Finance news - Original Signal

SeekingAlpha

Dissecting Today's Bull Market: By Russ Koesterich: In recent weeks, the European Central Bank and the Fed have announced new monetary stimulus and appear ready to act to prop up the global economy. In response, some investors have apparently rediscovered their appetite for risk.

EGShares Plans Emerging Market ETFs With A Twist, ALPS Files For High Volatility Fund: By Stoyan Bojinov:The ETF industry is off to a hot start in 2012 as new products continue to roll out by the plateful while the economic backdrop has also improved considerably, paving the way for growth on all fronts. A

Apple Already Puts Its Cash To Work: By The Financial Lexicon: With each passing quarter, the talk about what Apple (AAPL) will do with its growing cash hoard keeps heating up. The truth is, the cash Apple generates is already largely being put to work. Perhaps its

Timken's CEO Discusses Q4 2011 Results - Earnings Call Transcript: Timken Co. (TKR)Q4 2011 Earnings CallJanuary 27, 2012 11:00 a.m. ET ExecutivesSteve Tschiegg - Director of Capital Markets & Investor RelationsJim Griffith - President and CEOGlenn Eisenberg - EVP, Finance and AdministrationChris Coughlin - President, Process Industries and Supply ChainRich

What The Fed's Past Can Tell Us About Our Future: By Justin Weinstein:Economic crisis often has a way of repeating itself time and time again. Although there are many differences between the Great Depression and today, similarities exist. The analysis I have done below is particularly fitting for the current

Building A Capital Preservation And Income Portfolio, Part 3: By Mark Bern, CPA CFAIn Part 2 of this series I provided a brief summary of Part I, my thoughts on diversifying into investments denominated in other than the US dollar, and four defensive, equity-income offerings. In this article I

Corning Can Leverage Itself Into A Modern Industrial Growth Story: By Paul Nouri:Corning (GLW) is no stranger to reinventing itself. Founded in 1851, since its beginning, the company has been at the forefront of the most innovative and efficient techniques in the mass production of glass. In 1879, Thomas Edison

Can You Hold Your Own Against An Index Fund?: By Geordy Wang:Warren Buffett believes that most investors, including many professional money managers, would be better served investing in a low cost index fund instead of an actively selected portfolio of individual stocks. The statistics certainly seem to support Buffetts

Merger Madness To Continue In 2012: In 2011, companies worldwide announced 27,668 mergers, acquisitions and divestitures, bringing the total transaction value to USD2.22 trillion. Two major up-cycles in corporate dealmaking have occurred in the 12 years. Check out this graph of quarterly deal flowComplete Story »

Be Cautious With These 4 Companies In A Market Downturn: By Kevin Quon:With the markets testing new highs again and the Volatility S&P 500 (VIX) roaming around its bottom lows, the possibility for another downturn in the market remains a consistent threat. Preparing for a possible top for a company

Gold: Mining For Miners And Looking For More Like Newmont: By Kinetic Investments: By Bert Wilkison With gold up well over 9% on the year, I am left with some fun decisions to make: Is it time to increase my exposure and, if so, do I put my money to

14 Of The Best Dividend Growth Stocks: By Dividend Screen:Growth is one of the major drivers for wealth. If you buy a company that double earnings every 10 years, your will receive a growth of 7.2 percent yearly. This amount increases to 14.9 percent if your investment

5 Cheap Stocks That Could Jump Higher In 2012: By Vatalyst:All investors look for cheap stocks that will appreciate in value. The best way to find these stocks is to put in the work and thoroughly research multiple companies until certain criteria are met. The following companies are ones

Graham's CEO Discusses Q3 2012 Results - Earnings Call Transcript: Graham Corporation (GHM)Q3 2012 Earnings CallJanuary 27, 2012 11:00 AM ET Executives Deborah Pawlowski – Investor RelationsJim Lines – President and CEOJeff Glajch – Chief Financial Officer Analysts Gabe Birdsall – Brasada Capital ManagementMark Tobin from – Capital PartnersJoe Mondillo

2 Trade Ideas To Consider, 1 To Avoid For The Coming Week: By Rocco Pendola:In this article, I cover two angles. One considers the best near-term trade ideas I see set up for the coming week that should keep on giving for long-term investors. The other discusses why you should consider one

LNG Trade Is About To Take Off: By Kent Moors: Over the past two years, I have discussed at length the benefits of the coming U.S. trade in liquefied natural gas (LNG). Exporting LNG will offset the glut forming from excessive shale gas extractions, bringing balance to

What Does Prem Watsa See In RIM?: By Market Blog: By David BermanPrem Watsa now has a 5.12 per cent stake in Research In Motion Ltd. (RIMM), valued at about $450 million as of Friday morning. That’s no small bet – and it looks even grander when

The Facebook Effect: By Market Blog: By David Berman The Wall Street Journal is reporting that Facebook Inc. is getting ready to file papers for an initial public offering, as early as next Wednesday. The deal could raise $10-billion (U.S.) and value the

Building A Capital Preservation And Income Portfolio, Part III: By Mark Bern, CPA CFAIn Part II of this series I provided a brief summary of Part I, my thoughts on diversifying into investments denominated in other than the US dollar, and four defensive, equity-income offerings. In this article I

Solar Panel Makers See Demand Moving East: By Dana Blankenhorn: Americas natural gas glut is causing a re-think of demand patterns on the part of solar panel companies. Chinese panel makers like JA Solar (JASO), Trina Solar (TSL) and Yingli Solar (YGE) feel confident they will see

DailyFinance

Thanks, Mitt and Newt: 12 Tax Tips for the Rest of Us: Filed under: Taxes By Kevin McCormally, Editorial Director, Kiplinger.comWhile the punditocracy dives into the details and debates the vices and virtues of Mitt Romneys and Newt Gingrichs 2010 tax

Credit Card of the Week: A Rewarding Venture for Some: Filed under: Credit CardsBanks offer all sorts of credit cards. For the savers, there are cash-back cards. For the indebted, there are balance transfer cards. For the shoppers, there are retail

Happy Chinese New Year! Sorry, the Item You Want Is Back-Ordered: Filed under: Economy, RetailChinese New Year kicked off on Monday, and the celebration of the new lunar cycle is having a bigger effect on you stateside than you might think.For

Are You Being Misled By Your Tax Bracket?: Filed under: TaxesA lot of tax talk focuses on tax brackets. But in order to get the full picture of what you hand over to Uncle Sam, you need to consider

