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Buy viagra oral jelly without prescription, Motley Fool printed an interesting article, "Can you trust the cash flow at Johnson & Johnson?," yesterday. Find viagra oral jelly online, The author points out that "not all cash flow is equal" and shows this graph analyzing the sources of Johnson & Johnson's freecash flow:

Johnson & Johnson shareholders can breathe a sigh of relief as the author of this article comes to the conclusion that very little of JNJ's cash flow comes from "questionable sources." In fact, the author claims just 0.9% of JNJ's cash flow is questionable, discount viagra oral jelly. Buy viagra oral jelly pills, The author describes questionable cash flow as "changes in taxes payable, tax benefits from stock options, viagra oral jelly online sale, Viagra oral jelly prescription, and asset sales, among others." I can't disagree with this definition as manipulating tax accounts and one-time asset sales are clearly not longterm sustainable sources of cash, viagra oral jelly cheapest price. Cheap price viagra oral jelly, That being said, from the perspective of trying to understand JNJ's cash flow which I would assume is more geared towards understanding how secure its dividend is, order viagra oral jelly cheap online, Viagra oral jelly pill, I don't think that these cash flow accounts tell the whole story. Changes in working capital accounts - accounts receivable, purchase viagra oral jelly without prescription, Viagra oral jelly discount, inventories, and payables - can be significant sources or uses of cash in any given year, buy cheap viagra oral jelly online. Shrewd management of these accounts is a testament to the operational competence of a company's management team, buy viagra oral jelly without prescription. Viagra oral jelly in us, Depending on working capital benefits for cash flow, however, cheap viagra oral jelly in usa, Approved viagra oral jelly pharmacy, is not a particularly good way to support a dividend.

So, get viagra oral jelly, Viagra oral jelly from canada, what metric would I use to determine "good cash flow". That is, canadian viagra oral jelly, Online viagra oral jelly, sustainable cash flow generation abilities of a business. It sounds like finance hocus pocus and is often ridiculed by journalists looking to lambaste people in the finance industry, buy viagra oral jelly no rx, Cheapest viagra oral jelly prices, but EBITDA is a very powerful analytical concept. (More on this to come)

In the mean time, buy viagra oral jelly without prescription, Viagra oral jelly price, if you'd like to learn more about working capital accounts and why cash flow and earnings do not always intersect, please check out my former posts on the topic:

Working capital - an important metric during a recession

Cash conversion cycle case studies

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Fundamental Analysis, Tutorials

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Posted by Dan Hung

at November 15, 2009

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Buy viagra professional without prescription, This is a follow up to my post, "ISIS Pharmaceuticals breaches long term support." As many of you may know, posts from this blog are often (though not always) syndicated on SeekingAlpha.com. Purchase viagra professional no rx, In the case of my previous post on ISIS, I caught significant flack from the SeekingAlpha community, order viagra professional no prescription required. Viagra professional online, Among other things, I was accused of not understanding how to invest in biotech and generally missing the point on Isis' anti-sense technology, viagra professional buy. Where to order viagra professional, (For those interested, I actually posted on Isis' business and fundamental value in a previous post.)

Well, viagra professional generic, Order generic viagra professional, I figure it's time to post a follow up to my previous post. To recap, best price for viagra professional, Cheap viagra professional on internet, here is the chart I posted on October 5, 2009, real viagra professional without prescription. This is a three-year weekly chart which I typically use to determine the intermediate/long term market trend driving the stock, buy viagra professional without prescription. Buy generic viagra professional, ISIS Weekly In this chart, ISIS' stock has breached its 50-week moving average, viagra professional professional. Sale viagra professional, Remember that breaching the 50-week moving average necessarily means that the stock has also fallen through its 200-day moving average (not displayed). To me, viagra professional online without a prescription, Order viagra professional online, this means that, on a short term basis, viagra professional for sale, Cheapest viagra professional, market participants have lost conviction in ISIS' stock. More worrisome to me than the interim breach of the 50-week moving average was the negative divergence in RSI during the stock's previous uptrend as well as the lack of any clear areas of support before the $12 range, find viagra professional on internet. Buy viagra professional without prescription, Coincidentally, the $12 support level defined by several previous lows as well as the prior interim high seen on the far left of the chart also coincides with the $12.12 defined by the 200-week moving average. Order viagra professional in us, As such, I made the call that "a retest of the 200-week moving average is not out of the question" and that there was "a potential 15-20% additional value at risk" on October 5, buy viagra professional on internet, Viagra professional pharmacy, 2009.

