Make A Frame Brooklyn sihtnumber Vt selle ettevõtte 9 suhtlusvõrgustiku lehekülge, sh Facebook ja Google, Tundi, Telefon, E-kiri, Veebisait jm. Cybo Score. Cymbo ülevaade.  Make A Frame ei tegutse valdkondades Muu ostlemine, Raamimine. Ettevõttega saate ühendust numbril () Lisateavet Make A Frame kohta leiate veebisaidilt - Ettevõttega saate ühendust kirjutades e-posti aadressil makeaframe@- Thomas Shoemaker on seotud selle ettevõttega. Based in New York, Level Frames will conveniently help you custom frame any poster, print, photo, and more -- both online Make A Frame Kit Zoom and in-person! We provide shorter turnarounds and rush framing for New Yorkers so that you can enjoy more framed art and pictures on your walls quicker.  Our handcrafted custom frames are shipped all over the country, but we're proud to call Brooklyn home. We love helping fellow New Yorkers frame photos and artwork that mean something to them.  Oversize frames - a great way to make a statement in any space - can get very expensive at traditional frame shops, but we've set up a specialized workflow to make them more affordable. We're able to work with items up to 60" x 96" and deliver the completed frames directly to your space via art courier. EverPresent Brooklyn, NY is one of our 35+ certified locations trusted locally and recognized nationally as the premier family digitizing service. Click here for directions to this location. Our consultants offer in-home consultations throughout Williamsburg, Flatbush, Bay Ridge and throughout Brooklyn.  We are proud to announce an exciting local business partnership with Make a Frame Brooklyn in NYC! Our premium digitizing services can preserve old photos, vinyl records, and 8mm video tapes for Brooklyn families to enjoy again and again. Make a Frame Brooklyn is a local art hub in this historic borough, so it made perfect sense for us to join forces and serve people in the area. We hope you come see us!. Frankfurt A. It crashed, and the market bounced back pretty quickly. Surely there will be some permanent changes for the better, utilizing things we have learned during this time, and that's great. Not OK. Recording a meeting on Zoom?

Argos AO. Privacy Policy Feedback. Woman, 25, who accused NY Gov Cuomo of sexually harassing her last June slams him for refusing to take responsibility for his 'predatory behavior' in her first statement since the scandal broke Charlotte Bennett, 25, has claimed that Gov Andrew Cuomo had asked her inappropriate questions about her sex life last June Cuomo responded to her allegations on Saturday, saying he never made advances toward her and never intended to be inappropriate Bennett on Monday accused Cuomo of refusing to take responsibility for his 'predatory behavior' and wielding his power to avoid justice Another former aide, Lindsey Boylan, recently accused Cuomo of subjecting her to an unwanted kiss and inappropriate comments Cuomo has denied the sexual harassment allegations made against him New York's Attorney General Letitia James on Monday said she's moving forward with an investigation into the allegations against him By Emily Crane For Dailymail.

Share or comment on this article: Cuomo accuser slams NY Gov for refusing to take responsibility e-mail More top stories. Bing Site Web Enter search term: Search. The post that all-but-confirms she and Chandler Powell have secretly welcomed their daughter Forget Meghan versus Kate Granny Carole has got enough on her hands with Pippa Middleton's new baby Stylish clothes, stunning homeware and kit for cute kids!

Get ready for those bright summer days ahead whether you're at home or away! Selena Gomez is a Texas girl at heart in country chic fringe jacket over a bralette during outdoorsy photo-shoot Rita Ora commands attention as she flaunts her jaw-dropping cleavage in a gold studded Moschino bustier and matching baker boy hat Kim Kardashian poses in a bikini top with sisters Khloe and Kourtney as well as her 'besties' for new SKIMS partnership: 'Silky smooth!

