Oro en la cima del mundo: World’s Top Banks.

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                                     World Ranking:

1 Industrial & Commercial Bank of China Limited, China
2 Deutsche Bank AG, Germany
3 BNP Paribas SA, France
4 Crédit Agricole SA, France
5 Barclays Bank PLC, UK
6 China Construction Bank Corporation, China
7 Agricultural Bank of China Limited, China
8 JAPAN POST BANK Co Ltd., Japan
9 The Royal Bank of Scotland plc, UK
10 Bank of China Limited, China
11 The Bank of Tokyo-Mitsubishi UFJ Ltd, Japan
12 JPMorgan Chase Bank National Association, USA
13 Banco Santander SA, Spain
14 Sumitomo Mitsui Banking Corporation, Japan
15 Société Générale, France
16 Lloyds TSB Bank plc, UK
17 BPCE, France
18 Bank of America NA, USA
19 UBS AG, Switzerland
22 Wells Fargo Bank NA, USA
21 Citibank NA, USA
22  HSBC Bank plc, UK
23 UniCredit SpA, Italy
24 China Development Bank Corporation, China
25 Crédit Agricole Corporate and Investment Bank, France
26 ING Bank NV, Netherlands
27 Rabobank Nederland, Netherlands
28 Credit Suisse AG, Switzerland
29 Bank of Scotland plc, UK
30 Nordea Bank AB (publ), Sweden
31 Intesa Sanpaolo SpA, Italy
32 Mizuho Bank Ltd , Japan

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In 2012, the Bank continued to advance the transformation of corporate banking, kept optimizing the business structure and effectively adapted itself to the interest rate marketization, to realize sustainable development of corporate banking. The Bank introduced all-product marketing and comprehensive financial services and promoted interaction between commercial banking and investment banking, so as to satisfy customers’ diversified financial needs. It also enhanced business innovation and boosted the development of financial assets services such as asset management, entrusted management, agency trade, underwriting and consultancy, agency sales, etc. Relying on the global service network and the integrated technological platform of domestic and overseas operations, the Bank accelerated the development of global cash management and cross-border RMB business, and enhanced its global service capability and its brand’s international infl uence. Through innovation of the marketing system, the Bank provided differentiated services for customers at different tiers, enhanced the marketing and service quality for key customers, and expanded the customer base by winning over more small and medium enterprise (SME) customers.

The Bank was awarded the “Best Corporate Bank in China” by Global Finance. At the end of 2012, the Bank had 4.38 million corporate customers, representing an increase of 270 thousand customers from the end of the previous year; among them, 143 thousand corporate customers had loan balances with the Bank, representing an increase of 16 thousand customers. According to statistics from PBC, at the end of 2012, the Bank ranked first in the banking industry in terms of corporate loans and corporate deposits, with a market share of 11.8% and 12.6%, respectively.

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En 2012 , el Banco continuó avanzando la transformación de la banca corporativa , mantuvo la optimización de la estructura de negocios y efectivamente se adaptó a la mercantilización de tasa de interés , para hacer realidad el desarrollo sostenible de la banca corporativa . El Banco introdujo la comercialización de todos los productos y servicios financieros integrales y promovió la interacción entre la banca comercial y la banca de inversión , con el fin de satisfacer las necesidades financieras diversificadas de los clientes. También ha mejorado la innovación empresarial e impulsó el desarrollo de servicios de activos financieros , como la gestión de activos, gestión encomendada , el comercio de agencia, aseguramiento y consultoría , las ventas de las agencias , etc que utilizan la red de servicio global y la plataforma tecnológica integrada de las operaciones nacionales y extranjeros , el Banco aceleró el desarrollo de la gestión de tesorería global y negocios en RMB transfronteriza, y ha mejorado su capacidad de servicio global y infl uencia internacional de su marca. A través de la innovación del sistema de comercialización , el Banco proporcionó servicios diferenciados para los clientes en los diferentes niveles , mejora la comercialización y el servicio de calidad a los clientes clave , y se amplió la base de clientes , al ganar más de (PYME ) de los clientes de pequeñas y medianas empresas más .

El Banco fue galardonado con el ” Mejor Banco Corporativo en China” por Global Finance . A finales de 2012 , el Banco tenía 4,38 millones de clientes corporativos , lo que representa un aumento de 270 mil clientes de la final del año anterior , entre ellas , 143.000 clientes corporativos tenían saldos de préstamos con el Banco , lo que representa un aumento de 16 mil clientes . Según las estadísticas del PBC , a finales de 2012 , el Banco ocupó el primer lugar en la industria de la banca en cuanto a créditos corporativos y los depósitos corporativos , con una cuota de mercado del 11,8 % y 12,6 % , respectivamente.

Los toros y los osos: The best stocks of 2014

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Coca-Cola

52-week high: $43.43

52-week low: $35.58

Annual revenues: $47.3 billion

Projected 2014 earnings growth: 6.7 percent

Coca-Cola (KO) has trailed the market significantly for the past two years, under fire from competitors as well as from policymakers who want citizens to slim down.

But columnist Andrew Feinberg calls it a classic “faith-based” stock — a great company that, by means that can’t be predicted, always seems to bounce back. And the 2.8 percent yield will quench your thirst while you wait for the price to rise.

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Bank of America

52-week high: $15.79

52-week low: $9.38

Annual revenues: $80.7 billion

Projected 2014 earnings growth: 50.6 percent

Many investors have shunned Bank of America (BAC) because of problems related to Countrywide, which it bought in 2008. But those troubles now seem to be winding down. BofA’s deposits are growing, and the quality of its loans is improving. Columnist Andrew Feinberg says the stock could easily rise 50 percent over the coming year.

