Valor Econômico 07-03-2013
A survey of behavioral finance. Friday, July 29, Portfolio Reallocation.
Resumindo, gostei do post do Motley e vai muito na linha do que acredito. Eu leio muito e acompanho o mercado financeiro diariamente, pois faz parte do meu trabalho. Os retornos anuais ficam em 5. Para horizontes curtos, precisamos tomar cuidado com ativos de maior risco ou de baixa liquidez, pois aumenta a chance de termos uma perda permanente, ou seja, ter de liquidar um investimento abaixo do valor pago originalmente.
Neste caso, o investidor deve se perguntar:. Para termos uma ideia de como estes fatores se relacionam, vamos comparar duas pessoas: Existem diversas maneiras de mensurar isto. Telhacor Tintas e Vernizes Ltda. A fabricante taiwanesa HTC Corp.
AZTE vendeu o dobro de smartphones em do que em , de acordo com a empresa. Smith, da Universidade de Maryland. Corbat planeja usar esses cartões de maneira mais consistente por toda a empresa. Bloomberg e Dow Jones Newswires. Mercado - Arroz Beneficiado sc. Tipo Tsr 20 Fech. Tipo SMR 20 Fech. Dow Jones Newswires e Reuters. Paulista ,60 Ourinhos ,80 Franca ,10 S.
Batida - Para o Consumo Int. Dura ,00 ,00 0,00 P. Riadas ,00 ,00 0,00 Obs: Carioquinha tipo 1 sc. Boa Vista ,50 Fontes: Cascavel ,00 ,00 Cascavel ,00 ,00 Fco. Grossa ,00 ,00 Umuarama ,00 ,00 U. Salgado Araraquara - Guaratingueta Brg. Boa Vista - S. Boa Vista 0,72 Fonte: Boa Vista 32,20 Fontes: Soja - FOB Mogiana sc. Soja - FOB Sorocabana sc. Mercado - Por toneladas Farelo ,00 Fraco Fonte: Dow Jones e Reuters. Santa Catarina 55,00 60,00 65,00 Fraco Fonte: Boa Vista - Jaboticabal Fonte: Naquele ano, ela contava com cooperados.
Para exercer o cargo de Diretor - Presidente, o Conselho elegeu por unanimidade o Sr. Segundoele,osmercadosdedefensivos e sementes tendem a desacelerar ao longo do ano. Para suportar o crescimento do movimento com milho, a APPA informou que precisou adotar medidas para facilitar o escoamento.
A proposta ainda precisa ser aprovada em assembleia de acionistas, prevista para acontecer em abril. O BTG Pactual tentou negociar com exclusividade com o Citi, mas o banco americanopreferiuqueoprocesso concorrencial fosse mantido. Inicialmente, pensou-se que a vendaenvolveriaapenasaunidade de cartões Credicard. O novo comunicado trouxe: O Livro Bege apontou crescimento da economia americana em ritmo moderado. Foi a maior alta da ON desde,edaPNdesde Um boato que voltou com tudo ontem foi o da compra do Santander pelo Bradesco.
O Valor consultou 13 casas estrangeiras sobre expectativas para o BoE: Nenhum executivo foi conduzido aocargodeixadoporele. As casas consultadas foram: Todavia, apenas o J. Eleger os membros do Conselho Fiscal com os seus respectivos suplentes, nos termos do artigo da Lei 6.
Nos termos do Artigo da Lei no 6. Aracaju SE , 22 de fevereiro de O 5 TSU O 1 UGP Bank of New York Mellon. Atenciosamente, Aetatis Securitizadora S. A Elektro agradece ao Sr. Miguel Dias Amaro Comunicado Aempresaenviouoseguintecomunicado: ValordoAumentode Capital - 1. Local de Atendimento - GRND3 , em cumprimento ao que estabelece o artigo 6. O segundo programa de trainees se mostrou um sucesso, com mais de 8 mil inscritos. A ON ED Eletrobras ON N1 Eletrobras PNB N1 PN ED N1 A ON NM PN N1 60 Paranapanema S.
Livreiros Editores PN N2 1. Usiminas PNA N1 Alterarparcialmenteo Estatuto Social, conforme segue: I think I'm fully acquainted of its problems weaken dollar, raw material price level, China. But if it was not for that, how could you buy at that price?
I think it worth a small position at this price. Saturday, May 28, Are power distribution companies the great bargains in the market?
The price metrics of Eletropaulo and Coelce are so cheap It means that Mr. Market is seriously afraid about the regulatory issues. As he usually overreacts, and the metrics are so cheap, I think it's very reasonable to think that Coelce and Eletropaulo are bargains.
Friday, May 27, It's just the beginning. Those shenanigans are increasing the leverage of the financial system in a moment of great credit expansion. A very large part of the funding for the credit given in Brazil comes from abroad. If the international markets dry, something bad great! I hope I have suficient ammunition when the great crash arrives. I'm stuffing the barn and waiting All the concessions are due after May be a good option, but more study is necessary.
Also, it shows how a bad management can deteriorate a company. Saturday, May 21, Why bubbles exists? This news shows that Skechers a sneakers maker promised to a public haunted by obesity to lose weight without ever setting foot in a gym. Who can dare to expect that bubbles are not recurring? Thursday, May 19, Haven't you seen that before? That's really very good and we can expect that some things never change! Always can get worse: Cielo could get even bigger and stronger.