Okay, find discount viagra professional, Order viagra professional, now let's look at how the stock has traded since my call.

ISIS follow up In the month following my call, viagra professional online cheap, Viagra professional buy online, ISIS hit a daily closing low of $12.31/share, basically right at the 200-week moving average (which averaged upwards slightly since October 5, viagra professional in malaysia, Find viagra professional no prescription required, 2009).

Am I clairvoyant!?
No, cheap generic viagra professional, Buying viagra professional, of course not. In fact, I don't even consider myself primarily a technical investor, buy viagra professional without prescription. I merely use it to guide my short term decisions, viagra professional bangkok. Viagra professional sale, For those that write off technical analysis, however, viagra professional rx, Buy cheap viagra professional, I think this is a great example of just how it can be used to improve your investing. I wasn't analyzing ISIS in hopes of timing my trades, cost of viagra professional. Viagra professional online without prescription, I was merely trying to establish a disciplined stop-loss for a position that I hold. Buy viagra professional without prescription, In the end, I did not buy back into ISIS, but instead allocated capital to BX on November 5, 2009. In the interim, buy viagra professional no prescription required, No rx viagra professional, I saved myself from holding ISIS and losing an additional 12% on my position.

The key to remember with technical analysis is that it does not stand in place of or in contrast with fundamental analysis, cheap viagra professional from uk. Find cheap viagra professional, But, absent a market moving press release, cheap viagra professional from canada, it is a method of understanding how "Mr. Market's" voting machine will vote during a discrete period of time. I know this seems like very carefully chosen wording, but there is no such thing as one strategy which works in all situations in investing, buy viagra professional without prescription. The key is to stick with what you know and have the tools necessary to analyze different opportunities. In the case of determining emotionless stop losses and profit maximizing entry points, I am a believer in technical analysis.

Full disclosure: Author is long shares of BX at the time of writing. No position in any other stock mentioned. .

Technical Analysis, Tutorials

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Posted by Dan Hung

at November 10, 2009

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In my previous post on the Allied-Ares merger arbitrage opportunity Buy viagra soft tabs without prescription, , I introduced a topic which I realized I've never quite talked about here on The Curious Investor. Viagra soft tabs approved, As I intend this blog for both beginning investors and seasoned investors alike, here's a run down on the concept of merger arbitrage, pharmacy viagra soft tabs. Buy viagra soft tabs low price,

What is arbitrage?
Rigorously speaking, arbitrage is the practice of taking advantage of a price differential between two markets which allows the arbitrageur, discount viagra soft tabs overnight delivery, Discount viagra soft tabs online, or person taking advantage of the arbitrage, to obtain a risk-less profit, buy viagra soft tabs overnight delivery. Buy viagra soft tabs from india, Technically speaking, an arbitrage refers to a situation where the same asset sells for a different price in two markets, order viagra soft tabs no rx. Viagra soft tabs pharmacy online, For example, a textbook in the UK selling for $20 and a textbook in the USA selling for $100, buy viagra soft tabs in canada. The arbitrageur would buy the UK textbook and simultaneously sell the USA textbook and pocket the $80 difference, buy viagra soft tabs without prescription. Drug viagra soft tabs, The simultaneous stipulation is sort of a idealized hypothetical case. This act would imply a completely riskless arbitrage since there's no risk of being able to execute one transaction or another or risk of pricing changing at any instance in time, cheap viagra soft tabs no rx. Order discount viagra soft tabs, Merger Arbitrage
There's no such thing as a true riskless opportunity in real life is there. In fact, viagra soft tabs medicine, Buy viagra soft tabs us, in today's world of increasing information parity and quickening execution times, can arbitrage opportunities exist, viagra soft tabs no rx. Buy viagra soft tabs without prescription, Well, there's one regular kind of transaction structure which creates potential arbitrage opportunities all the time - merger transactions. Order viagra soft tabs overnight delivery, When an acquiring company chooses to purchase a target, the stocks of the two businesses will continue to trade independently for a period of time as the deal works out regulatory and other issues before closing, cost viagra soft tabs. Purchase viagra soft tabs, During this period of time, there remains risk that the transaction will not close or any number of other events could prevent the transaction from closing, cheap viagra soft tabs in uk. Viagra soft tabs without prescription, Provided the transaction does close, however, viagra soft tabs pills, Cheap viagra soft tabs internet, the merger transaction establishes an accepted price for the stocks in question and gives an investor the opportunity to extract value from variations to the closing price.

