Who’s a Daily Facebook User? Anyone who clicks “Like”
I have been arguing that $100B is rather rich for Facebook. Perusing the S1, and discussing this with Bloomberg’s Dave Wilson has further confirmed this. Why? It has to do with what they consider a daily or monthly “user.” Indeed, this is extremely significant, because the excitement about Facebook’s reach and user base is driving...
Breaking Down Google’s 2011 Revenue
Via Venturebeat, we see this massive Google revenue review: > click for ginormous version
222 Years Of Long-Term Interest Rates
I love these giant long term charts. This one covers more than two centuries. It looks at long term US interest rates — the 30 year bond where available: > Click to enlarge: Source: What Drives The Bond Market? Chicago CFA Handout by Bianco Research LLC January 18, 2011
Recapturing the losses of the crisis
Deferred tax assets are a favourite of FT Alphaville’s. Some banks made such awful losses during the crisis they opted to store the losses on balance sheets for a sunny day...
Microsoft, Value Traps and the Paradigm Shift
Over the past year, I watched as analyst after analyst upgraded old Mister Softee. First the value guys, the the dividend buyers, next the GARP crew. It got added to lots of “conviction lists.” The company is cheap, they are a cash cow, it has a great dividend, they are a turnaround story, blah blah...
Not Even Corp Mgmt Believe Their Own Equity Return Assumptions
> Last month, I presented to the National Association of State Treasurers. The room had all 50 State Treasurers, lots of Deputy and Asst Treasurers, and staff. I was realistic about how credit crises unwind over long periods of time. The prior panel had the major ratings agency reps, and they had discussed Pension Return...
S&P Composite Earnings, Long Term P/E
Long term look at Composite Earnings and P/E, using 10 year average: > click for ginormous version All charts courtesy of Bianco Research
Financials = Value Trap
I don’t often find myself in agreement with bulge firm research, but this is in line with my beliefs: “This year, inexpensive stocks have simply grown cheaper, with the most notable example of this being Financials. Three of nine industries that make it into our value trap model this month are in the Financials sector,...
20 Year Rolling Returns DJIA
Fascinating chart from Ron Griess of the Chart Store looking at the Dow Jones Industrial Average, via a 20 year rolling return. The key takeaway is that buying equities when 20 year rolling returns are high is ill advised; making purchases when when 20 year rolling returns are flat to negative seems to generate excellent...
Interview: Seth Klarman and Charlie Rose
Award-winning journalist Charlie Rose interviews Seth Klarman, co-chair of the Facing History and Ourselves Board of Trustees, about his deep commitment to the work of Facing History and his thoughts on philanthropic and financial investment.
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Case-Shiller Home Price Indices
The latest Case-Shiller Home Price Index was released today, covering the period through through August 2011. Modest improvement was seen from July to August 2011, with gains of +0.2% for the 10- and 20-City Composites. Year over year, however, saw falling prices of -3.5% and -3.8% versus August 2010, respectively. > Click to enlarge charts:...
Bring on the Drachma TARP
EU versus US: Equity Market Caps vs. Bank Assets > Hat tip Zero Hedge > Here is what Jefferies chief market strategist David Zervos had to say: The bottom line is that it looks like a Lehman like event is about to be unleashed on Europe WITHOUT an effective TARP like structure fully in place....
