TC and Gary Next month‚ September marks the end of the 4th year of Fisham Group’s existence. It’s good to reflect on what we have done ... what we have done right; what we have done wrongly. Phillip Securities asked me to give a talk to The American Club a few months ago. I did a write up (see below or attachment) on important principles of value investing we need to follow before our portfolios can grow. Please take a look. Over the course of the next week or so‚ please prepare a
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Interco Case Analysis Group 6 2010-10-15 SAIF Interco Case Analysis 1) Company Background Interco was founded as International Shoe Company in 1911 as a footwear manufacturing company. By 1966‚ Interco was a major manufacturer and retailer of consumer products and services. Most of Interco’s growth during this period was through the acquisition of related businesses. In 1988 Interco was made up of 4 main business segments: * Apparel Manufacturing * General Retail Merchandising
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Diversification Diversification can be briefly defined as the expansion of a firm into a range of different product areas. Firms may choose to diversify for either of two reasons. First‚ diversification may benefit the firm’s owners by increasing the efficiency of the firm. Second‚ if the firm’s owners are not directly involved in deciding whether to diversify‚ diversification decisions may reflect the preferences of the firm’s managers. Singapore Airlines (SIA) serves as a typical example of diversification
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Any company’s assets are either financed by its debt or by its equity. The Weighted Average Cost of Capital is the average costs of these sources of financing‚ each of which is weighted by its respective use in the given situation. By taking the weighted average‚ we can see how much interest the company has to pay for every dollar it finances. Basically‚ the WACC is the minimum required return that the company must earn to satisfy its creditors‚ owners‚ and other providers of capital‚ or they will
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Capstone Project The energy industry has experienced a plethora of challenges since 2000‚ and as a result volatility within the oil and gas sector is high. Since the industry is primarily driven by supply and demand‚ politics‚ natural disasters‚ geopolitical events and other factors contribute to the rise and decline of oil and gas prices. Consequently‚ businesses within this sector experience variable profits‚ causing greater financial strain on smaller companies. Noble Energy Inc. (NBL) is independent
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Vietnam’s decision to devalue its currency by 5 per cent last week to protect itself from undervaluation of the Chinese renminbi‚ and the worried response from Thailand and other Asian countries‚ suggests the move towards global trade conflict may already be unstoppable. As one group of countries seeks to gain or maintain trade advantage by manipulating their currencies‚ the historical precedent suggests that countries that are not able to devalue will respond with trade protection‚ especially tariffs
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Delta Air Line’s stock closed at a split-adjusted price of $43.59 on April 26th‚ 2016. The DCF results yield a Delta Air Line stock value estimate of $130.69 as of December 31‚ 2016. This estimate suggests that Delta Air Line’s stock is undervalued on that date because the estimated stock price is higher than the actual price. Although the results from DCF are the same as what we get from ROPI‚ the DCF is a better model to perform valuation analysis of Delta Air Lines compared to DDM and ROPI for
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The poem Acceptance Speech by Lynn Powell is about a housewife who feels undervalued by her family and by society. The title of the poem suggests that the character has received an award for achieving something brilliant‚ but in fact she is being sarcastic and conducting an imaginary award ceremony for herself in her kitchen‚ since no one else is willing to appreciate her hard work. The poet uses irony and personification of kitchen utensils and ingredients to add humour to the play. She uses the
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1.0 Summary of case study NorthPoint Group is a mutual fund management firm which invested mostly in Fortune 500 companies. Its top holding included ExxonMobil‚ General Motors‚ McDonald’s‚ 3M and other large cap. NorthPoint Group performed extremely well although the stock market had declined over 18 months. In 2000‚ it earned a return of 20.7% while the S&P 500 fell 10.1%. At June 2001‚ NorthPoint Group’s return stood at 6.4% while the S&P 500 stood at -7.3%. Nike‚ Inc. is an American multinational
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DEBT vs. EQUITY AND ASYMMETRIC INFORMATION: A REVIEW Linda Schmid Klein‚ University of Connecticut Thomas J. O’Brien*‚ University of Connecticut Stephen R. Peters‚ University of Cincinnati March 2002; Forthcoming‚ The Financial Review *Corresponding author: Department of Finance‚ University of Connecticut‚ 2100 Hillside Rd.‚ Storrs‚ CT 06269-1041; Phone: (860) 486-3041; Fax: (860) 486-0634; E-mail: thomas.obrien@uconn.edu Acknowledgements: The authors thank Ivan Brick‚ Shanta Hegde
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