Five Opportunities if you're interested
Here are five pending merger transactions right now, viagra soft tabs overnight shipping.

merger arb

The classic merger arbitrage opportunity is the all stock merger. In the above chart, you can see it with Black & Decker and Stanley Works, buy viagra soft tabs without prescription. Buy viagra soft tabs internet, Here, the proposal is that Black and Decker shareholders will receive 1.27 SWK shares per Black & Decker share, cheap viagra soft tabs online. Cheap viagra soft tabs, Here, we know that at closing day, order viagra soft tabs from us, Buy discount viagra soft tabs online, there is an established exchange rate for the two stocks. Yet, viagra soft tabs uk, Viagra soft tabs overnight, at closing prices, SWK's closing price of $50.17, viagra soft tabs tablet, Viagra soft tabs online sales, today, the exchange of 1.27 shares would yield an implied value of $63.72/share to Black and Decker shareholders versus Black and Decker's closing price of $62.27 today, viagra soft tabs vendors. Find viagra soft tabs without prescription, This is the arbitrage opportunity. Buy viagra soft tabs without prescription, As time passes, we know that the valuation gap must close since the stocks of each company technically represent the same combined entity (assuming the merger closes). As we don't know how exactly the gap will shrink, viagra soft tabs information, Price of viagra soft tabs, we can buy the BDK at $62.27 and short SWK at $50.17 to lock in the spread that we have identified.

The second kind of merger transaction is the all cash deal, drug viagra soft tabs online purchase. Viagra soft tabs buy drug, This is simple enough. For example, cheap viagra soft tabs from usa, Oracle offers Sun Microsystems $8.50/share in cash. In this case, there isn't really an "arbitrage" opportunity as you won't be buying and selling the shares on each side of the transaction, buy viagra soft tabs without prescription. The $8.50 simply sets the exchange value and purchasing the target's shares (JAVA in this case) allows you to profit from any spread.

Finally, there's the Pepsi and PepsiAmericas deal where you see that consideration is given in 50% stock and 50% cash. This is simple enough. Calculate the spread as though the transaction were 100% stock. Then, average that with the value of the cash exchange. And, voila, the implied price.

Full disclosure: No position in the stocks mentioned in this post..

Stock Strategies, Tutorials

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Posted by Dan Hung

at October 22, 2009

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Buy cialis without prescription, Been meaning to write this post for a while, but it seems that my patience has paid off as I have even more chart evidence to work with. And, cialis non prescription, Generic cialis online, that is the main point of this post. Technical analysis is not a means for predicting the future, tablet cialis. Buy no rx cialis, That may seem paradoxical to those who have seen me use technical analysis to attempt to determine buy and sell points. If technical analysis isn't for predicting the future, cialis without prescription, Cheapest generic cialis, then how can it be useful.

What I mean by technical analysis isn't meant for predicting is that rigorous technical analysis isn't a means for front running what you "think" may happen to a stock, buy cialis without prescription. It's a means for gleaning information from an existing chart about an existing trend and helping the practitioner to make investments with underlying market supply and demand behind them, cialis buy online. Order cialis on internet, I came across this post, "Are Sears Holdings shares headed for a correction?, cialis overnight shipping, Drug cialis online purchase, " at wallstnation.com. The thrust of their argument was that SHLD's shares had traced a head and shoulders pattern and that a significant correction was likely, cialis tablet. Cialis free sample, Here's a "text book" head and shoulders pattern:

HeadandShoulder_050906

The stock rises to a peak and then declines.

The stock rises to a second higher peak and declines, but does not breach support defined by the first decline.

The stock rises to another peak but is unable to recapture the second peak.

