Сообщений в теме: 870

[Pooh]

Forbes 400 первый и второй:

http://www.fortune.c...1117906,00.html

one more article:

http://www.fortune.c...tml?promoid=rss

GATES: Warren owns a big piece of Berkshire, I still own a measurable piece of Microsoft; that's not consumption. When the limited resource of society comes up, you hit those limits as you consume. And so somebody who makes, say, $50 million and chooses to just build mansions and have things happen for them, they are diverting resources in their direction instead of those resources being used, say, to help out people who are less successful?.

BUFFETT: If I were to spend $1 billion a year hiring, we'll say, 10,000 artists at $100,000 a piece to paint my painting, looking for the one that makes me look like Arnold Schwarzenegger or something, I could take those 10,000 people out of the productive well of society and they will get the $100,000, but what's the output? The output is nothing. And you can argue that that's what pharaohs did when they built those tombs. Well, that's an option you have in a market society as far as what you could do with your money. Bill is devoting his to the medical field. It's already impacting millions of people around the world?it's changed their lives for the better. And that's what these claim checks are for, in my view, and that's where they're going to go.

$90 billion на одной сцене

Ссылка на видео (отрывок Q&A сессии со студентами) одна симпа задает какой-то ламерский вопрос, Баффет как всегда отвечает красиво, Гейтс как всегда загружает, в конце Баффет прикалывается над Гейцом и его кофтой.

Прикольно: http://www.cba.unl.edu/about/movies/

Кто найдет полный транскрипт Q&A, постите сюда плиз.

p.s. когда освобожусь закидаю ветку другими аццкими ссылами если никто не против.

Сообщение отредактировал Pooh: 15.11.2005, 01:18:14

[[Narim]]

ВСЕХ ФИНАНСИСТОВ С ПРОФЕССИОНАЛЬНЫМ ПРАЗДНИКОМ !!!

желаю чтобы шорты падали, лонги росли, чтобы SEC грамотно следил за недобросовестными эмитентами, а скай был лимитом для эккаунт вэлью

[Dimkaumnik]

Хех, присоединюсь, с праздником! И мощных шорт сквизов вашим лонгам!

[Pooh]

1. Присоединяюсь к поздравлениям. Как официально праздник называется?

2. Смотрел ролик с Гейцом и Баффетом. Долго думал. Во первых сам хочу купить MSFT, вроде цена хорошая, все говорят баргейн типа. Во вторых, Бафет с Гейцом вроде кенты старые, общаются часто. В третьих, Бафет вроде MSFT не покупает и не собирается. Вобщем, долго думал.

3. Короче я понял чем хорошие ассет менеджеры занимаются весь день. Чтением. Блин я тоже хочу, серьезно думаю может мне специальность поменять. Читать я лублу. Поэтому начинаю постить в тему ссылки на статьи всякие которые мне понравились. Все будет в основном сперто с блогов ссылки на которые я выше давал. Буду постить по одной ссылке на пост, иногда с комментариями. От вас жду того же.

[Pooh]

Помнится я на этой или на старой ветке задавался вопросом про женщин-финансистов. На что получил немного неполиткорректное обьяснение от Димы. Оказывается то всё наоборот!

http://quote.bloombe...id=apaoNfPMafJs

Women are better than men at running funds because they don't let their egos get in the way

[Pooh]

Кстати оффтоп статья на тему политкорреткности, давно заметил что многие самые крутые инвесторы - гм, как бы выразиться, евреи. Начиная с Грэхема и Фишера и кончая многими нынешними топ-менеджерами. Я не сторонник обсуждения нац. вопросов, но однака паттерн. А тут еще и серьезное исследование провели, типа ашкеназские евреи оказывается на самом деле генетически умные.

http://www.printthis...partnerID=73272

The world?s proliferation of Einsteins?well, maybe not Einsteins exactly, but distinguished Jewish thinkers, particularly in math and the sciences?form the stark, quantifiable basis for Cochran and Harpending?s hypothesis. Though Jews make up a mere 0.25 percent of the world?s population and a mere 3 percent of the United States?, they account, according to their paper, for 27 percent of all American Nobel Prize winners, 25 percent of all ACM Turing Award winners for computer science, and 50 percent of the globe?s chess champions. (What the paper doesn?t say is that these numbers seem to be tallied for optimum Jewishness, counting as Jews those who have as few as one Jewish grandparent to claim; it also wrongly assumes these winners are all Ashkenazim. But still.) Cochran and Harpending also cite studies claiming that Ashkenazim have the highest IQ of any ethnic group for which there?s reliable data, perhaps as much as a full standard deviation above the general European average, which means, at the far end of the spectrum, that 23 per thousand Ashkenazim have an IQ over 140, as opposed to 4 per thousand Northern Europeans.