Rapper welcomes first child with Karima McAdams - a son named Slimane Ray - after suffering 'scare after scare' Beyonce's snap of daughter Blue Ivy celebrating first Grammy win sparks speculation she bought The Notorious B. Dani Dyer wraps up for a stroll with boyfriend Sammy Kimmence and their baby son Santiago after revealing postnatal depression fears Lottie Moss poses in a lace thong and bodice bra as she poses in a sultry clip filmed inside her huge walk-in-wardrobe Pregnant Ellie Goulding displays her growing baby bump in black gym gear as she shares home workout video Love Island's Amy Hart, 28, leaves a fertility clinic after having her eggs frozen when she was warned she was heading for 'early menopause' Dress UP Fridays!

Izabel Goulart shows off her peachy bottom in a skimpy bikini as she partakes in an outdoor shower A cheeky display Aisleyne Horgan-Wallace displays her new Brazilian butt lift as she gives fans a taste of what to expect from her OnlyFans content in behind-the-scenes clip This Is Us star Chrissy Metz cuts a stylish figure in a pink floral dress after stepping out for a trip to the supermarket Paris Hilton celebrates her 40th birthday with Carter Reum and friends as they throw backyard party with Barbie cake and pink churros No hoodies and Zoom speeches are BANNED!

Oscars bosses insist they'll provide a 'safe and enjoyable' evening for their limited guests after revealing plans Pregnant Hilary Duff predicts her third baby is a boy and admits she is a 'little scared to have another girl' Baby number three Katharine McPhee jokes about her bust as she breastfeeds her infant son Rennie in a plunging floral blouse New mum 'I love it here': Zac Efron raves about South Australia's Kangaroo Island after filming his Netflix series Down To Earth in the region William and Kate FaceTime paramedic's dad amid claims prince is 'distressed' his private conversations with Harry and Meghan could be 'plastered over US TV' Elvis has left the building!

William was furious at Harry and Meghan's 'insulting and disrespectful' response to The Queen after they Vaccine expert slams EU's 'completely hopeless' tracking of Covid outbreaks as he warns 'biggest risk' to UK Tory rebels accuse Boris Johnson of following 'dates, not data' on lockdown easing as they argue AJ Pritchard's girlfriend Abbie Quinnen is engulfed in fireball as stunt for online video goes horribly The Queen plans diversity drive: Royals will boost existing programmes as Harry and Meghan's accusations of Forget Meghan versus Kate Granny Carole has got enough on her hands with Pippa Middleton's new baby Ben who?

The Queen is not a puppet! Her Majesty has never been more in charge or more ready to be ruthless after David Cameron texted Rishi Sunak lobbying him to grant hundreds of millions of taxpayer-funded loans to War of BBC's big beasts! She has struggled to adapt to virtual learning and knows it. I think we are stuck in hybrid for the year. The amount of energy and accountability she brings every day to a screen amazes me, especially knowing that there are an unknown amount of parents able to hear which would personally give me a ton of anxiety.

I live in a state with no caps on the number of charter schools and predict an explosion in my city as every parent who can get a slot elsewhere gladly moves their kids. One of my kids may go back 2 days a week after a year at home this month, with the other schedule to go back in March to. I feel so bad for my kids, one of whom truly hates school now and this damage will probably take a long time to overcome not to mention catching them up academically to their peers who have had actual instruction all along.

Can we not with the teacher bashing? I find teacher-bashing particularly enraging when I consider the demographics of this group. When you hear some of the salaries on this board, it just really comes off wrong to place this unique blame on teachers. Where are the posts bashing the school board or the community for not taking good precautions so teachers feel safe or the public health officials who opened up bars before schools?

They were there! I promise you that. A lot reopened this summer though when schools were naturally closed and s were low in my state and city. I expected my schools to reopen on time in late August after summer camps occurs without incident.

Just wanted to say I hear you. The constant teacher bashing on this board is gross. Everything sucks for everyone — have some compassion. If you were vaccinated, but your family was not and would not be for months, would you go back to work if it meant constant close contact with so many unvaccinated people?

We do not yet have a definitive answer on whether vaccinated people can be asymptomatic carriers. Look at the millions of retail employees and more doing exactly this, and have been since March.

