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Monday, November 30, 2009

Charlie Munger Art of Stock Picking

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Charlie Munger on Institutional Funds Management speech 1998

Charlie Munger on Institutional Funds Management 1998
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Long-Lived Assets Capitalization versus Expencing

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Options Put Call Minimum and Maximum value diagram


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Sunday, November 29, 2009

Spin-offs from Joel Greenblatt book "You Can Be a Stock Market Genius"


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AOL Spin-off Pricing Inefficiency

If accurately identified spin-off pricing inefficiency can be potentially beneficial to acute investors.
Crucial factors for successful spin-off investing to consider include:
1. Timing of initial purchase of parent company
2. Length of the holding period
3. Selectivity


Very good read is here from SpinoffAdvisors

Saturday, November 28, 2009

Tim Armstrong helps AOL Spin-off

Tim Armstrong, former Google's head of US ad sales will help AOL's spin-off this December from Time Warner Inc
Why he left Google for AOL? He wanted a new challenge. He thinks fixing AOL is a better job.
Listen to his public discussion of behavioral advertising over here.
In most cases a parent company and her "spinoff" significantly outperform the market averages.
Good home style very recent interview ("new adv idea"?) with Tim Armstrong AOL SEO from Astrout's YouTube Channel
Finally the AOL is independent

Inventory


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Friday, November 27, 2009

Diversification of the risk in a portfolio

Conventional wisdom is to pick 30-40 stocks to be diversified discussed in this WSJ video

But conventionally people mix it with "allocation" (not an asset class allocation but stock type allocation, such as by industries, geographically etc.)
In reality diversification of risk has to do with correlation between stocks in the portfolio. That is something people conventionally forget or do not know at all.

H. Markovitz called diversification a "free lunch".

David Swensen of Yale University giving a 1 hour lecture about "Yale Model", he talks about Asset Allocation, Market Timing and Asset Selection in order to beat the market and generate excess returns.
Currently Yale University has about 23 Billion dollar portfolio.

Starbucks (SBUX) Goes To China



from 247WallSt
Starbucks (NASDAQ:SBUX) wants to follow Wal-Mart (NYSE:WMT), McDonald’s (NYSE:MCD), Dell (NADSAQ:DELL) and hundreds of other large American companies into China. It is the promised land for consumer spending. The middle class in the world’s most populous nation is growing at an extraordinary rate, even with a modest slowdown in its rapidly rising GDP.

Goldman Sachs secretly bet on housing crash?


From http://www.youtube.com/user/SuppressedNews

Canadian Hedge Funds, Canadian Hedge Watch

Watch the video clip on BNN. BNN examine Canadian hedge funds with Tony Sanfelice, president and CEO, Canadian Hedge Watch.

according to CHW Canadian hedge funds is more conservative - "protect from downside and do not capture upside". Are they bonds?! Why bother?

Lehman Bro. is going to return 11 Billions out of 35 Billion loss last year....

Thursday, November 26, 2009

Accounting Profit v.s. Economic Profit


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Arbitrage based on the Put-Call Parity


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BYD - Charlie Munger's pick

Interview ( in ask but not listen style) from Fox with Munger , plus really, think about Charlie, he is NOT a Buffett NO-2.



Merger Motives and Target Valuation

In this academic paper the reference page at the end of the document is especially useful.
Merger Motives and Target Valuation

Including a book written by H. Kent Baker "Understanding Financial Management".

Metrics to Identify Businesses for Investment Portfolio from Legg Mason manager

The story of Charlie Dreifus 10 min video

John Thornton, Professor and Director of Global Leadership, Tsinghua University, Beijinganother

At only 49, John Thornton left the presidency at Goldman Sachs to accept a position in China as a university professor to teach business.

Interview Nov 2008 from Yale University:


On China and other countries needing to develop new model of living, insightful:

Taste of the Indian Business Magazine Outlook Profit

Count on the Margin of Safety article:

Count on the Margin 01

Jean Marie Eveillard of First Eagle Funds
Part 1:
Jean Marie Part 1

Part 2:
Jean Marie Part 2 - The Interviews


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... and Profit Guru Bill Nygren:
Profit Guru Bill Nygren

...and Bruce Greenwald Interview

BruceGreenwald Interview

Where to invest - India, China, Russia, Brazil, Australia?

Safety, Opportunity, Commodities?
Where to invest your money today internationally? Video from WSJ


To talk about these and other issues, The Wall Street Journal's Alan Murray sat down with three corporate titans: Rupert Murdoch, chairman and chief executive of News Corp., which owns Dow Jones & Co, publisher of this newspaper; Carlos Slim Helú, who owns a majority stake in Telefonos de Mexico S.A.B de C.V.; and Ratan N. Tata, chairman of Tata Motors Ltd. and Tata Group, India's largest conglomerate. The U.S. economic system has been tested to a degree unseen in many years. How has the model fared? And what are the challenges moving forward?
Video from Goldman Sachs - outlook on BRIC's 

Tuesday, November 24, 2009

Charlie Munger calls it an "Idiot Boom"

Charlie Munger - Warren Buffett's long-time business partner, and the Vice-Chairman of Berkshire Hathaway. In his talk at BBC, October 2009 video.