Middle-Aged Workers Flock Back to School ... and Student Loans: Filed under: Careers, Personal FinanceForget part time work, job fairs and temp agencies: To find a secure, long-term job, most pundits agree, the best route runs through the classroom. So

How the Chevy Volt Became a Political Punching Bag: Filed under: Company News, General Motors, Autos, Consumer AllyTheres one thing about General Motors (GM) CEO Dan Akerson: He doesnt shy away from a fight.Called before a congressional committee on Wednesday

5 Intriguing (and Less Painful) Fixes for Social Security: Filed under: RetirementTheres widespread worry about the long-term solvency of Social Security. The potential remedies we hear the most about arent pretty: ratcheting up the age at which we can begin

How J.C. Penney Could Transform the Way America Shops: Filed under: JC Penney, Apple, Target Corp, RetailWhen Ron Johnson, the new CEO of J.C. Penney (JCP) outlined his plan to revamp the department store this week at an analyst meeting, one

Is Amazon About to Repeat Netflix's Big Mistake?: Filed under: Technology, Media, Netflix, Amazon.comAmazon.com (AMZN) may be gearing up to start charging for its unlimited video streaming service.If what industry sources are telling the New York Post holds up,

5 Things You Need to Know About Netflix Right Now: Filed under: Earnings, Media, NetflixNetflix (NFLX) impressed skeptical investors with better-than-expected results on Wednesday night. If you want to know why the stock rallied on the news but you dont want to

4 'Must Do' Money Moves to Achieve Fiscal Fitness: LearnVest's CEO Makes It Simple: Filed under: Personal FinanceWhen it comes to managing your money, there are many roads to long-term financial security. The best route for one person may be quite different from whats right

Disney Theme Parks Relax Their 'No Beard' Rule: Filed under: Company News, Walt DisneyDisney (DIS) is loosening up its strict dress code for theme park employees.Starting a week from Friday, Disney will allow its hires to sport beards

Just Fuel It? Nike Fans Get Exercised Over FuelBands: Filed under: Technology, Health CareNike (NKE) has been known to draw a crowd when a new line of basketball shoes hits stores, but now the athletic footwear and apparel giant is turning

Is American Manufacturing on Track for a Comeback?: Filed under: Economy, Ford Motor Co, Apple, Wal-Mart Stores, Toyota, General Motors, Chrysler, CaterpillarWill America ever be great again? There are signs far up the supply chain that suggest an emerging renaissance

Want a Better Used Car? Shop like a Woman: Filed under: Personal Finance, Saving Money, ShoppingAre women actually better at buying used cars than men? A company called LeaseTrader, which runs a used-car marketplace for people who want to

Extraordinary Tax Deductions: 10 Successful Claims You Won't Believe: Filed under: Taxes By Peter Blank, Editor, The Kiplinger Tax LetterOkay, admit it: As youve struggled with your tax return, trying to come up with some extra deductions to pump up

How You Can Get a Taste of Mitt Romney's Low Tax Rate: Filed under: People, TaxesOn Tuesday, Republican presidential candidate Mitt Romney released his tax returns, setting off an intense flurry of commentary. If youre angry that Romney only paid about 14% of

Why Does Wall Street Hate AutoNation?: Filed under: Company News, InvestingIf you have nothing nice to say, dont say anything at all, is a mantra thats alive and well on Wall Street. Analysts prefer to cover stocks

Surprise! Your Tax Burden Is Lighter than You Think: Filed under: TaxesWith all the talk about taxes and whether we should lower them, youd think that the citizens and corporations of the United States face steep tax rates. Youd be

State of the Union: 3 Economic Themes Obama Is Sure to Focus On: Filed under: EconomyIn most years, for most presidents, the State of the Union is something of a chore, an annual address that

The Kirk Report

Wisdom From Jason Zweig: Members often tell me about the books they find most helpful. As you know, there’s a lot out there to read if you so desire about just about every topic you can think about regarding investing, trading and the markets.

Think Less & Keep It Simple: Every once in awhile I read something from another trader who I respect that I really wish I wrote myself. Here’s one such example: “One of the most difficult things to get investors and traders to understand is that no

An Hour With Arnold Palmer: “It is deceptively simple, endlessly complicated, a child can play it well, and a grown man can never master it. Any single round of it is full of unexpected triumphs and perfect shots that end in disaster. It is almost

What Do You Really Want?: I frequently share inspirational quotes with my membership and one of my favorites has to be this: “First, you decide what you want specifically; and second, you decide if you’re willing to pay the price to make it happen, and

How To Maintain An Optimal State: No matter what the market conditions may be, especially in weeks like this, it is very good idea to do everything you can to stick to the normal trading routine. While none of us can control what the markets do,

Lessons From Irwin T. Yamamoto: One of the greatest privileges of my life was my friendship with Irwin T. Yamamoto who passed away two years ago today on July 15, 2009 at the age of 54. Our friendship began eight years ago after I wrote

How To Trade While Away: Many have asked me over the years how I trade while on vacation. Here are my two rules: 1) I don’t trade during vacation, and 2) I close out all positions no matter what their upside potential before I leave.

Dr. Bob’s 10 Rules: In looking for paths to improve myself and to help those who I’m privileged to mentor, I have been reading a number of books and articles regarding applied sports psychology. Many of these books can offer more perspective and guidance

Learn To Overcome Your Obstacles: When I look back and think about the things that make me the most proud of what I have accomplished over my life, each memory can be directly attached to some specific obstacle I had to first face and then

15 Fundamentals To Market Success: Gerald Loeb was a founding partner of E.F. Hutton, a renowned and successful Wall Street trader, and the author of the books The Battle For Investment Survival and The Battle For Stock Market Profits. Mr. Loeb promoted a contrarian view

Lessons From Nicolas Darvas: Nicolas Darvas has inspired traders for many generations. His book, “How I Made 2,000,000 in the Stock Market” is one that you’ll find on many recommended reading lists including my very own. While some have argued that much of Darvas’

Where Will You Meet Your Waterloo?: Every week I receive a handful of emails from other traders who send me a copy of their strategy to evaluate. While I rarely if ever have the time truly required to go through each one and properly backtest it

Don’t Be Like Me: Everyone in this business will tell you how to be and what to do, but the bottom line is that you’ve got to always be yourself – flaws, emotions, stupidity, and all. There’s a saying that the stock market is

12 Steps To Get Things Done: This week I discovered this gem of a post called 12 steps to get things done. I’m a sucker for stuff like this, especially those produced from some of the better websites out there. However, I found this list particularly

Lessons From 2010: At the end of every year, I ask members of The Kirk Report to offer their feedback not only about the site itself but also to share some personal perspectives. For example, in the annual membership survey I asked the

Mark Minervini: Establishing positive momentum in the new year is not to be underestimated. And, so I thought to help you and other traders start the new year off right, I would repost this special in-depth interview I had with market wizard

A Christmas Wish: As I’ve shared for many years… I will return from both holiday break and my trading sabbatical on January 3rd. Best wishes for a Merry Christmas and a happy start to the new year!

