A scorecard on stock
buybacks: Is buyback always the best allocation of shareholder capital? II’s
2012 Corporate Buyback Scoreboard said NO. By ranking firms with material buyback
programs based on 2-year ROIs (including dividend avoided and hypothetical
capital gain), II found that (1) median buyback cost $1.18 bn and produced ROI
of 7.7% with Telco on top (38.1%) and tech hardware on bottom (-12.3%), (2)
less than half of company has an ROI of 10%+, (3) GS scored -20%, Sunoco tops
at 115%, and Netflix got killed at <-50 a="a" but="but" href="http://www.institutionalinvestor.com/Article/3116057/The-Most-and-Least-Effective-Stock-Buyback-Programs.html?ArticleId=3116057&p=2" inconclusive="inconclusive" interesting="interesting" ote:="ote:" ource:="ource:">http://www.institutionalinvestor.com/Article/3116057/The-Most-and-Least-Effective-Stock-Buyback-Programs.html?ArticleId=3116057&p=2
A good piece on
Leucadia-Jefferies merger: (1) Solved succession problem, (2) Reduced risk
of “runs” on JEF and impact of bad ratings agency opinions, (3) accelerates
realization of DTA, (4) allows for reallocation of capital to LUK. The author
likes the deal and intends to buy more LUK. [Note: Mr. Market is not a fan here]…Source:
http://brooklyninvestor.blogspot.com/2012/11/leucadia-jeffries-merger.html
Kill your resume,
what about using science to hire? Founded < 1 year ago, Cream.hr uses
specialized tests to measure a candidate’s task management skills, work ethic,
intelligence, and personality traits. As applicants submit the test score,
resume, and cover letters, and the paying employer (for instance up to
$499/month for complete hiring solution for 350 applicants) hand-pick
candidates from a well-designed dashboard. The goal is to eliminate resumes
altogether for initial screening. [Note: The data-mining can prove more taxing
than we think]…Source: http://www.wired.com/business/2012/11/cream-hr/
Foxconn looks to
replace humans with robots: Currently hiring 1.2 million workers, Foxconn
looks to continue its computerization—from 10,000 last year to 300,000 this
year and expects 1 million by 2014. Many are likely to be fired, but those left
get trained for higher-skilled, less awful jobs. Win-win-win-win? [Note:
Automation is not a choice, it’s a natural evolution]…Source: http://readwrite.com/2012/11/14/if-foxconn-replaced-its-humans-with-robots-would-you-feel-better
Who wields the power
in China? A video: http://www.ft.com/intl/cms/s/2/abc5df86-2dad-11e2-8ece-00144feabdc0.html#axzz2C4091eK0
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