Returning to the cash point, look how this shit likes to burn cash. It doesn't pay any dividends, so where the cash goes to? Are they investing so much? I think that's one of the best Fundamentus Graph. As the saying goes, who's likes to burn cash is crazy! Bons ventos para dividendos. Sunday, May 15, Small Caps - Nonsense. Or is that just nonsense? Is there an oportunity in Steel?
The sector is out of favor because of bad results. It's debt to equity ratio is of only 0, USIM also has a significant business in iron ore mining. Taurus will merge with Polimetal, its largest shareholder, and assume its debts millions BRL. Taurus will be able to use Polimetal's fiscal losses of about millions BRL. I don't know yet how many ON shares I will get from this deal.
Main numbers 1Q11 x 1Q10 that hold my attention at a glance: Monday, May 9, New toxic inventions. Main numbers 1Q11 x 1Q10 for Duratex, a company that worth keep an eye on: Costs of goods sold and operational costs grew up more then revenue. And besides that, current valuation are very high. The best thing to do it's just wait! You can see how crazy things can get in about day trades of CIEL Behavioural , Credit Card.
Monday, May 2, Real Estates Funds. Sunday, May 1, Dangerous Level. An interesting graph that shows current prices levels related to historical context. You can read the whole post at dshort. Saturday, April 30, Should you invest in this company? Look to the multiples of this hypothetical company: It's look like a nice company, don't you think? Now, consider these another multiples: Despite being an excelent company, it's a bad investment because it's seems overvaluated.
The change in accounting standards made the comparison with past periods more difficult. The earnings presentation, fortunately on page 12 shows the evolution of this account since december I can't get used to this kind of complete nonsense: Who's gonna know whatever they calculated?
Apesar de resultado operacional "fraco", Banif reitera compra de Contax. Nasdaq hits yr high. We learn from history that we learn nothing from history.
Look at what I've just read in Exame. It seems the same bullshit they're talking now. Any resemblance isn't purely coincidental. As George Bernard Shaw said " we learn from history that we learn nothing from history ". The economic miracle of so blinded authorities and investors. The year was when the American daily The Wall Street Journal ran a laudatory article about the country.
But that did not take the sleeping then Finance Minister Delfim Netto. The WSJ then predicted that within ten years, our economy would be the fifth largest in the world. Wednesday, April 27, Wonderful Companies. I wonder when I'll be able to buy these wonderful companies at a fair price. Today it's a bad investment at current valuation maybe it doesn't apply to BBDC.
And there are new players coming. Weg is a wonderful company, but sadly, it's still priced as it were growing like it was until Currently revenue and earnings are stagnated and the price level it's unreasonable. FCF is only 2. In the 1Q11 margins dropped, mainly because of raw material increases and weaken dollar.
I wonder when the Mr. Market will get tired and crazy and will offer this beautiful asset at an attractive price. Tuesday, April 26, Balance of Payments.
We can see from the graph below that it has increased a lot and is now about BRL billions accumulated since It's more than a month of Ibovespa trade! By the way, that amount enter in the computation of brazilian's reserves? Monday, April 25, Richest Countries Debt. This debt worries the United States today, countries in the euro zone, Britain and Japan, just the richest part of the world, which for centuries was the engine and the vanguard of the expansion of human prosperity.
A lot of money! That's more than half its GDP! I was revising Santanense because I'm thinking in increasing position I already have a little bit.
In the financial notes to the statements I found these numbers in BRL millions, rounded: Fixed Assets at cost: Why the company is paying for fire risks an amount insured of mi? Could be possibly because assets at market value are now worth this amount instead of mi registered? Or could be just a way to embezzle money? Petrobras changed its price policy to avoid destroy the competitiveness of natural gas.
There are also options on ETF shares. The creativity goes on, leading us to the next big opportunity to buy cheap assets. That a look at this and tell me what you think. Well, do you remenber the email I sent to Taurus investor relations director? I sent it twice. I received only silence. Now they are, for the second time, endorsing it's main stakeholder debt. What do the other stakeholders gain back? What is Forjas Taurus receiving for this liability? I don't know why this share has plunged so much!
It's now at 17, while USIM3 is at Do you know something? I've read something about CSN and Gerdau taking control, but why is it dropping? Sunday, April 17, Klarman's Interview. What gave you the resolve to say no to all the other investment approaches? There are several answers. First, value investing is intellectually elegant. It also appeals because all the studies demonstrate that it works. People who chase growth, who chase highfliers, inevitably lose because they paid a premium price.
They lose to the people who have more patience and more discipline. In time, the discount will be corrected, and you will have the wind at your back as a holder of the stock. Orbe announced in its last release that bought Minerva. The main reasons exposed were: Minerva is completing an intensive investment program started in that prompted the company to a slaughter capacity of 3, head per day to almost 10, head daily during the year As a result, net debt increased, but the company has mi in cash and the debt maturity is most due in But the company is now ready to start a deleveraging process.
Minerva is now a global supplier to pizza Hut and Subway. Now it's my turn to suspect I'm crazy! Is there a chance to be right? Sunday, April 10, Food for Thought.
I ranked by Greenblatt criteria considering median of earnings and ROE for the last 3 and 5 years. You can access the whole list here , on Google Spreadsheet listed only the that has data for 5 years. There must be something wrong here. Grendene reported it's plans for the next 5 years: Friday, April 8, Randon is discounted! I'm just kidding about how this guys makes a valuation: