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at March 15, 2008

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I read a very interesting article on Arohan's Investing Life Buy pheromone perfume for women without prescription, this week. Buy pheromone perfume for women canada, He compared Stephen Schwarzman and Warren Buffett in order to make the argument that the hedge fund model, while very lucrative for hedge fund managers, free pheromone perfume for women, Pheromone perfume for women for order, doesn't necessarily yield the best return for great investors. It's based mostly on an article published in the Financial times which illustrates how much Buffett would have made if he ran his business as the Buffet Investment Partnership rather than as the CEO and major equity holder in Berkshire Hathaway, pheromone perfume for women online without a prescription. Price of pheromone perfume for women, I have to say that I don’t necessarily agree with this analysis. Comparing simply running a hedge fund to earning a business is like comparing owning a diamond to owning a diamond mine, buy pheromone perfume for women without prescription. The key to understanding this is understanding the difference between equity and compensation, buy pheromone perfume for women without prescription. Pheromone perfume for women rx, Equity is the ownership you have in a business. You are rewarded when the business does well and improves its valuation, cheapest pheromone perfume for women price. Buy cheap pheromone perfume for women, Compensation is how well you are paid for doing your job it comes regardless of improving the value of your business. For some CEOs, buy pheromone perfume for women, Buy generic pheromone perfume for women, it comes even when they destroy value in their business. Buy pheromone perfume for women without prescription, On a compensation only basis, I don't think Warren Buffett is really all that well compensated for his work given that he is the most successful CEO in America. Yes, pheromone perfume for women india, Order pheromone perfume for women from us, he delegates much of the operational and strategic responsibility away from his position, but he manages cash flow and capital allocation better than any CEO in the world (or human history for that matter), cheap pheromone perfume for women in canada. Buy pheromone perfume for women lowest price, His annual compensation for this is rumored to only be in the $100,000 range, pheromone perfume for women no rx. Buy pheromone perfume for women pills, Buffett's enormous wealth has come from his ability to generate growth in value of his business, Berkshire Hathaway, pheromone perfume for women online cheap, Pheromone perfume for women us, a business he has majority equity in.

Now, cheap pheromone perfume for women online, Pheromone perfume for women pharmacy, you may argue that the articles linked above was more about wealth generation than some argument over the semantics of equity and compensation. For great investors like Buffett and certain hedge fund managers, their ability to generate wealth has as much to do with their ability to improve the equity stake of their business as it does with their ability to generate huge compensation for their services, buy pheromone perfume for women without prescription. Even if we were to take this route in interpreting the "spirit" of the argument, cheap pheromone perfume for women no prescription, Find pheromone perfume for women without prescription, I don't believe that the Warren Buffett/Berkshire Hathaway model represents the only route towards extreme, wealthiest man in the world level wealth, pheromone perfume for women tablet. Find discount pheromone perfume for women online, In fact, I believe that the Schwarzmann example is actually kind of a counterfactual to the argument that a hedge fund manager can’t become rich to the same level that Warren Buffett is rich, buy pheromone perfume for women in us. Pheromone perfume for women medicine, Schwarzman actually did turn his “hedge fund” - more an all purpose money creation business given that Blackstone is probably more known for its investment banking, real estate investment, find cheap pheromone perfume for women online, Lowest price pheromone perfume for women, and private equity than strictly for hedge funds - into a viable business for which, this year, purchase pheromone perfume for women online, Pheromone perfume for women alternative, his equity was valued at $4.77 billion. While it may seem like he was compensated in stock and cash for his work as CEO, find cheap pheromone perfume for women online, Buying generic pheromone perfume for women, he did start this business and was always entitled to that equity stake. Buy pheromone perfume for women without prescription, The stock payment was simply an artifact of his company going public. In 10 or 20 years, buy no rx pheromone perfume for women, Buy pheromone perfume for women cheap, who’s to say that Blackstone will not be wildly successful with their business and reach Goldman Sachs level market caps. At that point, overnight pheromone perfume for women, Buy pheromone perfume for women on internet, if Schwarzman is still alive and hasn't sold his ownership of the business, he too will be worth tens of billions similar to Warren Buffett (maybe even hundreds of billions as the economy will grow over that period), drug pheromone perfume for women. Sale pheromone perfume for women, In the end, "2 and 20" is the only the year-to-year compensation for running a hedge fund and does not represent everything that you can make as a hedge fund manager, buy discount pheromone perfume for women online. Obviously, looking at compensation alone does not represent a complete picture of your ability to generate wealth. If you also own the hedge fund you run and manage the business such that it is impressive enough at what it doesand turns into a viable investment management business, then you too could one day sell your equity for billions but this is not a compensation as much as it is a reflection of the value you’ve created in your business, buy pheromone perfume for women without prescription. In the case of Warren Buffett, he saw more opportunity to create a very viable conglomerate with his investing skills - taking over and running great businesses to get cash flow that allowed him to take over and run more great businesses. Schwarzman used his skills to put together an elite investment management and advisory business.