7 Websites I Visit Most Often: I was recently asked to reveal which websites I visit the most often. Although I had some idea which were my favorites, after reviewing my browser logs more carefully it became absolutely clear which sites rank the highest. Based on

The 22 Rules Of Trading: I was looking over some old posts at the old website this morning and rediscovered this little gem offering the 22 Rules Of Trading according to John Mauldin: Never, under any circumstance add to a losing position! Nothing more need

Do You Need A Trading Sabbatical?: Here are the top 10 signs you might need a trading sabbatical… You catch yourself talking to ticker symbols You are diagnosed with Trader’s Elbow Any time you hear a bell ring your mouse finger begins twitching You seriously contemplate

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TraderFeed

Decision Point and the Value of Market Overview

What New Traders Need to Learn: Kudos to John Forman, who has assembled an edited volume specific to the questions most asked by developing traders. A variety of experienced traders and market bloggers have participated in the volume, offering a mix of viewpoints. It is often

Minding Our Selves: How Body Becomes Soul: In the past, Ive written about how life experiences serve as mirrors: they reflect to us something of who we are, which we then internalize as part of our identities. This is particularly true of relationships: we continually experience ourselves

Readings to Kick Off the New Week: * The thought process behind trading success;* Im proud to have had some small impact upon the excellent Market Rewind site; many thanks to Jeff for his post;* Much thanks to MarketSci for quant insights and this kind post;* A

The Four-Leaf Clover Principle: This morning, I went for a jog in the forest preserve park down the street from our home. Winding down the run, I cut through a section of the park and noticed to my surprise that, after the recent rain,

The TraderFeed Home Page: Trading and Market Psychology Resources: Welcome to the TraderFeed blog. TraderFeed began in December, 2005 as a project to help me think aloud about trading

Best of TraderFeed 2010 - Volume Two: Trading and Market Psychology: Here is the second and final installment of TraderFeeds Best of 2010 posts. You can find the first group of best posts here. The links below cover March - May, 2010. * Suggestions for Your Trading Journal* Why I Am

Best of TraderFeed 2010 - Volume One: Trading and Market Psychology: In anticipation of winding down the blog, I assembled highlight posts from January and February, 2010, covering trading psychology and market topics:* Building Motivation Through Optimism* Changing How We Think* The Trading Process and Generating Trade Ideas* Finding Your Solutions*

Core Ideas in Trading Psychology: Trading and Self Development: This is the final post in the series summarizing core themes running through the TraderFeed blog. The other posts in the series are:Introduction to Trading PsychologyTrading as a Performance ActivityChanging Problem PatternsSolution-Focused ChangeMirrors and Corrective Emotional ExperiencesImplicit Learning and Somatic

Core Ideas in Trading Psychology: Reading Market Psychology Through Intermarket Themes: Previous Posts in This Series:Reading Market Psychology Through Volume and PriceIdentifying Historical Patterns in MarketsMarket Structure and Adapting to ChangeImplicit Learning and Somatic PatternsMirrors and Corrective Emotional ExperiencesSolution-Focused ChangeChanging Problem PatternsTrading as a Performance ActivityIntroduction to Trading PsychologyOne of the

Core Ideas in Trading Psychology: Reading Market Psychology With Volume and Price: Previous Posts in This Series:Identifying Historical Patterns in MarketsMarket Structure and Adapting to ChangeImplicit Learning and Somatic MarkersMirrors and Corrective Emotional ExperiencesSolution-Focused ChangeChanging Problem PatternsTrading as a Performance ActivityIntroduction to Trading PsychologyAn important theme throughout the TraderFeed blog is that

Core Ideas in Trading Psychology: Identifying Historical Patterns in Markets: Previous Posts in This Series:Market Structure and Adapting to Market ChangeImplicit Learning and Somatic MarkersMirrors and Corrective Emotional ExperiencesSolution Focused ChangeChanging Problem PatternsTrading as a Performance ActivityIntroduction to Trading PsychologyOne of the core themes that runs through the TraderFeed blog

Oil Price in Euros: Yet Another Economic Challenge for Europe: Here I used a pair of ETFs: the oil ETF USO and the euro ETF FXE to estimate the movement

Trading and Poker: Reaching the Next Level of Success: Well, thats another way poker might be like trading: Its easy to participate, difficult to sustain success. Many just play

Core Ideas in Trading Psychology: Market Structure and Adapting to Market Change: Previous Posts in This Series:Implicit Learning and Somatic MarkersMirrors and Corrective Emotional ExperiencesSolution Focused ChangeChanging Problem PatternsTrading as a Performance ActivityIntroduction to Trading PsychologyA key idea running through the TraderFeed blog as well as my books on trading psychology is

Core Ideas in Trading Psychology: Implicit Learning and Somatic Markers: Previous Posts in This Series:Mirrors and Corrective Emotional ExperiencesSolution-Focused ChangeChanging Problem Patterns BrieflyTrading as a Performance ActivityIntroduction to Trading PsychologyPerhaps the most common psychological change that traders need to make is the ability to quiet their minds and focus their

Using Twitter for Reader Updates: As noted a little while ago, I am in the process of winding down the TraderFeed blog. My continued thanks to supportive readers; I do intend to keep the blog up as an archive for future reference. In addition, before

Core Ideas in Trading Psychology: Creating Change Through Mirrors and Corrective Emotional Exp(...): Previous Posts in This Series:Solution-Focused ChangeChanging Problem PatternsTrading as a Performance ActivityIntroduction to Trading PsychologyWhen people find themselves locked into repetitive patterns of thought, feeling, and/or behavior that interfere with their lives, how do they escape? As all too many

Core Ideas in Trading Psychology: Solution-Focused Change: Previous Posts in This Series:Changing Problem PatternsTrading as a Performance ActivityIntroduction to Trading PsychologyOne of the key themes running through the TraderFeed blog, as well as the books that Ive written on trading psychology, is that effective change comes from

End of the Week Readings: * What distinguishes successful traders;* Investors not pricing in risks in muni market;* ECB may face dilemma re: raising rates;* Strategies for hedging inflation risk;* Making the case for transparency in financial reform;* More Americans counting on Social Security for

Random Roger's Big Picture

MarketWatch Says Retirement is Endangered: Robert Powell from MarketWatch posted a reasonably thorough assessment as to why retirement in the US is endangered with topics ranging from Social Security not being able to meet its obligation to why various demographic segments should expect a higher

Japan has a Trade Deficit: Yesterday was a busy day for me so I am not sure how much attention this got but Japan recorded its first trade deficit since 1980. Japan has always exported a ton of stuff and imported all of its oil.

