Monday, November 30, 2009
Sunday, November 29, 2009
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
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
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
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.
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.
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....
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
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".
Merger Motives and Target Valuation
Including a book written by H. Kent Baker "Understanding Financial Management".
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:
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
Out Look Profit 20Feb09
... and Profit Guru Bill Nygren:
Profit Guru Bill Nygren
...and Bruce Greenwald Interview
BruceGreenwald Interview
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
Out Look Profit 20Feb09
... 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
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
Video from Goldman Sachs - outlook on BRIC's
Wednesday, November 25, 2009
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:
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 |
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
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
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
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
"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
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".
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.
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.
Saturday, November 21, 2009
Lou Simpson of GEICO
Older article about Lou Simpson in NYT April 2007. Not much information about this guy....
Magic Formula value investing with Joel Greenblatt 2009
Joel Greenblatt presentation at Value Investing Congress 2009 video
Formula Investing website from the author of "The Little Book That Beats the Market". The Magic Formula itself over here
From 2002 FT article on Joel Greenblatt's website Value Investors Club
Magic Formula Investing With Joel Greenblatt
from http://www.youtube.com/user/valueinvestingpro
Formula Investing website from the author of "The Little Book That Beats the Market". The Magic Formula itself over here
From 2002 FT article on Joel Greenblatt's website Value Investors Club
Magic Formula Investing With Joel Greenblatt
from http://www.youtube.com/user/valueinvestingpro
Friday, November 20, 2009
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
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
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`
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`
Wednesday, November 4, 2009
Tuesday, November 3, 2009
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