Ignoring the Blackstone example because it is not necessarily a pure hedge fund, a good hedge fund manager might be able to put together a business who’s sole purpose is the management of investment funds and also cash out with tens of billions. Take Fortress Investment Group for example. Buy pheromone perfume for women without prescription, The company’s only job is to manage billions of dollars in various hedge funds and private equity funds. In a great year as the manager of one of these funds, you could probably make billions in management fees for yourself. And, if you owned all or part the company, your equity would probably increase billions as well. In actuality, running this kind of a business may be more lucrative on a year-to-year compensation basis than running Berkshire Hathaway. This is because you will be paid billions for your work and your equity stake will continue to increase with the success and growth of your business.

All-in-all, we can learn from this analysis that it is not enough to simply get paid well for your work, buy pheromone perfume for women without prescription. (Depending on perspective. I'd be fine getting hedge fund manager salaries even without equity.) For someone looking to become the richest man in the world, it's just as important to seek equity value for what they do. This doesn't mean it has to be in the form of a holding company. In fact, it could be as simple as striving for equity value in a manager's own fund. Obviously, it's possible you believe that no investment advisory business can possibly grow to the size of Berkshire Hathaway and thus could never provide the kind of wealth that running your own holding company can provide. But, that's an argument for another day. Or, for the comments section of this post.

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at March 14, 2008

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Buy pheromone cologne for men without prescription, After my recent post examining the response to event risk (and when it manifests itself) depending on perspective as a trader or as an investor, I realized that it might be a good idea to throw my two cents in on the difference between trading and investing. It would seem that this is a pretty current topic in the blogosphere as The Peridot Capitalist and The Essentials of Trading blogs have been having a bit of a back and forth on this topic lately. Low cost pheromone cologne for men, Their two posts were both really interesting specifically because Chad Brand of The Peridot Capitalist is very much an investor and John over at The Essentials of Trading is more a trader. Not surprisingly, each argues with a slight bias for their personally preferred investment methodology, cheap pheromone cologne for men on internet.

John feels the main difference between traders and investors is "mainly in terms of the exit plan." More specifically, Pheromone cologne for men cheap, he described the difference as follows:

Traders generally have them going in, meaning they have a specific set of criteria which will trigger an exit - often something related to price action, but not always, buy pheromone cologne for men no prescription required.

Investors, though, handle things a bit more nebulously, buy pheromone cologne for men without prescription. They will exit a position when the fundamentals no longer support their being long. Pheromone cologne for men information, That, however, isn’t something which can easily be defined since there are so many factors involved, pheromone cologne for men without prescription. It’s not usually as cut and dried as falling short on the latest quarter’s earnings.

Chad uses a casino/gambler analogy to describe what he sees as the investing/trading paradigm. Sale pheromone cologne for men, In his own words:

Here is an analogy for you; investors are the casinos, whereas traders are the gamblers. Buy pheromone cologne for men without prescription, Investors have the odds stacked in their favor, just as the casinos are guaranteed winners over time because the games they offer have a win percentage built-in...