A Conversation with Charlie Munger 2008 Institute's DuBridge Distinguished Lecture in Beckman Auditorium - whooping 100 minutes! Thanks to Caltech.


C. Munger on "sold out accounting" in short 4 min video from Stanford Lawyer:


Q&A: Legal Matters with Charles T. Munger

Bond Duration and Convexity


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Columbia Business School from 2006 to 2010

Columbia Business School's Dean Glenn Hubbard sings about wanting Alan Greenspan's job that went instead to New Fed Chair Ben Bernanke. Parody created by Columbia Business School students in 2006. More than a million people watched it on YouTube.


From Business School Admission dot com website
Rank Business School Pre MBA
Salaries* Median Total
Pay Package Percent
Increase
1 U. of Pennsylvania (Wharton) $60,000 $156,000 160%
2 Northwestern (Kellogg) $56,000 $142,000 154%
3 Stanford $65,000 $165,500 155%
4 Harvard $65,000 $160,000 146%
5 Columbia $50,000 $142,500 185%
6 Duke (Fuqua) $49,000 $128,500 162%
7 MIT (Sloan) $55,000 $149,000 171%
8 Chicago $55,000 $140,000 155%
9 Cornell (Johnson) $50,000 $135,000 170%
10 Dartmouth (Tuck) $50,000 $149,500 199%
11 Michigan $50,000 $131,000 162%
12 NYU (Stern) $45,000 $140,000 211%
13 UC -- Berkeley (Haas) $50,000 $135,000 170%
14 Virginia (Darden) $50,000 $135,000 170%
15 Yale $45,000 $130,000 189%
16 UCLA (Anderson) $55,000 $136,500 148%
17 Carnegie Mellon $45,000 $125,000 178%
18 UNC -- Chapel Hill $48,000 $125,000 160%
19 Texas -- Austin (McCombs) $45,000 $107,000 138%
20 Indiana (Kelley) $42,000 $114,000 171%
21 USC (Marshall) $45,000 $112,000 149%
22 Purdue (Krannert) $35,000 $101,500 190%
23 Rochester (Simon) $40,000 $110,000 175%
24 Georgetown (McDonough) $45,000 $116,000 158%
25 Washington U. (Olin) $42,000 $109,000 160%
The average salary increases shown above range from 138% at UT Austin to 211% at NYU (Stern). Not a bad return at all!

Before you take this table too seriously, we want to clearly state that these numbers are simply averages. If you decide upon graduation that you would like to work for a small start up with a nice (longer-term) options package (we concede those days are probably gone until the business cycle comes full circle again) or if you decide to work for a large Fortune 500 with good job benefits and security, then you are NOT going to make the these 6 figure salaries your first year out of your MBA program.

* Pre MBA salaries are estimates as certain MBA programs do not collect this information from their incoming students. Those schools that do report these salaries use self-reported information anyway and, hence, may not be slightly inflated

Columbia Business School blog and The Heilbrunn Center for Graham & Dodd Investing 

Monday, November 23, 2009

Google invests in 23andMe

Anne Wojcicki is a co-founder of 23andMe, a Californian genomics firm that counts Google as one of its investors.
Sergey Brin, a co-founder of Google, who happens to be her husband, according to The Economist special report.



Icelandic genomics firm goes bankrupt
deCODE's demise leaves fate of its valuable genetic database unclear. The article mentions changes in 23andMe also.
In this short video from CNN you can see Anne Wojcicki live

Michael Milken three passions - medical research, education and finance

M. Milken official website and some Wikipedia entry

Sunday, November 22, 2009

Gold Bubble?

FT suggests to "Ignore Buffett – gold’s time has come"!

"John Paulson, lionized by many investors for his winning bet on the fall of the housing and financial markets, is now getting aboard the gold wagon" from GlobInvestor

Monetary Policy of the Fed


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Unticipated and Non-unticipated Inflation


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Insider trading discussion

Legalize it - opinion

Where Buffett Wannabes Trade Tips

Try to track these people from 2007 to now.

James Altucher is a FT columnist and an author of "Trade Like A Hedge Fund" and "Trade Like Warren Buffett".

The Ben Graham Center for Value Investing

It's Canadian business school!
You can find some video presentations in Teaching and Applications under "Guest Speakers" section for each year.

Ten rare lectures featured in The Rediscovered Benjamin Graham: Selected Writings of the Wall Street Legend, by Janet Lowe.

Tuesday, November 17, 2009

MIT Sloan School of Management video

Financial Services industry - where do we go from here? Financial Services: Prospects for Your Future

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Tuesday, November 10, 2009

Bill Miller videos

Consuelo Mack interviews Bill Miller on Wealth Track

Miller is the portfolio manager of Legg Mason Value Trust.
He has beaten the S&P 500 for the last 14 straight years.
Over the last ten years, he has achieved an average annual total return of 16.8%.

Nice to pick on his brain and what he thinks of behavioral psychology.

Very open and intelligent, well worth to listen few times :)

And his outlook on economy in December 2008 video

Also latest in 2009

Sunday, November 8, 2009

Paul Krugman's new book

Video from Youtube
Paul Krugman, professor in the Department of Economics and the Woodrow Wilson School of Public and International Affairs, Princeton University, 2008 Nobel Laureate in Economics and New York Times columnist talks about his book: `The Return of Depression Economics and the Crisis of 2008`

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