Vicki Bryan has over 30 years of experience in the investment industry covering high yield bonds and distressed debt. In 2014, she issued "sell" recommendations on Valeant bonds based on concerns about the company's aggressive acquisition strategy, lack of organic growth, declining core revenues and margins, and excessive leverage. Her negative analysis proved prescient as Valeant stock declined over 90% from its peak amid revelations of improper accounting, drug price gouging, and deceptive practices related to its specialty pharmacy partner Philidor.
How the BEST companies in America are WINNING with their advertising-Despite ...Mediaspace Solutions
The document discusses challenges facing advertisers in the current economic climate. It notes that consumer spending and confidence are down while unemployment is up. This has made reaching target audiences more difficult due to audience fragmentation across numerous media channels. However, the document also argues that companies that maintain or increase advertising budgets during recessions tend to fare better over time than those that cut budgets. It provides examples of companies like American Express that have increased advertising investments when others cut back. The summary concludes that while the advertising environment is challenging, there are still effective ways for companies to reach customers.
Macy's Inc. is a large retail company that has seen decreasing sales in recent years. A discounted cash flow analysis valued the company's stock between $40-45. While Macy's faces challenges from increased online competition and weak economic conditions, it also has some strengths. These include an impressive dividend yield, strong real estate assets, and the potential for higher returns if it can successfully adapt to retail trends. Analysts will be watching how well Macy's grows its online sales and manages costs in the coming years.
Macroeconomic themes 2013 and beyond: normalcy returns
- Global growth will be slow but steady as the world slowly returns to economic fundamentals
- Central banks will continue easing policies but become wary of potential excesses
- Inflation risks remain subdued while corporate earnings and balance sheets remain strong
Key investment themes focus on diversification and exploiting opportunities in international markets, cyclical stocks, and less correlated alternative strategies. Bonds remain important for income and protection from equity volatility.
Este documento presenta un cuadro comparativo de tres plataformas de aprendizaje virtual (AVA): Moodle, ATutor y .LRN. Describe brevemente los aspectos pedagógicos y tecnológicos clave de cada plataforma. Moodle se basa en un marco educativo social y constructivista, es de código abierto y puede integrarse con otras herramientas. ATutor se destaca por su accesibilidad y está diseñado principalmente en PHP. .LRN es utilizado por diversas comunidades y cuenta con soporte a estándares internacional
Sinaii Business Consulting partners with organizations to develop solutions addressing people, process, and technology challenges. They have expertise in a wide range of business issues and provide customized solutions involving management systems, HR, IT, and quality consulting to optimize business functions and operational excellence. Their approach involves assessing current systems, defining processes aligned with business objectives, implementation, evaluation, and achieving process maturity.
Este documento presenta un resumen de la asignación 1 sobre Tecnología de las Ciencias Aplicadas de la estudiante Lendi María Mejía Días. Explica conceptos clave como tecnología, educación, comunicación y origen y evolución de la tecnología educativa. También analiza los retos de la educación ante la sociedad de la información como integrar las nuevas tecnologías y redefinir los roles de docentes y alumnos. Finalmente, la autora opina que la tecnología educativa es importante para proveer una educ
1. El documento habla sobre Mesopotamia, la región entre los ríos Tigris y Éufrates donde florecieron las primeras civilizaciones humanas. 2. Explica que esta región es correctamente llamada Mesopotamia ya que los países de Kuwait, Irak e Irán se encuentran entre estos dos ríos. 3. Resume partes del Poema del Diluvio, incluyendo que narra una gran inundación de 6 días provocada por un huracán del que sólo sobrevivieron Noé y su familia.
How the BEST companies in America are WINNING with their advertising-Despite ...Mediaspace Solutions
The document discusses challenges facing advertisers in the current economic climate. It notes that consumer spending and confidence are down while unemployment is up. This has made reaching target audiences more difficult due to audience fragmentation across numerous media channels. However, the document also argues that companies that maintain or increase advertising budgets during recessions tend to fare better over time than those that cut budgets. It provides examples of companies like American Express that have increased advertising investments when others cut back. The summary concludes that while the advertising environment is challenging, there are still effective ways for companies to reach customers.