Traders, pheromone cologne for men overnight delivery, on the other hand, Generic pheromone cologne for men online, are trying to win big on short term trends, much like a blackjack player hopes for a hot shoe and then cashes out his/her chips. The gambler knows that they don't have a statistical advantage but they play nonetheless, pheromone cologne for men side effects, trying to make some money and getting out before they give it all back.

Now, Pheromone cologne for men online pharmacy, before all you traders get up in arms over this definition. Chad does acknowledge that the odds are not necessarily stacked against a trader. In fact, pheromone cologne for men buy drug, to extend the gambling analogy for Chad, Cheap pheromone cologne for men, I would liken trading to counting cards. Stock traders believe that stock price movements have "memory" much like black jack, buy pheromone cologne for men without prescription. What happens in the past gives you a clue as to how things will act in the future. Traders use technical indicators and various techniques to measure the market's attitude towards a stock - the supply and demand structure, pheromone cologne for men pill, enthusiasm, Order pheromone cologne for men online, etc. Again, this isn't a perfect analogy as one cannot mathematically conclude that trading strategies do in fact give you a concrete statistical advantage like counting cards does, buy pheromone cologne for men online cheap, but one can see how these techniques could give you some sort of insight into the price movements of a stock. Pheromone cologne for men canada, So, how do I view the difference between trading and investing. Buy pheromone cologne for men without prescription, Well, as a lead in, I'd like to steal an anecdote that I read recently in Seth Klarman's Margin of Safety. Imagine, real pheromone cologne for men without prescription, a market for canned sardines. Buy pheromone cologne for men overnight delivery, A trader doesn't care what types of canned sardines, what flavor his sardines are, or where his sardines came from, cheap pheromone cologne for men from canada. He wakes up day in and day out and tries to buy the cans as cheap as he can and then sell them for as much as he can. Pheromone cologne for men in malaysia, An investor does care what's inside the cans. He would open up cans, go to the factory, interview fishermen and find out whether or not these sardines will taste better as time goes on, buy pheromone cologne for men without prescription. He'll buy the best sardines he can find; happy that he'll either be able to eat the sardines in the future or that he'll be able to sell these sardines for an improved price later.

Okay, buy discount pheromone cologne for men online, weird anecdotes aside. Pheromone cologne for men prices, Let's try to answer some simple questions about investing and trading

What is the difference between investing and trading.
The basic difference between investing and trading is a difference of perspective. Buy pheromone cologne for men without prescription, An investor looks as stocks as representative of fractional ownership in a company. They have an underlying value even if they decide never to sell the stock because the company will eventually pay out dividends and cash flow to shareholders, pheromone cologne for men pills. A trader looks as stocks as pieces of paper which can be traded day in and day out depending on market supply and demand. Pheromone cologne for men in uk, While the underlying business' operations and success have an impact on a traders' success, it often times does not matter to the trader because he believes that these fundamental concepts are represented in the stock's day to day pricing action.

Are traders necessarily short term oriented and investors necessarily long term oriented?
Given the nature of trading and the tools that are available to a trader, get pheromone cologne for men, a trader usually must think in a short-term oriented way. It's difficult to construct technical indicators with multi-year time scales, buy pheromone cologne for men without prescription. Pheromone cologne for men no rx required, This is because news, company performance and changing market environments will necessarily affect the supply and demand characteristics of a stock. This doesn't mean traders won't stay in a stock with strong upward momentum for months and even years, pheromone cologne for men from india. Most stocks, Buy pheromone cologne for men in canada, however, don't maintain strong upward momentum for years and a trader is usually trying to time peaks and valleys in a stock's price in order to capitalize on the frenetic behavior of people in the market.

Investors usually need to enter a stock with a long term outlook, pheromone cologne for men purchase. Buy pheromone cologne for men without prescription, They determine a value for the stock based on fundamentals and projections of future performance. They don't sweat the day to day and week to week fluctuations because they know that, Purchase pheromone cologne for men no rx, as long as business performance and fundamentals hold up, the stock price should follow suit. That being said, pheromone cologne for men free delivery, an investor must also understand the meaning of a stock's price and is willing to sell a stock when its present value outstrips that of potential future value. Compare pheromone cologne for men prices, For example, if a stock shoots up 100% in 3 days without any real change in fundamentals - i.e. many biotech stocks - an investor should be willing to count his blessings and sell his position knowing that the fundamentals may take months or even years to catch up to such a valuation, where to buy pheromone cologne for men. In such a case, the value found in fractional ownership in the company is outstripped by the speculative ownership of the stock, buy pheromone cologne for men without prescription.