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Honeywell International

52-week high: $89.52

52-week low: $59.85

Annual revenues: $38.3 billion

Projected 2014 earnings growth: 12.3 percent

In 2010, when Honeywell International (HON) announced an ambitious five-year growth plan, analysts were skeptical. They acknowledged that the firm, which makes everything from thermostats to jet engines, was well run, but they thought it couldn’t wring enough efficiencies from its operations to overcome a struggling economy. But Honeywell hit all of its goals and has turned skeptics into believers, says Stifel Nicolaus analyst Jeff Osborne. Now, Honeywell is set to put out a new five-year plan that he thinks will be even more ambitious—and will help boost the stock.

 

Coca-Cola
52 semanas: $ 43.43

52 semanas: $ 35.58

Ingresos anuales: 47,3 mil millones dólares

Crecimiento proyectado de ganancias 2014: 6,7 por ciento

Coca-Cola (KO) ha arrastrado al mercado de manera significativa durante los últimos dos años, bajo el fuego de los competidores, así como de los responsables políticos que quieren los ciudadanos para bajar de peso.

Pero el columnista Andrew Feinberg llama un clásico de valores “basada en la fe” – una gran empresa que, por medios que no se pueden predecir, siempre parece recuperarse. Y el rendimiento de un 2,8 por ciento va a saciar su sed mientras espera a que el precio suba.

 

Bank of America
52 semanas: $ 15.79

52 semanas: $ 9.38

Ingresos anuales: $ 80.7 mil millones

Crecimiento proyectado de ganancias 2014: 50,6 por ciento

Muchos inversores han evitado Bank of America (BAC) a causa de problemas relacionados con Countrywide, que compró en 2008. Pero esos problemas ahora parecen estar terminando. Depósitos de BofA están creciendo, y la calidad de sus préstamos está mejorando. El columnista Andrew Feinberg dice que la acción podría subir fácilmente un 50 por ciento durante el próximo año.

52 semanas: $ 89.52

52 semanas: $ 59.85

Ingresos anuales: $ 38,3 mil millones

Crecimiento proyectado de ganancias 2014: 12,3 por ciento

En 2010, cuando Honeywell International (HON) ha anunciado un ambicioso plan de crecimiento a cinco años, los analistas se mostraron escépticos. Reconocieron que la empresa, que fabrica desde termostatos para motores a reacción, estaba bien dirigido, pero pensaron que no podía exprimir suficientes eficiencia de sus operaciones para superar la difícil situación económica. Pero Honeywell alcanzó todos sus objetivos y ha vuelto escépticos en creyentes, dice el analista de Stifel Nicolaus Jeff Osborne. Ahora, Honeywell está configurado para apagar un nuevo plan de cinco años que él piensa que va a ser aún más ambicioso-y ayudará a impulsar la acción.

Habilidades de hacer oro: Investing strategies

Miami City Buildings at Night

Hedge Fund Strategy – Equity Long-Short

An equity long-short strategy is an investing strategy, used primarily by hedge funds, that involves taking long positions in stocks that are expected to increase in value and short positions in stocks that are expected to decrease in value.

You may know that taking a long position in a stock simply means buying it: If the stock increases in value, you will make money. On the other hand, taking a short position in a stock means borrowing a stock you don’t own (usually from your broker), selling it, then hoping it declines in value, at which time you can buy it back at a lower price than you paid for it and return the borrowed shares.

Hedge funds using equity long-short strategies simply do this on a grander scale. At its most basic level, an equity long-short strategy consists of buying an undervalued stock and shorting an overvalued stock. Ideally, the long position will increase in value, and the short position will decline in value. If this happens, and the positions are of equal size, the hedge fund will benefit. That said, the strategy will work even if the long position declines in value, provided that the long position outperforms the short position. Thus, the goal of any equity long-short strategy is to minimize exposure to the market in general, and profit from a change in the difference, or spread, between two stocks.

That may sound complicated, so let’s look at a hypothetical example. Let’s say a hedge fund takes a $1 million long position in Pfizer and a $1 million short position in Wyeth, both large pharmaceutical companies. With these positions, any event that causes all pharmaceutical stocks to fall will lead to a loss on the Pfizer position and a profit on the Wyeth position. Similarly, an event that causes both stocks to rise will have little effect, since the positions balance each other out. So, the market risk is minimal. Why, then, would a portfolio manager take such a position? Because he or she thinks Pfizer will perform better than Wyeth.

Equity long-short strategies such as the one described, which hold equal dollar amounts of long and short positions, are called market neutral strategies. But not all equity long-short strategies are market neutral. Some hedge fund managers will maintain a long bias, as is the case with so-called “130/30” strategies. With these strategies, hedge funds have 130% exposure to long positions and 30% exposure to short positions. Other structures are also used, such as 120% long and 20% short. (Few hedge funds have a long-term short bias, since the equity markets tend to move up over time.)

Equity long-short managers can also be distinguished by the geographic market in which they invest, the sector in which they invest (financial, health care or technology, for example) or their investment style (value or quantitative, for example). Buying and selling two related stocks—for example, two stocks in the same region or industry—is called a “paired trade” model. It may limit risk to a specific subset of the market instead of the market in general.

Equity long-short strategies have been used by sophisticated investors, such as institutions, for years. They became increasingly popular among individual investors as traditional strategies struggled in the most recent bear market, highlighting the need for investors to consider expanding their portfolios into innovative financial solutions.

Equity long-short strategies are not without risks. These strategies have all the generic hedge fund risks: For example, hedge funds are typically not as liquid as mutual funds, meaning it is more difficult to sell shares; the strategies they use could lead to significant losses; and they can have high fees. Additionally, equity long-short strategies have some unique risks. The main one is that the portfolio manager must correctly predict the relative performance of two stocks, which can be difficult. Another risk results from what is referred to in the industry as “beta mismatch.” While this is more complicated that we can explain in detail here, essentially, it means that

when the stock market declines sharply, long positions could lose more than short positions.

