k******t
发帖数: 1498 | 1 抗体之类的药，保护的是title，tangible property和专利没什么关系 |
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t********a
发帖数: 2402 | 2 你这还是从tangible角度看待business。要从需求角度考虑问题。藉由交流的需求，
social network提供了一个tracking way. 而一个network能否从这个角度获利就看你
如何设计来诱发network的自增长特性。
network |
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a*******g
发帖数: 53 | 3 “It’s tangible, it’s solid, it’s beautiful. It’s artistic, from my
standpoint, and I just love real estate.”
--Donald Trump
为什么要投资房地产？这个问题只有您自己才能回答。房地产投资有其特殊魅力，文本
沿用文学城投坛“小小石头”的叫法，称其为“魔力”。下文就对这六重魔力分开讨论。
第一重魔力：现金流
现金流是房地产投资的第一重魔力 (The Power of Cash Flow)。现金流指的是投资房
的租金扣除所有开支后的盈余。对于保守的投资者而言，每个单元每月现金流不能少于
$100 美元。只要您常年累月不断积购置物业，推迟享乐，将获利全部用于再投资，这
些现金流盈余看似不多，涓涓之水，能汇成大河。每添一处物业，您的现金流就越多，
购入下一物业的速度就越快，获取更多的现金流，以便更快地购入下一物业，如此往复
，您的资产将增加以滚雪球的方式增长下去。5年10年后，您就拥有了一股源源不断的
现金流，这好比一个装满 $20,000 美元的钱包，即便当月全部用光，下月初... 阅读全帖 |
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n****g
发帖数: 14743 | 4 【本人非法律专业，
这些法律知识（后面有英文原文）仅供参考，希望海外华人受益】
－－－
窃取商业机密（Theft of Trade Secrets）——
简单来说就是明知故犯地把技术从原来的物主那里给“搞”走。
商业间谍（Economic Espionage），是把技术“搞”到外国受益。
这里●特别强调●，“外国”并不单是指外国的政府，
还包括了外国政府所明显控制的机构、以及政府的agent（官员、员工、代理等）。
先寻求几个案例————
有没有谁不小心某一次email发错了对象导致泄密，被起诉商业间谍的？
有没有“搞”了技术，到美国另一家公司工作，然后被起诉商业间谍的？
有没有“搞”了技术，到国外退休隐居，然后被起诉商业间谍的？
有没有自己发明专利后到其他国家建厂，然后被起诉商业间谍的？
再拿天津大学这几位大仙的案子为例——
明知故犯——check
“搞”走——check
外国受益——check
（感兴趣的自己务必去查看起诉书一一核对，有30来页。人一辈子总要看一次法律文书）
－－
What is Economic Espionage, Title 18 U.S.C., Sectio... 阅读全帖 |
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j*****7
发帖数: 4348 | 5 来源: Goldman 于 09-04-15 11:42:27 [档案] [博客] [旧帖] [转至博客] [给我悄悄
话]
本来不想写关于C和BAC的分析，一来我有它们的position，谈起来不很中立；二来很
多information属于nondisclosure的。但是，架不住很多朋友太关心这两家银行，就废
话几句。我只能把public可以看到的information提供出来，加上我个人的看法，和大
家商讨。首先声明，提供的这些信息对“赌博”没有什么帮助，我是target那些想投资
这两家银行的人。另外有一条，希望大家不要扣字眼，没意思。
看一个银行的好坏，出来一般公司都有的revenue，growth和profit等指标，还要看两
个非常重要的指标，tier 1 capital和TCE-tangible common equity. tier 1 是一个
银行核心的资产并且真正可以随时用于投资的钱（有现钱，也有可以raise cash的资产
），这部分资产不应该随市场波动而贬值，tier 1 ratio是tier 1财产和总资产相对风
险加权平均的比例。打个比方 |
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j*****h
发帖数: 3292 | 6 大牛， 大绝看了一下财报(不是年报， 是YAHOO的摘要)。
那么多goodwill? 是以前的M&A？ 还有，怎么会有相对比例那么高的long term debt?
