Financial Analyst Quotes

I loved getting my M. B. A., and I really enjoyed being an accountant and financial analyst before I quit my day job twenty-five years ago to write full time. I just liked writing more…plus, I knew even then that as a full-time writer, I'd get plenty of chances to do business-type stuff, while as an accountant, I probably wouldn't get a lot of opportunities to write about dragons.

A recent article in the Financial Analysts Journal confirmed what other studies (and the sad experience of many investors) have shown: that the fastest-growing companies tend to overheat and flame out.

The intelligent investor will remember the wise words of financial analyst Mark Schweber: “The one question never to ask a bureaucrat is ‘Why?

The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator’s primary interest lies in anticipating and profiting from market fluctuations. The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell. It is far from certain that the typical investor should regularly hold off buying until low market levels appear, because this may involve a long wait, very likely the loss of income, and the possible missing of investment opportunities. On the whole it may be better for the investor to do his stock buying whenever he has money to put in stocks, except when the general market level is much higher than can be justified by well-established standards of value. If he wants to be shrewd he can look for the ever-present bargain opportunities in individual securities. Aside from forecasting the movements of the general market, much effort and ability are directed on Wall Street toward selecting stocks or industrial groups that in matter of price will “do better” than the rest over a fairly short period in the future. Logical as this endeavor may seem, we do not believe it is suited to the needs or temperament of the true investor—particularly since he would be competing with a large number of stock-market traders and first-class financial analysts who are trying to do the same thing. As in all other activities that emphasize price movements first and underlying values second, the work of many intelligent minds constantly engaged in this field tends to be self-neutralizing and self-defeating over the years. The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored. He should never buy a stock because it has gone up or sell one because it has gone down. He would not be far wrong if this motto read more simply: “Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.” An

Career counselor Shoya Zichy told me the story of one of her clients, an introverted financial analyst who worked in an environment where she was either presenting to clients or talking to colleagues who continually cycled in and out of her office. She was so burned out that she planned to quit her job—until Zichy suggested that she negotiate for downtime.

Excel suffers from an image problem. Most people assume that spreadsheet programs such as Excel are intended for accountants, analysts, financiers, scientists, mathematicians, and other geeky types. Creating a spreadsheet, sorting data, using functions, and making charts seems daunting, and best left to the nerds.

Certainly some researchers are thinking more realistically about the market’s prospects and reaching better-informed positions on its future, but these are not the names that grab the headlines and thus influence public attitudes.

Listen, girlie,” said one of the executives of Cadillac, a particularly troubled company, to Maryann Keller, an astute and skeptical financial analyst on Wall Street, “it’s ready to turn around, and it’s going to be bigger than ever.

the Finnish financial analyst Matias Möttölä calculates that in terms of revenue, Real Madrid would still only be the 120th largest company in Finland (a country with a population of just 5.4 million people, or about the same as Minnesota).

The worst way to release bad news is to bury it in the financial statement footnotes, in the hope that no one will see it. A diligent investor or analyst always reads the footnotes, and will not appreciate having to dig so deep to uncover potentially critical information.

The primary test of managerial economic performance is the achievement of a high earnings rate on equity capital employed (without undue leverage, accounting gimmickry, etc.) and not the achievement of consistent gains in earnings per share. In our view, many businesses would be better understood by their shareholder owners, as well as the general public, if managements and financial analysts modified the primary emphasis they place upon earnings per share, and upon yearly changes in that figure.

Europe’s war against debtor countries was turning into class war, which always ends up being waged on the political battlefield. One financial analyst noted that the money raised for putting up islands and public buildings, ports and the water system for sale “will barely put a dint in Greece’s now-unpayable public debt.” Creditors simply hoped to take as much as they could, in the absence of public protests to stop the selloffs. That is why bankers resort to anti-democratic methods in opposing any political power independent of creditor interests. The aim is to centralize financial policy in the hands of “technocrats” drawn from the banking sector – not only Lucas Papademos in Greece, but also Mario Monti in Italy almost simultaneously (as described in the next chapter). The fear is that democratically elected officials will act “irresponsibly,” that is, in the interests of the economy at large rather than catering to the demands of banks and bondholders. The

As we’ve seen, one of the most frequently pursued paths for achievement-minded college seniors is to spend several years advancing professionally and getting trained and paid by an investment bank, consulting firm, or law firm. Then, the thought process goes, they can set out to do something else with some exposure and experience under their belts. People are generally not making lifelong commitments to the field in their own minds. They’re “getting some skills” and making some connections before figuring out what they really want to do. I subscribed to a version of this mind-set when I graduated from Brown. In my case, I went to law school thinking I’d practice for a few years (and pay down my law school debt) before lining up another opportunity. It’s clear why this is such an attractive approach. There are some immensely constructive things about spending several years in professional services after graduating from college. Professional service firms are designed to train large groups of recruits annually, and they do so very successfully. After even just a year or two in a high-level bank or consulting firm, you emerge with a set of skills that can be applied in other contexts (financial modeling in Excel if you’re a financial analyst, PowerPoint and data organization and presentation if you’re a consultant, and editing and issue spotting if you’re a lawyer). This is very appealing to most any recent graduate who may not yet feel equipped with practical skills coming right out of college. Even more than the professional skill you gain, if you spend time at a bank, consultancy, or law firm, you will become excellent at producing world-class work. Every model, report, presentation, or contract needs to be sophisticated, well done, and error free, in large part because that’s one of the core value propositions of your organization. The people above you will push you to become more rigorous and disciplined, and your work product will improve across the board as a result. You’ll get used to dressing professionally, preparing for meetings, speaking appropriately, showing up on time, writing official correspondence, and so forth. You will be able to speak the corporate language. You’ll become accustomed to working very long hours doing detail-intensive work. These attributes are transferable to and helpful in many other contexts.

A good metric is a ratio or a rate. Accountants and financial analysts have several ratios they look at to understand, at a glance, the fundamental health of a company. You need some, too. There are several reasons ratios tend to be the best metrics: • Ratios are easier to act on. Think about driving a car. Distance traveled is informational. But speed—distance per hour—is something you can act on, because it tells you about your current state, and whether you need to go faster or slower to get to your destination on time. • Ratios are inherently comparative. If you compare a daily metric to the same metric over a month, you’ll see whether you’re looking at a sudden spike or a long-term trend. In a car, speed is one metric, but speed right now over average speed this hour shows you a lot about whether you’re accelerating or slowing down. • Ratios are also good for comparing factors that are somehow opposed, or for which there’s an inherent tension. In a car, this might be distance covered divided by traffic tickets. The faster you drive, the more distance you cover—but the more tickets you get. This ratio might suggest whether or not you should be breaking the speed limit.

HANDLE WITH CARE Expectations On 31 January 2006, Google announced its financial results for the final quarter of 2005. Revenue: up 97%. Net profit: up 82%. A record-breaking quarter. How did the stock market react to these phenomenal figures? In a matter of seconds, shares tumbled 16%. Trading had to be interrupted. When it resumed, the stock plunged another 15%. Absolute panic. One particularly desperate trader inquired on his blog: ‘What’s the best skyscraper to throw myself off?’ What had gone wrong? Wall Street analysts had anticipated even better results, and when those failed to materialise, $20 billion was slashed from the value of the media giant. Every investor

For years, the suspicion that Mr. Putin has a secret fortune has intrigued scholars, industry analysts, opposition figures, journalists and intelligence agencies but defied their efforts to uncover it. Numbers are thrown around suggesting that Mr. Putin may control $40 billion or even $70 billion, in theory making him the richest head of state in world history. For all the rumors and speculation, though, there has been little if any hard evidence, and Gunvor has adamantly denied any financial ties to Mr. Putin and repeated that denial on Friday. But Mr. Obama’s response to the Ukraine crisis, while derided by critics as slow and weak, has reinvigorated a 15-year global hunt for Mr. Putin’s hidden wealth. Now, as the Obama administration prepares to announce another round of sanctions as early as Monday targeting Russians it considers part of Mr. Putin’s financial circle, it is sending a not-very-subtle message that it thinks it knows where the Russian leader has his money, and that he could ultimately be targeted directly or indirectly. “It’s something that could be done that would send a very clear signal of taking the gloves off and not just dance around it,” said Juan C. Zarate, a White House counterterrorism adviser to President George W. Bush who helped pioneer the government’s modern financial campaign techniques to choke off terrorist money.