In summary, equity long-short strategies may help increase returns in difficult market environments, but also involve some risk. As a result, investors considering these strategies may want to ensure that their hedge funds follow strict rules to evaluate market risks and find good investment opportunities.

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Hedge Fund Strategy – Capital a Largo Corto

Una estrategia de largo-corto equidad es una estrategia de inversión, utilizado principalmente por los fondos de cobertura, que consiste en tomar posiciones largas en acciones que se espera que aumente en posiciones de valor y cortas en las poblaciones que se espera que disminuya su valor.

Usted puede saber que tomar una posición larga en una acción significa simplemente comprarlo: si los aumentos en las existencias en el valor, que van a ganar dinero. Por otra parte, tomando una posición corta en una acción significa pedir prestado una acción que usted no es dueño (por lo general de su corredor), la venta, entonces la esperanza de que declina en valor, momento en el que pueda volver a comprar a un precio inferior de lo que pagó por ella y regresar las acciones prestadas.

Los fondos de cobertura utilizando la equidad estrategias long-short simplemente hacen esto en una escala mayor . En su nivel más básico, un patrimonio estrategia a largo corto consiste en la compra de una acción infravalorada y cortocircuito una acción sobrevaluada . Lo ideal sería que la posición larga se incrementará en el valor, y la posición corta disminuirá en valor. Si esto sucede , y las posiciones son de igual tamaño, el fondo de cobertura se beneficiará . Dicho esto, la estrategia funcionará incluso si la posición larga disminuye en valor, siempre que la posición larga supera a la posición corta . Por lo tanto , el objetivo de cualquier estrategia a largo corto equidad es reducir al mínimo la exposición al mercado en general, y el beneficio de un cambio en la diferencia , o spread , entre dos poblaciones.

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Esto puede sonar complicado , así que vamos a ver un ejemplo hipotético. Digamos que un fondo de cobertura toma una posición larga $ 1000000 en Pfizer y una posición corta $ 1 millón en Wyeth, tanto las grandes empresas farmacéuticas. Con estas posiciones, cualquier evento que hace que todas las acciones farmacéuticas bajen dará lugar a una pérdida en la posición Pfizer y una ganancia en la posición de Wyeth. Del mismo modo, un evento que causa ambas poblaciones en aumento tendrá poco efecto , ya que las posiciones se equilibran entre sí . Por lo tanto, el riesgo de mercado es mínimo. ¿Por qué , entonces, sería un gestor de cartera tomar una posición? Debido a que él o ella piensa que Pfizer obtendrá mejores resultados que Wyeth.

Equidad estrategias de largo-corto , como el descrito , que mantenga la misma cantidad en dólares de las posiciones largas y cortas , se llaman estrategias neutrales de mercado. Pero no todos los de renta variable estrategias long-short son de mercado neutral. Algunos gestores de fondos de cobertura se mantienen un sesgo mucho tiempo, como es el caso de los llamados ” 130/30 ” estrategias . Con estas estrategias , los hedge funds tienen una exposición del 130% a las posiciones largas y la exposición 30 % a las posiciones cortas . También se utilizan otras estructuras , tales como 120 % de largo y 20 % a corto . ( Fondos de cobertura Pocos tienen un sesgo de corto a largo plazo , ya que los mercados de acciones tienden a subir con el tiempo. )

Equidad gerentes largo-corto también se pueden distinguir por el mercado geográfico en el que invierten , el sector en el que invierten ( , cuidado de la salud financiera o de la tecnología , por ejemplo) o su estilo de inversión (valor o cuantitativa , por ejemplo). Compra y venta de dos acciones -por ejemplo , relacionados con dos poblaciones de la misma región o industria – que se llama un modelo de ” comercio emparejado ” . Puede limitar el riesgo a un subconjunto específico del mercado en lugar de la del mercado en general.

Equidad estrategias long-short han sido utilizados por inversionistas sofisticados , como las instituciones , desde hace años. Se convirtieron en cada vez más popular entre los inversores individuales como las estrategias tradicionales luchaban en el mercado a la baja más reciente, destacando la necesidad de los inversores a considerar la ampliación de su cartera en soluciones financieras innovadoras.

Equidad estrategias a largo cortas no están exentos de riesgos. Estas estrategias tienen todos los riesgos genéricos de fondos de cobertura : Por ejemplo, los fondos de cobertura por lo general no son tan líquidos como fondos de inversión, lo que significa que es más difícil de vender acciones , las estrategias que utilizan podrían dar lugar a pérdidas significativas , y que pueden tener altas tarifas . Adicionalmente , la equidad estrategias long-short tienen algunos riesgos únicos. La principal es que el gestor de la cartera debe predecir correctamente el comportamiento relativo de dos poblaciones , lo que puede ser difícil. Otro riesgo resulta de lo que se conoce en la industria como ” falta de coincidencia beta . ” Si bien esto es más complicado que podemos explicar en detalle aquí, en esencia , significa que.

cuando el mercado de valores disminuye drásticamente , las posiciones largas podrían perder más de las posiciones cortas .

En resumen , la equidad estrategias a largo cortos pueden ayudar a aumentar la rentabilidad en entornos de mercado difíciles, pero también implican cierto riesgo. Como resultado, los inversores que estén considerando estas estrategias pueden querer asegurarse de que sus fondos de cobertura siguen reglas estrictas para evaluar los riesgos de mercado y encontrar buenas oportunidades de inversión .

देवताओं और गोल्ड: Metacapital Mortgage Opportunities

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                                            Manager: Deepak Narula

Management Firm: Metacapital Management

Location: U.S.