And are often behind teachers in the vax line. School is more essential than a trip to most of these stores.

You make a better argument for retail workers to unionize than you do for teachers going back to in-person school, Anon Some people take it too far, absolutely yes, but my god — there are fundamental issues with our system and a discussion should be encouraged. Yes, and teachers themselves have very serious complaints about their unions and administrations. And sometimes their fellow teachers.

I remember and am grateful to good teachers I had as a child. I know many excellent teachers teaching in public schools right now. They are fighting the good fight. But I also remember the teachers who were abusive toward or inappropriate with students who were protected.

I do think teachers are sometimes blamed for union and administrative decisions. I know some of the teachers who were just assigning worksheets were following instructions from administration aimed at preventing disparities surrounding access to technology, for example.

When they reopen and hopefully going forward, I think schools could do more to avoid incubating and spreading contagious diseases in general.

Smaller class sizes, better air circulation, cleaner environments, etc. The discourse in my neighborhood has become rather heated. Never mind that the poorest-paid teachers in our district, the preschool teachers, are working in person. They are also being terrible about understanding science, statistics, or risk assessment. Oh, sorry, I meant in the sense that I agree with you.

And even now I get that there is good arguments on either side, although I am personally in favor of them being open. I hope I am wrong. The risk assessment has been so terrible. Not OK. Teachers are not teacher unions. Mental health is health and this is making my kids sick. I struggled with mental health because of school as a child, and being pulled out of school and home schooled was the cure.

Your child may thrive in regular school, but it sounds like their experience with Zoom school is similar. I feel moved to say something since I really never told my parents just how bad it got.

Sorry your free daycare got taken away. In the battle of job vs. In my states, many teachers just quit. They quit, took leaves of absence, retired, took ADA leave. There are NO subs.

What are they supposed to do? Yeah, I would not sub in a pandemic. Any webcam recommendations? Looks that our firm is probably not going to reopen until the end of the year, so I figure I should upgrade my videoconference setup. I have a pretty decent speaker already. My overhead light has a yellowish tint so anything that would brighten that up would be helpful not sure if that is possible without a different light source….

I have one of those little clips that have a phone holding arm and a ring light arm on them, and I clip it to my monitor stand. No advice on the webcam, but can you change the light bulb s in your overhead light? Adding on to this, we bought wifi lightbulbs for the floor lamps no overhead lighting in our living room, which is also my WFH office. Do you really need a new webcam, or would you be better off buying a lighting setup?

Lighting is much more important to how you look. Thanks all. These are very helpful. I use a docking station and am having to undock it before using the laptop camera, hence wanting to see if I can get an external one. But definitely agreed on lighting. I will see what I can do to change the light bulb! I picked a relatively inexpensive webcam and added a ring light.

Links to follow. Oh, my sympathies. Project managers never get appropriate credit when something goes well, but they often get dumped on. It makes it easier to spot when something is going off the rails if you notice that small step 2 is languishing versus big item 2 not progressing but not knowing why. Absolutely agree with this. Even working on projects with the same team of 2-including-me, a very atomized schedule and joint access to all the files has been crucial.

We leap forward when we remember that, and stumble as soon as we forget. Consider pre-alignment meetings with key stakeholders. You will want to have buy-in from the critical people before holding the actual decision meeting to avoid nasty surprises.

Try to hold your functional experts accountable to their inputs, and have them align with their chain of management first. Maintain an Excel spreadsheet of people involved and categorize by function, phase of project etc. For one big project I had, I kept a printout of the leadership org chart to which I had mapped the different project members and their management chain in case of deep hierarchies.

Additionally, maintain a slide deck with just slides presenting the background and status of the project in an executive format. Each section has single-line bullet points under each. Then, if someone new gets onboarded, I can refer to this slide and add a box under the information above outlining how I see this person contributing e. I may add more slides depending on other relevant functional information.