Bezos had seemingly made up his mind that he was no longer going to indulge in financial maneuvering as a way to escape the rather large hole Amazon had dug for itself, and it wasn’t just through borrowing Sinegal’s business plan. At a two-day management and board offsite later that year, Amazon invited business thinker Jim Collins to present the findings from his soon-to-be-published book Good to Great. Collins had studied the company and led a series of intense discussions at the offsite. “You’ve got to decide what you’re great at,” he told the Amazon executives. Drawing on Collins’s concept of a flywheel, or self-reinforcing loop, Bezos and his lieutenants sketched their own virtuous cycle, which they believed powered their business. It went something like this: Lower prices led to more customer visits. More customers increased the volume of sales and attracted more commission-paying third-party sellers to the site. That allowed Amazon to get more out of fixed costs like the fulfillment centers and the servers needed to run the website. This greater efficiency then enabled it to lower prices further. Feed any part of this flywheel, they reasoned, and it should accelerate the loop. Amazon executives were elated; according to several members of the S Team at the time, they felt that, after five years, they finally understood their own business. But when Warren Jenson asked Bezos if he should put the flywheel in his presentations to analysts, Bezos asked him not to. For now, he considered it the secret sauce.

Some terrorism analysts have seen the southern insurgency as an Islamic jihad that forms part of the broader network of AQ-linked extremism, with Islamic theology and religious aspirations (for shari’a law or an Islamic emirate) as a key motivator.73 This surface impression is reinforced by the facts that the violence is led by ustadz74 and other religious teachers, that the mosques and ponoh (Islamic schools) have a central role as recruiting and training bases, and that militants repeatedly state that they are fighting a legitimate defensive jihad against the encroachment of the kafir (infidel) Buddhist Thai government. Clearly, also, the AQ affiliate Jema’ah Islamiyah (JI) has used Thailand as a venue for key meetings, financial transfers, acquisition of forged documents,75 and money laundering and as a transit hub for operators.

We're all equal before a wave. —Laird Hamilton, professional surfer In 2005, I was working as an equity analyst at Merrill Lynch. When one afternoon I told a close friend that I was going to leave Wall Street, she was dumbfounded. "Are you sure you know what you're doing?" she asked me. This was her polite, euphemistic way of wondering if I'd lost my mind. My job was to issue buy or sell recommendations on corporate stocks—and I was at the top of my game. I had just returned from Mexico City for an investor day at America Movíl, now the fourth largest wireless operator in the world. As I sat in the audience with hundreds of others, Carlos Slim, the controlling shareholder and one of the world's richest men, quoted my research, referring to me as "La Whitney." I had large financial institutions like Fidelity Investments asking for my financial models, and when I upgraded or downgraded a stock, the stock price would frequently move several percentage points.

What’s really worried me over the years is not our stock price, but that we might someday fail to take care of our customers, or that our managers might fail to motivate and take care of our associates. I also was worried that we might lose the team concept, or fail to keep the family concept viable and realistic and meaningful to our folks as we grow. Those challenges are more real than somebody’s theory that we’re headed down the wrong path. As business leaders, we absolutely cannot afford to get all caught up in trying to meet the goals that some retail analyst or financial institution in New York sets for us on a ten-year plan spit out of a computer that somebody set to compound at such-and-such a rate. If we do that, we take our eye off the ball. But if we demonstrate in our sales and our earnings every day, every week, every quarter, that we’re doing our job in a sound way, we will get the growth we are entitled to, and the market will respect us in a way that we deserve.

of the Deep Southern oligarchy has been consistent for over four centuries: to control and maintain a one-party state with a colonial-style economy based on large-scale agriculture and the extraction of primary resources by a compliant, poorly educated, low-wage workforce with as few labor, workplace safety, health care, and environmental regulations as possible. On being compelled by force of arms to give up their slave workforce, Deep Southerners developed caste and sharecropper systems to meet their labor needs, as well as a system of poll taxes and literacy tests to keep former slaves and white rabble out of the political process. When these systems were challenged by African Americans and the federal government, they rallied poor whites in their nation, in Tidewater, and in Appalachia to their cause through fearmongering: The races would mix. Daughters would be defiled. Yankees would take away their guns and Bibles and convert their children to secular humanism, environmentalism, communism, and homosexuality. Their political hirelings discussed criminalizing abortion, protecting the flag from flag burners, stopping illegal immigration, and scaling back government spending when on the campaign trail; once in office, they focused on cutting taxes for the wealthy, funneling massive subsidies to the oligarchs’ agribusinesses and oil companies, eliminating labor and environmental regulations, creating “guest worker” programs to secure cheap farm labor from the developing world, and poaching manufacturing jobs from higher-wage unionized industries in Yankeedom, New Netherland, or the Midlands. It’s a strategy financial analyst Stephen Cummings has likened to “a high-technology version of the plantation economy of the Old South,” with the working and middle classes playing the role of sharecroppers.[1] For the oligarchs the greatest challenge has been getting Greater Appalachia into their coalition and keeping it there. Appalachia has relatively few African

Tim Tigner began his career in Soviet Counterintelligence with the US Army Special Forces, the Green Berets. That was back in the Cold War days when, “We learned Russian so you didn't have to,” something he did at the Presidio of Monterey alongside Recon Marines and Navy SEALs. With the fall of the Berlin Wall, Tim switched from espionage to arbitrage. Armed with a Wharton MBA rather than a Colt M16, he moved to Moscow in the midst of Perestroika. There, he led prominent multinational medical companies, worked with cosmonauts on the MIR Space Station (from Earth, alas), chaired the Association of International Pharmaceutical Manufacturers, and helped write Russia’s first law on healthcare. Moving to Brussels during the formation of the EU, Tim ran Europe, Middle East, and Africa for a Johnson & Johnson company and traveled like a character in a Robert Ludlum novel. He eventually landed in Silicon Valley, where he launched new medical technologies as a startup CEO. In his free time, Tim has climbed the peaks of Mount Olympus, hang glided from the cliffs of Rio de Janeiro, and ballooned over Belgium. He earned scuba certification in Turkey, learned to ski in Slovenia, and ran the Serengeti with a Maasai warrior. He acted on stage in Portugal, taught negotiations in Germany, and chaired a healthcare conference in Holland. Tim studied psychology in France, radiology in England, and philosophy in Greece. He has enjoyed ballet at the Bolshoi, the opera on Lake Como, and the symphony in Vienna. He’s been a marathoner, paratrooper, triathlete, and yogi.  Intent on combining his creativity with his experience, Tim began writing thrillers in 1996 from an apartment overlooking Moscow’s Gorky Park. Decades later, his passion for creative writing continues to grow every day. His home office now overlooks a vineyard in Northern California, where he lives with his wife Elena and their two daughters. Tim grew up in the Midwest, and graduated from Hanover College with a BA in Philosophy and Mathematics. After military service and work as a financial analyst and foreign-exchange trader, he earned an MBA in Finance and an MA in International Studies from the University of Pennsylvania’s Wharton and Lauder Schools.  Thank you for taking the time to read about the author. Tim is most grateful for his loyal fans, and loves to correspond with readers like you. You are welcome to reach him directly at tim@timtigner.com.

