iBankCoin
Home / 2011 / October (page 25)

Monthly Archives: October 2011

Biography: Steve Jobs on Larry Page

When Larry Page, CEO of Google, asked Jobs for tips on being a CEO:

“My first thought was, ‘Fuck you.'” Jobs said of the call. “But then I thought about it and realized that everybody helped me when I was young, from Bill Hewlett to the guy down the block who worked for HP.”

Comments »

SCANDAL: Car Company Gets 500 Million U.S. Loan, Builds Cars In Finland

Not mentioned in this article is the breaking news that this car only gets 20 mpg when running on the gasoline engine…

With the approval of the Obama administration, an electric car company that received a $529 million federal government loan guarantee is assembling its first line of cars in Finland, saying it could not find a facility in the United States capable of doing the work.

Vice President Joseph Biden heralded the Energy Department’s $529 million loan to the start-up electric car company called Fisker as a bright new path to thousands of American manufacturing jobs. But two years after the loan was announced, the job of assembling the flashy electric Fisker Karma sports car has been outsourced to Finland.

“There was no contract manufacturer in the U.S. that could actually produce our vehicle,” the car company’s founder and namesake told ABC News. “They don’t exist here.”

Henrik Fisker said the U.S. money so far has been spent on engineering and design work that stayed in the U.S., not on the 500 manufacturing jobs that went to a rural Finnish firm, Valmet Automotive.

“We’re not in the business of failing; we’re in the business of winning. So we make the right decision for the business,” Fisker said. “That’s why we went to Finland.”

Read the rest here.

Comments »

Mission Impossible: Beating the Market Over Long Periods of Time

Before I even begin, here are some findings (I use the CRSP return database which starts January 1, 1926 and runs through December 31, 2010):

  • Earning 20%+ returns over very long horizons is for all intent and purposes virtually IMPOSSIBLE (assuming the market experience of the past ~90 years is representative of the future).
  • 31.5%+ returns over the 1926 to 2010 period imply that an investor will end up owning over half of the ENTIRE stock market.
  • 33%+ returns imply that an investor will end up owning the ENTIRE STOCK MARKET!
  • A 40% return will have you owning the entire stock market in ~60 years–not a bad retirement plan!
  • A “doable” 21.5% a year implies an investor will own .62241% of the market at the end of 2010. With a $16.4 trillion total market value as of December 31, 2010, this would imply a personal stock portfolio worth $102 billion!!!
  • Warren Buffett–and perhaps a very select handful of others–have been able to achieve 20%+ returns over very long time periods. These individuals represent some of the richest people on the planet because of this very phenomenon.
  • An investor might have an epic run of 20% returns for 5, 10, maybe even 15, or 20 years, but as an investor’s capital base grows exponentially, the capital base slowly becomes ALL capital, and all capital cannot outperform itself!

Read the entire article here.

Comments »

Alec Baldwin Defends Capitalism at #OWS

“You cannot not have strong capital markets in this country or the country is going to go down the tubes,” he said. “I think most people want change in this country but they don’t want the country to go down the tubes. They don’t want the country to become England.”

Full article

Comments »

Will General Winter Defeat the #Occupy #OWS Movement?

The Occupy Wall Street movement is ending its fifth week, and despite its successes so far, people are starting to ask what comes next.

After sparking protests nationwide and globally on October 15 and garnering massive media coverage, the movement now faces fresh challenges. How will it combat media fatigue, cold weather, and how will it focus its demands?

“At some point, as with any tactic, one has to find a second act. That’s true with any movement,” said Michael Kazin, a professor of social movements at Georgetown University and co-editor of the magazine Dissent.

“I hope that the protesters are flexible enough to be talking about what the next step will be once most of them leave the park,” said Kazin. “I don’t think the media’s going to be writing about so many people sitting in the park if they’re still there in December.”

Going into last week, the Occupy movement had a target, in the form of the global October 15 protests. It provided a date, a place, even a convenient Twitter hashtag to mobilize allies.

With that achieved, though, there is less of a sense of the next big thing. Organizers are starting to talk about Bank Transfer Day, a November 5 action for supporters to withdraw funds from big banks in favor of credit unions, but that is still more than two weeks hence.

Momentum may be flagging. Twitter activity around the core “OccupyWallSt” hashtag has steadily declined since the October 15 events, according to Trendistic. Meanwhile, heavy rains Wednesday drove about half the protesters out of lower Manhattan’s Zuccotti Park.

But veteran New York protesters say that as the movement evolves, staying out in the park will become less important.

“There’s going to be a challenge in maintaining the same scale of a presence in the plaza in New York City in winter time but I think the movement is becoming more mobile,” said Louis Guida, a union organizer and protest veteran. “There may not be a thousand people camping out in the park all winter long, but it’s not a camping trip, it’s a protest movement.”

A COLD WIND BLOWS

The protesters of Occupy Wall Street have faced down the police and the city but perhaps its biggest challenger will be the bitter New York winter. Daytime temperatures are dropping into the upper 50s this week and overnight is heading to the freezing point — two months before winter’s official start in December.

“Temp(eratures) will be colder starting this weekend, dropping each night during the next two weeks leading up to temps in the 30s,” Nicholas Isabella, the protesters’ meteorologist, told Reuters via Twitter.

Isabella, a trained forecaster who now finds himself working on a dinner boat around Manhattan, said he stressed to his compatriots the need to prepare for winter. Huddled over a laptop in the center of the park, he has been something of a lone voice among the more immediate needs of food and shelter.

The occupation’s first cold-weather committee met Wednesday night, following a day of pouring rain.

“People sometimes don’t realize that the only thing keeping you warm is your own body, so it’s not (about) keeping the cold out, it’s keeping the warmth inside your body,” said Robert Burke of Outward Bound in the borough of Queens who teaches urban-based courses for New York City schools.

Some of protesters already have thermal blankets and there is talk of building snow berms to shelter from wind.

Medical professionals say protesters will run the same risks many of the city’s homeless face in winter.

“What we wind up seeing with the homeless in particular is injuries to their feet and hands,” said Lisandro Irizarry, the chairman of the emergency medicine department at Brooklyn Hospital Center.

He said people usually manage to keep their hands warm but that feet, particularly when wet, cause significant loss of heat, leading to injuries.

Other cold-weather experts offered some sage advice that most New Yorkers already know, but some tend to forget.

“Your head does not have a lot of fat,” said Amy Saxton, a former winter dog sledding course instructor in northern Minnesota who also works for Outward Bound. “It’s your body’s chimney. The heat flows right up and out of your head. It’s the most critical piece of clothing. Hat before gloves, hat before coat. Hat, hat, hat.”

SOURCE 

Comments »