Ссылка на академ. оригинал (сам еще не читал, но думаю интересно):
http://harpend.dsl.x....jbiosocsci.pdf

[Pooh]

Продолжая оффтоп еще дальше, интереснейшая статья про историю приема студентов в Гарвард с начала 20 века.

http://www.newyorker...010crat_atlarge

The difficult part, however, was coming up with a way of keeping Jews out, because as a group they were academically superior to everyone else. Lowell?s first idea?a quota limiting Jews to fifteen per cent of the student body?was roundly criticized. Lowell tried restricting the number of scholarships given to Jewish students, and made an effort to bring in students from public schools in the West, where there were fewer Jews. Neither strategy worked. Finally, Lowell?and his counterparts at Yale and Princeton?realized that if a definition of merit based on academic prowess was leading to the wrong kind of student, the solution was to change the definition of merit. Karabel argues that it was at this moment that the history and nature of the Ivy League took a significant turn.

The admissions office at Harvard became much more interested in the details of an applicant?s personal life. Lowell told his admissions officers to elicit information about the ?character? of candidates from ?persons who know the applicants well,? and so the letter of reference became mandatory. Harvard started asking applicants to provide a photograph. Candidates had to write personal essays, demonstrating their aptitude for leadership, and list their extracurricular activities. ?Starting in the fall of 1922,? Karabel writes, ?applicants were required to answer questions on ?Race and Color,? ?Religious Preference,? ?Maiden Name of Mother,? ?Birthplace of Father,? and ?What change, if any, has been made since birth in your own name or that of your father? (Explain fully).? ?

When the Office of Civil Rights at the federal education department investigated Harvard in the nineteen-eighties, they found handwritten notes scribbled in the margins of various candidates? files. ?This young woman could be one of the brightest applicants in the pool but there are several references to shyness,? read one. Another comment reads, ?Seems a tad frothy.? One application?and at this point you can almost hear it going to the bottom of the pile?was notated, ?Short with big ears.?

In the nineteen-eighties, when Harvard was accused of enforcing a secret quota on Asian admissions, its defense was that once you adjusted for the preferences given to the children of alumni and for the preferences given to athletes, Asians really weren?t being discriminated against. But you could sense Harvard?s exasperation that the issue was being raised at all. If Harvard had too many Asians, it wouldn?t be Harvard, just as Harvard wouldn?t be Harvard with too many Jews or pansies or parlor pinks or shy types or short people with big ears.

Ссылка на саму книгу Карабеля: http://www.amazon.co...qid=1132170569/

Сообщение отредактировал Pooh: 17.11.2005, 01:52:21

[Pooh]

Возвращаясь к нашим баранам (или к барану ), на этом сайте (vinvesting.com) много чего интересного, например это: http://www.vinvestin...eetingnotes.pdf

How Warren spends his day:
- Wakes up at 6:45, reads paper at home, often doesn?t make it into the office until after the market opens
- No set schedule, WB hates having a full calendar
- Always takes reading material home
- Spends 80% of the day reading, 20% talking on the phone (he then said it might be more like 90/10)
- Phone conversations are generally short

- Read lots of K?s and Q?s ? there are no good substitutes for these
- Read every page
- Ask business managers the following question: ?If you could buy the stock of one of your competitors, which one would you buy? If you could short, which one would you short??
- Always read source (primary) data rather than secondary data
- If you are interested in one company, get reports for competitors. ?You must act like you are actually going into that business, and if you were, you?d want to know what your competitors were doing.?

What Warren reads:
- Most of reading includes K?s, Q?s and 5 newspapers daily
- Hasn?t found much worthwhile book reading outside of Graham and Fisher

Advice to non-professional investors:
- If you like spending 6-8 hours per week working on investments, do it
- If you don?t, then dollar cost average into index funds. This accomplishes diversification across assets and time, two very important things.
- ?There is nothing wrong with a ?know nothing? investor who realizes it. The problem is when you are a ?know nothing? investor but you think you know something.?

Сообщение отредактировал Pooh: 17.11.2005, 02:05:42

[Pooh]

Баффетское портфолио, свежий апдейт:

http://news.mornings...r&t1=1131327819

Here's a complete list of Berkshire's holdings, ranked from largest position to smallest, save for Anheuser-Busch and Kingfisher, for which we do not yet know the weightings.