Strategy: Mortgage-backed arbitrage

Assets, in billions: $1.5

YTD total return: 37.8%

2011 return: 23.6%

(Reuters) – Deepak Narula, one of the hedge fund industry’s best known mortgage bond traders, said he sees a much tougher year ahead for investors but sees opportunities in certain mortgage trades.

Next year will “be a more challenging year” than 2013 because of “much greater uncertainty around how the Fed will behave,” and because of lofty bond and equity valuations, Narula, the founder of $1.45 billion hedge fund Metacapital Management, said on Wednesday.

This year Narula’s main fund has struggled to produce gains, though an investor recently told Reuters the portfolio has been able to reduce losses in the last few months. However, the firm’s $240 million Rising Rates fund, launched in May, has climbed about 14 percent year-to-date.

Last year, Metacapital’s flagship fund soared more than 40 percent, as structured credit funds rose about 19 percent on averaged. “Absent some large shock to the system” that causes initial cheapening of assets “those returns are history,” Narula said.

Those funds have only risen about 8 percent on average this year.

Managers who invested in residential mortgage-backed securities throughout 2012 and the beginning of 2013 benefited mightily from the Federal Reserve’s efforts to keep interest rates low, which pushed up the prices of mortgage bonds.

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Deepak Narula has given us some sound advice – you want to be careful going against the mission of the Federal Reserve.

And, his hedge fund earned a 38 percent return last year, the number one hedge fund performer according to Bloomberg News.

“To revive the housing market, the Fed has thrown a lot of firepower at agency mortgage-backed securities. Policy makers have worked hard to let homeowners refinance. They’ve been clear that that’s their mission-and you want to be careful going against that mission.”

George Soros, who bet against the British pound in the 1990s and made millions of dollars, I’m sure, would agree.

In addition, three of the top five funds in the Bloomberg Markets list of top performing hedge funds also were investors in mortgage securities.

“Betting on mortgage securities outpaced every other strategy, with an average return of 20.2 percent against an industry average of just 1.3 percent,” states the Bloomberg report.

But, hedge funds are not the only ones that benefited from the Federal Reserve action. Check out these two posts: “Is it too late to get into the housing rebound?” and “Is it too late to get into the housing rebound? Part Two“.

Three cheers for saving the middle class!

Nothing seems to work better as a way to make money than to work with a government policy or program. Ask the people who started up Solyndra!

The major problem with betting against a government policy or program … don’t be too early.

Narula has not always been successful in playing the mortgage market. He started his fund Metacapital in 2002. He saw the danger in the market for subprime mortgages as early as 2005 and start shorting them. Subprime mortgages did tank, but not until three years later.

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In 2006 his fund had to return money to investors and in 2007 he had to close the fund. He was “right,” but then again, he was “wrong.”

As he states, “If you are too early, you are wrong.”

But, betting “with” government policy works on the upside as well.

Over the past fifty years or so, the federal government, supported by the Federal Reserve, created credit by the millions of dollars in order to keep unemployment at low levels and to foster home ownership for the middle class and below. We had a sustained period of “credit inflation.”

Three things happen in a period of credit inflation: people take on more and more risk; people build up more and more financial leverage; and people engage in financial innovation. The last fifty years is known for all three of these things happening.

And, during this period, more and more people went to work in the financial and more and more companies added financial subsidiaries. By the early2000s, a substantially greater percentage of Americans worked in the financial sector than ever before. And, many manufacturing companies, likeGeneral Electric (GE) and General Motors (GM), earned more than fifty percent of their profits from their financial subsidiaries.

The “mission” of the federal government and the Federal Reserve System was to provide the economy with high levels of employment and greater degrees of home ownership.

The mental attitude of the leaders of American finance and industry? Well, as summarized by Charles (Chuck) Prince, the CEO of Citigroup, “”As long as the music is playing, you’ve got to get up and dance.”

Those that left the dance floor “too soon” were “right” that things were getting too risky and might fall apart. But, as Narula said, “If you are too early, you are wrong.”

Your government creates opportunities to make money … and to make lots of it. The big money to earn will, however, not go to those that will help to reduce the imbalance in the income/wealth curve. As we have seen, the past fifty years of credit inflation have done more to create the imbalances that now exist than reduce them.

And, government “missions” will continue to do so in the future.

So, one way to make money is to determine what is the federal government or the Federal Reserve “mission” and bet “with” the mission. That is, find out what these people are trying to do and develop an investment strategy that “uses” this mission. We know that the federal government and the Federal Reserve, in their well-meaning way, will continue on with their policies for a long time.

The Federal Reserve says that short-term interest rates will remain low until 2015. Really?

George Soros can tell you that when a government positions itself in this way, opportunities exist.

But, remember what Narula said – to be too early is to be wrong. Also, if you try and get into the game too late or stick around the game for too long, you will be wrong.

Timing is important.

Three cheers for Deepak Narula!

Location Type Single Location
State of Incorporation New York
Annual Revenue Estimate 120000
Employees 2
SIC Code 6722, Management Investment Offices, Open-End
NAICS Code 525910, Open-End Investment Funds
Business Categories

El puente de espacio y más allá: Google’s Mission to the moon

The X PRIZE Foundation is an educational 501(c)3 nonprofit organization whose mission is to bring about radical breakthroughs for the benefit of humanity, thereby inspiring the formation of new industries and the revitalization of markets that are currently stuck due to existing failures or a commonly held belief that a solution is not possible. The foundation addresses the world’s Grand Challenges by creating and managing large-scale, high-profile, incentivized prize competitions that stimulate investment in research and development worth far more than the prize itself. It motivates and inspires brilliant innovators from all disciplines to leverage their intellectual and financial capital.