The stock breaches the support level formed by the first decline and confirms a reversal of trend

Wall St, drug cialis. Nation posted this chart of SHLD as of 9/30/09:

SHLD 9/30/09

Buy cialis without prescription, Wall St. Buy cheap cialis, Nation's contention is that a head-and-shoulders pattern is defined by the three peaks it labels. Wall St, cheapest cialis. Cheap cialis in uk, Nation claims that this formation is "one of the most reliable trend-reversal patterns." What they miss is the fact that simply the formation of three "head-and-shoulders" style peaks is not the predictor of a trend reversal. The head and shoulders pattern must include a breach at the end of the pattern formation, buy cialis on line. That is step 4 listed above, buy cialis without prescription. Cialis uk, The head and shoulders pattern is a trend reversal not just a "reliable pattern" for predicting a trend reversal. Once the full pattern is formed, cialis in malaysia, Online cialis, one can typically expect a continuation of the downtrend after initial support is breached. In the case of SHLD, online pharmacy cialis, Cheap cialis in canada, baseline support was never breached. In Wall St, purchase cialis no rx. Buy cialis without prescription, Nation's own example, lows never breached the initial low in the formation and in fact have maintained an upward bias that they themselves identify in the chart.

In fact, in the chart they show, it is just as likely that a long term uptrend remains well intact and that the chart is merely in-between a series two "higher highs.' Well, a month later, what has happened?

sHLD102209

Well, the stock ripped off an upward run and made a high beyond the "right shoulder" of the supposed head-and-shoulders pattern. Sale cialis, At this point, it's hard to identify any near term trend at all, cialis overnight. Cialis without a prescription, Generally speaking, it seems the 50-day moving average has provided rough support, find cheap cialis, Cialis medicine, MACD shows a bullish bias, and a lower low has not been seen all year.

SHLD 3-year Weekly

In the case of the 3-year, cheapest cialis online, Buy discount cialis, weekly price chart, SHLD has just this year managed to return above its 50-week moving average which I believe signals a potential long term trend reversal, buy cialis canada. Canadian pharmacy cialis, For more on that, check out my post on long term technical analysis and trend reversals.

Full disclosure: Author has no position in the stocks mentioned in this post, order cialis overnight delivery. Cialis online without prescription,

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Technical Analysis, Tutorials

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Posted by Dan Hung

at August 27, 2009

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I've talked a lot about net working capital Buy accutane without prescription, in several of my posts. In fact, accutane medication, Order accutane no rx, I used it in my post this Monday when trying to determine Apple's distributable cash. For those that felt lost, price of accutane, Accutane for order, I had once described this process in my post on how to analyze businesses in a recession. Upon looking over these posts, accutane malaysia, Buy generic accutane, I've realized that some who are unfamiliar with working capital metrics and how they work may remain confused so I'm going to try to make it even clearer.

For this case study, buy accutane, Order accutane from canada, it will help to know how to calculate various working capital turnover metrics - Receivable Days, Inventory Days, accutane overnight shipping, Purchase accutane no rx, and Payable Days. You can find that in my Fundamental Analysis Series, buy accutane without prescription. But, accutane generic, Accutane cheapest price, I'll review it quickly as we go.

Working Capital Case Studies

Here, buy accutane online, Low price accutane, we have two businesses. Jimmy's Computer Builders is a computer business for which customers order a computer, accutane pill, Buy discount accutane, pay money immediately, and then Jimmy builds the computers and sends them to the customer ten days later, buying generic accutane. Accutane sale, Joey's No-Money Down Computers is trying to win over customers by offering to allow customers to pay for their computers 60 days after they order them. Buy accutane without prescription, Otherwise, Joey operates exactly the same as Jimmy's by building computers within ten days. Both companies use the same suppliers and have received 30-day terms, cheap accutane. Buy accutane online australia, That is, their suppliers expect to be paid within 30 days of delivering parts to the businesses.

Despite operating basically the same business, buy generic accutane online, Accutane no rx required, Jimmy has negative net working capital of $3,288 where as Joey has positive net working capital of $4, order accutane on internet, Buy accutane from india, 932. What does this mean, order discount accutane. Accutane for sale, It means that Jimmy's business "creates" $3,288 of cash simply by operating, buy accutane without prescription. He collects money up front, buys parts, builds the computers, sends them to the customer and then leisurely pays back his suppliers, buy accutane without prescription. Order cheap accutane online, Joey's business, on the other hand, accutane in malaysia, Drug accutane online purchase, requires $4,932 to operate, accutane cheap drug. Buy accutane online cheap, He needs to find a way to get cash, buy parts, canadian pharmacy accutane, Buy accutane from canada, build the computers, then pay his suppliers all before getting any money from his customers.

What we've just described is each business' cash conversion cycle (CCC), accutane online cheap. Buying accutane online, The CCC determines how much financing a Company needs to operate and grow or how well a Company may be able to finance its own growth and operations. Let's look at these two businesses one at a time.

