wachtwoord

For one there are profitable companies selling for less than tangible book value. Strictly speaking, TBV can be vastly overstated. That has nothing to do with profitability. Take insurers for instance, with massive long-term asset. Is book value the true value of these assets? I'm not sure. I never bought any insurer or bank because I don't understand those companies (I don't really think any bank in its current form is a valid business without their fake government monopoly of money creation and insurers are full of regulation). It also depends on what you count as tangible. When I talk about this I generally mean current assets minus current AND non-current liabilities. Of course this can still be overstated but its easier to gauge in my opinion. Especially the cash and short term investments entry is quite reliable and there are companies selling for less than that.

For one there are profitable companies selling for less than tangible book value.

IB withholds the same taxes on dividends and on payments in lieu of dividends for me.

Luckily you don't need great performance from them to get a good return at the current price.

What your rate goes up because of asking too many credit reports? That's ridiculous. A clear sign of government intervention :(

I also own BDE and PDRX above. On top of that I like (and own) SODI, PDER, RSKIA, HNFSA

Indeed get the htm and then zoom in browser by pressing control and the + sign at the same time

More WWIB.OL and some BDE

So we will go there. One way for government to shrink and personal liberties to return is the collapse of nations.

You mean the guys who want to roll back government power and restore personal liberty? Frightening! If any 1st world country goes there I'll probably call it my home at some point.

I have consoled myself with selling 'too early' often. I don't like holding overvalued stocks. Hell, I don't really like holding fairly valued stocks. There a bright side though: once you sell the fairly valued stock you can redeploy it in another undervalued stock. So while your previous fairly valued stock is overshooting to overvalue territory you are also making money on your undervalued picks.

I agree here that this 'conspiracy' theory at least has some non-neglectable chance of being factual.

Apparently manipulating the better's market can be done for 25k http://www.zerohedge.com/news/2016-06-20/did-%C2%A325000-bet-remain-send-trillions-assets-soaring

Damn, thats cold. Don't ever trust Soros. In fact, don't turn your back if you don't want a knife poking out of it minutes later. Who's next: JPMorgan and the Rothschilds?

I should have been clearer on what I agreed with. I agree that the 'attacker' did nothing wrong. I agree with you fully that forking Ethereum is not a crime. I would consider it foolish though as it will create a precedent. If something can happen once it will happen in the future again and it's a slippery slope towards the financial governance and control by the government in the conventional financial world. It's a bad idea for similar reasons as to why Bitcoin should not increase the total inflow of Bitcoin or increase the block size. Both make the system fundamentally less valuable. Meanwhile: ETH and DAO, still massively overvalued :P

I agree fully with this. It's his right to claim and he owns it now. I doubt the court will agree. The court won't even fully comprehend what the case is about.

Ethereum can execute turing complete smart contracts directly with an easy to use programming language, the bitcoin blockchain can not. I agree with you about XMR I don't like the openness of XBT or ETH. A ethereum like blockchain without the ability to publically see who owns what or is party to which contracts would be the ultimate, but I don't think it exists yet. Bitcoin is non-Turing complete on purpose because using a Turing complete language here is stupid (this exploit will be followed by many more). Non-Turing complete languages have a rich enough expressiveness. Still cool that it's being tried in practice but the experiment is doomed to fail so the valuation is a joke. Also, a sidechain would make a lot more sense but how will the initial pumpers get rich without effort then? ;)

Just saw this topic. Both ETH and DAO were and are massively overvalued (many orders of magnitude) and only people that are jealous at the investment gains of early Bitcoin investors buy it. Why anyone would buy it over XBT is beyond me. Besides XBT I think XMR is the only crypto currency worth owning.

What if they would make a true new exchange? So registration of tickers and bids and asks completely independent from any other exchange. Then front running via an other exchange is impossible.

No PDER ("according to them" internal ROIC of 18% iirc) and ALS.TO? Thanks for the list anyway. I am familiar with quite a few of them.

You might be right, given it was a Radical Islamist shooter. On the other hand, maybe, just maybe, people might wake up to the fact that the bigger problem was that there was an assault rifle used which made it so much more worse than if it had been a regular gun. Or heaven forbid, had there been no gun at all. There are many things I hate about Hillary Clinton but I have great respect for her stance on gun control. As someone who hates both candidates, this attack made me lean a bit more towards her. Really? Really? The biggest problem is the type of gun used? Not the fact that Obama has been terrorising the world for the past 8 years and Bush for the 8 years previous? Not the fact that Madeleine Albright said that the 500,000 men women and children Clinton murdered in Iraq was "worth it"? There's an elephant in the room that no one is talking about and it isn't an AR-15. The western world has been messing around in the middle east since the end of WWI, one hundred years of killing and other shenanigans isn't going to go away anytime soon. Orlando, Paris, Boston Marathon, London subways, etc, these things are not going to stop. And neither building walls nor passing gun control is going to do anything to stop them. But please continue with what you want to believe. "A well-armed populace is the best defense against tyranny." Criminals will always have acces to guns.

I think the calculation is undervaluing dividends. The dividends get valued at face value after the 10 year period but of course they are paid out during the period at which point I can reinvest them somewhere else at the same ROIC! I'm not arguing against a compounder but if a company does not have high ROIC investment opportunities and it distributes the excess cash via dividends to me, at which point I invest it with a high ROIC (which could be again investing in a business without good reinvestment opportunities, provided it's significantly undervalued) I can get similar results as investing in a compounder in the first place! Of course, one gets mediocre results if a company without good ROIC reinvestment opportunities deploys the cash at bad ROIC or (even worse) just keeps it on the balance sheet. It needs to distribute the cash so I can deploy it somewhere else to achieve good investment returns.

They should put a leader board on their website and list the most generous gifters in order (without saying what they gave), get a competition going for people to move themselves up the list. Email the top 10 to the whole wedding list every day. "Honey can you believe even Great Aunt Mildred gave more than we did? How embarrassing. We have to send them some more." They should put a leader board on their website and list the most generous gifters in order (without saying what they gave), get a competition going for people to move themselves up the list. Email the top 10 to the whole wedding list every day. "Honey can you believe even Great Aunt Mildred gave more than we did? How embarrassing. We have to send them some more." Wow rkbabang thats genius! Limited attendance. Top 50 gifts get 2 tickets, top 2 is best man/woman, 3 and 4 choose ringbearers and top 15 get a more exclusive meal. Seating arrangements are based on leaderboard.

Indeed. Hard time boxing. It will force you prioritize.

Off topic (partially), but they uploaded their 2016 letter to shareholders in the February 2014 folder? ??? Edit: Correction: they upload everything there: http://pgntgroup.com/wp-content/uploads/2014/02/