A Foundation to an Investment Philosophy: Josh Brown had a fun post up yesterday about his Twenty Common Sense Investing Rules. While I would probably frame some of the points differently and dont necessarily agree with all of them there is plenty of utility in the

Trade Executed: We executed a (mostly) across the board trade for large accounts on Thursday buying ASX Limited (ASXFF) which is the stock exchange in Australia. The trade obviously increases our exposure to financial stocks and takes us back to Australia after

Getting to Know the Future You: A writer named Doug Carey had a post at Seeking Alpha called 3 Pitfalls To Avoid When Retirement Planning. He says dont wait to start saving, dont count on Social Security and make sure you beat inflation. Obviously all three

It's The End of the World and Paul Farrell Knows It: Paul Farrell had a column up yesterday that detailed ten reasons why 2012 will be a doomsday. Included in the list are failings of US democracy, class warfare and some disturbing prognostications about global warfare.If you read the paragraphs that

Barron's on Dividends: The Barrons cover story was about seeking a 4% yield from stocks. It was a broad look across many sectors in the S&P 500 at stocks that have the room to increase their dividends substantially or in some cases initiate

Sunday Morning Coffee: Bernie Schaeffer had a write up in Barrons in which he referred to an article from the New Yorker. There was one line in there that intrigued Bernie that was particularly interesting;In effect, decided that, in a market as volatile

The Big Picture for the Week of January 22, 2012: One of the first ETFs for Latin America is the iShares is the iShares S&P Latin America 40 Index Fund (ILF). I am pretty sure that iShares Brazil (EWZ) and iShares Mexico (EWW) predate ILF going back to the WEBS

Market Favoring Risk Assets Right Now: A few weeks ago I shared an opinion (or hunch if you prefer) that I thought the US market was going to be in for a range busting rally that I think will then retrace. It is too early at

Filtering Content: A very long time reader left a comment on Mondays post telling me that he had read a bunch of content from William Bernstein and concluded that Bernsteins approach seems more rational than my sort of approach. The reader said

Reuters Says Invest In Yourself: For many years Ive been writing about the extent to which retirement will not be the same for people as it was for their parents (obvious observation) and that this has created a problem/challenge for each of us to solve

Sunday Morning Coffee: Big news on the personal front; yesterday I was appointed Fire Chief of our volunteer fire department here in Walker. Ive never had many goals

The Big Picture for the Week of January 15, 2012: In the middle of the day on Friday we executed a trade for most of our large clients. We bought the Global X Fertilizer & Potash ETF (SOIL). Long time blog readers may recall my long term belief that the

What Type of Buyer Are You?: Yesterday a reader left a question about where I was on investing in the banks. My answer was probably not a surprise in that I said I still believe the fundamentals stink, assuming he was talking about the US banks,

Re-Equitization: Over the last couple of weeks Ive disclosed a couple of trades weve placed for our large accounts that started the process of moving toward being fully invested. Yesterday we executed trades for most of our small and mid sized

Could Happen To Anyone: Over the last couple of weeks or so Ive disclosed buying two new individual stocks for most of our large client accounts (in this context large means accounts where we believe using mostly individual stocks is suitable). A hopefully amusing

Apples to Apples: A reader at Seeking Alpha left a comment on my Revisiting Yield Products post from the other day noting that ETFs have recovered much better than CEFs, aka closed end funds. Generically speaking this is probably true but not the

Sunday Morning Coffee: No post today just a (hopefully) cool picture of the Grand Tetons through the window of the Cunningham Cabin.

The Big Picture for the Week of January 8, 2012: Yesterday we executed a trade for most large accounts buying KLA-Tencor (KLAC). The pick is more of a top down decision (more on that in a moment). The company makes equipment used in manufacturing many types of semiconductor; data storage,

Ticker Sense

Equalweighted S&P 500 Outperforming: Entering 2012 we read much about how 2012 would be the year of the large / mega cap stocks, how they are at the lowest valuation in many years and in many instances they pay significant dividends. While many mega...

How Do We Do It?... Stock Picking: We have just published our February newsletter and are happy to report that all three portfolios are up on the year with the Growth portfolio up over 7%. We are often asked how we do it. The answer is simple:...

Apple: How Good Was It?: Apple reported a record $13.1 billion in net income in their first quarter earnings report. That gives AAPL the 2nd most profitable quarter of any S&P 500 member since 2000. Only Exxon Mobil (XOM) has earned more (in their 3rd...

The Street's Reaction to Apple's Blowout Quarter: Sometimes it is difficult to find a negtive comment from analysts covering AAPL. There are 57 sell-side analysts covering the stock (as tracked by Bloomberg). 51 buys, 5 holds and 1 sell. After Apple reported very positve earnings, sales and...

Read Laszlo Birinyi's Column in the Financial Times: Read Laszlos column to be pubished in tomorrows paper: ETFs Can Lead to Lazy Stockpicking.

January 23rd Blogger Sentiment Poll: Blogger Sentiment Poll Participants: 24/7 Wall St (-) The Aleph Blog (+) Biiwii (-) Bruce Krasting BullBear Trading Carl Futia (+) Dash of Insight (+) Dividend Growth Investor Elliot Wave Lives On (+) Expected Returns Fallond Stock Picks (+) Global...

Google Earnings After the Close Today: GOOG is scheduled to report earnings after the close today. Historically they have reported between 4:00 and 4:15. The current analyst consensus for Googles 4Q EPS is $10.50 which equates to 34% growth from one year ago. GOOG has beaten...