The Google Lunar X Prize offers a total of US$30 million in prizes to the first privately funded teams to land a robot on the Moon that successfully travels more than 500 meters (1,640 ft) and transmits back high definition images and video. The first team to do so will claim the US$20 million Grand Prize; while the second team to accomplish the same tasks will earn a US$5 million Second Place Prize. Teams can also earn additional money by completing additional tasks beyond the baseline requirements required to win the Grand or Second Place Prize, such as traveling ten times the baseline requirements (greater than 5,000 meters (3 mi)), capturing images of the remains of Apollo program hardware or other man-made objects on the Moon, verifying from the lunar surface the recent detection of water ice on the Moon, or surviving a lunar night. Additionally, a US$1 million Diversity Award may be given to teams that make significant strides in promoting ethnic diversity in STEM fields. Finally, Space Florida, one of the “Preferred Partners” for the competition has offered an additional US$2 million bonus to teams who launch their mission from the state of Florida.

Terminamos 2013 con otro gran cuarto de impulso y crecimiento. Ingresos independiente de Google subió un 22% año tras año, a 15,7 mil millones dólares “, dijo Larry Page, CEO de Google.” Hemos hecho un gran progreso en una amplia gama de mejoras en el producto y los objetivos de negocio. También estoy muy entusiasmado con la mejora de vida de las personas aún más con el trabajo continuo duro en nuestras experiencias de usuario.

Dow Jones 16,303.34 0.19%
Nasdaq 4,300.86 -0.42%
Technology -0.41%
GOOG 1,212.69 -0.53%
1,212.69

-6.52 (-0.53%)
Real-time:   3:37PM EST

NASDAQ real-time data – Disclaimer

Currency in USD
Range 1,206.22 – 1,224.19
52 week 761.26 – 1,228.88
Open 1,220.34
Vol / Avg. 1.59M/2.46M
Mkt cap 407.72B
P/E 34.22
Div/yield     –
EPS 35.45
Shares 336.05M
Beta 0.98
Inst. own 72%

Source:

Google

El oro y la creencia más allá del petróleo dioses muertos ‘: John D. Rockefeller

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This is a rare example of how principle,business and investing can work. It is the secret behind Warren Buffet and some of the top Hedge Fund Managers. It is not about the money Warren Buffett quoted in speech to his company before others could speak his words. John D. Rockefeller was one of the best examples of this:

John Davison Rockefeller (July 8, 1839 – May 23, 1937) was an American business magnate and philanthropist. He was a co-founder of theStandard Oil Company, which dominated the oil industry and was the first great U.S. business trust. Rockefeller revolutionized the petroleum industry, and along with other key contemporary industrialists such as Andrew Carnegie, defined the structure of modern philanthropy. In 1870, he co-founded Standard Oil Company and aggressively ran it until he officially retired in 1897.

In spite of his father’s absences and frequent family moves, young John was a well-behaved, serious, and studious boy. His contemporaries described him as reserved, earnest, religious, methodical, and discreet. He was an excellent debater and expressed himself precisely. He also had a deep love of music and dreamed of it as a possible career.Early on, he displayed an excellent mind for numbers and detailed accounting.

His father, William Avery Rockefeller, was a “pitch man” — a “doctor” who claimed he could cure cancers and charged up to $25 a treatment. He was gone for months at a time traveling around the West from town to town and would return to wherever the family was living with substantial sums of cash. His mother, Eliza Davison Rockefeller, was very religious and very disciplined. She taught John to work, to save, and to give to charities.

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By the age of 12, he had saved over $50 from working for neighbors and raising some turkeys for his mother. At the urging of his mother, he loaned a local farmer $50 at 7% interest payable in one year. When the farmer paid him back with interest the next year Rockefeller was impressed and said of it in 1904: “The impression was gaining ground with me that it was a good thing to let the money be my servant and not make myself a slave to the money…”

From 1852 Rockefeller attended Owego Academy in Owego, New York, where the family had moved in 1851. Rockefeller excelled at mental arithmetic and was able to solve difficult arithmetic problems in his head — a talent that would be very useful to him throughout his business career. In other subjects Rockefeller was an average student but the quality of the education was very high.

In 1853, the Rockefellers moved to Cleveland, Ohio, and John attended high school from 1853 to 1855. He was very good at math and was on the debating team. The school encouraged public speaking and even though Rockefeller was only average, it was a skill that would prove to useful to him.

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It was the logic of this competitive structure that determined Rockefeller and Flagler’s course of action.

  1. They built high-quality, larger, better-planned refineries. They built permanent facilities using the best materials available.
  2. They owned their own cooperage (barrel making) plant, their own white-oak timber and drying facilities, and bought their own hoop iron. Consequently, they cut the cost of a barrel from about $3.00 to less than $1.50.
  3. They manufactured their own sulfuric acid (which was used in the purification process) and devised technology to recover it for re-use.
  4. They owned their own drayage service, consisting of at least 20 wagons in 1868.
  5. They owned their own warehouses in New York City and their own boats on the Hudson and East Rivers to transport their oil.
  6. They were the first to ship oil via tank cars (albeit big wooden tubs mounted in pairs on flat cars — later to evolve into the modern form of a tank car). And they owned their own fleet of tank cars.
  7. They built huge holding tanks near their refineries for storing crude and refined oil, with the equipment for drawing off the oil from the tank cars into the holding tanks.
  8. Their huge size made it economical to build the necessary physical plant to handle all the “waste” products from the refining of kerosene. They began manufacturing high quality lubricating oil that quickly replaced lard oil as a lubricant for machinery. Gasoline, which many refiners surreptitiously dumped into the Cuyahoga River at night (the river often caught fire), Rockefeller and Flagler used as fuel. They manufactured benzene (used as a cleaning fluid; a solvent for fat, gums, and resin; and to make varnish), paraffin (insoluble in water, used for making candles, waterproofing paper, preservative coatings, etc.), and petrolatum (used as a basis for ointments and as a protective dressing; as a local application in inflammation of mucous membrane; as an intestinal lubricant, etc. — white petrolatum later marketed under the brand name Vaseline). They shipped naphtha (volatile inflammable liquid used as a solvent in dry cleaning and in wax preparations, varnish and paint making, burning fluid for illumination, and as a fuel for motors) to gas plants and other users.