公司模式1 雇人 2 软件 3 franchising，最多还有一些自已的办公场 (可租可买)，
不应该有那么高LT debt 啊。
还有，这样 net tangible asst 就是负的， 这种情况怎么做valuation 啊
想多了解点FA， 这样就算打不赢，希望也可以做到打不死啊 |
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g********4
发帖数: 4959 | 7 Total Stockholder Equity 2,765,160 1,611,947
Net Tangible Assets $2,688,222 $1,535,009
前面是Q3，后面是Q2，咋不好了？ |
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g********4
发帖数: 4959 | 8 你去查字典tangible是什么意思。这是实在的看得见摸得着的，不是虚的。 |
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N********n
发帖数: 8363 | 9
货币 is a great term, which dictates that the 币 has to be backed up by
some kinda 货 be it gold, industrial strength or sth valuable. It CANNOT
be thin air which is what is backing US$ up now.
Once enough critical mass realize Dollar is phony thin-air garbage that
US government can dilute anyway they want, people will throw dollar away
and then flock into tangible stuff, and gold will be their first choice. |
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N********n
发帖数: 8363 | 10 Agriculture is also a profitable sector in this decade of tangible stuff. |
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N********n
发帖数: 8363 | 11
MSFT is notoriously piggy tho. If I had to buy some long term blue chips,
I go w/ XOM and CVX kinda. Investing in tangible stuff sounds better for
this decade. |
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c********t
发帖数: 4527 | 12 sure. On the other hand, giant, solid hi tech companies are like tangible.
and honestly I would invest into MSFT, and I am thinking about it for a bit
already. |
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c********r
发帖数: 133 | 13 actually betting on shares is just like betting on paper (or cards), to
get something really tangible, you should go to Mexican gulf and get
yourself some tar balls.
because |
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m*****i
发帖数: 4342 | 14 Why? I thought you hold the C. The reverse split should not change the value
for a stock.
The reason to buy C.
1) tangible book value is at 4.20.
2) Earning power should be in the range of 0.40-0.70/share based on the
current information.
3) As of last quarter, it set aside 460 billion loss reserve, non performing
asset decreased from 28 billion to 25 billion.
Of course, If we have double dip, another recession or worse, depression,
All bet will be off the table. |
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N******r
发帖数: 642 | 15 the above two explanations only scratch the surface of the issue by and
large...
it is the conventional bond yield that determines the price discrepancy b/w
the front-month and back-month, especially for financial futures that don't
require transportation, storage and insurance costs. think about you borrow
money to buy Dec YM and sell it out to pay back your debt three month later.
if you are refering to futures contracts of tangible assets (gold, oil,
grains etc), then the spread is caused by |
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u********e
发帖数: 4950 | 16 On Sep 30th 2010:
* Book value per share: $21.17
* Tangible book value per share: $12.91
* Earning Asset: $1902 billion ( Total Asset: $2456 billion)
* Deposit: $982 billion
* Shareholder Equity: $232 billion
About "Mortgage banking"
* Total mortgage service fee: $3.7 billion ( typically 25 - 45 basis points
of the unpaid principal balance)
* about 45% are non-conforming loans, 55% sold to Fannie Mae
"Mortgage Banking" Risk analysis:
* if 20% of the non-conforming were forced to be boug... 阅读全帖 |
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u********e
发帖数: 4950 | 17 On Sep 30th 2010:
* Book value per share: $21.17
* Tangible book value per share: $12.91
* Earning Asset: $1902 billion ( Total Asset: $2456 billion)
* Deposit: $982 billion
* Shareholder Equity: $232 billion
About "Mortgage banking"
* Total mortgage service fee: $3.7 billion ( typically 25 - 45 basis points
of the unpaid principal balance)
* about 45% are non-conforming loans, 55% sold to Fannie Mae
"Mortgage Banking" Risk analysis:
* if 20% of the non-conforming were forced to be bought back, ... 阅读全帖 |
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c**s
发帖数: 3796 | 18 Bank of America's (NYSE:BAC) recent woes due to uncertainty surrounding home
foreclosures and mortgage repurchases have led to increasing weakness in
the shares of BAC. That inspired a note from Morgan Stanley (NYSE:MS) this
morning suggesting that shareholders should continue to stay long the stock
as fundamentals do matter and that the fears surrounding the reps and
warranties costs have become temporally overwhelming.
The firm believes that BAC "has the earnings power to meet these challenges... 阅读全帖 |
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m*****i
发帖数: 4342 | 19 I should charge 100 weibi for this:)
Total Equity: 1,914 Million dollars, almost not debt with about 1 billion
cash.
247 million goodwill and other intangibles.
So tangibles equity should be: 1,667 Million with only 250 million equipment.
Market value 2,500 million implies enterprise value 833 million dollar.
For last quarter, earning + depreciation - capital spending 70 million 280
million annualized.
So implied Enterprises/Cash flow = 3.
