Friday, August 6, 2010

WaitingPayingday

University of Southern California (commonly called USC)
NISSAN QASHQAI/Nissan Versa
Hyundai Elantra
MPV - multi-purpose vehicle
sport utility: a high-performance four-wheel drive car built on a truck chassis
Best Used Cars - Honda Accord/

A 2002 Publisher's Weekly list of the best selling children's books named The Poky Little Puppy by Janette Sebring Lowrey the top selling hardcover title and Charlotte's Web by E. B. White the top paperback.
New Balance for Women/Nike Air Zoom Vomero +2
Benzoyl Peroxide - Best Acne Treatments 5% gel version is the best type of Benzoyl Peroxide as it is the most stable solution and offers the best defense against acne with less dryness and irritation.

http://mp3.sogou.com/music.so?query=chanting+the+chakras+layne+redmond+
http://best.lovetoknow.com/10_Best_Manga_Series

U-turn policy - is a sudden real or apparent change of policy or opinion by a public official, sometimes while trying to claim that both positions are consistent with each other.
Structural unemployment - Workers without jobs whose skills are no longer suitable for or do not match the types of jobs available.
build in - make something an integral part of something else

http://beemp3.com/
A fad, sometimes called a trend, which is a line of general direction of movement.
sheer - absolute: complete and without restriction or qualification
Bond vigilantes are investors who pull the plug on governments they perceive as unable or unwilling to pay their debts.
pull the plug - prevent from happening or continuing; "The government pulled the plug on spending".

http://www.daytondailynews.com/opinion/columnists/paul-krugman-myths-of-austerity-based-on-fairies-and-vigilantes-794556.html
Tail risk, that is the small probability of a high-impact event
out of whack - out of balance or out of adjustment
imputation - a statement attributing something dishonest (especially a criminal offense).
reflate - To reinflate, to inflate again; To restore the general level of prices to a previous or desirable level
hysteria - Behavior exhibiting excessive or uncontrollable emotion
Out of the woods - When you emerge safely (out of danger) after a difficult time we say that you are "out of the woods." Example: Joe was sick two weeks ago and we were very worried, but now it looks like he is out of the woods." The "woods" can be a dark and dangerous place for those who cannot find their way out; we hope that they will return safely "out of the woods". Example: "It is true that the economy is getting stronger, but we are not out of the woods yet." When people overcome difficult challenges and arrive safely "out of" danger we say that they are "out of the woods." Example: "It is halftime and we are winning this game but let's remember that we are still not out of the woods!"
? ringing cry to the battlements
? teetering on the brink

Wednesday, August 4, 2010

MeetingSunnyday

淋巴腺 lymph (gland)

Market capitalization, often abbreviated to market cap, is a measurement of corporate size that refers to the current stock price times the number of outstanding shares. It denotes the total amount of funds used to finance a firm's balance sheet and is calculated as market capitalization plus debt (book or market value) plus preferred stock. Market capitalization is a function of the price of a firm's stock and may not accurately reflect intrinsic value. It is common for a firm's market capitalization to exceed "book value" (shareholders' equity) because market prices tend to increase at a quicker pace than earnings accumulate due to value placed on expected future growth.

Ben Graham Net Net Deep Value Stocks
How to Read Stock Tables
one year (52 weeks)
Ticker - This is the company's trading symbol - a unique combination of letters which identifies the stock. You may find some newspapers that list an abbreviation of the particular company's name instead of the ticker symbol.
Intangible Assets - Companies often own things of value that cannot be touched, felt, or seen. These consist of patents, trademarks, brand names, franchises, and economic goodwill (which is different than the accounting goodwill we've discussed.
Economic goodwill consists of the intangible advantages a company has over its competitors such as an excellent reputation, strategic location, business connections, etc.). They are normally given completely meaningless values.
Current Assets on the Balance Sheet - This is where companies list all of the stuff that can be converted into cash in a short period of time, usually a year or less. Because these assets are easily turned into cash, they are sometimes referred to as "liquid".
Shares outstanding - are common shares that have been authorized, issued, and purchased by investors. They have voting rights and represent ownership in the corporation by the person or institution that holds the shares. They should be distinguished from treasury shares, which is common stock held by the corporation.

http://www.ehow.com/how_4451380_understand-balance-sheet.html
http://www.ehow.com/how_4425011_calculate-pretax-income.html

Tuesday, August 3, 2010

TranslatorSunnyday

Deleveraging and the Global Financial Crisis (http://ezinearticles.com/?Deleveraging-and-the-Global-Financial-Crisis&id=1671533)
Deleveraging is the process describing the unwinding of debt. Companies often use leverage (i.e. borrowing) to stimulate their growth, but when they become concerned about defaulting ot about rampant losses, they are forced to use deleveraging in order to lower the risk of default and mitigate their losses.