 

 

Tierras baldías de titanes muertos: Top stock picks part 2

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Steven Pollack 
John Hancock Disciplined Value Mid Cap

Ticker: (EXPE)
Category: Travel

Steven Pollack has three criteria when selecting a stock. The valuation should be enticing; it should be a quality business with attractive free cash flow and return on capital; and there should be a reason to buy the stock now, such as positive momentum or a catalyst to push the stock price higher. Expedia, the online travel firm, “fits all three,” says Pollack, whoseJohn Hancock Disciplined Value Mid Cap Fund (JVMAX) has a 28.8% average annual return over five years, vs. 27.3% for the S&P’s Midcap 400 index. Expedia trades at 16 times projected 2014 earnings, well below archrival Priceline’s P/E ratio of 22. Expedia reported $740 million in free cash flow during the first nine months of 2013, and revenues are growing at a 15% annual clip. Beyond that, Pollack likes the fact that Expedia andPriceline (PCLNFortune 500) are becoming an oligopoly, which will discourage new competition. Pollack also sees potential catalysts. Expedia holds controlling stakes in Trivago and eLong, popular travel sites in Europe and China, respectively. “Both Trivago and eLong have significant growth opportunities,” Pollack says, “and both could potentially be spun out.” –J.B.

Sarah Ketterer 
Causeway International Value

Ticker: (TKPPY)
Category: France

Sarah Ketterer, manager of the $4.5 billion Causeway International Value Fund(CIVVX), is a fan of energy stocks these days, in part because they’ve lagged. Ketterer, whose fund has averaged 21.2% annual returns over the past five years, vs. 16.3% for its category, blames exaggerated concerns about China for the anemic stock performance: “China is slowing down, but its demand for energy is still very high.” Her favorite stock today is Technip, which lays deepwater oil and gas pipelines. The stock trades at a mere 13 times expected 2014 earnings, which analysts project to gush 27%; Technip also offers a 2.1% dividend yield. The stock has slumped 15% since October, and Ketterer blames guilt by association, as two Technip rivals suffered big earnings disappointments. Deepwater pipe-laying is Technip’s core business, but Ketterer thinks another specialty will provide long-term windfalls. Given the shale gas boom in the U.S., she expects the country will eventually ship liquefied natural gas to Europe. Technip builds plants that convert natural gas to LNG and LNG back to gas. “They’re the best at it in the world,” says Ketterer. –J.B.

Edwin Lugo 
Franklin International Small Cap Growth

Category: Ireland

Green REIT, Ireland’s first-ever real estate investment trust, is a good story. It’s also a brand-new stock with no history, so it helps that the storyteller is a premier manager: Edwin Lugo, whose $1.5 billion Franklin International Small Cap Growth Fund (FINAX)has returned 25.7% a year over the past five years (see chart above), putting it in the top 2% of its foreign stock-fund category. Green REIT is essentially a vulture fund for Irish real estate. Commercial property prices fell 65% during the financial crisis. As a result, the Irish government and various banks ended up holding €76 billion in foreclosed properties and loans. To speed the recovery, Ireland passed a law permitting REITs; in July, Green became the first to launch there. “Banks are not in the business of managing property,” says Lugo, so they’re willing to sell “at a huge discount.” The timing looks excellent. Irish commercial property prices rose in October for the first time since 2007, just as Green made its first purchases at big discounts to U.S. properties. “It’s rare you get a chance to buy real estate at the bottom,” says Lugo, who notes that “the Irish economy is already turning around.” –J.B.

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Jim Moffett 
Scout International

Ticker: (VLKAF)
Category: Germany

Jim Moffett gravitates to out-of-favor stocks, an approach that has delivered an annualized 9.3% for a decade (UMBWX), outperforming the foreign stock index by 1.6 percentage points a year. Lately Moffett’s thinking has driven him to the auto industry. He’s especially optimistic about Volkswagen because the German automaker has been “lagging the pack” while laying the groundwork for a resurgence. The automaker’s recent stall, he says, is partly a reflection of Europe’s woeful economy and partly a result of being “out of sync” with the industry. In particular, he says, VW has lacked broadly appealing high-end offerings in the U.S. Now, though, the European economy is showing hints of improvement, and VW plans to roll out new products next year. Meanwhile, he says, the company is reducing costs with its modularized manufacturing strategy, which he expects to show results in the next year. The upshot, Moffett says: The market will eventually perceive the improvement, and VW’s stock, currently trading at nine times 2013 expected earnings, will catch up to BMW and Daimler, which have P/Es of 10.5 and 11.5, respectively. –S.M.

Brian McMahon 
Thornburg Investment Income Builder

Ticker: (CHL)
Category: China

Long viewed as frumpy, dividend stocks enjoyed a vogue in recent years. The category has waxed and waned, but one thing has remained constant: Brian McMahon’s outperformance. His $16 billion fund (TIBAX) has turned in annualized 10% returns for 10 years, more than two percentage points above results for the S&P 500 and his “world allocation” peers. China Mobile, the world’s largest telecom, follows his template. The stock’s dividend yields 4.3%, and it has grown at 6% annually for the past five years. But there’s more upside. McMahon says investors have punished the stock (which trades as an ADR in the U.S.) because the Chinese government has forced the company to adopt — and invest heavily in — the country’s homegrown 4G technology before it was widely used by the telecom industry. The good news, he says: The technology looks promising and is about to launch. “Soon they’ll have the most spectrum, the most base stations, and the first shot at this great new technology.” The result? He expects the stock, trading at 3.5 times Ebitda, to leap to 4.5 by 2015. That could propel the share price by 40% or more. –S.M.