Macy's Inc. is a large retail company that has seen decreasing sales in recent years. A discounted cash flow analysis valued the company's stock between $40-45. While Macy's faces challenges from increased online competition and weak economic conditions, it also has some strengths. These include an impressive dividend yield, strong real estate assets, and the potential for higher returns if it can successfully adapt to retail trends. Analysts will be watching how well Macy's grows its online sales and manages costs in the coming years.
Macroeconomic themes 2013 and beyond: normalcy returns
- Global growth will be slow but steady as the world slowly returns to economic fundamentals
- Central banks will continue easing policies but become wary of potential excesses
- Inflation risks remain subdued while corporate earnings and balance sheets remain strong
Key investment themes focus on diversification and exploiting opportunities in international markets, cyclical stocks, and less correlated alternative strategies. Bonds remain important for income and protection from equity volatility.
Este documento presenta un cuadro comparativo de tres plataformas de aprendizaje virtual (AVA): Moodle, ATutor y .LRN. Describe brevemente los aspectos pedagógicos y tecnológicos clave de cada plataforma. Moodle se basa en un marco educativo social y constructivista, es de código abierto y puede integrarse con otras herramientas. ATutor se destaca por su accesibilidad y está diseñado principalmente en PHP. .LRN es utilizado por diversas comunidades y cuenta con soporte a estándares internacional
Sinaii Business Consulting partners with organizations to develop solutions addressing people, process, and technology challenges. They have expertise in a wide range of business issues and provide customized solutions involving management systems, HR, IT, and quality consulting to optimize business functions and operational excellence. Their approach involves assessing current systems, defining processes aligned with business objectives, implementation, evaluation, and achieving process maturity.
Este documento presenta un resumen de la asignación 1 sobre Tecnología de las Ciencias Aplicadas de la estudiante Lendi María Mejía Días. Explica conceptos clave como tecnología, educación, comunicación y origen y evolución de la tecnología educativa. También analiza los retos de la educación ante la sociedad de la información como integrar las nuevas tecnologías y redefinir los roles de docentes y alumnos. Finalmente, la autora opina que la tecnología educativa es importante para proveer una educ
1. El documento habla sobre Mesopotamia, la región entre los ríos Tigris y Éufrates donde florecieron las primeras civilizaciones humanas. 2. Explica que esta región es correctamente llamada Mesopotamia ya que los países de Kuwait, Irak e Irán se encuentran entre estos dos ríos. 3. Resume partes del Poema del Diluvio, incluyendo que narra una gran inundación de 6 días provocada por un huracán del que sólo sobrevivieron Noé y su familia.
Este documento presenta un resumen de conceptos clave de estadística inferencial. Explica los procedimientos de prueba de hipótesis y estimación de parámetros, así como los análisis paramétricos y no paramétricos más comunes como la prueba t, ANOVA, correlación de Pearson, y prueba de chi cuadrado. También define conceptos estadísticos fundamentales como media, desviación estándar, nivel de significancia, y distribución muestral.
Local organic fruit for the workplace!Janis Garcia
This document describes a fresh fruit delivery wellness program called Daily Harvest Express. They deliver locally grown, organic fruit to companies to promote employee health. Key points include:
- They deliver fresh fruit weekly to company break rooms at low cost to encourage healthy eating and lifestyle changes.
- Employees enjoy the fruit and it improves morale and productivity while reducing health costs. Companies see it as an effective and simple wellness program.
- Daily Harvest uses local farms and hand picks and delivers the fruit to ensure quality and freshness.
La Revolución Francesa comenzó en 1789 debido al descontento popular con los impuestos excesivos y los privilegios de la nobleza y el clero. Esto llevó a la toma de la Bastilla y al establecimiento de la Asamblea Nacional Constituyente. Más tarde, la familia real fue arrestada durante el asalto al palacio y se estableció la Primera República. Napoleón finalmente tomó el poder y estableció el Primer Imperio Francés en 1804.
El documento describe las principales fases del análisis cuantitativo de datos: 1) seleccionar un programa estadístico, 2) ejecutar el programa, 3) explorar los datos mediante análisis estadístico descriptivo y visualización de datos, 4) analizar hipótesis mediante pruebas estadísticas inferenciales, y 5) preparar los resultados. Explora conceptos como distribución de frecuencias, medidas de tendencia central, medidas de variabilidad, razones y tasas para analizar los datos de manera exploratoria.