cost containment - (n.) The features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan.
European Central Bank (ECB), the central bank for the Eurozone of the European Union
US Senate passed the so-called “finreg” overhaul of **US financial regulations**

The game of Chicken, also known as the Hawk-Dove or Snowdrift[1] game, is an influential model of conflict for two players in game theory. The principle of the game is that while each player prefers not to yield to the other, the outcome where neither player yields is the worst possible one for both players. The name "Hawk-Dove" refers to a situation in which there is a competition for a shared resource and the contestants can choose either conciliation or conflict.

Sovereign risk (http://www.anz.com/edna/dictionary.asp?action=content&content=sovereign_risk)
The extra dimension of risk involved in international, as distinct from domestic, transactions. Sovereign risk is an aspect of the credit proposal that is additional to the usual commercial risks such as credit, foreign exchange and transport risks, and is outside the individual borrower's control; it can override the borrower's willingness and ability to repay financial obligations, even though the borrower may be a government. Sovereign risk implies the possibility that conditions will develop in a country which inhibit repayment of funds due from that country, such as exchange controls, strikes or declarations of war. An international lender should (but does not always) compensate for perceived sovereign risk by adjusting the interest rate charged. International banks impose lending limits on their business with foreign countries, although that is not foolproof. Also country risk.

Rudolf Virchow - Opposition to Darwinism
THE BLOODY HISTORY OF COMMUNISM
state-of-art
The $5 TOP-UP! Optus - Latest Recharge Offers
sit on your hands : vi.不予鼓掌(在需要时不采取行动)
Example: Are you going to sit on your hands while she does all the work?
Pedal to the metal - (Australian Slang) be driving a vehicle at top speed: “We were pedal to the metal when we passed a cop”; (English Idioms) accelerator all the way down, flat out He always drives fast - pedal to the metal all the time.

Monday, August 2, 2010

http://www.war173.com/bbs/viewthread.php?tid=14543
The Life That I Have - (英詩)馬克斯

Pat McGrath
http://v.jingtime.com/show/1KFJS2RX.shtml
http://women.sohu.com/s2010/queenpat/
http://www.yoka.com/beauty/mzxp/2009/0121140008.shtml
http://www.valuewalk.com/

Historical valuation based on market cap to GNP
www.ehow.com

HBSValueInvesting

http://www.hbs.edu/centennial/im/inquiry/index.html
http://www.hbs.edu/centennial/im/inquiry/sections/2/a/page43.html
http://www.bengrahaminvesting.ca/Resources/videos.htm

This one speech has explained the final continueing chapter I suspected all along and knew from all my Buffet , Munger and Fischer etc.. etc.. reading he confirmed what I knew and do. He makes no bones at challenging the classes thinking. It requires a massive amount of simple thinking. Not on high level. Knowledge is not the only key to reduce risks but also maximizing the investments hidden profit potential when no one else can see it. It is the insight that unlocks the huge profits. A value investor can tell anyone what he is doing but still escape most people. It is like watching a painter paint. But that doesn’t mean you can paint without dedicating the work to master the art of painting. Same with value investment. Ridiculous returns for great research.

Seth Klarman

Hand Cutting Up Credit Card With Scissors
How to Dispose of Old Credit Cards - (http://www.ehow.com/)
Lady Blue Shangai – The poem: It holds the love
Socrates said. " all I know is that I know nothing "
Find the SuperMoats" IMHO -- this reminds me of the Buffett statement about guaranteeing 50% returns with a smaller portfolio. He is a huge believer in taking concentrated, high conviction positions
http://www.aspeninstitute.org/
To be a qualified analyst. He is an investor with a tremendous work ethic. Value investors see themselves as owners of a business. Therefore, fortunes are up and down with the nature of the business. Demand a margin of safety.

Traits of a Value Investor**
1. Don’t think of yourself as a paper shuffler who constantly buys and sells securities. You think of yourself as a real owner of the business.
2. Only own a small piece of the business, so you demand a huge margin of safety.
3. As an owner, not trading all the time, you think everyone else is different — like Ben Graham’s Mr. Market

On Value Investing**
-Under 5% of all assets are run under value investors, a real minority in the investment world.
-The stock market is created for the other 95% of people, that is where your opportunity and challenge is.
-Biggest challenge: understand whether you are the 5% or the 95%
-It is tempting to do what the other 95% of people do. Emotionally very difficult to be in the 5%, but value investors typically have better returns. The money is really for traders and they tend to amass more assets.
-5% have a spectacular return, but 95% of money probably always resides to somewhere else.
-If you are a value investor, you are probably genetically mutated and comfortable being in the minority. This is unnatural to human beings. You have to be comfortable being by yourself. You have to adopt the idea that you are right because your reason and evidence, not because others agree with you.
Analyst&Researcher&Journalist
-You will probably spend most of your time being an academic researcher rather than a professional. You are a researcher or journalist, with insatiable curiosity. You are trying to figure out how everything works.
-The more you know, the better you are as an investor.
-Politics, science, technology, literature, poetry, everything can affect businesses and help you.
-Occasionally you can find insights that will give you tremendous insights that other people don’t have.
-Then you find if the business is cheap. Is the management good? What else? Why is the opportunity there?
-Fall of 1998: Lu’s search process is very general. Got hooked on value line, loved to read the whole thing from beginning to end. The best kind of education, you should do this if you want encyclopedic knowledge of companies. Go through it page after page, it is enormously helpful.
-First thing Lu checks is new low list. New low P/Es, P/Bs, etc. (From "Standard&Poor 200")
-Does not care where something traded before.
-First looks at valuation. If the valuation doesn’t fit, doesn’t go beyond it. (Q: What is "Valuation"? Why is it helpful? How to valuate it?)
-If you see a low P/B ratio, ask – What is in the book? How much is the book?
Price-book ratio - Compares a stock's market value to the value of total assets less total liabilities (book value). Determined by dividing current stock price by common stockholder equity per share (book value), adjusted for stock splits. Also called Market-to-Book.
Intangible assets are defined as identifiable non-monetary assets that cannot be seen, touched or physically measured, which are created through time and/or effort and that are identifiable as a separate asset. Price to Book ratio or P/B. This measurement looks at the value the market places on the book value of the company. Like the P/E, the lower the P/B, the better the value. BV is considered to be the accounting value of each share. Market value is what the investment community's expectations are and book value is based on costs and retained earnings. One situation where BV can be useful is if the market value is trading below the book value, this rarely happens, but if it does it could mean that the company is undervalued and might be an attractive buy. (http://www.investopedia.com/university/ratios/bookvaluepershare.asp)
Formula:





-Encyclopedic knowledge is helpful when looking across different industries.
-Look at pre-tax and pre-interest earnings. Look from an un-leveraged basis. Figure out how much capital is deployed in the business. Look at ROIC.
An exchange-traded fund (ETF), also known as an exchange-traded product (ETP), is an investment fund traded on stock exchanges, much like stocks.
StarMine’s analyst awards: Judy Hong Goldman Sachs - focus on the process and discipline
-If you are not a good analyst, you will never be a good investor.

Be a Learning Machine
-When an investment opportunity comes, you have to seize it. Devote day and night so you can act quickly. Do everything complete but do it fast. You have to train yourself to jump on opportunity.
-When opportunity presents itself you can smell it. The only way to do that is by training yourself and reading page after page of financial report.
-Uses S&P manuals for viewing foreign stocks.
-As an owner, don’t think about per share information.
-Use your brain, when looking at stock manuals, each page should really only take 5 minutes. Don’t use calculators. Use mental math.

Friday, July 30, 2010

InvestingCarday

http://www4.gsb.columbia.edu/valueinvesting/schlossarchives/class_recordings
http://valueinvestingworld.blogspot.com/

http://www.gurufocus.com/news.php?id=98375
Li Liu Lecture
http://db.tt/HN968B
Transcript: http://streetcapitalist.com/2010/05/04/li-lu-berkshire-hathaway-cio-candidate/
http://www.megavideo.com/?v=J8XLH2O0
http://www.cnbc.com/id/33901003
what is "value investing"? you look when you are buying. not consciously so what is really need to do is take advantage of deep seated human behaviour that bargain fundamental investing you want to be on that right track. you are looking for ugly cheap disappointing boring the evidence is they are significantly outperforming if you look at the stock yes i am not touch that that will make me rich that is not the opportunity buy really cheap thing that cheap most people can't think through its superficial disease. asset is there you can invest. the american express is looking at its balance sheet. earning can be evaporate because they are flow. warren is kind of person who can see in the dark. swankyastor courtport-a-potties

http://value-quest.blogspot.com/2007/07/flashback-bill-warren-show-video.html

Chocolate Pistachio Fudge

穷查理宝典:查理·芒格的智慧箴言录/穷查理宝典
Louis Li/lu li
http://blog.sina.com.cn/s/blog_4ad84bdf0100kidp.html

ivory colored strapless Vera Wang dress