David Herro 
Oakmark International

Ticker: (CS)
Category: Switzerland

Even as investors fled Europe during its sovereign debt crisis, David Herro placed one of the most audacious contrarian bets in recent history, going all-in on beleaguered French, Spanish, and Italian financials. The result: nearly 40% returns over the past 12 months. (The fund’s (OAKIX) extended record is also superb: 11.3% annualized returns over the past 15 years, vs. 5.0% for MSCI’s EAFE index.) With Europe seemingly off the ledge, Herro now reserves his strongest conviction for Swiss banking giant Credit Suisse, which, he says, is at an “inflection point.” Low interest rates and a strong Swiss currency have pushed it to the bottom of its earnings cycle, and the bank has been building reserves to comply with higher post-crisis capital requirements. But those impediments, Herro says, have run their course. The result will be double-digit earnings increases, he says: “Over the coming years it should be able to generate $8 billion in annual operating profits” — four times the current level. To Herro, that makes the company’s forward P/E of 8.8 and price-to-book ratio of 1 look unjustly low. –S.M.

Dinero del Cielo: Investing in Facebook

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Facebook (FB) just bought WhatsApp, paying $16bn in cash and stock and $3bn in RSUs. WhatsApp has 450m active users, of which 72% are active every day. It has just 32 engineers. And its users share 500m photos a day, which is almost certainly more than Facebook.

This is interesting in all sorts of ways – it illustrates most of the key trends in consumer tech today in one deal. First, it shows the continued determination of Facebook to be the ‘next’ Facebook. It’s striking to compare the aggressive reaction to disruption shown by Google (GOOG), Facebook and other leading web companies today with how some of their predecessors a decade ago stumbled and lost their way.

  • Smartphone apps can access your address book, bypassing the need to rebuild your social graph on a new service
  • They can access your photo library, where uploading photos to different websites is a pain
  • They can use push notifications instead of relying on emails and on people bothering to check multiple websites
  • Crucially, they all get an icon on the home screen.

Facebook is setting its sights on its next five billion users — even if they don’t yet have Internet access.

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Called Internet.org, the social network has joined forces with Nokia, Qualcomm, Samsung, Ericsson and others to bring web access to the five billion people, primarily in developing countries, that don’t own smartphones or have access to affordable connectivity.

“There are huge barriers in developing countries to connecting and joining the knowledge economy,” Zuckerberg said in a statement. “Internet.org brings together a global partnership that will work to overcome these challenges, including making internet access available to those who cannot currently afford it.”

According to the United Nation’s Millennium Development Goals report, 2.7 billion people or 39 percent of the world’s population will be on the Internet before the end of 2013.

In a proposal entitled “Is Connectivity a Human Right?” Zuckerberg lays out his plans for the organization and its solutions to equipping the rest of the world with the tools to connect with each other and gain access to the world’s greatest repository of information. The “rough plan” focuses on spreading connectivity through mobile devices with three main “levers.”

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The Internet.org announcement comes just a few months after Google’s announcement of its Project Loon, which aims to bring connectivity to the rest of the world through Internet-equipped balloons. Announced in June, Google has begun testing the balloons in New Zealand and more recently in Northern California. Just this month Bill Gates criticized the project, saying that fighting malaria was more important.

Is internet access a fundamental human right? Facebook and a coalition of six major telecom companies believe it is.

On Tuesday night, they revealed Internet.org — a global partnership that wants to put the web’s vast trove of knowledge at the fingertips of every man, woman, and child around the world.

Today, just over one-third of Earth’s population has access to the internet, which means 4 billion to 5 billion others are unplugged. Facebook thinks we can do better.

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Joined by major communications providers like Samsung, Nokia, Qualcomm, and Ericsson, the global initiative will focus on three key challenges in developing countries:

1. Make access affordable. The organization believes this can be accomplished by developing lower-cost, higher-quality smartphones.

2. Use data more efficiently. The goal here is to develop better apps and compression tools to handle data more effectively. Facebook, for example, wants to lower its Android app’s data rate from the current 12 megabytes a day down to just one.

3. Have businesses drive local access. Facebook says this “includes testing new models that align incentives for mobile operators, device manufacturers, developers and other businesses to provide more affordable access than has previously been possible.”

“Everything Facebook has done has been about giving all people around the world the power to connect,” Facebook CEO Mark Zuckerberg says in a statement. “There are huge barriers in developing countries to connecting and joining the knowledge economy. Internet.org brings together a global partnership that will work to overcome these challenges, including making internet access available to those who cannot currently afford it.”

The effort is just the latest example of a major technology firm seeking to shuttle potential growth opportunities under a humanitarian banner. It’s “a reflection of how tech companies are trying to meet Wall Street’s demands for growth by attracting customers beyond saturated markets in the United States and Europe,” says Vindu Goel at the New York Times, “even if they have to help build services and some of the infrastructure in poorer, less digitally sophisticated parts of the world.” (Facebook growth has largely stalled in existing markets at just over 1.1 billion users.)