Two Balls, One Bat: The SACSCOC Fifth-Year Review as a Motivator For Institut...Jon Ernstberger
In this presentation given at the 2016 GICA (Georgia Independent Colleges Association) SACSCOC Workshare Conference, I describe a framework and mindset to use SACSCOC distance education guidelines and best practices to generate institutional improvement.
Este documento describe conceptos básicos relacionados con variables e investigación estadística. Explica que una variable es una característica que puede medirse y tomar diferentes valores dependiendo de la unidad analizada. Luego clasifica las variables en cualitativas y cuantitativas, y describe las escalas nominal, ordinal, de intervalo y de razón. Finalmente, introduce conceptos como distribución de frecuencias absolutas, relativas y acumuladas.
El documento habla sobre los derechos de autor y Creative Commons Colombia. Explica que los derechos de autor otorgan a los autores derechos morales y patrimoniales sobre sus obras de acuerdo a la Constitución de Colombia y la Declaración Universal de los Derechos Humanos. También describe las diferentes obras protegidas por los derechos de autor y cómo Creative Commons Colombia permite compartir y usar la creatividad y el conocimiento a través de licencias gratuitas.
The document discusses how personalization and dynamic content are becoming increasingly important on websites. It notes that 52% of marketers see content personalization as critical and 75% of consumers like it when brands personalize their content. However, personalization can create issues for search engine optimization as dynamic URLs and content are more difficult for search engines to index than static pages. The document provides tips for SEOs to help address these personalization and SEO challenges, such as using static URLs when possible and submitting accurate sitemaps.
The document provides an overview of Baillieu Holst, an Australian financial advisory and wealth management firm. It discusses Baillieu Holst's history, services, locations, staff size and assets under advice. It also includes brief sections on the current global economic environment, key countries and their economic outlooks, US and Chinese economies, and the Australian economic outlook.
The Henry Fund recommends a HOLD rating for Carriage Services based on the following key points:
1) Carriage relies heavily on debt to fund acquisitions due to limited access to equity markets, exposing them to financial risks during economic downturns.
2) Their business model of relying on pre-need funeral/cemetery sales, which are economically sensitive, compounds this risk.
3) Recent management turnover does not inspire confidence in their ability to execute on their business strategy.
4) Growth in cremations, which generate less revenue than burials, also poses a risk to future performance.
This document is an article from the San Fernando Valley Business Journal that discusses several topics:
1) It reports on two publicly traded companies in Westlake Village - homebuilder Ryland Group and biotech company Kythera BioPharmaceuticals - being acquired within a week of each other by other Southern California companies. While this has led to concerns from economic development officials, the region continues to attract new corporate headquarters.
2) It also examines how the stock prices of some large publicly traded companies headquartered in the San Fernando Valley region have performed in the economic recovery, with Walt Disney Co. and Amgen seeing strong gains while others like MannKind have declined.
3) The article provides an overview of
Valeant Pharmaceuticals saw a significant decline in its stock price and financial performance in recent years. In Q1 2016, Valeant reported revenue in line with projections but lowered its full-year guidance. This led to another drop in Valeant's stock price. Analyst ratings on Valeant were mixed, with some optimistic about the new CEO's plans to refocus the business and pay down debt, while others expressed concern about execution risks and uncertainties. Most analysts lowered their price targets and financial forecasts for Valeant in response to the Q1 report.
Paul Young, a CPA and expert in financial solutions, risk management, and public policy, presents on the looming global debt crisis. The presentation covers the different types of debt including government, corporate, and consumer debt. It is noted that government debt levels are over 92% of GDP for many countries and corporate debt among emerging markets has risen sharply. Both Canadian household debt levels and the number of Canadians struggling to pay bills are at concerning highs. The blog notes China may have $5 trillion in bad debt and the debt crisis will have major global impacts when interest rates rise.
2019 Election| Global Debt| Personal, Corporate and Government Debt| July 2019paul young cpa, cga
This presentation is one perspective on Debt. It is not the only view. People are more than welcome to visit other sites like BEA, Stats Canada, OECD, Banks, etc.