  1.  Coca-Cola KO: Wide Moat, 5 Stars
  2.  American Express AXP: Wide Moat, 3 Stars
  3.  Procter & Gamble PG: Wide Moat, 3 Stars
  4.  Wells Fargo WFC: Wide Moat, 5 Stars
  5.  Moody's MCO: Wide Moat, 3 Stars
  6.  Wesco Financial WSC: Narrow Moat, 5 Stars
  7.  Washington Post WPO: Wide Moat, 5 Stars
  8.  M&T Bank MTB: Narrow Moat, 3 Stars
  9.    Shaw Communications SJR: Not Rated
  10.  American Standard ASD: Narrow Moat, 3 Stars
  11.  First Data FDC: Wide Moat, 4 Stars
  12.  Gap GPS: Narrow Moat, 5 Stars
  13.  Comcast CMCSA: Wide Moat, 4 Stars
  14.    USG Corporation USG: Not Rated
  15.  Gannett GCI: Narrow Moat, 5 Stars
  16.  Costco COST: Narrow Moat, 3 Stars
  17.  SunTrust Bank STI: Narrow Moat, 3 Stars
  18.  Nike NKE: Narrow Moat, 3 Stars
  19.  Iron Mountain IRM: Wide Moat, 3 Stars
  20.  Tyco International TYC: Narrow Moat, 4 Stars
  21.  Pier 1 Imports PIR: No Moat, 5 Stars
  22.  Outback Steakhouse OSI: No Moat, 5 Stars
  23.  ServiceMaster SVM: Narrow Moat, 2 Stars
  24.  Lexmark International LXK: Narrow Moat, 5 Stars
  25.  Sealed Air SEE: Narrow Moat, 5 Stars
  26.  PetroChina PTR: Narrow Moat, 1 Star
  27.  Home Depot HD: Wide Moat, 4 Stars
  28.    Mueller Industries MLI: Not Rated
  29.    Comdisco Holding CDCO: Not Rated
  30.  Lowe's Companies LOW: Wide Moat, 3 Stars
  31.  Dean Foods DF: Narrow Moat, 3 Stars
  32.  Anheuser-Busch BUD: Wide Moat, 5 Stars
  33.    Kingfisher KGFHY: Not Rated

Сообщение отредактировал Pooh: 17.11.2005, 02:16:12

[Pooh]

Уот да фак ис да моут?

По русски это овраг который вокруг крепостей раньше рыли. Competitive advantage короче: http://news.mornings...0.html?_QSBPA=Y

An economic moat--or competitive advantage--allows a company to fend off competitors and earn sustainable excess economic profits. We look at return on invested capital (ROIC) relative to the company's cost of capital to determine profitability, because ROIC shows us the cash return on the capital invested in the business. We think that ROIC is the best measure of a firm's true economic profitability.

[Pooh]

Graham's Simple Way: http://www.ndir.com/...cles/0505.shtml

Graham's Simplest Way demanded that a stock have an earnings yield that was at least twice as big as the average yield on long-term AAA corporate bonds. Furthermore, Graham thought that at no time should investors buy a stock with an earnings yield of less than 10%.

Earnings yield is the reciprocal of the more common price-to-earnings ratio. Instead of dividing price by earnings, as you do for P/E ratios, the earnings yield takes earnings divided by price as a percentage. So, if a stock earned $1 per share last year and it is trading at $20 per share then its earnings yield would be 5% (i.e. $1 / $20 * 100%).

October 20, 2005 Update

The stocks that currently pass the same screen are:

Chevron Corporation (CVX),
Occidental Petroleum Corporation (OXY),
Phelps Dodge Corporation (PD),
Nucor Corporation (NUE),
Computer Sciences Corporation (CSC),
MGIC Investment Corp. (MTG),
Leucadia National Corp. (LUK),
Radian Group Inc. (RDN),
Ashland Inc. (ASH),
Allied Capital Corp (ALD),
M.D.C. Holdings, Inc. (MDC),
IPSCO INC (IPS),
Novell, Inc. (NOVL),
Louisiana-Pacific Corporation (LPX),
DreamWorks Animation SKG, Inc. (DWA),
Laidlaw International, Inc. (USA) (LI),
Stolt-Nielsen S.A. (SNSA),
Leap Wireless International, Inc. (LEAP),
Seaboard Corporation (SEB),
Westlake Chemical Corporation (WLK),
Assured Guaranty Ltd. (AGO),
Reliance Steel & Aluminum (RS),
Gerdau Ameristeel Corp. (GNASF),
Gerdau Ameristeel Corp. (GNA),
Lone Star Technologies (LSS),
General Maritime Corporation (GMR),
Maverick Tube Corporation (MVK),
Foxhollow Technologies, Inc. (FOXH),
Schnitzer Steel Industries, Inc. (SCHN),
United Online, Inc. (UNTD),
InfoSpace, Inc. (INSP),
MicroStrategy Incorporated (MSTR),
NS Group, Inc. (NSS),
Tsakos Energy Navigation Ltd. (TNP),
The Marcus Corporation (MCS),
Orbital Sciences Corp. (ORB),
Metal Management, Inc. (MTLM),
Premium Standard Farms, Inc. (PORK),
Heidrick & Struggles International, Inc. (HSII),
Helen of Troy Limited (HELE),
Sigmatel, Inc. (SGTL), and
Premiere Global Services Inc (PGI).

