Crony Capitalism and the Oracle of Omaha

Crony Capitalism and the Oracle of Omaha

08 MAY 2014 – VITALIY KATSENELSON

I am back from the Berkshire Hathaway annual meeting in Omaha, Nebraska, and my brain is still spinning from the dozens of meetings and stimulating conversations. In a series of articles over the next few weeks, I’ll try to download the thoughts that were triggered by this trip, a lot of them unrelated to the main event — the Warren Buffett & Charlie Munger show — but rather by-products of the conversations I had. Read more of this post

Berkshire Hathaway Annual Meeting ‘Full Notes’

Berkshire Hathaway Annual Meeting ‘Full Notes’

by VW StaffMay 10, 2014, 4:36 pm

Notes from Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B)’s annual meeting 2014. We have previously covered more from the annual meeting, Berkshire Hathaway annual meeting extensive notes can be found here. Read more of this post

Cliff Asness New Whitepaper Fact, Fiction and Momentum Investing

Cliff Asness New Whitepaper Fact, Fiction and Momentum Investing

by VW StaffMay 11, 2014, 2:58 pm

Cliff Asness new whitepaper Fact, Fiction and Momentum Investing H/T Climateer Investing

It’s been over 20 years since the academic discovery of momentum investing (Jegadeesh and Titman (1993), Asness (1994)), yet much confusion and debate remains regarding its efficacy and its use as a practical investment tool. In some cases “confusion and debate” is us attempting to be polite, as it is near impossible for informed practitioners and academics to still believe some of the myths uttered about momentum — but that impossibility is often belied by real world statements. In this article, we aim to clear up much of the confusion by documenting what we know about momentum and disproving many of the often-repeated myths. We highlight ten myths about momentum and refute them, using results from widely circulated academic papers and analysis from the simplest and best publicly available data. Read more of this post

Shell Games: Are Chinese Reverse Merger Firms Inherently Toxic?

Shell Games: Are Chinese Reverse Merger Firms Inherently Toxic?

Charles M.C. Lee 

Stanford University – Graduate School of Business

Kevin K. Li 

University of Toronto – Rotman School of Management

Ran Zhang 

Guanghua School of Management
March 25, 2014
Rock Center for Corporate Governance at Stanford University Working Paper No. 183

Abstract:       Read more of this post

Tilson Angry At NY Times For Calling Buffett ‘Ordinary’; Confirms ATHN Short

Tilson Angry At NY Times For Calling Buffett ‘Ordinary’; Confirms ATHN Short

by Jacob WolinskyMay 12, 2014, 2:03 pm

The following is from an email which Whitney Tilson sent to ValueWalk. He attacks the NY Times for stating that Buffett was ordinary. He also confirms that he is short ATHN and briefly mentions his FNMA long, which we first reported. Read more of this post

IBM facing ‘rocky time’, but poised for change, CEO says: NYT

IBM facing ‘rocky time’, but poised for change, CEO says: NYT

Sun, May 11 2014

(Reuters) – IBM Corp is facing a “rocky time,” Chief Executive Virginia Rometty told the New York Times, but said she and the company now have a clear vision on how to pursue another generation of growth. Read more of this post

Mastering the Soft Skills: How to “bend” time, keep the boss happy, say “no” to budget requests (gently) – and more

May 12, 2014

Mastering the Soft Skills

How to “bend” time, keep the boss happy, say “no” to budget requests (gently) — and more.

CFO Staff

Some years ago, CFO published a story on the “essential skills” that a finance chief needs to be effective — in particular, the skills that go beyond core corporate finance and accounting training. Little has changed since 2007, when the article first appeared. The abilities the story describes are rarely taught in business school or in a corporate setting. In the eyes of veteran CFOs, though, they are just as critical as the ability to forecast earnings, value an acquisition or weigh an investment opportunity. Read more of this post

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