Government debt rating is important as the lower the rating the higher premium is for government bonds. Higher premium means higher interest rates.
Presentation to PCI Investment SeminarAlton Cogert
Getting a Grip on Key Investment Issues discusses several important issues facing investors in today's environment. It summarizes how the financial crisis occurred when subprime mortgages defaulted and structured products unraveled. It then outlines some of the major issues facing investors currently, including uncertain spreads, government spending, inflation concerns, and rating agency scrutiny. The document emphasizes the importance of a consistent investment process and risk management approach. It concludes by asking what the key investment issues are for the reader's company.
The document provides information about BBVA Compass, including:
1) It discusses the causes of the mortgage crisis and credit crunch, tracing it back to legislative changes in the 1970s that loosened mortgage requirements.
2) It provides an overview of BBVA Compass, noting it has over $65 billion in assets and 717 branches across the Sunbelt region.
3) It highlights BBVA Compass' strong capital and liquidity positions and conservative lending practices that position it well in the current economy.
1) Despite volatility in financial markets in 2015 from events like the slowdown in China and falling oil prices, corporate funding still reached near-record levels of $6.02 trillion in 2015.
2) The largest source of funding for high-quality corporations was investment grade loans, which increased 6% to $1.65 trillion and exceeded investment grade bonds for only the second time since the financial crisis.
3) Mergers and acquisitions drove this increase in investment grade loans, with large deals requiring bridge financing making up 38% of the top 20 deals for the year.
Corporate funding reached near-record levels in 2015 despite volatility in financial markets. The largest source of funding was investment grade loans which increased 6% to $1.65 trillion, driven by mergers and acquisitions. Short-term bridge financing made up 38% of the top 20 investment grade deals. While investment grade lending increased, other markets like leveraged loans declined due to deteriorating oil and commodity sectors. Overall, companies had more options for raising funds in 2015 than ever before.
This document provides a summary of major developments affecting the taxation of insurance companies in 2008. It describes the significant economic turmoil that year, including the collapse of major financial institutions like Bear Stearns, Lehman Brothers, and AIG. Government intervention increased through the year with billions of dollars in loans and investments provided to struggling companies. The turmoil dominated headlines and impacted many aspects of the insurance industry as well.
Este documento presenta un resumen de conceptos clave de estadística inferencial. Explica los procedimientos de prueba de hipótesis y estimación de parámetros, así como los análisis paramétricos y no paramétricos más comunes como la prueba t, ANOVA, correlación de Pearson, y prueba de chi cuadrado. También define conceptos estadísticos fundamentales como media, desviación estándar, nivel de significancia, y distribución muestral.
Local organic fruit for the workplace!Janis Garcia
This document describes a fresh fruit delivery wellness program called Daily Harvest Express. They deliver locally grown, organic fruit to companies to promote employee health. Key points include:
- They deliver fresh fruit weekly to company break rooms at low cost to encourage healthy eating and lifestyle changes.
- Employees enjoy the fruit and it improves morale and productivity while reducing health costs. Companies see it as an effective and simple wellness program.
- Daily Harvest uses local farms and hand picks and delivers the fruit to ensure quality and freshness.
La Revolución Francesa comenzó en 1789 debido al descontento popular con los impuestos excesivos y los privilegios de la nobleza y el clero. Esto llevó a la toma de la Bastilla y al establecimiento de la Asamblea Nacional Constituyente. Más tarde, la familia real fue arrestada durante el asalto al palacio y se estableció la Primera República. Napoleón finalmente tomó el poder y estableció el Primer Imperio Francés en 1804.
El documento describe las principales fases del análisis cuantitativo de datos: 1) seleccionar un programa estadístico, 2) ejecutar el programa, 3) explorar los datos mediante análisis estadístico descriptivo y visualización de datos, 4) analizar hipótesis mediante pruebas estadísticas inferenciales, y 5) preparar los resultados. Explora conceptos como distribución de frecuencias, medidas de tendencia central, medidas de variabilidad, razones y tasas para analizar los datos de manera exploratoria.