Health Care and Materials are at "Extreme Overbought" Levels: The S&P 500 is 2.2% above the upper bound of its trading envelope and overbought. Except for staples and utilities, all other sectors are also overbought. Health care and materials are within 2% of their most extended level over the...

January 17th Blogger Sentiment Poll: Blogger Sentiment Poll Participants: 24/7 Wall St (N) The Aleph Blog Biiwii Bruce Krasting BullBear Trading Carl Futia (+) Dash of Insight (+) Dividend Growth Investor (+) Elliot Wave Lives On (N) Expected Returns (-) Fallond Stock Picks (-) Global...

Health Care, Industrials and Materials are Overbought: Our daily sector indicators are showing that the heath care, industrials and materials sectors have reach the upper end of their trading ranges and are overbought.

Watch Laszlo Birinyi's Interview on Bloomberg TV: Click below to view Laszlos interview from yesterday.

January 9th Blogger Sentiment Poll: Blogger Sentiment Poll Participants: 24/7 Wall St (+) The Aleph Blog (+) Biiwii (-) Bruce Krasting BullBear Trading Carl Futia (+) Dash of Insight (+) Dividend Growth Investor (+) Elliot Wave Lives On (N) Expected Returns Fallond Stock Picks (+)...

Stock of the Week Gains 21% in 2011: For more information on Stock of the Week or to subscribe to our Mini-Institutional Service, please visit our website.

Getting to the Point: The Most Recommended Stocks for 2012: After sorting through thousands of pages of Wall Street’s 2012 outlooks, we discerned the most important point for equity investors: the consensus top-down forecast for the S&P 500 is 1,335, or a 6.2% gain (the bottom-up forecast is for a...

January 3rd Blogger Sentiment Poll: Blogger Sentiment Poll Participants: 24/7 Wall St (N) The Aleph Blog (-) Biiwii (N) Bruce Krasting BullBear Trading Carl Futia (+) Dash of Insight (+) Dividend Growth Investor (+) Elliot Wave Lives On (N) Expected Returns Fallond Stock Picks (-)...

December 27th Blogger Sentiment Poll: Blogger Sentiment Poll Participants: 24/7 Wall St (N) The Aleph Blog (-) Biiwii (N) Bruce Krasting BullBear Trading Carl Futia (+) Dash of Insight (+) Dividend Growth Investor (+) Elliot Wave Lives On (N) Expected Returns Fallond Stock Picks Global...

All-Time Highs in 2011: Who says stockpicking is dead? 129 or 26% of S&P 500 members hit all-time highs during 2011. Ticker Date High AAPL 10/17/11 $426.70 ABC 7/7/11 43.47 ACE 10/27/11 73.76 ACN 7/7/11 63.66 AGN 10/24/11 89.25 AMZN 10/14/11 246.71 AN 8/30/11...

December 19th Blogger Sentiment Poll: Blogger Sentiment Poll Participants: 24/7 Wall St (+) The Aleph Blog (-) Biiwii (N) Bruce Krasting BullBear Trading Carl Futia (+) Dash of Insight Dividend Growth Investor Elliot Wave Lives On (+) Expected Returns (-) Fallond Stock Picks (-) Global...

A Breakdown in GLD?: With the spot price of gold down 3.5% down, GLD is below its 200-day moving average for the first time since January of 2009.

Birinyi Likes AAPL and RMS FP, Dislikes Financials: Click here to watch Laszlo Birinyis interview with Betty Liu on Bloombergs In the Loop.

Gannon On Investing

What to Look for in Japanese Net-Nets: Someone who reads the blog sent me an email asking about a specific Japanese net-net. Rather than trying to choose the best net-nets from among the entire hoard in Japan, I would suggest doing one of two things:Bigger investors can

Variation: Someone who reads my blog sent me this email:Geoff, Reading your articles. I am confused between standard deviation and coefficient of variation. Standard deviation itself shows how much variation exists from the average then what does coefficient of variation tells us? GurpreetStandard

Investor Questions Podcast: All Interviews and Episodes: Someone who reads the blog sent me this email:Hey Geoff,Thanks for posting up your old podcast episodes! Any chance you can put up the interview series episodes as well? Thanks!-DrewSure. Here are links to all the interviews and episodes. Remember,

Faith in Net-Nets: My latest net-net article over at GuruFocus includes my clearest explanation of what to look for in net-nets – and more importantly – what it takes to make money investing in net-nets:If the balance sheet is very liquid and insider

3 Net-Net Articles: Here are the 3 net-net articles Ive written over at GuruFocus:When Is a Bad Business a Good Net-Net?Risk in Net-NetsHow Many Net-Nets Are There?Expect a new net-net article each Friday. The net-net newsletter comes out once a month. The next

Net-Net Series Starts at GuruFocus: Today, I wrote the first of what will be a weekly series of net-net articles over at GuruFocus. The article is called How Many Net-Nets Are There?And the answer is 142.By the way, a new issue of GuruFocuss net-net newsletter comes

Investor Questions Podcast Episodes: Some people have asked where they can find episodes of my defunct podcast.Here they are:Episode 1Episode 2Episode 3Episode 4Episode 5Episode 6Episode 7Episode 8Episode 9Episode 10Episode 11Episode 12Episode 13Episode 14Episode 15Episode 16Episode 17Episode 18Episode 19Episode 20Talk to Geoff About the Investor

Japanese Net-Nets: 6 Months Later: It’s been about 6 months since I bought a basket of 5 Japanese net-nets.A couple people have asked about how my Japanese net-nets have done. I started making these investments around April of this year. I wrote the “Buy Japan”

Mr. Market’s Predictive Power – June 1914: On June 30th 1914 the New York Times ran the headline:Trading Very Dull, with Prices a Little LowerThe article had this to say about Europe:The assassination of the heir to the Austrian throne was an event whose consequences were closely

How Should You Value Journal Communications (JRN)?: Someone who reads the blog sent me this email:Hi Geoff, The thing I have been pondering is what are the tools in valuing a shrinking / dying business. The one I have been looking through is Journal Communications (JRN). They

12 Stocks I’d Consider Buying: Someone who reads the blog sent me this email:Hi Geoff, My question for you is about the recent market correction. I know you might not be comfortable talking about any stocks you bought, but Id love to hear anything you

The 4 Questions to Ask Before Buying a Stock: Someone who reads the blog wrote me this email:In your recent article you wrote: Intrinsic value is a guess. Buying is the belief. You don’t need to use a lot of math to prove exactly what something is worth. You

