Green King

Contractual cash flows are much different than equity cash flows. The key to investing is get more birds from the bush with the one in the hand. So the way you are getting it should not matter. For that to work one should have a 5 to 10 year investing period. If you invest in something that will grow stronger over time. The company can reinvest and higher than their cost of capital. Why would you want them to pay money out ? The interest payment only serve physiological purpose. If you are not in need of a loan now. There is no difference in terms of pricing i am confident that the market will get the prices right in 5 to 10 years.

Ask him if he needs a loan get him over the short term. If not tell him stocks are the same as bonds. They are all cash flow. ;D (no offence intended just trying to show the situation)

Thank you for this. It gives a lot more depth to don't back to start.

How do you know? please tell. I don't watch Marco closely. I thought China was just slowing down.

Correct me if i am completely wrong or industry change i see is overblown. There is also Coal and supporting industries, but there is also a bit of structural change attached to them. But Telecom seems to be touched by structural change. <Industry dynamics seems to be too hard to tell for some.> Defense seems also more normalized since IRAQ war give a big boost in earnings which dose not seems to occur more.

time value of money is what matters here i think.

looks like they are playing the wrong game.

Cannot find Pulling Back the Veil on Amazon. do you Mind give me a link ?

Hey :D that's the party line.

um Value investing is going to take more than a 5 day seminar. IMO Also i think some of the videos of Columbia's lectures are online for free. But for anything to be good you should start with reading the Standard books (look at the books section of the forum) than try to applying it by reading 10ks and trying to value businesses. but others who are more experienced on the forum can give you a better approach. It took me 6 month to get a good start and 6 more to learn to apply some of the key concepts. Now I've still have not found a sure thing yet. some of my mistakes I've made the year before in terms of investing are coming to hunt me. don't rush it and take your time with this. Its a very long process and financial mistakes are hard to recover from.

wtf.... ;D

Chanos's ppt on China feel like random ramble with no clearly coherent links lining things out and a feel of a single voice. lets find everything that is going on in China that is bad and put it in a ppt and call it research.

Why not post a chip in counter somewhere on the Site and a expected amount to keep this ad free? And see if the free market will fix this problem ? Ad prevention are more valuable to some of the more wealthy members since their time and a picture of their mind are worth more. Due to powers of association repetition and etc. Someone is spending a few dimes to have you look at something over and over again every day.

Looking for complete transcript for 2003 Wesco annual metting. There seems to be a lot of interesting things there from reading the abridged version from Whitney Tilson. Cheers. TIA

I meet a fellow value investor who i meet at Sanjeev who was from Honolulu Hawaii. Works for Bank of Hawaii and recommended Kinder Morgan Inc. Been investing for 3 years. I got a little focused and zoned out and went to ask some questions. When i came back from thinking he was gone. If you are that person please PM me or meet him at the AGM on Friday please PM me. I would like to get back into contact. Cheers Jason

I very strongly applaud your thinking process. Can't take credit non of these are my ideas. Mostly borrowed from Charlie.

other than looking better how will this improve the efficiency of the forum and the readability? What will the possible second order effect will this cause ? How can this go really badly ? Is it better to do nothing ?

Guy Gavriel Kay eh? which one will be a good start ?

lolzz :D ;D

Huh? Please explain.

Your debt number is a little high think 50 to 75 percent of that. Based on the nature of the business also they can grow the intrinsic value by buying other would business. Possibility of more growth ahead as the world develop.

Thanks you !

Require that management has “skin in the game”. The people who work with me know that, if services are not delivered in time, they won’t get paid, if (big) mistakes are committed, they won’t get paid, if 20% of all the revenues that come in don’t stay in the company for me to invest, they won’t get paid. Of course, even this way, I check on them every day! ;) giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes how did you build that expectation into your culture ?? Well, a few reasons: 1) First of all we are small: practically, I give work only to professionals, who do all the work: we have no secretaries (except one, who works half-time), and I do all the accounting (with a little help from a friend of mine, who is an accountant). 2) Through “unpleasant” examples: in the beginning I had to fire a few people who weren’t aligned with my way of seeing and doing things. Others left soon afterwards. Those who remained are a great team and still happy to work with me. 3) Through incentives: they are almost completely free, and enjoy very flexible work hours. They just know the quality of the work they have to deliver and its time schedule. It is up to them to manage their time and work. If they are able to deliver a higher quality work, in less time than it is required, they enjoy economic benefits accordingly. 4) Though I am not sure about that, I cannot rule out it also helped the fact that in Italy we have been through 5 recessions during the last 10 years… And the professional man was hit particularly hard! So, it might have been easier than usual for me to find the very few people aligned with my way of seeing and doing things. giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes Thanks That took some capacity for our suffer in the beginning. But I think freedoms key also those that left or fired are not worth anyone's time. I think your incentive structure build quite brilliantly and would have worked in any environment. Maybe a bit harder in a good environment with the temptation of money. But who love what they are doing would value freedom more than compensation and will take most importantly take pride in the what they do. In the end doing good work and contributing to society. How did this emerge? Or did you just think about this for some time and just applied it? Also how did you do compensation?

Require that management has “skin in the game”. The people who work with me know that, if services are not delivered in time, they won’t get paid, if (big) mistakes are committed, they won’t get paid, if 20% of all the revenues that come in don’t stay in the company for me to invest, they won’t get paid. Of course, even this way, I check on them every day! ;) giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes how did you build that expectation into your culture ??