Many aspects of the modern financial system are designed to give an impression of overwhelming urgency: the endless ‘news’ feeds, the constantly changing screens of traders, the office lights blazing late into the night, the young analysts who find themselves required to work thirty hours at a stretch. But very little that happens in the finance sector has genuine need for this constant appearance of excitement and activity. Only its most boring part—the payments system—is an essential utility on whose continuous functioning the modern economy depends. No terrible consequence would follow if the stock market closed for a week (as it did in the wake of 9/11)—or longer, or if a merger were delayed or large investment project postponed for a few weeks, or if an initial public offering happened next month rather than this. The millisecond improvement in data transmission between New York and Chicago has no significance whatever outside the absurd world of computers trading with each other. The tight coupling is simply unnecessary: the perpetual flow of ‘information’ part of a game that traders play which has no wider relevance, the excessive hours worked by many employees a tournament in which individuals compete to display their alpha qualities in return for large prizes. The traditional bank manager’s culture of long lunches and afternoons on the golf course may have yielded more useful information about business than the Bloomberg terminal. Lehman

Onboarding checklists Business orientation checklist As early as possible, get access to publicly available information about financials, products, strategy, and brands. Identify additional sources of information, such as websites and analyst reports. If appropriate for your level, ask the business to assemble a briefing book. If possible, schedule familiarization tours of key facilities before the formal start date. Stakeholder connection checklist Ask your boss to identify and introduce you to the key people you should connect with early on. If possible, meet with some stakeholders before the formal start. Take control of your calendar, and schedule early meetings with key stakeholders. Be careful to focus on lateral relationships (peers, others) and not only vertical ones (boss, direct reports). Expectations alignment checklist Understand and engage in business planning and performance management. No matter how well you think you understand what you need to do, schedule a conversation with your boss about expectations in your first week. Have explicit conversations about working styles with bosses and direct reports as early as possible. Cultural adaptation checklist During recruiting, ask questions about the organization’s culture. Schedule conversations with your new boss and HR to discuss work culture, and check back with them regularly. Identify people inside the organization who could serve as culture interpreters. After thirty days, conduct an informal 360-degree check-in with your boss and peers to gauge how adaptation is proceeding.

Was this luck, or was it more than that? Proving skill is difficult in venture investing because, as we have seen, it hinges on subjective judgment calls rather than objective or quantifiable metrics. If a distressed-debt hedge fund hires analysts and lawyers to scrutinize a bankrupt firm, it can learn precisely which bond is backed by which piece of collateral, and it can foresee how the bankruptcy judge is likely to rule; its profits are not lucky. Likewise, if an algorithmic hedge fund hires astrophysicists to look for patterns in markets, it may discover statistical signals that are reliably profitable. But when Perkins backed Tandem and Genentech, or when Valentine backed Atari, they could not muster the same certainty. They were investing in human founders with human combinations of brilliance and weakness. They were dealing with products and manufacturing processes that were untested and complex; they faced competitors whose behaviors could not be forecast; they were investing over long horizons. In consequence, quantifiable risks were multiplied by unquantifiable uncertainties; there were known unknowns and unknown unknowns; the bracing unpredictability of life could not be masked by neat financial models. Of course, in this environment, luck played its part. Kleiner Perkins lost money on six of the fourteen investments in its first fund. Its methods were not as fail-safe as Tandem’s computers. But Perkins and Valentine were not merely lucky. Just as Arthur Rock embraced methods and attitudes that put him ahead of ARD and the Small Business Investment Companies in the 1960s, so the leading figures of the 1970s had an edge over their competitors. Perkins and Valentine had been managers at leading Valley companies; they knew how to be hands-on; and their contributions to the success of their portfolio companies were obvious. It was Perkins who brought in the early consultants to eliminate the white-hot risks at Tandem, and Perkins who pressed Swanson to contract Genentech’s research out to existing laboratories. Similarly, it was Valentine who drove Atari to focus on Home Pong and to ally itself with Sears, and Valentine who arranged for Warner Communications to buy the company. Early risk elimination plus stage-by-stage financing worked wonders for all three companies. Skeptical observers have sometimes asked whether venture capitalists create innovation or whether they merely show up for it. In the case of Don Valentine and Tom Perkins, there was not much passive showing up. By force of character and intellect, they stamped their will on their portfolio companies.

William J. Bernstein and Robert D. Arnott, “Earnings Growth: The Two Percent Dilution,” Financial Analysts Journal 59:5 (September/October, 2003): 47–55.

Organizations seeking to commercialize open source software realized this, of course, and deliberately incorporated it as part of their market approach. In a 2013 piece on Pando Daily, venture capitalist Danny Rimer quotes then-MySQL CEO Mårten Mickos as saying, “The relational database market is a $9 billion a year market. I want to shrink it to $3 billion and take a third of the market.” While MySQL may not have succeeded in shrinking the market to three billion, it is interesting to note that growing usage of MySQL was concurrent with a declining ability of Oracle to sell new licenses. Which may explain both why Sun valued MySQL at one third of a $3 billion dollar market and why Oracle later acquired Sun and MySQL. The downward price pressure imposed by open source alternatives have become sufficiently visible, in fact, as to begin raising alarm bells among financial analysts. The legacy providers of data management systems have all fallen on hard times over the last year or two, and while many are quick to dismiss legacy vendor revenue shortfalls to macroeconomic issues, we argue that these macroeconomic issues are actually accelerating a technology transition from legacy products to alternative data management systems like Hadoop and NoSQL that typically sell for dimes on the dollar. We believe these macro issues are real, and rather than just causing delays in big deals for the legacy vendors, enterprises are struggling to control costs and are increasingly looking at lower cost solutions as alternatives to traditional products. — Peter Goldmacher Cowen and Company

All these complexities are lost on many commentators, often the same ones who would single out the Arabs for being Arabs; now there is a keen interest in explaining any social evolution or political process through the exclusive prism of Islam. According to such commentators, Muslims act in a certain way mainly because they are Muslims, not because they are Moroccans or Jordanians, blue-collared or self-employed, educated or illiterate, urbanites or peasant, straight or gay, young or old, Arabic speakers or native Berbers, and of course their class background and financial resources are meaningless compared with their religious affiliation. Those analysts share one thing in common with the Jihadis, they believe Islam provides all the answers. The Arab Revolution: Ten Lessons From the Democratic Uprisisng

His order cited "credible evidence" that a takeover "threatens to impair the national security of the US".Qualcomm was already trying to fend off Broadcom's bid.The deal would have created the world's third-largest chipmaker behind Intel and Samsung.It would also have been the biggest takeover the technology koo50 sector had ever seen.The presidential order said: "The proposed takeover of Qualcomm by the Purchaser (Broadcom) is prohibited. and any substantially equivalent merger. acquisition. or takeover. whether effected directly or indirectly. is also prohibited."Crown jewelSome analysts said President Trump's decision was more about competitiveness and winning the race for 5G technology. than security concerns.The sector is in a race to develop chips for the latest 5G wireless technology. and Qualcomm was considered by Broadcom a significant asset in its bid to gain market share.Image captionQualcomm has already showcased 1Gbps mobile internet speeds using a 5G chip"Given the current political climate in the US and other regions around the world. everyone is taking a more conservative view on mergers and acquisitions and protecting their own domains." IDC's Mario Morales. vice president of enabling technologies and semiconductors told the BBC."We are all at the start of a race. and you have 5G as a crown jewel that everyone wants to participate in - and every region is racing towards that." he said."We don't want to hinder someone like Qualcomm so that they can't provide the technology to the vendors that are competing within that space."US investigates Broadcom's Qualcomm bidQualcomm rejects Broadcom takeover bidHuawei's US smartphone deal collapsesSingapore-based Broadcom had been pursuing San Diego-based Qualcomm for about four months.Last week however. Broadcom's hostile takeover bid was put under investigation by the Committee on Foreign Investment in the US. a multi-agency led by the US Treasury Department.The US company had rejected approaches from its rival on the grounds that the offer undervalued the business. and also that any takeover would face antitrust hurdles.Earlier this year. Chinese telecoms giant Huawei said it had not been able to strike a deal to sell its new smartphone via a US carrier. widely believed to be AT&T.The US also recently blocked the $1.2bn sale of money transfer firm Moneygram to China's Ant Financial. the digital payments arm of Alibaba.