So this is relative safe unless
1) Another recession
2)... 阅读全帖 |
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m*****i
发帖数: 4342 | 20 tangibles equity is 1,667 Million
So 2,500 million - 1,667 Million = Enterprises Value 833 Million.
Do you still have the KEM? It's up 4 days on the road. |
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I******r
发帖数: 47 | 21 BAC实战：
1. 基本方法—问题股票抄底，期待咸鱼翻身。
2. 买入点：价格<<价值，技术面上，左侧抄底，因为在牛市中，左侧抄底风险不大
。但如果大盘接下来跌破50日均线进入一波中级调整，那么BAC会朝$10甚至更低走去，
到时补仓。
卖出点：假如成功的话，问题过后，股价回升；结合大盘高位和金融板块，盈利出色等
情况卖出。
3. 风险控制：不止损。
4. 关键问题：Sued by third-party investors (including blackrock, New York
Fed, Pimco, Iowa, Maine) to repurchase mortgage bond, 47billion by the
first three groups.
5. 现在，通常的基本分析已经不重要，关键在于需要买回多少的mortgage bond。
一些指标例如price to tangible bookvalue，大概0.85；六大银行中最低，次低的是C
，大约0.95。Reuters估计2011年每股收益1.42（从一年前的2.19不断的降到现在的... 阅读全帖 |
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k******i
发帖数: 686 | 22 对啊。政府信用度不高加上通胀预期，大家当然只能转向更tangible的assets咯。
我自己的speculation，小蝌蚪一个。 |
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g*q
发帖数: 26623 | 23 这玩意10年如一日的赔钱，现在已经快赔到负资产了(tangible已经负了)，居然还不死
？ |
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I******r
发帖数: 47 | 24 主要是靠运气，风险和收益都很大。price to tangible value 0.85很低了。从每股盈
利角度来看只要问题解决以后股价有很大上升空间。 |
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m*****i
发帖数: 4342 | 25 The main reason I stated last year is not changed.
http://www.mitbbs.com/article0/Stock/33129819_0.html
实际上，除了Material(Gold, silver, copper,...)， 某些Tech. Stocks, lots of
stocks are still very reasonable priced. I am still holding SLV and JCC.
For instance C, even at today's price if you compare with its tangible book
value, the stock is not expensive at all.
Plus, I expect people have money in the banks will rush into the stock
market in the next few months. After all, who wants 1% annual return... 阅读全帖 |
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E**********e
发帖数: 1736 | 26 解读, 分析季度报表的时候, 除了一些常规的RATIO外, 报表了最应该注意的是什么?
短期债务, 长期债务? 一些公司短期债务很高, 但是长期债务很底, 这有什么讲究,还
有像有些公司的net tangible assets 是负的. 这样的公司能是好的candidtates 吗? |
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B**********r
发帖数: 7517 | 27 Forward EPS, 2011: $3.28
Tangible book value: $13/share
Dividend: 21 cents
Median target price: $50
Insider sales: in $40's
SELL! SELL! SELL!
I never like to put 5% of my invest in any GREAT stock. |
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s******m
发帖数: 1154 | 28 This is the interesting part
A while ago Intel decided that a nice way to drive up its stock price would
be to behave more like Apple, keeping major announcements under wraps and
introducing them on its own terms to hopefully build up anticipation and
excitement for Intel's announcements. You've seen examples of this with how
closely Intel held Sandy Bridge's architectural details before its
presentation at IDF, and how little we knew about Quick Sync (Sandy Bridge's
hardware video transcoder) u... 阅读全帖 |
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U********f
发帖数: 2482 | 29 BPI 分析报告—BY USASHERIFF
05/30/2011
总股本： 52.86M
可流通股: 17.88M
P/E 9.26 EPS 2.56
Q1 营业收入较上年增加47%
小盘成长股。
优点：
1. 高成长，低市盈率。BPI is one of the fastest growing companies in the
for-profit education sector and produces a tremendous amount of free cash
flow due to its industry leading return on tangible capital.
2. BACKGROUND：In 2005 Bridgepoint bought the Franciscan University of the
Prairies and renamed it Ashford University. Ashford University offers
primarily bachelor’s degrees and also associate’s ... 阅读全帖 |
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B********0
发帖数: 472 | 30 都应该回去歇着。
Triple curses this time for oil
1. High oil price hurting US economy. With election coming, they might
have difficulty coming up with something like QE3, but surely it is more
tangible for US government to do something with oil price.