Communicate effectively—if you are sending an email, make sure it is very clear what you want from the recipient. I would like to see them vaccinated, certainly and my state just opened that up, hooray! Oh goody, not one but two threads to slam teachers! Do you want schools to open? Stop partying and visiting and traveling. I started one thread and I think many teachers are great. Nice try though. Sounds like it was you on both threads then.

You made that point in the first thread and not in this one. I want schools to open too and I do not even have children , but I think belittling teachers and ignoring their concerns is not going to help. Teachers cannot get vaccinated yet in my state either — not that we can expect robust protection against the variants right now.

Oh, right. You are shooting the choir. And they are not teaching my kid a [email protected] thing, just having her watch YouTube videos and complete mountains of auto-graded quizzes. Sorry, no sympathy. If teachers would unite with parents to lobby for opening schools safely, improving ventilation, enforcing masking, getting families vaccinated, closing restaurants and gyms, restricting sports, improving the quality of on-line coursework, etc.

Wow your contempt for teachers is palpable. I am predicting that the unions have overplayed their hands and it will drive out any people who can afford a choice in where they send their kids, either by choosing private school or choosing to move somewhere that prioritizes what kids need vs what the noisiest of adults want.

Why are we doing this? No teachers get these things. The kids are wonderful, but the parents can be terrible — fighting masks and social distancing at every board meeting. Teachers are human beings, worthy of respect. I think vaccines are a game changer, and they should return after full vaccinations, but I honestly think the vast majority of teachers and teachers unions feel the same way.

Your kids are watching. I hope you are not raising them to be contemptuous of other people. I would put my kid in 5 masks and a beekeepers suit if it got them back in the classroom. They are wilting before my eyes. I wish gap year had been an option for elementary school. They could have read books on their own, played outside, and have had some peace.

Now they are chained to a computer, watching videos to learn math, and worried that they will be held back because they have failed various high-stakes tests due to computer glitches. Their stress is through the roof and it is not fair.

What are the rules in your state? In my state, not only would this not be allowed but your kid would forfeit magnet slots forever if they had been in a magnet program. That is why we are roughing it out. I can afford private school for more than one year and with my job could not meaningfully homeschool older kids. Ah, I see. I wish there were an easy solution for all of us.

Teachers and childcare workers are included the current phase in my county, and as far as I know they are itching to get back to the classroom.

Several elementary schools were even open for half days for a while. My kid is in high school. There was a bit of a learning curve but his classes meet live four days a week for an hour and they are covering class material.

He has a lot of assignments to keep up with and spends most of the remaining hours of the day working on those. I agree. If you are not essential and your employer is making you go to work, then they are unethical.

I would seriously reconsider working there. Now that vaccines are available, essential workers including teachers should have priority. I fully disagree that unvaccinated teachers should have to go back to work in person before being vaccinated, especially since there is a workaround — remote learning.

Anyone have this style and can speak to the quality and how close it is to the regular sheath dresses by regular Theory? Anyone else hitting a wall? What are your best tips for treating yourself well when you just want to cocoon in bed?

Any other suggestions? How about boardgames? We tried one for the first time all pandemic last night and actually had a really good time.

I think the novelty helped. Expecting another foot of snow in the next couple of days, after a half-inch of ice two days ago, and two feet of snow right before that. It crashed, and the market bounced back pretty quickly. Plus, what crashed are the stocks that are going to have a lot of problems. What rallied are beneficiaries.

Plus, for a company like BRK, you would want to take advantage of any distress to get involved, but as Buffett said, with the stimulus package, the phone wasn't ringing all that much.

There may be opportunities within each of the private holdings too, and we know there is a lot of pain in just about every wholly owned business at BRK. A while back, I argued that this increase in cash does not necessarily reflect a bearish view on Buffett's part. OK, maybe it's not super-bullish. But it's not outright bearish, either. First, I said the accumulated cash pretty much corresponds to the rise in float; since the mids, cash and fixed income investments always approximated the amount of float.