Sources:

Seeking Alpha

abcnews.go.com

金の王: New Rulers of Wallstreet

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Peter Thiel

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Peter Thiel has gone from successful entrepreneur to super successful venture investor. The PayPal cofounder was Facebook’s first professional investor, giving Mark Zuckerberg and his hoodied cohorts a $500,000 check in 2004 in return for more than 10% of the company. Thiel still sits on Facebook’s board, but sold most of his stake in the Menlo Park, Calif.-based social networking company following its May 2012 IPO. His various venture firms include Founders Fund, whose stated goal is to invest in companies that can affect dramatic technological change. To that end, Founders Fund has backed rocket builder SpaceX and CIA-backed data-mining software company, Palantir, where he is also a cofounder. Ideological to the point of eccentricity, Thiel believes technology rarely repeats itself: “There’s a sense in which technology is, by definition, non-repetitive. And every moment in technological history only happens once.” As Palantir chairman, Thiel has personally invested $40 million in the Palo Alto, Calif. firm. FORBES estimates that he controls more than 12% of the company. Thiel has long maintained that Palantir could be just as valuable as Facebook. “There’s Google, then Facebook-which is search for people-and then there’s Palantir, which can help institutions search through their massive reams of data,” he told FORBES. He is up $400 million this year because of new revelations regarding his Palantir holdings.

 

Ray Dalio

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After completing his education, Dalio worked on the floor of the New York Stock Exchange and invested in commodity futures.[6] He later worked as the Director of Commodities at Dominick & Dominick LLC.[7] In 1974, he became a futures trader and broker at Shearson Hayden Stone.[6] In 1975, he founded the Westport, Connecticut based investment management firm, Bridgewater Associates which in 2012 became the largest hedge fund in the world with nearly $120 billion in assets under management.[6]

In 2007, Ray Dalio predicted the global financial crisis[8] and in 2008 published an essay, “How the Economic Machine Works; A Template for Understanding What is Happening Now”,[9] which explained his model for the economic crisis. He self-published a 123 page volume called Principles, in 2011, which outlined his logic and personal philosophy for investments and corporate management based on a lifetime of observation, analysis and practical application through his hedge fund.[10][11][12] In 2013 Dalio began sharing his “investment secrets” and economic theories onYou Tube via a 30 minute animated video which he narrates, called How The Economic Machine Works.[13]

John Paulson

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While assets under management at Paulson & Co. are down to $18 billion from $36 billion in early 2011, John Paulson’s hedge funds are performing well in 2013 thanks to bets on stocks like MGM Resorts and Aetna. Through the first six months of the year, the firm’s Credit Opportunities fund rose 11.2% net of fees, its Enhanced fund returned 15.6% and its Recovery fund produced a 25.2% return.  However, because a significant portion of his personal investments in Paulson & Co. funds are gold denominated, Paulson’s return on his own capital was more measured, as gold sank through the first half of the year. In an unusual deal for his firm, the outfit won a bid in August to take piano maker Steinway private for $512 million. Paulson, who will always be remembered for making billions shorting subprime mortgage securities in 2007, now appears to like real estate; one of his funds picked up 875 acres in Las Vegas in 2012.

Age: 58
Source Of Wealth: hedge funds, Self Made
Residence: New York, NY
Citizenship: United States
Marital Status: Married
Children

Gold found in the clouds

Invest in the cloud

Invest in cloud computing companies for long term golden returns.

Due to the strong demand for cheap software, cloud computing companies are enjoying great market momentum. This has attracted hundreds of competitors, from start-ups to traditional tech giants. At least 13 new players have gone public in the last 18 months, with most of them surpassing the $1 billion market cap milestone in a few months. But only cloud companies that innovate their product portfolio constantly, and build economic moats, will be able to survive the competitive landscape.

 

Consumers may be more familiar with cloud service offerings. This includes Google Drive, offered by Google (GOOG), SkyDrive by Microsoft (MSFT), Box.com, and DropBox.

Some of the other big players investors might want to start with are grouped below.

Networking [Read descriptions for all companies mentioned]

1. Cisco Systems, Inc. (CSCOEarningsAnalystsFinancials): The networking giant grew through acquisitions. The company is turning its focus on SDN. UBS argued that innovation in hardware will happen through SDN. Performance, latency, and resiliency are elements that will improve.

 

Software

Cloud computing supported virtualization initiatives, since hardware and storage became very inexpensive. A leader in this field:

2. VMware, Inc. (VMWEarningsAnalystsFinancials): Valued with a POP (price of profit) of 34 at the time of writing, shares dipped sharply below $100 after issuing a profit warning at the beginning of 2013.

 

In the software services industry:

3. Amazon.com Inc. (AMZNEarningsAnalystsFinancials): The book retailer, which now sells practically everything for consumers, also sells AWS (Amazon Web Services). This allows companies ranging from all sizes (small to large) to rent hosted computing and storage. The company is extending its reach by bundling content through Amazon Prime, and reaching more users by selling tablet device hardware almost at-cost.
4. Salesforce.com (CRMEarningsAnalystsFinancials): The high price of shares of Salesforce.com is supported by quarterly results that pleased investors. Last quarter (Q4), the company won many large deals. Deals between 7- and 8-figures rose by 50% compared to last year. The company plans to acquire companies aggressively. This will add to the already 3 million apps developed on Heroku and on the force.com site.
5. Oracle Corporation (ORCLEarningsAnalystsFinancials): benefits from the growth in cloud demand, although the most recent quarter was disappointing. Oracle experienced a drop in hardware product sales, which dropped 23% from last year. The company is introducing SPARC M5 and T5 servers, which the company claims is 10x faster than older models.
6. International Business Machines Corp. (IBMEarningsAnalystsFinancials): Big Blue benefits from selling consulting services for cloud solutions. IBM also makes Power 780 servers that compete with those offered by Oracle.

Computer Associates Technologies  (NASDAQ: CA  ) , Amazon.com (NASDAQ: AMZN  ) , and NetSuite (NYSE: N  )  are the best-performing stocks year to date in the cloud computing index. What makes each of these three companies special? How did they manage to build strong economic moats in a fierce landscape? More importantly, after experiencing more than a 40% increase in stock price, can they still be considered attractive investment opportunities?

 

Sources:

http://www.fool.com/

http://wire.kapitall.com/