2. The possibility of imminent Libya regime change
3. European debt crisis might lead to stronger US dollar.
On the morning of last Friday, that's what I told some ID before market
open, and I gave a price target of 10% correction.
Perhaps the last tim... 阅读全帖 |
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B********0
发帖数: 472 | 31 我在油星期一大跌后，就出来show off，有一个目的就是取笑一下P838。这个贴当然不很厚道，
http://www.mitbbs.com/article0/Stock/33592791_0.html
发信人: BeiLiu2010 (摇篮), 信区: Stock
标 题: 做油的这波没抓着
发信站: BBS 未名空间站 (Mon Jun 13 13:12:24 2011, 美东)
都应该回去歇着。
Triple curses this time for oil
1. High oil price hurting US economy. With election coming, they might
have difficulty coming up with something like QE3, but surely it is more
tangible for US government to do something with oil price.
2. The possibility of imminent Libya regime change
3. Eur... 阅读全帖 |
|
B********0
发帖数: 472 | 32 P838你是个男人
你不仅是个男人，还绝对是个撒谎成性的男人。我当然是个老爷们，有点爱学习，有点
好打赌，跟你不是一个量级的，摆脱千万别把我跟P838放到一块来比。
最近忙，偶尔来股版看看，先看到P838很吸引眼球，印象中好像他贴的交易永远不败，
而且好像做挺多油。这个油我挺熟悉，如果真有这么牛的高手，当然应该关注。接着看
到了P8388的马甲对P838一路追杀，就到EB23版考了一下股，发现是一个email
snapshot and edit高手（perhaps PS should be called P838's Specialization?)
我一想，如果他是一个撒谎成性的人，我还关注他贴的交易，如果其中一堆是假的，岂
不是浪费我的时间。平时我爱看别人贴的帖子，试着猜他们用的方法。这次遇到一个可
能是做油高手的P838，当然不能放过。
所以我在以前贴的这个帖子，里边我就说了。“trading can easily be verified if
he
posts his trading records”。我就想让他贴交易记录。
http://www.mitbbs.com/arti... 阅读全帖 |
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p***8
发帖数: 1081 | 33
发信人: BeiLiu2010 (摇篮inner peace), 信区: Stock
标 题: Re: P838你是个男人（2）
发信站: BBS 未名空间站 (Wed Jun 15 22:52:17 2011, 美东)
最近忙，偶尔来股版看看，先看到P838很吸引眼球，印象中好像他贴的交易永远不败，
而且好像做挺多油。这个油我挺熟悉，如果真有这么牛的高手，当然应该关注。接着看
到了P8388的马甲对P838一路追杀，就到EB23版考了一下股，发现是一个email
snapshot and edit高手（perhaps PS should be called P838's Specialization?)
发信人: BeiLiu2010 (摇篮inner peace), 信区: Stock
标 题: Re: P838你是个男人（3）
发信站: BBS 未名空间站 (Wed Jun 15 23:03:52 2011, 美东)
我一想，如果他是一个撒谎成性的人，我还关注他贴的交易，如果其中一堆是假的，岂
不是浪费我的时间。平时我爱看别人贴的帖子，试着猜他们用的方法。这次遇到一个可
能... 阅读全帖 |
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b*********n
发帖数: 2975 | 34 LOL
还真是attentation wh*re，真是太有意思了，呵呵
发信人: BeiLiu2010 (摇篮inner peace), 信区: Stock
标 题: Re: P838你是个男人（2）
发信站: BBS 未名空间站 (Wed Jun 15 22:52:17 2011, 美东)
最近忙，偶尔来股版看看，先看到P838很吸引眼球，印象中好像他贴的交易永远不败，
而且好像做挺多油。这个油我挺熟悉，如果真有这么牛的高手，当然应该关注。接着看
到了P8388的马甲对P838一路追杀，就到EB23版考了一下股，发现是一个email
snapshot and edit高手（perhaps PS should be called P838's Specialization?)
发信人: BeiLiu2010 (摇篮inner peace), 信区: Stock
标 题: Re: P838你是个男人（3）
发信站: BBS 未名空间站 (Wed Jun 15 23:03:52 2011, 美东)
我一想，如果他是一个撒谎成性的人，我还关注他贴的交易，如果其中一堆是假的，岂
不是浪费... 阅读全帖 |
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B**********r
发帖数: 7517 | 35 Then why do you wait at $9.4?