Many organizations we encounter lament their spreadsheet-driven culture. Every department has its own mechanism for gathering, analyzing, and reporting on its unique data. No consistent “source of truth” exists and data analysts become indispensable because they are the only people in the organization who know how a financial model works, how to access and understand the data sources, and its strengths and weaknesses. People in these organizations wish for a technology solution that could bring all the information together and make it available to all decision makers in interactive, visual dashboards.

When an intellectual with a household income of $180,000 a year enters a room filled with moneyed types making $1.75 million a year, a few social rules will be observed. First, everyone will act as if money does not exist. Everyone, including the intellectual who can’t pay her Visa bill in full, will pretend it is possible to jet off to Paris for a weekend and the only barrier is finding the time. Everyone will praise the Marais district, and it will not be mentioned that the financial analyst has an apartment in the Marais and the intellectual spends her rare vacations at one-star hotels. The intellectual will notice that the financial analysts spend a lot of time talking about their vacations, whereas all the intellectual wants to talk about is work.

Many financial analysts will find Emerson and Emery more interesting and appealing stocks than the other two—primarily, perhaps, because of their better “market action,” and secondarily because of their faster recent growth in earnings. Under our principles of conservative investment the first is not a valid reason for selection—that is something for the speculators to play around with. The second has validity, but within limits. Can the past growth and the presumably good prospects of Emery Air Freight justify a price more than 60 times its recent earnings?1 Our answer would be: Maybe for someone who has made an in-depth study of the possibilities of this company and come up with exceptionally firm and optimistic conclusions. But not for the careful investor who wants to be reasonably sure in advance that he is not committing the typical Wall Street error of overenthusiasm for good performance in earnings and in the stock market.* The same cautionary statements seem called for in the case of Emerson Electric, with a special reference to the market’s current valuation of over a billion dollars for the intangible, or earning-power, factor here. We should add that the “electronics industry,” once a fair-haired child of the stock market, has in general fallen on disastrous days. Emerson is an outstanding exception, but it will have to continue to be such an exception for a great many years in the future before the 1970 closing price will have been fully justified by its subsequent performance. By contrast, both ELTRA at 27 and Emhart at 33 have the earmarks of companies with sufficient value behind their price to constitute reasonably protected investments. Here the investor can, if he wishes, consider himself basically a part owner of these businesses, at a cost corresponding to what the

The former head of this operation, Gary Wendt, who is credited with much of the enormous success of GEFS, used his personal agenda as a simple but inordinately powerful tool for growing the business into ever new entrepreneurial arenas. Over the years, he used his personal agenda to make it unequivocally clear that he expected entrepreneurial business growth from every member of management. At every major meeting, the topic of business development was on the agenda (usually in the number one spot). In every annual review, managers were asked to demonstrate the revenues they had created from businesses that did not exist five years before. From division heads to newly hired analysts, everyone was held accountable for some set of activities having to do with creating entrepreneurial revenue and profit streams. In short, no one who worked in the organization could avoid the unremitting focus on new business development. You need to make sure that you are similarly consistent, predictable, and focused, and that you sustain this emphasis over a long period. Pressure applied only once is soon forgotten, and alternating pressure (as in flavor-of-the-month management) will cause people to be confused, disillusioned, or angry. Wendt’s consistent, visible, and predictable attention to business development created a pressure in GEFS for entrepreneurial business growth that took it from the $300 million installment loan portfolio we looked at in chapter 6 to a financial services behemoth with $250 billion in assets under management when he left in 1998. Examples of Wendt’s single-minded determination to drive growth through entrepreneurial transformation at GEFS are numerous. Years ago, for instance, he was asked whether his agenda would change if someone rushed in and told him that the computer room was on fire (implying that his business could be completely destroyed). Wendt replied that he employed firefighters to handle such emergencies. As the leader, his most important job was to keep people focused on business development. Since business development is an uncomfortable and unpredictable process, Wendt knew that if he allowed it to appear to be a low priority for him, all those working for him would heave a sigh of relief and go back to business as usual, with new businesses struggling to find a place on the priority list. In fact, as he remarked, even if he did try to get involved in putting out the fire, he would probably only interfere with the efforts of the highly competent people employed to do so.

For each year, our analysts looked at assets comprising about 90 percent of the total asset value that Trump had referenced in his financial statements. The overvaluations cut across virtually all his assets, and meant that he had reported asset values that, on average, were about double what they were actually worth.

Again, I missed so many events with my friends while studying for the CFA exams. Nights out on the town, sports games, golf, weddings, bachelor parties—I missed them all! It’s rough, but the reality is that you just can’t do it all, especially if these events are close to exam time. You won’t be able to spare the time.

Israeli caution toward Russia in 2022 was unsurprising because Israeli surveillance firm Cellebrite had sold Vladimir Putin phone-hacking technology that he used on dissidents and political opponents for years, deploying it tens of thousands of times. Israel didn’t sell the powerful NSO Group phone-hacking tool, Pegasus, to Ukraine despite the country having asked for it since 2019: it did not want to anger Moscow. Israel was thus complicit in Russia’s descent into autocracy. Within days of the Russia’s aggression in Ukraine, the global share prices of defense contractors soared, including Israel’s biggest, Elbit Systems, whose stock climbed 70 percent higher than the year before. One of the most highly sought-after Israeli weapons is a missile interception system. US financial analysts from Citi argued that investment in weapons manufacturers was the ethical thing to do because “defending the values of liberal democracies and creating a deterrent … preserves peace and global stability.”19 Israeli cyber firms were in huge demand. Israel’s Interior Minister Ayelet Shaked said that Israel would benefit financially because European nations wanted Israeli armaments.20 She said the quiet part out loud, unashamed of seeing opportunity in a moment of crisis. “We have unprecedented opportunities, and the potential is crazy,” an Israeli defense industry source told Haaretz.21

Initially, he was entranced by the professional investing industry that was blossoming as he entered adulthood. At the time of writing the Financial Analysts Journal article, Bogle was a young hotshot executive of Wellington, one of the oldest and largest mutual fund managers in America. But an odd combination of disaster and serendipity in the mid-1970s set him on the path to upending the industry he once venerated. “There’s nobody more religious than a convert,” observes Jim Riepe, one of Bogle’s closest colleagues in the founding of Vanguard, as a way of explaining the remarkable metamorphosis.

But some investors and analysts fret that given the strength of the trend toward greater passive investing, the market’s efficiency will gradually atrophy, with potentially dire consequences. “A given investment in active may or may not be the best decision for an individual particular investor but for the system overall there is a benefit in the efficient allocation of capital,” Fraser-Jenkins argued.21 “Rather than looking at the real economy and seeking to understand its future development, passive allocation self-referentially looks to the financial economy to inform its asset allocation choices.

Atlas Ultra Ergonomic Book Holder,

The ability to quickly analyze data is vital for a system of countering the laundering of the proceeds of crime, and computerized databases and analytical tools are an important element in achieving this goal. Nevertheless, it is important to keep in mind that electronic databases and software can only facilitate the work of analysts, not replace it.