Some Good Stock Analysis For You: Here’s some good stock analysis for you.Whopper Investments and Oddball Stocks spar over net-net ADDvantage (AEY). Whopper Investments owns the stock. Oddball Stocks explains why it’s a pass.And Andrew August at The Frog’s Kiss writes about Dreamworks (DWA). It’s a

Valuing Financial Companies: ROIC, ROE, or ROA?: Someone who reads my blog sent me this email:All else being equal, which measure is preferred for financial firms such as banks: ROIC or ROE? I am using ROIC for non-financial firms but I didnt know if it gave a

Ted Weschler’s Portfolio: Yesterday, Warren Buffett’s Berkshire Hathaway (BRK.B) announced it hired Ted Weschler as an investment manager. Weschler will manage between $1 billion and $3 billion of Berkshire’s money. He starts next year.Weschler currently runs a hedge fund.Here is his latest portfolio:DirecTV

Recent Articles at GuruFocus: Barnes & Noble (BKS): Anatomy of a Screw UpInvest with StyleAdapt!: Trial and Error InvestingIve gotten a lot of good email questions lately. Usually, my GuruFocus articles are based on questions sent in by people who read the blog.So if

Interviews - Street Capitalist, Fat Pitch Financials, SINLetter, Cheap Stocks, and Greenbackd: InterviewsTariq Ali of Street CapitalistGeorge of Fat Pitch FinancialsAsif Suria of SINLetter.comJon Heller of Cheap StocksToby Carlisle of Greenbackd Talk to Geoff about the Interviews

Asset-Earnings Equivalence: Someone who reads the blog sent me this email:When it comes to valuing a business, do you believe more in asset valuations or earning? Earnings arent guaranteed to be there in the future (depending on the industry, of course), but

LEAPS - And a Lack of Good Ideas: Someone who reads the blog sent me this email:Dear Geoff, in your article Should you Buy Microsoft? on GuruFocus, you said, that it makes sense for some investors to use LEAPS instead of the stock. After thinking long about that,

CCA Industries - Sardar Biglari: Someone who reads the blog sent me this email:Geoff, I see you tweeted about CAW again. What about that company attracts you? I dont see that it is particularly undervalued and I am trying to understand what I am missing.Sardar

Value Discipline

The Developing Compensation Philosophy of the Treasury Department: Here is a link to Gene Sperlings opening statement: http://www.treas.gov/press/releases/tg166.htm#_ftnref3There are some very interesting quotes that help to frame Treasurys philosophy re systematic risk and executive compensation in this statement.Compensation structures that permitted key executives and other financial actors to

Executive Compensation-Government is Not Going Away: Corporate governance is a topic that many of us tend to ignore, leaving it to the institutions or corporate raiders that are looking to influence the strategic direction, the capital allocation, the corporate structures or the compensation structures of business.Yet,

Tiffany & Co-Valuation Seems Generous to Me: On Monday, Tiffany & Co reported what seemed to be somewhat disappointing earnings of $1.09 versus a street consensus of $1.13. TIF actually has had a fairly good history of positive earnings surprises in recent quarters (data courtesy of Reuters):Quarter

Traits of the Successful Investor and the Changing Nature of Brand Loyalty: The year 2010 seems to be progressing as a positive experience following the shaky start in January. The subsequent rally that has transpired since that time has caught many people flat-footed, but that is the price of erratic trading. Most

Book Review-"Even Buffett Isn't Perfect": I am a complete sucker for investment books. My wife accuses me of owning several thousand books that have essentially the same title, usually some variant of Value Investing, valuation, or intrinsic value, or securities analysis. Of course, I have

John Templeton- The Triumph of Optimism: Sir John Templeton passed away yesterday. He died, much as he spent his life, peacefully.Geoff Gannon (and it is great to have him back in the blogosphere) has an extensive list of articles outlining Templetons life as well as a

An Interesting Screen-Deteriorating Operating Margins and Increasing Capital Intensity: As one would expect, deterioration in operating margins will occur in economic slowdowns. Marginal competitors frequently will try to clear inventories at ever lower margins in order to generate cash flow. I am particularly interested concerned if a company exhibits

Recurring Revenues and Financial Services- The Competitive Moat of Fiserv: In our last post, we discussed the notion of recurring revenues as it pertains to companies in the industrial sector. The genesis of this idea was a reaction to the prevailing wisdom of many investment strategists to find recurring revenue

Recurring Revenues and Industrials: Economic uncertainty generally steers investors toward steady eddy businesses such as foods, consumer staples, healthcare and utilities. But what investors should be seeking is recurring revenues, predictable and stable revenues with a high degree of certainty.Recurring revenues are highly desirable

A Lemons Market- Information Asymmetry and Bear Stearns: Asymmetric information gets to the root of todays market problem in Bear Stearns. George Akerlof, Michael Spence, and Joseph Stiglitz won the 2001 Nobel Prize in Economics for their work in this area.Akerlof, who wrote the earliest paper in this

Pantry Gets a Heads-Up from the Globe: The Pantry just received a mention in a blog that is part of Torontos Globe and Mail, essentially Canadas version of the Wall Street Journal.The article, On the Hunt for the king of value factors highlights price to sale ratios.

Is "The Pantry" Bare?-Piotroski Says No: You cant buy what is popular and do well is one of the great Warren Buffett quotes. Though over time, I have learned to be far more comfortable investing in quality businesses that throw off lots of free cash flow

A Report from Today's Citigroup Meeting re Governance: Corporate governance has always been an important part of value investing. Obviously, most of us hate waste when precious company resources are squandered to build executive dreams rather than shareholder capital. Misallocation of capital and failure to optimize returns on

NCR versus Diebold: Courtesy of Seeking Alpha, I have been privileged to have been introduced to an exciting new research product called Gridstone Research. Gridstone is a new research platform that combines financial data, operational data, and unstructured textual information about a company

Techonomics and the ATM: “By prevailing over all obstacles and distractions, one may unfailingly arrive at his chosen goal or destination.”- Christopher ColumbusNeedless to say, it has been an incredibly tumultuous environment. The economic outlook, despite a few specks of light in a dark

Happy New Year!: What can be said in New Year rhymes,Thats not been said a thousand times?The new years come, the old years go,We know we dream, we dream we know.We rise up laughing with the light,We lie down weeping with the night.We