Are trading and investing mutually exclusive?
The Benjamin Grahams, Online pharmacy pheromone cologne for men, Seth Karmans, and Warren Buffetts of the world are probably going to hoot and holler at my answer to this. But, buy generic pheromone cologne for men online, I don't believe that investing and trading are mutually exclusive strategies. Cheap pheromone cologne for men internet, I don't, however, believe in "fusion" strategies purported by many new investors (and sometimes seasoned investors) who want to get the best of both worlds, generic pheromone cologne for men.

Investing and trading as a mindset and perspective are mutually exclusive but, Pheromone cologne for men sale, when practicing one, it can't hurt to acknowledge the other. Buy pheromone cologne for men without prescription, Many traders don't like being called "traders" or "speculators." They claim that they do look at fundamentals and that is what distinguishes them as true investors. The truth is, fda approved pheromone cologne for men, they shouldn't be so taken aback by being called "speculators." It's not a bad word. And, it doesn't mean you are a common gambler. It just means that you look at a stock based on its price performance and act accordingly. Most traders look at fundamentals only to check that the company behind the stock isn't about to collapse or to make sure that recent price strength hasn't put the stock in such a ridiculous pricing stratosphere that the demand for the stock could come crashing down at any minute. These are ideas which come from investing, but rarely are they capitalized on when using a trader's mindset, buy pheromone cologne for men without prescription. Fundamentals, to a trader, ought to be viewed as a safety net rather than a motivation for action.

Getting back to the point, an investor can often use technical analysis and trading strategies to their advantage. Particularly in trying to maximize near term buy and sell decisions. In the grand scheme of things for an investor, trying to time a buy and sell isn't necessarily important as most investors enter an investment looking for long term value that far outstrips few percentage point gains from day to day. Buy pheromone cologne for men without prescription, Still, acknowledging trading strategies can help an investor make more informed decisions about short term price actions and determine whether he has more value in his fractional ownership in the company or simply in his ownership of the company's stock.

Case Study
To demonstrate, let's take a look at internet stocks. During the first bubble, many traders of internet stocks convinced themselves that they were "investing" in these companies because the internet was a fast growing sector and that one day valuations would justify prices. This despite the fact that they traded these stocks based on current price movements - particularly the very sexy and, in hindsight, completely irrational upward trends in prices. For these traders, it was not the potential future growth of the companies and it definitely was not the current performance of these companies (many were marginally profitable at best), it was the market demand for these stocks from which they derived profits.

True investors would never buy a stock which is fairly valued (or clearly over valued as in the above example) even if there was strong price momentum, buy pheromone cologne for men without prescription. They may, possibly, buy such a stock if the business is showing strong earnings and cash flow growth, but this would have to be verifiable not simply generally assumed. In the case of internet stocks, an investment case can be made for some internet and tech companies - Google, Amazon, Microsoft, etc. - and this is because they have verifiable business strategies coupled with true performance in earnings and cash flow growth. Furthermore, while these companies trade at premiums to many others, their current valuations could typically be classified only as fairly valued given reasonable assumptions of growth. Future earnings growth can propel these stocks to new, higher prices without fear of loss due to valuation premium contraction.

Conclusion
As seen above, while investors and traders can often utilize each other's thinking in their decision making, it is difficult to apply both to an investing strategy due to a mismatch in their intrinsic perspectives on the value of a stock. As traders believe that value is derived from market supply and demand, they can only at best acknowledge fundamentals as support for their investment decisions. Investors believe value is derived from fundamentals in the business the stock represents and as a result can't pay too much heed to a day-to-day changes in market demand for the stock.

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