“The probability of China’s first onshore bond default is rising”; Fallen Angels Seen by Haitong on Record Downgrades: China Credit

Fallen Angels Seen by Haitong on Record Downgrades: China Credit

Record downgrades in China suggest more companies will lose investment-grade ratings as Premier Li Keqiang pares state intervention, according to Haitong Securities Co., the nation’s second-biggest brokerage. A total of 152 borrowers’ credit grades or outlooks were cut in the first nine months of this year, exceeding 73 for the whole of 2012, according to data compiled by Haitong. The yield on Anyang Iron & Steel Co.’s 2019 notes has jumped 396 basis points to 10.8 percent since China Chengxin Securities Rating Co. reduced its ranking to AA- from AA on June 28. Globally, fallen angels, or notes downgraded to junk, pay 4.9 percent, Bank of America Merrill Lynch indexes show. Read more of this post

China Can’t Talk Its Way Out of Slowing Growth

China Can’t Talk Its Way Out of Slowing Growth

If imitation really is the greatest form of flattery, Shinzo Abe should be thrilled the Chinese are copying his “Abenomics” strategy to excite investors. The rest of the world shouldn’t be. China isn’t cribbing the Japanese prime minister’s actual blueprint, but his formula of spin and hype that has convinced the world something that doesn’t yet exist is real. The key to a great ad campaign is attracting customers and keeping them, something Abe has done with a brilliance that could teach the Edelman public-relations firm a thing or two. Read more of this post

5 Ways Your Brain Tricks You Into Making Horrible Investment Decisions

5 Ways Your Brain Tricks You Into Making Horrible Investment Decisions

ROB WILE OCT. 27, 2013, 6:57 PM 15,860 7

Studies abound showing how our mental biases thwart sound investing decisions. Value Stock Guide has compiled the five main ways this happens into a nifty infographic (via Eddy Elfenbein). You should check out the whole thing, but real quickly, the 5 common ways your brain screws you up are:

  • You do what everyone else is doing because of herd behavior.
  • You confuse “cheap” with “value.”
  • You throw good money after bad.
  • You practice loss aversion and that leads to bad choices.
  • You think the future is more unpredictable than it is.

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Muddy Waters: NQ’s Top Ten Lies Since Friday

Muddy Waters, LLC

October 29, 2013

Reiterating price target <$1

NQ’s Top Ten Lies Since Friday

Muddy Waters noted numerous lies and deceptions in NQ’s responses to our October 24, 2013 report. This report lists the ten most egregious falsehoods we noted from the October 25th conference call, and Co-CEO Omar Khan’s television interviews that same day with Fox Business News and Bloomberg. Read more of this post

How to build a $100 million business; It took these entrepreneurs just three years to go from zero to seriously wealthy

How to build a $100 million business

October 28, 2013

Kate Jones

It took these entrepreneurs just three years to go from zero to seriously wealthy.

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Zero to heroes: Philip Weinman and Clive Sher

It’s the question every business owner wishes they had the answer to. How to build a $100 million business? Business veterans Philip Weinman and Dr Clive Sher have years of entrepreneurial know-how. Weinman has spent 30 years building and selling businesses, specialising in IT and travel companies. And Sher has developed numerous healthcare companies in the past 25 years. Between them, the pair has made a fortune from building successful businesses. Their latest company, Plan B, was launched in 2010 as a way of streamlining the expensive and complicated business of corporate travel. The turnover in its first year was $1 million, which jumped to $28 million the following year. Proving to be one of Australia’s fastest growing companies, Plan B is on track for a turnover of more than $100 million this financial year. The company initially started as an in-house corporate travel solution for Weinman’s management company, Deasil, before word-of-mouth launched it into a much broader market. Read more of this post

Stuck in the comfort zone; We like to say it is better to be with the devil we know than the angel we don’t when we do not want to fight for change

Updated: Sunday October 27, 2013 MYT 7:24:01 AM

Stuck in the comfort zone

BY SOO EWE JIN – SUNDAY STARTERS

We like to say it is better to be with the devil we know than the angel we don’t when we do not want to fight for change.

IF only I could. How often have we heard this phrase uttered when we are together with friends and loved ones? Someone struggling with work issues talks about giving it all up, moving to a job that pays less, but without the stress, and then finishes up the conversation with this phrase, “If only I could.” We may complain about being stuck in a two-hour traffic jam on the way to work from Petaling Jaya to Kuala Lumpur but we are unlikely to give it all up to work in a small town in Sarawak where it may take just five minutes to walk from our huge rented bungalow to the office nearby. Read more of this post

Where Does Leadership Live? As we develop new ways of doing business, we must also develop new ways of looking at, and assigning, leadership

Where Does Leadership Live?

October 25, 2013

Eric J. McNulty is the director of research at the National Preparedness Leadership Initiative and writes frequently about leadership and resilience.

For all the business community talks about leadership, there is little exploration of the basic assumptions we make about it—what constitutes leadership, who we should call leaders, and what qualities a leader should demonstrate. Yet those assumptions are exactly what we (and our organizations) base so much of our thinking and actions on. Perhaps this is why there is still not a generally accepted definition of leadership in business literature and why it can be so difficult to gauge the impact of leadership development programs. The most foundational question we must ask is: Where does leadership live? Read more of this post

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