Also, just because Buffett doesn't buy stocks doesn't mean BRK is not fully exposed; some of his former stock holdings are now wholly-owned subsidiaries. Just because they are no longer publicly listed equities doesn't mean we can't participate in intrinsic value growth of the business.

We still own the equity. Same with outright purchases of other listed and unlisted businesses. To show this, a while ago I posted how BRK is fully exposed despite the high cash balance. First, I added up the stock holdings, and then to that, I added the net worth of our subsidiaries; the railroads, utilities, and manufacturing, services and retail, and it all added up the the full value of BRK's shareholders' equity. I showed that the high cash holdings of BRK is not a drag on future potential returns as it would be in a mutual fund.

If a mutual fund had a high cash holding, yes, then it would lag in a bull market. Not so BRK. Since manufacturing, services and retail is no longer itemized on the balance sheet, I can't do this, but if you net out the cash, cash equivalents and fixed income securities with float, you will see that what you have left is still equity ownership in the various businesses; the cash is not necessarily a drag on returns on this basis.

Of course, if the cash was invested in higher returning securities, future returns would be higher. First, check out the liquid assets cash and cash equivalents plus fixed income investments against float.

This is just an approximation of float using the 2 or 3 items shown on the consolidated balance sheet so may not match what Buffett calls float, but it is close enough. Since or so, it's been remarkably stable at around 1. Someone asked about this at a recent annual meeting and Buffett said there is no relationship. It is a head-scratcher because it seems to match perfectly over time. Some insurance companies like MKL and Y use their equity portfolio to shareholders' equity ratio to show how much stock market exposure they have.

This, for BRK, is in the column labelled "Stocks to sheq". BRK back then was a leveraged play on Buffett's stock-picking skills, and any investment in bonds offered free incremental points on ROE above all that.

No wonder why returns were so high back then. I use the average since because the beast was a different animal pre-Gen Re. This next table shows some other ratios. Investment leverage is used by insurance companies too, total investments versus total shareholders equity. This is not really all that relevant for BRK because insurance is only one part of the business. But let's look at the portfolio in a conventional way. We will add the cash, cash equivalents and stock portfolio and see how that breaks down.

And, check it out! Buffett bearish? Well, according to this piece of evidence, not really. Or, at least, not all that much more than in the past 20 years.

Maybe this is a little tautological but liquid assets as a percent of total investments is also below historicals, and also liquid assets vs. This is not how much it's worth now, but how much BRK has gained on the position of around million shares.

That's as much as the total shareholders equity BRK had as recently as , and also as much as the gains on all of the other holdings as of the end of so before the recent decline in most of these holdings.

Part of this multiple expansion is probably due to a shift in the business model from a hardware, consumer electronics business to more services.

I have no idea how this will pan out over the years, but I do notice more and more people living their lives in a very Apple-centric way. People are frustrated that Buffett continues to accumulate cash. The cash just gets bigger and bigger and it makes Buffett seem more and more bearish. But as you can see from the above, the cash balance may grow, but so does BRK. So on a relative basis, the cash balance hasn't really been growing all that much.

Judging from this analysis, you can't really conclude that Buffett is any more or less bearish than he has been in the last 20 years. But that won't stop people and the press from obsessing over this 'nominal' figure. Oh well Wednesday, August 19, Tsunami etc.

Yes, it's a tsunami. Tsunami of liquidity. A fiscal tsunami. Both at the same time. People seem baffled at the strength of the stock market; they keep saying the market is 'divorced from economic reality' and things like that. Others say this is a big bubble waiting to implode. I don't mean to argue that the market is always right or anything like that, but the market is reacting to some massive, massive stimulus and liquidity injection.

Some of that is bound to leak into the stock market. As I said earlier about Covid, this is forcing governments around the world to try to offset the negative effects of the virus. And as usual, they are going to overdo it. And this, in turn, will lead potentially to a really massive bubble.

So that is not that crazy looking either, given much lower interest rates now than most of this time period. It is very possible that this will happen again.