1. The conglomerate movement, “with all its fancy rhetoric about synergism and leverage.” 2. Accountants who played footsie with stock-promoting managements by certifying earnings that weren’t earnings at all. 3. “Modern” corporate treasurers who looked upon their company pension funds as new-found profit centers and pressured their investment advisers into speculating with them. 4. Investment advisers who massacred clients’ portfolios because they were trying to make good on the over-promises that they had made to attract the business. 5. The new breed of investment managers who bought and churned the worst collection of new issues and other junk in history, and the underwriters who made fortunes bringing them out. 6. Elements of the financial press which promoted into new investment geniuses a group of neophytes who didn’t even have the first requisite for managing other people’s money—namely, a sense of responsibility. 7. The securities salesmen who peddle the items with the best stories—or the biggest markups—even though such issues were totally unsuited to the customers’ needs. 8. The sanctimonious partners of major investment houses who wrung their hands over all these shameless happenings while they deployed an army of untrained salesmen to forage among even less trained investors. 9. Mutual fund managers who tried to become millionaires overnight by using every gimmick imaginable to manufacture their own paper performance. 10. Portfolio managers who collected bonanza incentives of the “heads I win, tails you lose” kind, which made them fortunes in the bull market but turned the portfolios they managed into disasters in the bear market. 11. Security analysts who forgot about their professional ethics to become storytellers and let their institutions be taken in by a whole parade of confidence men. This was the “list of horrors that people in our field did to set the stage for the greatest blood bath in forty years,

In 2007 one of its biggest clients, Goldman Sachs, demanded that AIG put up billions of dollars more in collateral as required under its swaps contracts. AIG disclosed the existence of the collateral dispute in November. At the December conference, Charles Gates, a longtime insurance analyst for Credit Suisse, asked pointedly what it meant that “your assessment of certain super-senior credit default swaps and the related collateral . . . differs significantly from your counterparties.

The 49-year-old Bryant, who resembles a cereal box character himself with his wide eyes, toothy smile, and elongated chin, blames Kellogg's financial woes on the changing tastes of fickle breakfast eaters. The company flourished in the Baby Boom era, when fathers went off to work and mothers stayed behind to tend to three or four children. For these women, cereal must have been heaven-sent. They could pour everybody a bowl of Corn Flakes, leave a milk carton out, and be done with breakfast, except for the dishes. Now Americans have fewer children. Both parents often work and no longer have time to linger over a serving of Apple Jacks and the local newspaper. Many people grab something on the way to work and devour it in their cars or at their desks while checking e-mail. “For a while, breakfast cereal was convenience food,” says Abigail Carroll, author of Three Squares: The Invention of the American Meal. “But convenience is relative. It's more convenient to grab a breakfast bar, yogurt, a piece of fruit, or a breakfast sandwich at some fast-food place than to eat a bowl of breakfast cereal.” People who still eat breakfast at home favor more laborintensive breakfasts, according to a recent Nielsen survey. They spend more time at the stove, preparing oatmeal (sales were up 3.5 percent in the first half of 2014) and eggs (up 7 percent last year). They're putting their toasters to work, heating up frozen waffles, French toast, and pancakes (sales of these foods were up 4.5 percent in the last five years). This last inclination should be helping Kellogg: It owns Eggo frozen waffles. But Eggo sales weren't enough to offset its slumping U.S. cereal numbers. “There has just been a massive fragmentation of the breakfast occasion,” says Julian Mellentin, director of food analysis at research firm New Nutrition Business. And Kellogg faces a more ominous trend at the table. As Americans become more healthconscious, they're shying away from the kind of processed food baked in Kellogg's four U.S. cereal factories. They tend to be averse to carbohydrates, which is a problem for a company selling cereal derived from corn, oats, and rice. “They basically have a carb-heavy portfolio,” says Robert Dickerson, senior packagedfood analyst at Consumer Edge. If such discerning shoppers still eat cereal, they prefer the gluten-free kind, sales of which are up 22 percent, according to Nielsen. There's also growing suspicion of packagedfood companies that fill their products with genetically modified organisms (GMOs). For these breakfast eaters, Tony the Tiger and Toucan Sam may seem less like friendly childhood avatars and more like malevolent sugar traffickers.

Andrew Hall may be positioning himself now for the next coming boom cycle, but the market will need more than the predictions of some good traders to turn around. One thing that absolutely must happen is a real and measurable leveling off of production here in the U.S. Early in the bust phase for shale, with crude prices, budgets, and rig counts collapsing, I was of the opinion that indeed, production cuts would come a whole lot sooner than either the EIA or most of the bank analysts believed was possible. But I’ve been impressed by the free flow of capital that has come in to the markets looking to ‘save’ shale oil companies from their excesses, and slowing what I thought would be a violent progression of bond defaults and outright bankruptcies. In a recent note on the state of E+P, Morgan Stanley also noted the trend, when one of its analysts, Evan Calio, wrote: “Secondary offerings have been positively received by investors as a means to shore up balance sheets and pre-fund drilling programs in light of falling crude prices. Secondary offerings remain a logical way to delever [a financial term meaning to reduce debt], but also has the potential to extend the trough rather than hasten its arrival.” (emphasis mine). In other words, there is too much money still chasing oil for a quick weeding out of the weaklings. We might see a longer period of ‘survivability’ before the real wall hits.

Where are you? I need you to answer. Of all the times for you not to answer, this is the worst. I just kissed Garner. Oh my gosh. Rose! What am I going to do? Today was a long, hard, long—did I already say long?—day. I was working here at my desk and I was incredibly frustrated because I was having to fix a mistake one of the financial analysts made, when I heard a knock. I looked up and Garner was standing just inside my doorway, with his suit jacket over his arm. My heart squeezed because . . . you know why. This thing I have for him. He asked me why I always work so late. I explained about the mistake I was fixing and then told him about all the other things I still have to finish before I can call it a night. He said he thought it was dangerous for me to remain on our floor after hours, to walk to my car alone, to arrive at my apartment alone. He told me he was concerned that I’m being careless with my safety. I stared at him, speechless, because lots of people work late. Almost all of them are men, so the only thing I could figure was that he was basically scolding me for working late because I’m female. Which is completely sexist and infuriating. But hold the phone. It gets worse. “Going home earlier will be better for you in other ways,” he said. “It’ll help you balance things out. Get more sleep. More rest.” And then this is the kicker. He said, “It might be time for you to get a life, Kathleen.” He said it nicely. There was humor in his eyes, there was. But I knew . . . I knew, Rose, that he was serious. That he really does think I need to get a life. And it just . . . it sparked something inside me because here I am working my butt off for Bradford Shipping, spending my time at the office, because I’m trying to save his company. He’s the one leaving to go home and he has the audacity to tell me to get a life! I stood and came around my desk as I told him all of that. Everything I just told you. I didn’t scream it. I spoke it quickly and I think, quietly. But I said it like I meant it. Because I did mean it. I was upset. How dare he! Get a life! From the man who’s not exactly known for making the best life decisions. I found myself standing right in front of him. He raised an eyebrow slightly. That’s it! That’s all he did. He was totally unmoved by my speech. He looked calm. He looked like someone I could never have. Plus, his eyes are ridiculous. My destructive streak surfaced and I stepped forward and I put my palms on his cheeks and I kissed him. Just a press of lips to lips. That’s it. I waited for maybe one whole second, which felt like ten, for him to kiss me back, to put his arms around me. Something! Instead he moved backward. Oh, Rose. It was horrible. His gaze narrowed on me and his chest expanded with his breath a few times, but otherwise he stood there like a statue. And I stood there like a statue. Then he turned and left. I could die. I’ve locked my office door and closed my blinds and I’m sitting on the floor behind my desk. How am I supposed to face him now? I’m sure he thinks I’m insane. Why

People believe it because people are stupid. Apparently, that’s adequate now. There are kids in my class who can’t locate Florida on a map and they’re going to get the same diploma I’m going to get. They’re going to get accepted to college and become physical therapists or kindergarten teachers or financial analysts and they still won’t be able to locate Florida on a map.

