earnings

Here is the latest conversation I had with money manager Andrew Horowitz…. new insights for anyone who invests in anything.


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  1. Publius says:

    Insider transaction data — where do you get yours?

    Finance.Yahoo.com is the most comprehensive data source that I know of, which is cheap enough, that is, free. Unfortunately it’s in an HTML table and not a CSV download nor an API provided by Yahoo.

    Do you do manual scans or do you have a computer scan for interesting insider transactions?

    An event study on insider transactions, across all ticker symbols, will be interesting if investment success is broken out by category such as buys vs sells, small vs large cap.

    Let me know who else is interested.

  2. Publius says:

    There are actually two major kinds of insiders: Corporate insiders and government policy insiders. Legislators, aides, executive branch staffers, these guys all can be expected to have additional advance knowledge of policy changes, many of which have tangible effect on corporate valuations.

    Is there some data source for tracking government insider trading, in a similar vein to what’s already available in places such as Yahoo but for corporate insider trading?

    There are actually many kinds of insiders many of whom will have managed to make themselves rich, fully legally in many cases! For the rest of us poor boys, the questions are: Where can I track them, and how old is this data by the time it gets to me, and how comprehensive is this data?

  3. Publius says:

    Minimum wage increases: Where will the money come from for that? Who will pay for that?

    Increased product prices to the customers, that’s what Andrew suggested.

    Decreased executive salaries and executive bonuses and executive stock options and executive perks, that’s what actually needs to happen.

    Employees are overpaid — but not all of them. Executive compensation has spun out of control in the USA.

    There’s something like a 350 – to – 1 compensation ratio now, of the highest-compensated to the lowest-compensated employees in the average US Fortune 500 company in 2013.

    Will minimum wage increases solve the compensation imbalance problem?

    Stay tuned.

  4. Publius says:

    The worst 8 corporations in the USA are actually at 1000 – to – 1 pay ratio! That’s for the top-compensated employee relative to the AVERAGE employee, not even the LOWEST compensated employees. Egad.

    Source: Bloomberg

    http://go.bloomberg.com/multimedia/ceo-pay-ratio/

    The compensation of the fatcat CEO employees is ridiculous. It might even be bad enough to actualy pay for the increases to all those minimum wage workers, without even affecting retail pricing.

    But that’s only if the fatcats agree to take a pay cut. FAT CHANCE.