[AvantGArde]

Доброе время суток!
Буду очень признателен, если кто-нибудь закинет линки на литературу по РЦБ для чайников или что-нибудь вроде толкового словаря.

[Pooh]

Доброе время суток!
Буду очень признателен, если кто-нибудь закинет линки на литературу по РЦБ для чайников или что-нибудь вроде толкового словаря.

Если вы английский знаете можете начать отсюда:
http://www.investope...com/university/

толковый словарь:
http://www.investope...com/dictionary/

[AvantGArde]

Доброе время суток!
Буду очень признателен, если кто-нибудь закинет линки на литературу по РЦБ для чайников или что-нибудь вроде толкового словаря.

Благодарю!

[Pooh]

Еще один баффетский Q&A, на этот раз со студентами Texas A&M:

http://maysbusiness....ectives-qa.html

Q: Explain your take on tax fairness.

A: I spend $2.2 trillion on the federal government (annually). What should tax policy be? The "haves" should pay the lion's share.

I have the same tax rate as my receptionist when you include social security. I am wired a certain way and I get benefits. I do not agree with  Bush at all. We (the wealthy) don't need any more favors. Bill Gates also agrees with me.

I prefer liquor store robbers with hungry kids to companies that locate offshore to avoid U.S. taxes.

[BritFan]

что-то такой поток инфы по Баффету пошёл. он же вроде ещё не умер.

вот, например, недавняя статейка из WSJ - Warren Buffett, Unplugged

Сообщение отредактировал BritFan: 17.11.2005, 12:45:41

[BritFan]

глюк.

Сообщение отредактировал BritFan: 17.11.2005, 12:49:05

[Dimkaumnik]

Помнится я на этой или на старой ветке задавался вопросом про женщин-финансистов. На что получил немного неполиткорректное обьяснение от Димы. Оказывается то всё наоборот!

http://quote.bloombe...id=apaoNfPMafJs

Women are better than men at running funds because they don't let their egos get in the way

Nicola Horlick, 44, one of London's highest-profile fund managers, has just opened a division of her Bramdean Asset Management called Bramdiva to manage money for wealthy women. Horlick began the service with a punchy round of artillery fire in the battle of the sexes.

Key words are in bold. Take this link with a grain (better metric tonn) of salt. Линчу вон тоже жена хорошие идеи подкидывала время от времени, но не ВСЕ же.

[Pooh]

Дима всё понятно, просто сам феномен женщин-финансистов интересен. Вот женщин-компьютерщиков тоже мало.

А статья вообще туфтовая, единственная что меня заинтересовало это:

Horlick isn't the only person pushing those views. Merrill Lynch & Co. published a survey this year that showed women were better at investing than men.

Всякие околонаучные исследования я лублу, но на самом деле, все оказывается проще:

http://www.corpwatch...le.php?id=10669

Merrill Lynch & Company, the nation's biggest brokerage firm, discriminated against women who worked as stockbrokers, according to a panel of arbitrators that has awarded $2.2 million to one of them.

That decision, which was made Monday but not disclosed until yesterday, was the first legal ruling to find that a Wall Street firm had engaged in systematic discrimination. The finding could be used to bolster the claims of about 40 current and former Merrill brokers who have not settled their discrimination claims against the firm. Merrill has already paid more than $100 million in settlements with hundreds of other women who joined a class-action case against the firm more than five years ago.

Это было в апреле 2004. Я тоже про это слышал, но вчера об этом не вспомнил.

Ну а в апреле 2005, Мерилл типа исследование провели:

http://www.ml.com/in...028_47486_47543

According to a groundbreaking survey of investors by Merrill Lynch Investment Managers (MLIM), women make fewer investment mistakes than men and make them less often ? despite the fact that, on average, they tend to know less about investing and enjoy investing less than men.

more links:
http://registeredrep.../finance_women/
http://www.timesonli...1158112,00.html

БритФан, спасибо за статью. Join the game.

Сообщение отредактировал Pooh: 17.11.2005, 22:31:06

[AvantGArde]

где можно раздобыть все о ценах на нефть, прогнозы, графики, статьи и проч? да и как вообще сейчас обстановка с нефт. компаниями? Зависит ли цена акций от цены нефти?

Сообщение отредактировал AvantGArde: 18.11.2005, 00:09:58