Most fundamental analysts focus on a company's quarterly and annual financial reports. To

Your trading day must begin early. Get up about three hours before the markets open. Spend an hour on deciding what you are going to trade. Then, one hour before the market opens spend time going through various financial channels to get a mood of how things will open. Don’t get carried away by the opinions of television analysts unless you have confidence in someone who has a track record.

The work of a financial analyst falls somewhere in the middle between that of a mathematician and of an orator.

If we feel ourselves valuable, then we will feel our time to be valuable, and if we feel our time to be valuable, then we will want to use it well. The financial analyst who procrastinated did not value her time. If she had, she would not have allowed herself to spend most of her day so unhappily and unproductively. It was not without consequence for her that throughout her childhood she was “farmed out” during all school vacations to live with paid foster parents although her parents could have taken care of her perfectly well had they wanted to. They did not value her. They did not want to care for her. So she grew up feeling herself to be of little value, not worth caring for; therefore she did not care for herself. She did not feel she was worth disciplining herself. Despite the fact that she was an intelligent and competent woman she required the most elementary instruction in self-discipline because she lacked a realistic assessment of her own worth and the value of her own time. Once she was able to perceive her time as being valuable, it naturally followed that she wanted to organize it and protect it and make maximum use

What is the potential for appreciation? Is the outlook bright for the future financial performance of the acquiring company? Do your homework—check out the stock and its upside potential. If you had received cash instead of stock, would you purchase a large quantity of the company’s stock? Review stock analysts’ reports. Ask the company which analysts follow the company and get copies of recent reports from their brokerage firms.

Naturally, most analysts expected that U.S. taxpayers would pay an astronomical price to repair our financial system, too. Simon Johnson, a former chief economist of the International Monetary Fund, warned that the government’s price tag could be $1 trillion to $2 trillion, “in line with the experience” of other nations. An IMF study estimated the final tab at nearly $2 trillion. “If we spent a million dollars a day every day since the birth of Christ, we wouldn’t get to $1 trillion,” said Congressman Darrell Issa, the top Republican on the House government oversight committee. “And we’re likely to lose far more than that.” But we didn’t.

The financial security of older training analysts in power and the distraction from the ordinary uncertainties of aging may play an important role here.

The contrary is almost certain to be true in the long run. The defensive investor must confine himself to the shares of important companies with a long record of profitable operations and in strong financial condition. (Any security analyst worth his salt could make up such a list.) Aggressive investors may buy other types of common stocks, but they should be on a definitely attractive basis as established by intelligent analysis.

Bankole Meroke is enjoying his career as a financial analyst. He aspires to establish his own accounting company and become an accounting professor.

I have always believed that most investors and analysts over-complicate matters. I try to focus on just two yardsticks when investing in a trading company, e.g. PZ Customs: dividend yields and PERs, and two for an investment or property company, e.g. Daejan - net asset values (NAVs) and gearing, i.e. the level of borrowings a company has relative to assets. The gearing factor importantly also applies to trading companies.

Meera Patel, senior analyst at Hargreaves Lansdown, says: "The biggest mistake people make is to buy high and sell low. Many people simply end up putting their money in the most fashionable funds promoted by investment firms. But as technology shareholders found out to their cost in the late 1990s, investing in funds that are the flavour of the month is recipe for disaster. The way to make money is to be contrarian.

How is it not possible for the leaders of such giant, public, dispersed-ownership conglomerate companies to take a such a bold step as well to focus on creating long-term value for shareholders and institutional investors? Many investors do not invest in companies for the short term: institutional investors, mutual funds, index funds, and many shareholders, buy and hold patiently for dividends and capital appreciation for the long term. Why, then, do corporate leaders insist that they are unable to invest for the long term due to financial market and analyst pressures? These are interesting research questions that could generate interesting empirical studies.

Increasingly, I have become concerned that the motivation to meet Wall Street earnings expectations may be overriding common sense business practices,” he said. “Too many corporate managers, auditors, and analysts are participants in a game of nods and winks. In the zeal to satisfy consensus earnings estimates and project a smooth earnings path, wishful thinking may be winning the day over faithful representation. As a result, I fear that we are witnessing an erosion in the quality of earnings, and therefore, the quality of financial reporting. Managing may be giving way to manipulation. Integrity may be losing out to illusion.” It was a remarkable speech.

According to analysts, 666 Fifth Avenue had about a 30 percent vacancy rate and only generated about half of its annual mortgage. It was rumored that the largest tenant was planning to move out. A Canadian company named Brookfield Property Partners took a ninety-nine-year lease on 666 Fifth Avenue. Brookfield paid the rent for the entire century-long lease, upfront, which amounted to about $1.1 billion—removing Kushner’s biggest financial headache (a $1.4 billion mortgage on the office portion of the tower due in February 2019). Brookfield got its financing for this deal from a $750 million mortgage from ING Group, a Dutch multinational and financial services corporation, and a $300 million mezzanine loan from Apollo Global Management.9 However, the Qatar Investment Authority, the government-run agency that made decisions about the nations’ financial investments, bought a $1.8 billion stake in Brookfield Property Partners. As the second largest shareholder, they had a lot to say about what should be purchased; in this instance, they apparently used Brookfield to bail out 666 Fifth Ave. This investment was a godsend to Kushner, who was now out of debt just as Qatar was suddenly no longer blockaded by Mohammad bin Salman bin Abdulaziz Al Saud, crown prince of Saudi Arabia (known colloquially as MBS), and his allies.

TABLE 1-1 Onboarding checklists Business orientation checklist As early as possible, get access to publicly available information about financials, products, strategy, and brands. Identify additional sources of information, such as websites and analyst reports. If appropriate for your level, ask the business to assemble a briefing book. If possible, schedule familiarization tours of key facilities before the formal start date. Stakeholder connection checklist Ask your boss to identify and introduce you to the key people you should connect with early on. If possible, meet with some stakeholders before the formal start. Take control of your calendar, and schedule early meetings with key stakeholders. Be careful to focus on lateral relationships (peers, others) and not only vertical ones (boss, direct reports). Expectations alignment checklist Understand and engage in business planning and performance management. No matter how well you think you understand what you need to do, schedule a conversation with your boss about expectations in your first week. Have explicit conversations about working styles with bosses and direct reports as early as possible. Cultural adaptation checklist During recruiting, ask questions about the organization’s culture. Schedule conversations with your new boss and HR to discuss work culture, and check back with them regularly. Identify people inside the organization who could serve as culture interpreters. After thirty days, conduct an informal 360-degree check-in with your boss and peers to gauge how adaptation is proceeding.

Noyce recalled that the group had some slight qualms about running their own business, but these doubts were easily overcome by “the realization, for the first time, that you had a chance at making more money than you ever dreamed of.” The dream, as it happened, came true. Even by high-tech standards, that $500 turned out to be a spectacular investment. In 1968 the founders sold their share of Fairchild Semiconductor back to the parent company; Noyce’s proceeds—the return on his initial $500 investment—came to $250,000. Noyce and his friend Gordon Moore had by then found another financial backer and started a new firm, Intel Corporation (the name is a play on both Intelligence and Integrated Electronics). Intel started out making chips for computer memories, a business that took off like a rocket. Intel’s shares were traded publicly for the first time in 1971—on the same day, coincidentally, that Playboy Enterprises went public. On that first day, stock in the two firms was about equally priced; a year later, Intel’s shares were worth more than twice as much as Playboy’s. “Wall Street has spoken,” an investment analyst observed. “It’s memories over mammaries.” Today, Intel is a multibillion-dollar company, and anybody who held on to the founding group’s stake in the company is a billionaire several times over.

