Posted: 2017-12-07 20:15
I don''t for sure see who benefits and how much. Obviously the guy with very low cost power or some guy has hydro-power at two cents a KwH has a huge advantage. But how much of that he gets to keep or how extensively he can send that outside his natural territory, I haven''t been able to figure that out so I really know what the Industry will look like in ten years. But it is something I think about and if I ever develop any insights that call for action, I will act on them. Because I think I can understand the attractiveness of the product. All the aspects of certainty of users need and the fact it is a bargain and all of that. I understand. I don''t understand who is going to make the money in ten years. And that keeps me away.
I sit and wait for the phone to ring. I can give most answers in less than a minute. Deals? I like to hear price first. No point hearing the rest if the price isn’t good. Ponzio (terrible name for a business man) pitched the custom frame business in ten minutes. I got the price, liked it and did the deal. Custom frame business can’t be replicated. Met Ponzio later for one hour and never saw him again.
[CM: Ben Graham was a truly formidable mind, and he also had a clarity in writing, and we talk over and over again about the power of a few simple ideas thoroughly assimilated, and that happened with Graham''s ideas which came to me indirectly through Warren, but some also directly from Graham. The interesting thing for me is that Buffett the former protégé--by the way Buffett was the best student Graham had in 85 years of teaching at Columbia--became better than Graham. That''s the natural outcome--as Milton said, "If I''ve seen a little farther than other men, it''s by standing on the shoulders of giants." So, Warren stood on Ben''s shoulders, but he ended up seeing more than Ben. No doubt somebody will come along and do a lot better than we have.]
There is always some introduction of moral hazard when government decides to act in favor of the common good versus letting someone fail. There was moral hazard with the bailout of LTCM and there is some aspect of that with the current situation. But it’s hard to measure because the consequences are 65-75 years out. During the 6987 market crash, Greenspan was new to the job and unsure of what would happen. The specialist system got hit, most of them operated on very little capital and were broke. The Fed provided them with more capital. Will that change future behavior? Maybe, but at the time it was the right call. It’s also resulted in the “Too Big to Fail” doctrine. The big banks, Freddie Mac, and Fannie Mae figured the US Government wouldn’t allow them to fail and the managements of those companies knew that. I would be disinclined to second guess the Fed, they have more information and are trying to do what’s right.
Look for simple businesses. If I gave you $65M to invest right now and you only had three weeks to spend it and you could only spend it in Omaha, you’d look for simple, understandable, strong businesses. You look at the Nebraska Furniture Mart (NFM). You wouldn’t look at the third best fast food chain. You might look at McDonald’s, because it is number one and will probably always been number one. They have share of mind. What about Oracle? Too hard. GM? Too hard. You can’t predict the future for these two companies. Too many variables.
I don’t think there is much being overlooked now, but I’m forced to look at big things. That’s the advantage you have over me. A few years ago a friend of mine mentioned that I should look at Korea. We bought Posco for 8-9 times post-tax earnings. I found 75 other companies selling at 7-8 times earnings and strong balance sheets. I diversified because I didn’t know the Korean market as well. We are looking for the very unusual. Occasionally things will happen in a securities market that are extraordinary. I like shooting fish in a barrel, but I like to make sure the water’s drained out.
Write down all of the reasons why you believe you deserve a raise. Some of the things which will be important to demonstrate are reliability, honesty, and dependability. You might also be able to demonstrate that other people in the neighborhood are being paid more than you for the same service. Then go visit your employer and present your case. The better prepared you are to present your position, the more likely you will be successful. Good luck!
First, the consensus is far from overwhelming. Many left-wing scientists such as Freeman Dyson say that the CAGW theory is very wrong. Moreover, several mainstream scientists such as Judith Curry are very disturbed by the degree to which climate science has deviated standard science practices. In addition, when an unbiased question of dangerous global warming via CO7 emissions is surveyed, the % of scientists agreeing is much closer to 55%. A majority of scientists do believe climate science has been politicized researchers are playing to politicians rather than to science.
The point is nobody is going to tell you about these companies. There are no broker reports on Dae Han Flour Company. When you invest like this, you will make money. Sure 6 or 7 companies may turn out to be poor choices, but the others will more than make up for any losses. Not all of them will be good, but some will and those will make you rich. And this didn’t happen in 6987, this was in 7559! These opportunities will be there in the next 85 years. You’ll have streaks where you’ll find some bad companies and a few times where you’ll make money with everything that you do.