This rickety house can symbolize a highly levered equity fund vulnerable to a bear market, but when I saw this picture, the first thing I thought of was all the shorts being steam-rolled by this tsunami or simultaneous tsunamis.

Anyway, I wouldn't necessarily put this in a category of good news; some would say this is really bad news.

But a recent Howard Marks note talked about all the reasons why current market valuations might be reasonable; that the current tech companies leading the market actually has really good, strong business models.

While not pointing to any individual names, I have been thinking the same thing over the years. So, as usual, the financial media is going crazy over the fact that Buffett bought ABX. Most of them didn't even mention that this could be a Ted or Todd pick and not a Buffett pick.

Also, he dumped a bunch of JPM, which is actually kind of surprising. Not sure what is going on there. Maybe it's a valuation play as BAC is cheaper. I think Dimon is a much better CEO than Moynihan who hasn't really been tested yet, whereas Dimon has been through many crises. Maybe BAC has a longer runway as Dimon has health issues. I don't know. Maybe he is a lot more worried about this pandemic than most of us.

Anyway, back to the market. So yes, it's kind of acting contrary to the expectations of many, but not really. If you look at the market leaders, they are really doing well earnings-wise. Sure, this may be a one-time bump for some of these names, but for the most part, Covid is only accelerating what was going to happen anyway move to cloud, retailers dying off etc So there is nothing wrong with being in companies who have been enjoying a tailwind for years and then suddenly gets a big gust from behind.

So that explains the consumption figures. Of course, this is not sustainable forever new plan hasn't been passed yet as of now. I have been spending more time recently looking at things to do due to the extraordinary nature of the what is happening, but I have to say nothing is really jumping out at me.

I am tempted, of course, to jump into airlines, hotels, real estate, energy, anything travel-related and some other areas hit hard, but nothing is really jumping out at me. If you like any of these businesses and believe in them for the long term and are fairly sure they will survive this crisis without too much dilution, then it's a great idea to buy.

But the problem is that most of the above businesses are not in areas I would have been interested in pre-crisis. So if I got into any of them now, they would just be 'trades'. I would get in, hold until normalization, and then get out. They would not be situations where I would want to buy and hold forever.

So that makes me a little hesitant. There is a lot of uncertainty about the elections. But as usual, I would say, look back at all the other times we were worried about something.

We should never forget election day. What about the fiscal cliff? All sorts of problems, uncertainties over the years. So, as usual, I would just say ignore it all. I don't want to talk about politics here as there is plenty of other places to talk about it, and I don't think I have anything to add to what everybody is saying anyway. But I would say that whatever people worry about, I wouldn't worry too much about it.

Whether it's pharmaceutical stocks when Clinton got elected, insurance companies with Obama, financial stocks when Elizabeth Warren was looking good etc. Whenever you have big moves on those worries, as traders, it's actually probably a good idea to trade against it. I am reading this new book about GE, Lights Out , and it is terrifying.

If you always wondered why Buffett always spoke so highly of Immelt and GE but never bought stock other than emergency financial crisis financing , this would help explain it. I've always wanted to love GE, and it was always on my to-do list to do a detailed analysis of GE and even buy some shares at some point, but it never got to that point because of Immelt.

He came across to me as this rah-rah cheerleading type; the kind of manager I would not want to put money with. And his denials and lies throughout the crisis was worrisome too I didn't realize how much he was lying, though It's like a 40 year old man blaming his parents for his behavior. So, during this pandemic, I have been reading a lot as usual, and I started reading an old book that I am embarrassed to say I've never read before.

Paths to Wealth Through Common Stocks. This is a Philip Fisher book. I think Philip Fisher is sort of underrated compared to Benjamin Graham.