Two Balls, One Bat: The SACSCOC Fifth-Year Review as a Motivator For Institut...Jon Ernstberger
In this presentation given at the 2016 GICA (Georgia Independent Colleges Association) SACSCOC Workshare Conference, I describe a framework and mindset to use SACSCOC distance education guidelines and best practices to generate institutional improvement.
Este documento describe conceptos básicos relacionados con variables e investigación estadística. Explica que una variable es una característica que puede medirse y tomar diferentes valores dependiendo de la unidad analizada. Luego clasifica las variables en cualitativas y cuantitativas, y describe las escalas nominal, ordinal, de intervalo y de razón. Finalmente, introduce conceptos como distribución de frecuencias absolutas, relativas y acumuladas.
El documento habla sobre los derechos de autor y Creative Commons Colombia. Explica que los derechos de autor otorgan a los autores derechos morales y patrimoniales sobre sus obras de acuerdo a la Constitución de Colombia y la Declaración Universal de los Derechos Humanos. También describe las diferentes obras protegidas por los derechos de autor y cómo Creative Commons Colombia permite compartir y usar la creatividad y el conocimiento a través de licencias gratuitas.
The document discusses how personalization and dynamic content are becoming increasingly important on websites. It notes that 52% of marketers see content personalization as critical and 75% of consumers like it when brands personalize their content. However, personalization can create issues for search engine optimization as dynamic URLs and content are more difficult for search engines to index than static pages. The document provides tips for SEOs to help address these personalization and SEO challenges, such as using static URLs when possible and submitting accurate sitemaps.
The document provides an overview of Baillieu Holst, an Australian financial advisory and wealth management firm. It discusses Baillieu Holst's history, services, locations, staff size and assets under advice. It also includes brief sections on the current global economic environment, key countries and their economic outlooks, US and Chinese economies, and the Australian economic outlook.
The Henry Fund recommends a HOLD rating for Carriage Services based on the following key points:
1) Carriage relies heavily on debt to fund acquisitions due to limited access to equity markets, exposing them to financial risks during economic downturns.
2) Their business model of relying on pre-need funeral/cemetery sales, which are economically sensitive, compounds this risk.
3) Recent management turnover does not inspire confidence in their ability to execute on their business strategy.
4) Growth in cremations, which generate less revenue than burials, also poses a risk to future performance.
This document is an article from the San Fernando Valley Business Journal that discusses several topics:
1) It reports on two publicly traded companies in Westlake Village - homebuilder Ryland Group and biotech company Kythera BioPharmaceuticals - being acquired within a week of each other by other Southern California companies. While this has led to concerns from economic development officials, the region continues to attract new corporate headquarters.
2) It also examines how the stock prices of some large publicly traded companies headquartered in the San Fernando Valley region have performed in the economic recovery, with Walt Disney Co. and Amgen seeing strong gains while others like MannKind have declined.
3) The article provides an overview of
Valeant Pharmaceuticals saw a significant decline in its stock price and financial performance in recent years. In Q1 2016, Valeant reported revenue in line with projections but lowered its full-year guidance. This led to another drop in Valeant's stock price. Analyst ratings on Valeant were mixed, with some optimistic about the new CEO's plans to refocus the business and pay down debt, while others expressed concern about execution risks and uncertainties. Most analysts lowered their price targets and financial forecasts for Valeant in response to the Q1 report.
Paul Young, a CPA and expert in financial solutions, risk management, and public policy, presents on the looming global debt crisis. The presentation covers the different types of debt including government, corporate, and consumer debt. It is noted that government debt levels are over 92% of GDP for many countries and corporate debt among emerging markets has risen sharply. Both Canadian household debt levels and the number of Canadians struggling to pay bills are at concerning highs. The blog notes China may have $5 trillion in bad debt and the debt crisis will have major global impacts when interest rates rise.
2019 Election| Global Debt| Personal, Corporate and Government Debt| July 2019paul young cpa, cga
This presentation is one perspective on Debt. It is not the only view. People are more than welcome to visit other sites like BEA, Stats Canada, OECD, Banks, etc.
Government debt rating is important as the lower the rating the higher premium is for government bonds. Higher premium means higher interest rates.