In the end, the entire 6th Army was dissolved, replaced eventually by units from the 9th Army from Wonsan. The process dragged on for many months. To this day, the exact reasons remain a mystery. Intelligence analysts tend to dismiss the story of the attempted coup. Over the years many reports of attempted putsches, rebellions, and assassination attempts have emerged from North Korea—as yet, none of them confirmed. The most plausible explanation about the 6th Army is that it was disbanded because Kim Jong-il wanted more control over its financial activities.

Three American business school professors decided to find out. In a first-of-its-kind study, they analyzed more than 26,000 earnings calls from more than 2,100 public companies over six and a half years using linguistic algorithms similar to the ones employed in the Twitter study. They examined whether the time of day influenced the emotional tenor of these critical conversations—and, as a consequence, perhaps even the price of the company’s stock. Calls held first thing in the morning turned out to be reasonably upbeat and positive. But as the day progressed, the “tone grew more negative and less resolute.” Around lunchtime, mood rebounded slightly, probably because call participants recharged their mental and emotional batteries, the professors conjectured. But in the afternoon, negativity deepened again, with mood recovering only after the market’s closing bell. Moreover, this pattern held “even after controlling for factors such as industry norms, financial distress, growth opportunities, and the news that companies were reporting.”8 In other words, even when the researchers factored in economic news (a slowdown in China that hindered a company’s exports) or firm fundamentals (a company that reported abysmal quarterly earnings), afternoon calls “were more negative, irritable, and combative” than morning calls.9 Perhaps more important, especially for investors, the time of the call and the subsequent mood it engendered influenced companies’ stock prices. Shares declined in response to negative tone—again, even after adjusting for actual good news or bad news—“leading to temporary stock mispricing for firms hosting earnings calls later in the day.” While the share prices eventually righted themselves, these results are remarkable. As the researchers note, “call participants represent the near embodiment of the idealized homo economicus.” Both the analysts and the executives know the stakes. It’s not merely the people on the call who are listening. It’s the entire market. The wrong word, a clumsy answer, or an unconvincing response can send a stock’s price spiraling downward, imperiling the company’s prospects and the executives’ paychecks. These hardheaded businesspeople have every incentive to act rationally, and I’m sure they believe they do. But economic rationality is no match for a biological clock forged during a few million years of evolution. Even “sophisticated economic agents acting in real and highly incentivized settings are influenced by diurnal rhythms in the performance of their professional duties.

Also, though we had decent sex, I didn’t like Gene that much. He was a financial analyst who’d early on mentioned that the University of Florida’s business school, which he’d attended, was ranked among the top fifteen in the country. Though I’d never previously wondered about the University of Florida’s business school ranking, of course this had prompted me to look it up and discover the claim was off by about ten. Far more alarmingly, he’d once used the word snowflake to disparage a co-worker who regularly took sick days because of migraines. While it was possible he meant the term apolitically, the meaning he apparently did intend wasn’t much better. And I hadn’t called him on it because I feared doing so would result in my needing to find another sexual outlet, meaning I’d have to resubscribe to a hookup app and meet enough strangers at enough bars to determine which one probably wouldn’t kill me if we went back to my apartment. If, on the plus side, Gene wasn’t homicidal, he wasn’t particularly cute, either.

Halifax NS-based financial luminary, Geoff Learmonth, seamlessly blends analytical acumen and creative prowess in his dual role as an Investment Analyst and Content Creator at Seeking Alpha. His sights are set on a resounding 10K followers and the launch of a bespoke Marketplace Service, pioneering a revolutionary approach to financial insights.

BDS on college campuses is a savvy, well-funded political operation whose sponsors and organizers include groups and individuals with ties to Islamist agendas. I didn’t make this up. A much smarter person than me said this in his sworn testimony in front of the United States Congress. Here is Dr. Jonathan Schanzer, former terrorism finance analyst for the United States Department of the Treasury: The overlap of former employees of organizations that provided support to Hamas who now play important roles [in the BDS movement]… speaks volumes about the real agenda of key components of the BDS campaign.10 Schanzer, now senior vice president at the Washington, DC–based think tank the Foundation for Defense of Democracies, is an expert in uncovering financial ties that are designed to be hidden. In his testimony, Dr. Schanzer describes a head-spinning web of financial and personal connections between BDS and supporters of terrorism. The BDS US campus operation represents a savvy rebranding of the Palestinian cause to make it more palatable—and, you know, less terror-y—for the American people. Key figures in the BDS movement come from a particularly uncompromising strain of Palestinian nationalism that calls for a State of Palestine to stretch from the river to the sea (yes, without Israel). Apparently, when they saw that their message was not resonating with Western society (not surprisingly, I would say), they decided to pivot and started pouring their resources into American colleges in order to influence future leaders and voters in America and Europe. “Investing in the future they are,” as Yoda would say.

Paul Turovsky, a Financial Analyst at H.I.G. Capital, brings 5 years of experience to his role. His strengths lie in financial modeling, cost-saving strategies, and automation. Paul conducts comprehensive financial analysis, leading to significant reductions in operational expenses.

fundamental analysts focus their attention on company finances and economic data about industries for which the stocks trade (also known as industries). They are concerned with factors like corporate earnings reports, profit margins, unemployment rates, and gross domestic product (GDP) growth rates. They examine these economic factors to determine how they will affect the demand and supply of a particular stock.

fundamental analysts turn to earnings reports and other data released by companies that provide some indication of how well or poorly they are performing. The fundamental analyst looks at how the company is doing as a whole and tries to get an overall grasp of how the market reacts to these reports.

Technical analysis is more concerned with the price movements of a stock or an index by examining historical records of trading activity. A technical analyst looks at past data to predict future price movements. They believe that history tends to repeat itself in the stock market and that past performance is the best indicator of what will happen in the future.

I believe we all have a story inside of us. The medium for releasing that story is up to us. Whether you are a writer, singer, dancer, or financial analyst you can express your creative energy in your daily life. In fact, the world craves it!

Geoffrey Learmonth strives to invest in his physical and mental well-being every day. The time he sets aside for his family is one he wants to expand on the most. He believes this is the best way to further his goal of running his own investment consulting business in the future. With a unique skill set of understanding and helping people reach their lifelong financial goals, Geoffrey is confident in his future aspirations.

And in 2006, just before the financial system began to collapse, an analyst from Standard & Poor’s, a credit-rating agency that consistently and knowingly gave the highest ratings to near-worthless mortgage-backed securities, said in an internal e-mail, “Let’s hope we are all wealthy and retired by the time this house of cards falters.

We designed a workshop introducing hundreds of employees to the notion that jobs are not static sculptures, but flexible building blocks. We gave them examples of people becoming the architects of their own jobs, customizing their tasks and relationships to better align with their interests, skills, and values—like an artistic salesperson volunteering to design a new logo and an outgoing financial analyst communicating with clients using video chat instead of email.

EBITDA is an acronym for "earnings before interest, taxes, depreciation and amortization." It is computed by taking a company’s net income for a particular period and adding back the amount of interest expense, tax expense, depreciation and amortization for such period, all of which, under GAAP, have been deducted in arriving at the net income figure. Financial analysts consider EBITDA to be one of the most important measures of a company’s operating financial performance.

In the past few centuries what was once the European and then the American periphery became the core of the world economy,” writes Financial Times analyst Martin Wolf. “Now, the economies of the periphery are re-emerging as the core. This is transforming the entire world … this is far and away the biggest single fact about our world.

Philosophy and Mathematics. After military service and work as a financial analyst and foreign-exchange trader, he earned an MBA in Finance and an MA in International Studies from the University of Pennsylvania’s Wharton and Lauder Schools. Thank you for taking the time to read about the author. Tim is most grateful for his loyal

The government currently has unfunded liabilities surpassing $66 trillion.57 That’s $66 trillion in expected entitlement payouts over the coming decades for which there is no known revenue source.58 If nothing is done to scale back the entitlement state, then, according to a report by nonpartisan financial analyst Mary Meeker, “By 2025, entitlements plus net interest payments will absorb all—yes, all—of” government revenues.59

By their very nature, financial analysts tend to be defensive, conservative, and pessimistic. On the other side of the fence are the guys in sales and marketing—aggressive, speculative, and optimistic. They’re always saying, “Let’s do it,” while the bean counters are always cautioning you on why you shouldn’t do it. In any company you need both sides of the equation, because the natural tension between the two groups creates its own system of checks and balances.