Fair Value, Mark-To-Market and Financial Reporting-Another Revision?: Less than a week to go for 2008, and the Financial Accounting Standards Board (FASB) has a proposal which it has thrown into the arena to address the problem of fair value.Mark to market accounting has stirred up a very

Happy Holidays!: A simple and sincere message to all. Heres wishing you the best of holidays in this blessed season.Wishing all of you a Happy Hanukkah, a Merry Christmas, and peace!Looking forward to 2009, a Happy, Healthy and Prosperous Year for all!Rick

Stocking Stuffers: It has been a remarkable year. It has been year that many of us would just as soon forget. The cascading effects of deleveraging have been rampant across all markets.The financial turmoil of 2007-08-09? has deeply affected households as well

The Commodity Investment World Conference-Some Observations on Commodities as a Diversifier: For two days last week, it was my privilege to attend the Commodity Investment World conference through the courtesy of Seeking Alpha. A broad spectrum of commodities markets, their economics and approaches to these markets were discussed.Commodities conferences historically have

NO DooDahs!

Automotive Annoyances: A few things that bothered me yesterday about the news coverage of the pending bailout for domestic auto(loan)makers.“GM makes cars nobody wants” Vs. “GM sold __ million cars in the U.S. in the last __ years”“Nobody wants” is an exaggeration,

Buy-A-Bank Bailouts: The Hartford (HIG), a.k.a. “The Neutered Stag,” has pulled a fast one! They bought a bank, just in order to get bailed out.In some bizarre way, this multi-national, multi-billion-dollar insurer can buy some tiny, eleven-branch-having, single state bank off of

Busy With Other Projects, Back Again Soon: No description.

Updates at The Rempel Report: Still no Timing signalValue Portfolio updatePersonal returns for October 2008

Piece of the Rock Randomosity: Get it, baby! Get a piece of the rock! Prudential Financial (PRU) reported yesterday. Lots of ways to put lipstick on this pig, and turn a loss per share into a “

ModernGraham.com

Updated Valuations – Week of 2/22/10: You can view more company valuations by visiting the valuations database in the navbar. There are 145 companies in the database including all 30 components of the Dow Jones Industrial Average!Due to the increasing number of companies in the database

Updated Valuations – Week of 2/15/10: You can view more company valuations by visiting the valuations database in the navbar. There are 145 companies in the database including all 30 components of the Dow Jones Industrial Average!Due to the increasing number of companies in the database

Updated Valuations – Week of 1/4/2010: You can view more company valuations by visiting the valuations database in the navbar. There are 145 companies in the database including all 30 components of the Dow Jones Industrial Average!Due to the increasing number of companies in the database

A Look Back on 2009 for Modern Graham: 2009 was a record year for Modern Graham. With over 40,000 visits from over 28,000 unique visitors, more people visited the site than any year before. Now that the year is over, it is time to look back on what

Added and Updated Valuations – 12/29/09: I didn’t have time to add any new companies to the database due to the holidays, but you can view more by visiting the valuations database in the navbar. There are 145 companies in the database including all 30 components

Added and Updated Valuations – 12/21/09: This is a day late, and it includes a few companies that were scheduled to be updated last week. For those readers who don’t know, I’m currently in law school – and had exams the last couple of weeks. As

Festival of Stocks #172: This week we have the honor of hosting the 172nd edition of the Festival of Stocks. According to the festival’s original sponsor, ValueInvestingNews, “The Festival of Stocks is a blog carnival dedicated to highlighting bloggers’ best articles on stock market

Added and Updated Valuations – 12/7/09: Here are the new valuations added to our site in the past week. To view more, click on browse valuations in our navbar. We now have 145 in the database including all 30 components of the Dow Jones Industrial Average!A

Dividend Portfolio – November 2009 Update: On the first Friday of every month, we will screen our database for the 10 companies with the highest dividend yield that are suitable for the enterprising investor. These 10 companies will be placed in a mock portfolio and rebalanced

Festival of Stocks #168: This week we have the honor of hosting the 168th edition of the Festival of Stocks. According to the festival’s original sponsor, ValueInvestingNews, “The Festival of Stocks is a blog carnival dedicated to highlighting bloggers’ best articles on stock market

Added and Updated Valuations – 11/16/09: Here are the new valuations added to our site in the past week. To view more, click on browse valuations in our navbar. We now have 130 in the database including all 30 components of the Dow Jones Industrial Average!RF

Enterprising Value Portfolio – October 2009 Update: On the second Thursday of every month (I know, I’m a day late…), we will screen our database for the 10 companies trading at the lowest ratio to their intrinsic value, as determined by our formula, and that are suitable

10 Dividend Companies for the Enterprising Investor – December Update: The following screen is the basis of the Dividend Portfolio. The screen is of the 140 companies in the Modern Graham valuation database’s for the top dividend payouts from companies suitable for the enterprising investor. Later today I will have

Updating Ben’s Portfolio – November 2009: On the first Thursday of every month, I plan on reviewing the portfolio and making any changes that seem necessary.You can see the portfolio in this google spreadsheet.Here’s a snippet from the construction:When constructing the portfolio, I began by deciding

Low PE Portfolio – November 2009 Update: On the first Tuesday (sorry, day late this month!) of every month, we will screen our database for the 10 companies with the lowest price to earnings ratio (ModernGraham-style) that are suitable for the enterprising investor. These 10 companies will

10 Low PE Companies for the Enterprising Investor: The bears are active even though the bulls seem to be ruling this market. The following screen is the basis of the Low PE Portfolio. I complete this screen once a month. The screen is of the valuation database’s 140

Added and Updated Valuations – 11/30/09: Here are the new valuations added to our site in the past week. To view more, click on browse valuations in our navbar. We now have 140 in the database including all 30 components of the Dow Jones Industrial Average!ATI

7 Great Amazon Deals to Give to Intelligent Investors: Today is Black Friday, one of the biggest shopping days of the year. Many stores have great deals available in an attempt to get a good start on the holiday shopping season. If you are looking for some gift ideas

Added and Updated Valuations – 11/23/09: Here are the new valuations added to our site in the past week. To view more, click on browse valuations in our navbar. We now have 135 in the database including all 30 components of the Dow Jones Industrial Average!AES

Stock Market Beat

Truck Tonnage Index: Truckline.com ArticleCompared with October 2008, SA tonnage fell 5.2 percent, which was the best year-over-year showing since November 2008. In September, the index was down 7.3 percent from a year earlier.