Presentation to PCI Investment SeminarAlton Cogert
Getting a Grip on Key Investment Issues discusses several important issues facing investors in today's environment. It summarizes how the financial crisis occurred when subprime mortgages defaulted and structured products unraveled. It then outlines some of the major issues facing investors currently, including uncertain spreads, government spending, inflation concerns, and rating agency scrutiny. The document emphasizes the importance of a consistent investment process and risk management approach. It concludes by asking what the key investment issues are for the reader's company.
The document provides information about BBVA Compass, including:
1) It discusses the causes of the mortgage crisis and credit crunch, tracing it back to legislative changes in the 1970s that loosened mortgage requirements.
2) It provides an overview of BBVA Compass, noting it has over $65 billion in assets and 717 branches across the Sunbelt region.
3) It highlights BBVA Compass' strong capital and liquidity positions and conservative lending practices that position it well in the current economy.
1) Despite volatility in financial markets in 2015 from events like the slowdown in China and falling oil prices, corporate funding still reached near-record levels of $6.02 trillion in 2015.
2) The largest source of funding for high-quality corporations was investment grade loans, which increased 6% to $1.65 trillion and exceeded investment grade bonds for only the second time since the financial crisis.
3) Mergers and acquisitions drove this increase in investment grade loans, with large deals requiring bridge financing making up 38% of the top 20 deals for the year.
Corporate funding reached near-record levels in 2015 despite volatility in financial markets. The largest source of funding was investment grade loans which increased 6% to $1.65 trillion, driven by mergers and acquisitions. Short-term bridge financing made up 38% of the top 20 investment grade deals. While investment grade lending increased, other markets like leveraged loans declined due to deteriorating oil and commodity sectors. Overall, companies had more options for raising funds in 2015 than ever before.
This document provides a summary of major developments affecting the taxation of insurance companies in 2008. It describes the significant economic turmoil that year, including the collapse of major financial institutions like Bear Stearns, Lehman Brothers, and AIG. Government intervention increased through the year with billions of dollars in loans and investments provided to struggling companies. The turmoil dominated headlines and impacted many aspects of the insurance industry as well.
Economic Trends: Navigate the Insolvency StormEulerHermesNA
Dan North and Chris Baker will dive into the current and future state of the North American economy, how to protect your business from nonpayment, and talk about the latest industry trends in our upcoming webinar.
IMAP Financial Services sector Leaders: Jonathan Dalton and Khelan Dattani share insights into the global Financial Services sector. They look at how and why the COVID pandemic affected certain geographies and subsectors more than others and the subsequent impact on deal volumes and valuations. They identify the key areas of growth and common trends driving activity across the globe and examine why the sector is becoming increasingly attractive to PE investors, pinpointing opportunities for buyers and sellers.
The document discusses the global financial crisis of 2007-2008. It describes how subprime lending and securitization of risky mortgages led to excessive leverage in the financial system. When the US housing market declined and subprime borrowers began defaulting, major financial institutions and investment banks suffered large losses. This triggered a liquidity crisis and concerns over solvency, leading to government intervention and mergers of some large banks and investment houses. The crisis highlighted regulatory failures and mismatches that exacerbated risks in the financial system.
Paul Young, a CPA and expert in financial solutions, risk management, and public policy, presents on the looming global debt crisis. The presentation covers the different types of debt including corporate, household, and government debt. It is noted that government debt levels are over 92% of GDP in many countries. The forecasts indicate rising default rates for corporate debt and growing household debt levels in countries like Canada. The risks of a debt crisis are growing as cheap debt cannot last forever and interest rate hikes could lead to increased defaults and difficulty servicing debt.
Lehman Brothers Inc. was an American global financial services firm founded in 1847. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States, with about 25,000 employees worldwide.
June2015 Atlanta Actuarial Club Presentation - Individual Annuity OverviewWinter Liu
This document provides an overview of individual annuity products. It discusses sales trends showing growth in fixed indexed annuities after 2008. Various annuity products are described including their tradeoffs around control over assets, upside potential, and downside protection. Developments since 2008 focused more on downside protection with products like deferred income annuities and guaranteed lifetime withdrawal benefits attached to variable annuities. The annuity landscape also changed with more private equity acquisitions of annuity blocks.
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