You know its book value is $20 per share, and tangible book value is $12. It
will be making $1.3 to $1.4 EPS. |
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B**********r
发帖数: 7517 | 36 How much is the true value of gold? I know BAC has tangible book value of
about $12 per share (although some may argue it's rather risky), but how
much does it cost to make 1 ounce of gold? $200 or $500?
In the end, the market price should return to the true value. Gold is a
pumped bubble, and is a hefty insurance price for inexperienced traders.
True contrarian deep-value investors should look for bargain stocks with
high book value, low P/E, and good growth. |
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B**********r
发帖数: 7517 | 37 (1) Trading below half of the book value (tangible book value is better)
(2) P/E and forward P/E MUST be single digit
(3) Growth is expected.
Hold with determination! |
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B**********r
发帖数: 7517 | 38 Valuation will prevail.
Gold/silver, and bonds have been overvalued, while many financials are
trading below half tangible book value and 5 P/E. Be a contrarian value
investor, and stay in and strong. |
|
B**********r
发帖数: 7517 | 39 Valuation will prevail.
Gold/silver, and bonds have been overvalued, while many financials are
trading below half tangible book value and 5 P/E. Be a contrarian value
investor, and stay in and strong. |
|
s*********8
发帖数: 901 | 40 General Electric owes its creditors $600 billion. That huge amount of debt
is offset by $468 billion of investments and cash. However, much of those
investments are credit-card receivables and Eastern European mortgages. The
business, which no longer focuses on manufacturing, is dependent on credit
markets.
Again, GE would have collapsed if it didn't get a government bailout. (The U
.S. government guaranteed all of GE's debts through 2012 for free.) It can't
afford its debt at current, manipulat... 阅读全帖 |
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u********e
发帖数: 4950 | 41 ☆─────────────────────────────────────☆
BeiLiu2010 (摇篮) 于 (Mon Jun 13 13:12:24 2011, 美东) 提到:
都应该回去歇着。
Triple curses this time for oil
1. High oil price hurting US economy. With election coming, they might
have difficulty coming up with something like QE3, but surely it is more
tangible for US government to do something with oil price.
2. The possibility of imminent Libya regime change
3. European debt crisis might lead to stronger US dollar.
On the morning of last Friday, that's what I ... 阅读全帖 |
|
v****e
发帖数: 19471 | 42 Germans Reconsider Ties to Europe
http://online.wsj.com/article/SB1000142405297020413820457659864
By VANESSA FUHRMANS
BERGISCH GLADBACH, Germany—As Angela Merkel races to convince Germans that
their continued prosperity rests on preserving the euro, she is encountering
strong resistance even from those in her own party who have been
traditionally among the country's most pro-European politicians.
Enlarge Image
Agence France-Presse/Getty Images
Greek demonstrators protest austerity moves Wednesda... 阅读全帖 |
|
l****n
发帖数: 711 | 43 http://247wallst.com/2011/10/03/the-bankruptcy-rumor-mill-heads
AMR Corporation (NYSE: AMR) is in trouble. That is at least what the rumor
mill is trying to signal. What may seem like aggressive reporting over the
weekend has added fuel to the fire of the rumor mill today. The problem is
that AMR’s problems run very deep. The issue of American Eagle and the on-
again-off-again sale, spin-off, IPO, and other chatter has not ever been
able to help the company. Reports from the WSJ and MarketW... 阅读全帖 |
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B**********r
发帖数: 7517 | 44 because many of them are trading below half tangible book value, and the
will be profitable. |
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g***c
发帖数: 11523 | 45 这种公司，怎么会有买家呢
啥tangible资产都没有呀
别人买丫，还不如新建一个公司呢
明天到0.13？ |
|
B**********r
发帖数: 7517 | 46 I give it $13, based on it's $13/share tangible book value. |
|
B**********r
发帖数: 7517 | 47 Tangible Book Value 每股$13
至少帐面上有赢利。只要不到，应该回到TBV。 |
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m*****i
发帖数: 4342 | 48 Over the water now. the stock down to 28's after the earning.
I like C, simply tangible book value is close to $50 and value for its
international operation.
Investment banking was horrible last quarter. |
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B**********r
发帖数: 7517 | 49 好象债务很高，Tangible Equity是负数呢。 |
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u********e
发帖数: 4950 | 50 BAC 是银行
如果公司明天马上清算,按"tangible book value" 算, 每股可以分多少呢?
用这个方法去想,也许你的结论就会不一样,呵呵.
感觉只要BAC不赔钱, 股价就只能涨了 |
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