Jimmy's Computer Builders (Upfront Payments)
In the case of Jimmy's business, buy accutane lowest price, Buy accutane overnight delivery, as the Company receives more and more customers, each customer pays up front and allows Jimmy to use their money to finance his business' growth as he can take their payments and invest in new inventory to build and sell, buy cheap accutane. Jimmy has a negative working capital business Buy accutane without prescription, . For Jimmy, however, if business tapers off or he's forced to liquidate, he will lose the benefit of new cash but still have suppliers to pay. Discount accutane online, As such, in a downturn, Jimmy cannot be complacent with his cash management. In a larger sense, he can't be taking all his extra cash and dividending to his shareholders or investing in new projects unless his business is stable or consistently growing.

Joey's No-Money Down Computers (Delayed Payments)
Joey, on the other hand, requires financing to get his business started. He needs to find money (probably through issued debt) in order to get inventories and pay suppliers while he waits for his customers to pay 60 days later. Joey has a positive working capital (think: he requires capital to do work) business, buy accutane without prescription. As Joey's business grows, he will need more and more outside financing to invest to service his increasing customers. This could be difficult and limiting. On the other hand, if Joey's business cycles down, he should theoretically be able to collect his receivables and pay his suppliers as well as the debt he incurred to run the business. There is however, more payment risk as some customers may just not pay and Joey will be left holding the bag for having spent time and money building a computer.

Cash Conversion Cycle Days Buy accutane without prescription, Just how much of his business can Jimmy self finance. Or, how much cash does Joey need to finance his business. This is calculated by a simple equation:

Cash Conversion Days = Inventory Days + Receivable Days - Payable Days

Basically, the time it takes to turn your inventory into sales plus the amount of time it takes to receive cash from each sale minus the days you have to pay your suppliers shows how many days worth of cash you business either makes available or consumes. Inventory days is calculated by dividing average annual inventory by cost of goods sold (inventory turns) and multiplying by 365. Receivable days is calcuated by dividing average annual receivables by sales (receivable turns) and multiplying by 365. And, finally, payable days is calculated by dividing average annual payables by cost of goods sold (payable turns) and multiplying by 365.

As to be expected by the negative working capital, Jimmy's Computer Builders creates 20 days worth of cash. This implies that Jimmy has 20 days to freely use a customer's payments before either getting more cash from other customers (if the business is growing) or using this cash to pay off his current liabilities (in our example his suppliers). On the other hand, as implied by Joey's positive working capital, Joey 's business has a 10 day CCC which implies that he needs outside financing of 10 days worth of operating cash in order to keep his business operating smoothly.

Fundamental Analysis, Tutorials

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Posted by Dan Hung

at August 14, 2009

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BDC stocks, however, have fallen at an even greater rate than their net asset value, buy kamagra oral jelly without prescription. Kamagra oral jelly without a prescription, Before the "Great Recession of 2008-2009," BDCs, cheapest kamagra oral jelly price, Low cost kamagra oral jelly, much like closed-end funds, almost always traded near or above net asset value, drug kamagra oral jelly. Order cheap kamagra oral jelly online, Today, very few trade at even 90% of NAV, buy generic kamagra oral jelly online. Best price kamagra oral jelly, Instead, analysts believe that the funds are now priced on dividend yield with investors demanding significantly higher returns for the perceived risk, kamagra oral jelly alternative. Kamagra oral jelly vendors, Could the recent success of capital raising activities by Apollo and Ares be a sign that investor appetite for private equity originated securities be returning. Buy kamagra oral jelly without prescription, If so, BDC shares could benefit both by a rebound in portfolio market prices as well as a return to "closed end fund-like" valuations.

Interested in potentially investing in this space, online kamagra oral jelly. Kamagra oral jelly pharmacy online, A "related companies" search on Google Finance pulls up nearly every participant of note. A word of caution, cheapest kamagra oral jelly prices, Order kamagra oral jelly without prescription, while these businesses provide access to investments in private equity companies, it is often difficult to get much information outside of the names and market values of each portfolio company through public filings, order kamagra oral jelly in us. Buy kamagra oral jelly overnight delivery, Furthermore, since very few are trading at market caps representative of the book value of their investments, it is advisable to spend time reading each Company's 10Q before taking a dive into this space. I would suggest looking for BDCs with time left on debt commitments, net asset value to debt <1.9x and as much liquidity as possible.

Full Disclosure: Author does not have a position in any of the stocks listed in this article. .