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JPMorgan Reading List

JPMorgan Reading List

by VW StaffMay 29, 2014, 3:24 pm

Following are the book recommendations from JPMorgan as seen on their website.

JPM states:

The Reading List began as a way for us to share timely, thoughtful and relevant titles that piqued our interest – and that we thought would excite our clients as well. The original list quickly grew to two annual selections, and this year we have reached the 15-year mark.

JPMorgan reading list: Things a Little Bird Told Me Read more of this post

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Value Investing in Sanrio vs the Hello Kitty Premium

Value Investing in Sanrio vs the Hello Kitty Premium

by Guest PostMay 29, 2014, 3:46 pm

Sanrio Company, Ltd. (TYO:8136) (OTCMKTS:SNROF) shares have taken a beating the past several months and really got hammered last week — “blame” Goldman Sachs Group Inc (NYSE:GS) for the latter, as it appears that its post-earnings report casting undue pessimism and uncertainty on Sanrio’s business model fueled the selloff and compelled Morgan Stanley (NYSE:MS) -MUFG Securities to publish a copycat note. (Sanrio’s statement emphasizing profit-focus and no plans to abandon lucrative licensing business.) Attracted to Sanrio’s high ROE, a weakening yen, and “Cool Japan” marketing in overseas markets that only solidifies the popularity and brand recognition of flagship character, Hello Kitty, I had the fortunate timing of building a position in Sanrio’s ordinary shares in Q4’12 ahead of a sizable run up in 2013. Following are some lessons learned from that profitable investment and the intraday 23% drop Sanrio’s shares suffered last Thursday.

image002-1 Read more of this post

Beyond Agency Theory: The Power of Integrity (PDF of PowerPoint Slides)

Beyond Agency Theory: The Power of Integrity (PDF of PowerPoint Slides)

Michael C. Jensen 

Harvard Business School; Social Science Electronic Publishing (SSEP), Inc.; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI)

Werner Erhard 

Independent
May 1, 2014
Harvard Business School NOM Unit Working Paper No. 10-068
Barbados Group Working Paper No. 10-02

Abstract: 
There is far too much concern today about the conflicts of interest between people; for example, agency theory (the conflicts of interest between agents and owners) — a favorite topic of Jensen — and not enough attention paid to the damage caused by an individual’s conflict of interest with himself or herself.
We argue here that a large amount of the damage inflicted on people and organizations is caused by actions of individuals that are not in their own self interest. That is, people consistently impose costs on themselves, their loved ones, friends, associates, partners, employers and the public by actions that are not in their own self interest. Read more of this post

A key reason for Taiwan Semiconductor Manufacturing Company’s (TSMC) success is that the company has never competed with clients, company president and co-CEO CC Wei

TSMC never competes with clients, says co-CEO

Josephine Lien, Taipei; Adam Hwang, DIGITIMES [Thursday 29 May 2014]

A key reason for Taiwan Semiconductor Manufacturing Company’s (TSMC) success is that the company has never competed with clients, company president and co-CEO CC Wei said at the TSMC 2014 Technology Symposium in Taiwan on May 29. Read more of this post

Developments in agriculture have helped a big British tractor-maker

Developments in agriculture have helped a big British tractor-maker

May 31st 2014 | BASILDON | From the print edition

DO NOT underestimate the political significance of tractors. In the Soviet era, Communist officials cited rising production as evidence of the superiority of a centrally planned economy. And in 2012 David Cameron, the Conservative prime minister, and Nick Clegg, his Liberal Democrat deputy, used a visit to the New Holland tractor factory in Basildon to reaffirm their commitment to the coalition. The pair doubtless hoped that the firm’s success would send an optimistic message about British manufacturing. Read more of this post

Truthful top lines: New global rules aim to make it harder for firms to fib about their revenues

Truthful top lines: New global rules aim to make it harder for firms to fib about their revenues

May 31st 2014 | NEW YORK | From the print edition

WHEN companies should recognise revenues on their books is one of the most contentious and consequential issues in the staid profession of accounting. For simple sales of goods the timing is usually straightforward, but in the areas of services and long-term contracts it gets murky fast. Companies may manipulate the “top line” of their accounts—their revenues—say, by booking sales they are not yet sure of (to boost their reported profits) or not booking sales that they are certain of (to postpone profits, and the taxes on them). Read more of this post

Driverless cars: Google is miles ahead of its rivals in the race for autonomous motoring

Driverless cars: Google is miles ahead of its rivals in the race for autonomous motoring

May 31st 2014 | From the print edition

TO GOOGLE is now in broad usage as a verb for retrieving information from the internet. If the tech giant has its way, “I Googled” will become a standard reply to the question, “How did you get here?” On May 28th Google said it would build 100 prototype driverless cars devoid of pedals, steering wheel or controls save an on/off switch. It is the next stage in its apparent quest to be as ubiquitous on the road as on computer screens. Read more of this post

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