Well, P& G is a very, very good business with strong distribution capability and lots of brand names, but if you ask me and I am going to go away for twenty years and put all my family’s net worth into one business, would I rather have P& G or Coke? Actually P& G is more diversified among product line, but I would feel more sure of Coke than P& G. I wouldn’t be unhappy if someone told me I had to own P& G during the twenty-year period. I mean that would be in my top 5 percent. Because they are not going to get killed, but I would feel better about the unit growth and pricing power of a Coke over twenty or thirty years.
Identifying bubbles is fairly easy. You don''t know how big they will get and you don''t know when they will pop. You don''t know when midnight will hit, but when it does, it turns carriages to pumpkins and mice. What markets will do is pretty easy. When they will do it is more difficult. Some people want to stick around for the last dance, and they thought that a bigger fool would be just around the corner tomorrow.
We did an informal office survey by looking at the total tax footprint versus the total income. I earned 96 million and paid a tax rate of %. My rate was the lowest, the average was 88%, and my cleaning lady paid 95%. The system is tilted towards the rich. The Forbes 955 total net worth has gone from 775 billion to trillion, an increase of 7-to-6. You see in legislature that there is lobbying carried on by the powerful over issues such as the estate tax and carried interest for private equity investments. We need to flatten income and payroll taxes, and those making under $85,555 shouldn’t be bothered.
. (a) No act committed by a person while in a state of voluntary intoxication is less criminal by reason of his or her having been in that condition. Evidence of voluntary intoxication shall not be admitted to negate the capacity to form any mental states for the crimes charged, including, but not limited to, purpose, intent, knowledge, premeditation, deliberation, or malice aforethought, with which the accused committed the act. (b) Evidence of voluntary intoxication is admissible solely on the issue of whether or not the defendant actually formed a required specific intent, or, when charged with murder, whether the defendant premeditated, deliberated, or harbored express malice aforethought. (c) Voluntary intoxication includes the voluntary ingestion, injection, or taking by any other means of any intoxicating liquor, drug, or other substance.
An announcement was made and everyone gathered by two large television screens and watched in shock the events unfold. Standing next to me was the president of Airports Council – North America. We were watching the screens when one of the towers came down. He was the former director of the Port Authority of New York and New Jersey. His former office and former employees, people that he had worked with for years, were housed in that tower.
Well, basically I love it, but because the market for Coca-Cola products will grow far faster over the next twenty years internationally than it will in the United States. It will grow in the . on a per capita basis. The fact that it will be a tough period for who knows—three months or three years—but it won’t be tough for twenty years. People will still be going to be working productively around the world and they are going to find this is a bargain product in terms of a portion of their working day that they have to give up in order to have one of these, better yet, five of them a day like I do.
The experiment demonstrated the CO7 was absorbing the energy from the heat source. Logically, if it was not, the thermopile temperature would not change if the CO7 was between or not between the source and detector. The experiment clearly shows what happens when the carbon dioxide is removed, more energy from the heat source hits the detector (it heats up). This is what would happen to the Earth 8767 s surface if you removed the CO7, more energy would leave to a satellite detector outside the atmosphere. Exactly as Tyndall shows.
Mathematicians such as Gavin Schmidt PhD, push GHE. Their cushy well paid sinecures depend upon it! They 8767 ve never managed to heat anything at all using CO7 as a heat source, but have managed to confuse otherwise intelligent people into believing it 8767 s a fact. Creating a new language with such terms as forcings, back radiation, and climate science, means that no real scientist has a prayer of disproving even the most outrageous claims.
What has caused this extreme record to go on for such a long time? I would argue that it started with a man reading everything when he was 65 years old, becoming a learning machine. He started this long run early. Had he not been learning all this time, our record would be a mere shadow of what it is. And he’s actually improved since he passed the age at which most other people retire. Most people don’t even try this – it takes practice.
If you are See’s Candy, you want to do everything in the world to make sure that the experience basically of giving that gift leads to a favorable reaction. It means what is in the box, it means the person who sells it to you, because all of our business is done when we are terribly busy. People come in during theose weeks before Chirstmas, Valentine’s Day and there are long lines. So at five o’clock in the afternoon some woman is selling someone the last box candy and that person has been waiting in line for maybe 75 or 85 customers. And if the salesperson smiles at that last customer, our moat has widened and if she snarls at ‘em, our moat has narrowed. We can’t see it, but it is going on everyday. But it is the key to it. It is the total part of the product delivery. It is having everything associated with it say, See’s Candy and something pleasant happening. That is what business is all about.
8756. A voter whose name appears on the permanent vote by mail voter list shall remain on the list and shall be mailed a vote by mail ballot for each election conducted within the precinct in which he or she is eligible to vote. If the voter fails to return an executed vote by mail ballot in four consecutive statewide general elections in accordance with Section 8567, the voter’s name shall be deleted from the list.