We have served as the Company’s auditor since 1949.
New York, NY
February 14, 2020
2 0
O F F I C E R S
G e n e r a l A m e r i c a n I n v e s t o r s
name (age)
employee SinCe
prinCipal oCCupation
during paSt 5 yearS
name (age)
employee SinCe
prinCipal oCCupation
during paSt 5 yearS
Jeffrey W. Priest (57)
2010
Anang K. Majmudar (45)
2012
Andrew V. Vindigni (60)
1988
President of the Company since
2012 and Chief Executive
Officer since 2013
Senior Vice-President of the
Company effective 2019,
Vice-President 2015-2018,
securities analyst (general
industries)
Senior Vice-President of the
Company since 2006,
securities analyst (financial
services and consumer
non-durables)
Eugene S. Stark (61)
Vice-President, Administration
2005
Craig A. Grassi (51)
1991
of the Company and Principal
Financial Officer since 2005,
Chief Compliance Officer
since 2006
Vice-President of the Company
since 2013, securities analyst
and information technology
Liron Kronzon (50)
2016
Sally A. Lynch, Ph.D. (60)
1997
Vice-President of the Company
effective 2019, securities
analyst (general industries)
Vice-President of the Company
since 2006, securities analyst
(biotechnology industry)
Samantha X. Jin (45)
Treasurer of the Company
2018
Linda J. Genid (61)
1983
Connie A. Santa Maria (46)
2015
and Principal Accounting
Officer effective 2019
Corporate Secretary of the
Company effective 2016,
Assistant Corporate
Secretary 2014-2015,
network administrator
Assistant Corporate Secretary
of the Company effective
2019, Human Resources/
Benefits Manager
All information is as of December 31, 2019, unless otherwise noted.
All Officers serve for a term of one year and are elected by the Board of Directors at the time of its annual meeting in April.
The address for each officer is the Company’s office.
S E RV I C E O R G A N I Z AT I O N S
counSel
Sullivan & Cromwell LLP
independent AuditorS
Ernst & Young LLP
cuStodiAn And Accounting Agent
State Street Bank and
Trust Company
trAnSfer Agent And regiStrAr
American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
1-800-413-5499
www.amstock.com
Previous purchases of the Company’s Common and Preferred Stock are set forth in Note 5, on pages 15 and 16.
Prospective purchases of Common and Preferred Stock may be made at such times, at such prices, in such amounts
and in such manner as the Board of Directors may deem advisable.
The policies and procedures used by the Company to determine how to vote proxies relating to portfolio securities
and the Company’s proxy voting record for the twelve-month period ended June 30, 2019 are available: (1) without
charge, upon request, by calling us at our toll-free telephone number (1-800-436-8401), (2) on the Company’s website
at www.generalamericaninvestors.com and (3) on the Securities and Exchange Commission’s website at www.sec.gov.
In addition to distributing financial statements as of the end of each quarter, General American Investors files three
Monthly Portfolio Investments Reports (Form N-PORT) with the Securities and Exchange Commission (“SEC”) as of
the end of each calendar quarter. The Company’s Forms N-PORT are available on the SEC’s website: www.sec.gov.
Copies of Forms N-PORT may also be obtained and reviewed at the SEC’s Public Reference Room in Washington, D.C.
Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.
On April 25, 2019, the Company submitted a CEO annual certification to the New York Stock Exchange (“NYSE”) on
which the Company’s principal executive officer certified that he was not aware, as of that date, of any violation by
the Company of the NYSE’s Corporate Governance listing standards. In addition, as required by Section 302 of the
Sarbanes-Oxley Act of 2002 and related SEC rules, the Company’s principal executive and principal financial officer
made semi-annual certifications, included in filings with the SEC on Forms N-CSR relating to, among other things,
the Company’s disclosure controls and procedures and internal control over financial reporting, as applicable.
21
D I R E C T O R S
D I R E C T O R S
G e n e r a l A m e r i c a n I n v e s t o r s
G e n e r a l A m e r i c a n I n v e s t o r s
name (age)
direCtor SinCe
independent directorS
Arthur G. Altschul, Jr. (55)
1995
prinCipal oCCupation
during paSt 5 yearS
Current direCtorShipS and affiliationS
Chairman and Chief Executive Officer
Overbrook Management Corporation
Child Mind Institute, Director
The Overbrook Foundation, Vice-Chairman
(investment advisory)
Founder and Managing Member
Diaz & Altschul Capital Management,
LLC (investment advisory)
Co-Founder and Chairman
Kolltan Pharmaceuticals, Inc. (acquired
2016; pharmaceuticals)
Rodney B. Berens (74)
2007
Partner
Alternative Investment Group
The Morgan Library and Museum, Life Trustee and Chairman of
Investment Sub-Committee
(since 2018; investment advisory)
The Woods Hole Oceanographic Institute, Life Trustee and Member of
Spencer Davidson (77)
1995
Clara E. Del Villar (61)
2017
Investment Committee
Upwell, Director and Chairman of Audit Committee
Tribeca Innovation Awards Foundation, Fellow
Women’s Health Symposium, Weill Cornell Medicine,
Member of Executive Steering Committee
Founder, Chairman and
Senior Investment Strategist
Berens Capital Management, LLC
(2000-2018; investment advisory)
Chairman of the Board of Company
Executive Director,
Senior Initiatives Program
Freedom Works Foundation
Strategic Consultant
Advisor, Strategic Partnerships
Trialogies, Inc. (until 2016; information
technology)
Founder, Chief Executive Officer and
Editor-in-Chief,
Hispanic Post (2011-2016; digital media)
Center for Community Alternatives, Director
Community Service Society, Trustee
Fisher Center for Alzheimer’s Research Foundation, Trustee
Visiting Nurse Service of New York, Director
Addison Gallery of American Art, Board of Governors
The Frick Collection, Trustee
Phillips Academy, Charter Trustee Emeritus
Radcliffe Institute for Advanced Study, Dean’s Council
The Rogosin Institute, Director
Wellesley College, Trustee Emeritus
Steven Madden, Ltd., Director
Concord Academy, Trustee
Princeton University Varsity Club, Director
Women and Foreign Policy Advisory Council,
Council of Foreign Relations, Member
Results for Development Institute, Director
John D. Gordan, III (74)
1986
Attorney
Beazley USA Services, Inc. (2013-2019;
insurance)
Betsy F. Gotbaum (81)
2010
Executive Director
Citizens Union (since 2017; nonprofit
Sidney R. Knafel (89)
1994
democratic reform)
Consultant
Managing Partner
SRK Management Company
(investment company)
Rose P. Lynch (69)
Director since May 2017
Founder and President
Marketing Strategies, LLC
(consulting firm)
Henry R. Schirmer (55)
2015
Raymond S. Troubh (93)
1989
intereSted director
Jeffrey W. Priest (57)
2013
Chief Financial Officer and Member of
Executive Board
Randstad (since 2018; human resources)
Chief Financial Officer/
Executive Vice-President
Unilever Europe (2016-2018)
Chief Financial Officer/
Senior Vice-President Finance
Unilever North America (2012-2016;
consumer products)
Financial Consultant
President and Chief Executive Officer
of Company
The Company is a stand-alone fund. All Directors serve for a term of one year and are elected by Stockholders at the time of the annual meeting.
The address for each Director is the Company’s office. All information is as of December 31, 2019.
General American Investors Company, Inc.
530 Fifth Avenue, New York, NY 10036
(212) 916-8400 (800) 436-8401
E-mail: InvestorRelations@gainv.com
www.generalamericaninvestors.com