Africa, in particular, has barely begun to exploit its renewable energy potential. Energy analysts say that solar, wind, hydro, geothermal, and biomass sources could more than supply the energy needs of every continent. The key is providing a favorable playing field, and that means financial aid, technology transfer, and training programs to assist developing nations, like the ones being advanced by the EU/AU partnership.

Xerox had an attractive financial model focused on leasing and servicing machines and selling toner, rather than big-ticket equipment sales. For Xerox and its salespeople, this meant steadier, more recurring income. With a large baseline of recurring revenues, budgets were more likely to be met, which allowed management to give accurate guidance to stock analysts. For customers, the cost of leasing a copier is accounted for as an operating expense, which doesn’t usually entail upper management approval as a capital purchase might. As a near-monopoly manufacturer of copiers, Xerox could reduce costs by building more of a few standard models. As owner of a fleet of potentially obsolete leased equipment, Xerox might prefer not to improve models too quickly. As Steve Jobs saw it, product people were driven out of Xerox, along with any sense of craftsmanship. Nonetheless, in 1969, Xerox launched one of the most remarkable research efforts ever, the Palo Alto Research Center (PARC), without which Apple, the PC, and the Internet would not exist. The modern PC was invented at PARC, as was Ethernet networking, the graphical user interface and the mouse to control it, email, user-friendly word processing, desktop publishing, video conferencing, and much more. The invention that most clearly fit into Xerox’s vision of the “office of the future” was the laser printer, which Hewlett-Packard exploited more successfully than Xerox. (I’m watching to see how the modern parallel, Alphabet’s moonshot ventures, works out.) Xerox notoriously failed to turn these world-changing inventions into market dominance, or any market share at all—allowing Apple, Microsoft, Hewlett-Packard, and others to build behemoth enterprises around them. At a meeting where Steve Jobs accused Bill Gates of ripping off Apple’s ideas, Gates replied, “Well Steve, I think there’s more than one way of looking at it. I think it’s like we both had this rich neighbor named Xerox and I broke in to steal his TV set and found out that you had already stolen it.

I once had a foreign exchange trader who worked for me who was an unabashed chartist. He truly believed that all the information you needed was reflected in the past history of a currency. Now it's true there can be less to consider in trading currencies than individual equities, since at least for developed country currencies it's typically not necessary to pore over their financial statements every quarter. And in my experience, currencies do exhibit sustainable trends more reliably than, say, bonds or commodities. Imbalances caused by, for example, interest rate differentials that favor one currency over another (by making it more profitable to invest in the higher-yielding one) can persist for years. Of course, another appeal of charting can be that it provides a convenient excuse to avoid having to analyze financial statements or other fundamental data. Technical analysts take their work seriously and apply themselves to it diligently, but it's also possible for a part-time technician to do his market analysis in ten minutes over coffee and a bagel. This can create the false illusion of being a very efficient worker. The FX trader I mentioned was quite happy to engage in an experiment whereby he did the trades recommended by our in-house market technician. Both shared the same commitment to charts as an under-appreciated path to market success, a belief clearly at odds with the in-house technician's avoidance of trading any actual positions so as to provide empirical proof of his insights with trading profits. When challenged, he invariably countered that managing trading positions would challenge his objectivity, as if holding a losing position would induce him to continue recommending it in spite of the chart's contrary insight. But then, why hold a losing position if it's not what the chart said? I always found debating such tortured logic a brief but entertaining use of time when lining up to get lunch in the trader's cafeteria. To the surprise of my FX trader if not to me, the technical analysis trading account was unprofitable. In explaining the result, my Kool-Aid drinking trader even accepted partial responsibility for at times misinterpreting the very information he was analyzing. It was along the lines of that he ought to have recognized the type of pattern that was evolving but stupidly interpreted the wrong shape. It was almost as if the results were not the result of the faulty religion but of the less than completely faithful practice of one of its adherents. So what use to a profit-oriented trading room is a fully committed chartist who can't be trusted even to follow the charts? At this stage I must confess that we had found ourselves in this position as a last-ditch effort on my part to salvage some profitability out of a trader I'd hired who had to this point been consistently losing money. His own market views expressed in the form of trading positions had been singularly unprofitable, so all that remained was to see how he did with somebody else's views. The experiment wasn't just intended to provide a “live ammunition” record of our in-house technician's market insights, it was my last best effort to prove that my recent hiring decision hadn't been a bad one. Sadly, his failure confirmed my earlier one and I had to fire him. All was not lost though, because he was able to transfer his unsuccessful experience as a proprietary trader into a new business advising clients on their hedge fund investments.

Here’s my patented approach to event cooking: shoot for 70 percent. My philosophy is based on an apocryphal story I’ve heard about how a large financial services firm used to choose their new analysts. They didn’t hire people who scored 100 on their Series 7 exam. They wanted people who purposely aimed for 70, because it meant you knew the material so well that you could confidently shoot for a C-minus and get it. That’s where you want to be when you’re cooking for events. Not the worst and not the best. Whether it’s a cooking demo or a collaborative dinner, trying to impress people is a fool’s errand.

Financial analysts in pin-striped suits do not like being compared to bare-assed apes. They retort that academics are so immersed in equations and Greek symbols (to say nothing of stuffy prose) that they couldn’t tell a bull from a bear, even in a china shop.

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The bank’s annual reports are regarded as essential reading in the world’s treasuries and governments. The head of the bank’s Monetary and Economic Department, who writes and oversees the annual reports, is one of the world’s best read and most influential financial and economic analysts and commentators. The BIS hosts one of the world’s largest restricted databases of banking information.

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significant data breach on May 11, 2025, when the company received an email from an unknown threat actor claiming to have obtained sensitive customer information. Unlike typical hacking attempts, this breach occurred through insider threats. Cybercriminals had systematically bribed and recruited overseas support agents who then abused their access to customer support systems. While the breach affected less than 1% of Coinbase's monthly transacting users, the impact is substantial. The company now faces potential losses between $180 million and $400 million to remediate the breach and reimburse affected customers. Furthermore, Coinbase has refused to pay the $20 million ransom demanded by the attackers and instead established a $20 million reward fund for information leading to the criminals' arrest. How verified accounts are being sold on the dark web The Coinbase security breach has contributed to a flourishing black market for verified crypto accounts. Research by PrivacyAffairs.com revealed that stolen verified Coinbase accounts are now selling for approximately $610 on dark web marketplaces. Consequently, this raises concerns about is Coinbase a legit company that can protect user assets. The price for verified accounts varies significantly based on several factors. According to threat intelligence analysts, account values depend on the country of registration, account age (older accounts fetch higher prices), and transaction history. Fully verified accounts with European documentation can sell for as much as $900, especially those with additional features like attached payment cards. Why these accounts are valuable to cybercriminals Verified accounts are particularly valuable because they've already passed Coinbase's Know Your Customer (KYC) procedures. Criminals primarily use these accounts for social engineering attacks, contacting legitimate users while impersonating Coinbase representatives. The stolen data—including names, addresses, phone numbers, masked bank account numbers, and government ID images—provides criminals with enough information to conduct convincing scams. Additionally, verified accounts help criminals circumvent increasingly strict international financial regulations. Following sanctions related to geopolitical conflicts, there's been a dramatic increase in dark web solicitations for verified crypto accounts. With cryptocurrencies being largely unregulated and transactions difficult to trace, these accounts offer cybe