Corporate Cash Flow: St. Louis Fed: FRED Graph

Corporate Profits: No description.

Capacity Utilization: St. Louis Fed: Series: TCU, Capacity Utilization: Total Industry

Capacity Utilization: St. Louis Fed: FRED Graph

Corporate Profits: St. Louis Fed: FRED Graph

Capacity Utilization: St. Louis Fed: Series: TCU, Capacity Utilization: Total Industry

Another Record: Capacity Utilization: St. Louis Fed: Series: TCU, Capacity Utilization: Total Industry

Record Territory: St. Louis Fed: FRED GRAPH

Employment: Employment Situation Summary Nonfarm payroll employment continued to fall sharply in February (-651,000), and the unemployment rate rose from 7.6 to 8.1 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Payroll employ- ment has

Capacity Utilization: St. Louis Fed: Series: TCU, Capacity Utilization: Total Industry

Gross Domestic Product: BEA: News Release: Gross Domestic ProductReal gross domestic product — the output of goods and services produced by labor and property located in the United States — decreased at an annual rate of 3.8 percent in the fourth quarter of

St. Louis Fed: Series: TCU, Capacity Utilization: Total Industry: St. Louis Fed: Series: TCU, Capacity Utilization: Total Industry

Who Madoff With My Money?: You can’t make this stuff up.On Wall Street, his name is legendary. With money he had made as a lifeguard on the beaches of Long Island, he built a trading powerhouse that had prospered for more than four decades. At

Corporate Profits: St. Louis Fed: FRED GRAPH

Capacity Utilization: Total Industry: St. Louis Fed: Series: TCU, Capacity Utilization: Total Industry

Personal Income and Outlays: Econoday Report: Personal Income and Outlays 31, 2008Personal income in September 2008 rose 0.2% from August. Real personal consumption expenditures (PCE) fell 0.4% and nominal PCE fell 0.3%. Real disposable personal income (DPI) rose 0.1% and nominal DPI increased 0.2%. The

Retail Sales: Economic Indicators.gov

Interest Rate Spreads: St. Louis Fed: Series: WBAA, Moody’s Seasoned Baa Corporate Bond Yield Series: WGS10YR, 10-Year Treasury Constant Maturity RateAccording to the latest data from the Federal Reserve, Baa corporate bonds are yielding 4.56% more than 10-year Treasuries. The chart below shows

Berkshire Ruminations

Empirical Finance Research Blog: If you are interested in financial research you may want to check out a new project I am starting with a friend of mine who is a PhD student at the University of Chicago. It is called Empirical Finance Research:http://empiricalfinanceresearch.blogspot.com/Our

Bullish on TMA: I captured the following screenshot from Yahoo Finance shortly after the market closed today:This was kind of surprising to me given the performance of

To Whom it May Concern:: This blog is not dead. I am just taking a break. Lots of personal stuff going on, including the recent birth of my first son. I had hoped to work out a combination of names such that his initials would

Buffett Videoconference at MU on Friday: I thought I might help publicize the University of Missouri Trulaske College of Business 2008 Forum on Emerging Issues & Trends in Real Estate. That is mouthful. What it means is that on Friday as part of a symposium on

A few thoughts on the Bear Stearns situation: The first lesson that came to my mind when I heard about this debacle was straight from Buffett: Don’t buy what you can’t understand. Was Bear a simple and understandable business? Of course not. Their investments were so complex that

Wrigley Deal and the Annual Meeting: I have been hesitant to jump to many conclusions about the Wrigley deal because I think there are still a lot of unanswered questions about Berkshires involvement in it. Hopefully many of the details will be explained this weekend at

Another Hilarious Screen Capture: Could someone tell me how this headline ended up on Google Finance?

Buffett's Politics: I am beginning to think Mr. Buffett needs to just keep his mouth shut and run the company. His opining on tax policy and government bailouts is just making him look foolish.

There Are too Many Bureaucrats and They Are Paid too Much: If youre sick of working hard and being productive, perhaps a job with the government is the solution. Hell, if the country is going bankrupt anyway, enjoy the gravy train while it lasts!!

Of Permanent Value - the Trilogy!: Just thought Id do my part to promote Andy Kilpatricks latest magnum opus, the 2010 edition of Of Permanent Value: The Story of Warren Buffett: A trilogy. This three-volume, 2000 page, behemoth replaces the two-volume 2008 cosmic edition that weighed

Cash For Clunkers: Here’s an idea for wealth creation that can’t fail:Let’s encourage everybody with a particular asset that has value - namely a car worth less than $4500 - to sell it to the government so the government can then destroy it.

No title: Since there is no such entity as the public, since the public is merely a number of individuals, the idea that the public interest supersedes private interests and rights can have but one meaning: that the interests and rights of

Berkshire History in the Making!: I don’t maintain this blog much anymore, but that doesn’t mean I don’t follow Berkshire Hathaway. And I would be remiss not to comment on the news I awoke to this morning. Today is likely the most historic day in

Big Government, Small Growth: I am an empiricist and leery of any economic assertion that isnt backed by sound data. And so I was pleased to see Dan Mitchells latest video because towards the ends it gives a brief bibliography of work published in

Apparently a no-brainer. Who knew?: I thought it was interesting that yesterday the Wall Street Journal reported that economists are nearly unanimous that Ben Bernanke should be reappointed to another term and that the majority also say the recession is over. Who exactly are these

100% Insanity: To me, this is proof the mainstream media has absolutely no clue about economic reality.CNN proudly boasts today that Cash For Clunkers program is “Real Stimulus,” claiming that “The boost to auto sales caused by the government trade-in program should

GM - What a joke: Let’s face it. General Motors is in terrible shape. It sells an unpopular line of vehicles and is completely captive to its inflexible cost structure. Despite what political pundits would like to suggest, the company’s troubles are not the result

A dual-class arbitrage in Berkshire stock?: Hat tip to Ray for pointing this out to me. A few days ago BRK.B was trading at a level significantly lower than 1/30 of BRK.A. In fact the spread represented 7% of the value of BRK.B.This was a decent

No title

Buffett was wrong about this one. (Unfortunately it is the most important one of all.): This is an issue that has become very important to me lately, and I hope readers will be patient and read through my thoughts. It is not a pleasant topic and most people would prefer to pretend the problem doesn’t

Original Signal - Transmitting Web 2.0