Everyone including me always talks about Security Analysis and Intelligent Investor , but not everyone talks about Common Stocks and Uncommon Profits or this book. That's probably for a good reason. First of all, Graham was the first in setting the ground rules of value investing so comprehensively. But on the other hand, I feel that Fisher has had more of an impact on Buffett and he admits it than even many Buffett followers realize. But Buffett has for decades been saying that he would much rather pay a fair price for a decent business than a good price for a mediocre business OK, I totally butchered that one, but I'm a little rusty, you see Anyway, I was reading it and this whole section made me jump out of my seat as I immediately thought of quite a few people I would need to send this book to:.

I have already commented on the strange tendency of the supposedly forward-looking financial community so often to fail to recognize a changed set of circumstances until the new influence has been in existence for years. I believe this is why the man who attempted to forecast the course of general business was regarded as so important a factor in the making of investment decisions during all of the 's and much of the 's.

Even today, a surprising number of both investors and professional investment men still believe that the heart of a wise investment policy is to obtain the best business forecast you can. If the outlook is one of expanding business, then buy. If the outlook is for a decline, sell. Many years ago there was probably considerably more merit to such a policy than there could possibly be today.

The banking structure was weaker. There was no assurance it would be shored up by the government in times of real trouble -- a process bound to produce a massive dose of inflation. There was no tax system of a type that can hardly fail to produce strong inflationary spending whenever business and therefore federal tax revenues are at abnormally low levels.

No public opinion had crystallized to assure that whenever business levels dipped sharply, the government would take strong countermeasures to stem the tide. Finally, the industrial base was much more narrow. The large number of industries in today's complex economy that bear little relationship to each other in their basic characteristics probably assures that even without the actions of government, modern business recession would be somewhat less severe than its former counterpart.

Some industries would be enjoying unusual background conditions enabling them to expand, while the majority might be in a declining phase. This tends somewhat to stabilize the economy as a whole. All this means that a depression is of less significance to the investor than it was many years ago. It does not mean knowing what business is going to do would not be quite useful information to have. But having such information is not vital for obtaining magnificent results from common stock investments.

Simple arithmetic should show this. When a stock market decline coincides with a fairly sizable economic slump as happened in to or to , most stocks sell off from 35 to 50 percent. The better ones then recover when the slump ends and usually go on to new high levels. Even in the greatest slump of all time, only a small percentage of all companies failed, that is, went down per cent.

Most of these companies were companies which had had fantastic amounts of debt and senior securities placed ahead of their common. After one of the wildest speculative booms ever known, much of it financed by borrowed money, the average stock slumped 80 or 90 per cent.

In contrast, when stocks rise over a period of years, even the most casual study of stock market history shows many figures of a very much greater order of magnitude. Compared to the temporary declines, usually of 35 to 50 per cent, that frequently accompany depressions, the outstanding stocks those of the unusually well-run companies that have maneuvered themselves into growth fields go up several hundred per cent, stay at these levels, and then go still higher.

Many can be found for which a decade's progress can be measured in multiples of per cent rather than per cent. From the standpoint of obtaining results, I have noticed that investors who place heavy emphasis on economic forecasts in the making of investment decisions usually fall into one of two main groups. Those who are inclined to be cautious by nature can nearly always find an impressive sounding forecast that for quite plausible and persuasive reasons makes it appear that important economic difficulties lie ahead for the business community.

Therefore, they seldom take advantage of opportunities when they present themselves and, on balance, these missed opportunities mean the economic forecasts have done them considerable harm. The other group are the perpetual optimists who can always find a favorable forecast to satisfy them.

Since they always decide to go ahead with whatever action they are considering, it is hard to see how all the time they spend on business forecasting does much good.

More and more investors are coming to recognize the wisdom of making their decisions about common stocks largely on the basis of such outright business factors as appraisal of the quality of the management and the growth potential of the individual company's product line.

These things both can be measured with a fair degree of preciseness and have a far greater influence on how good a long-range investment will be This book was published in , and it is amazing as it still applies to this day; there are still people who think that predicting the economy accurately will lead to superior investment results.

As for the market, it may seem like it's crazy, but keep in mind the amount of stimulus and liquidity injected into the system. It's not just lower interest rates. Also, people keep talking about overoptimism about the virus, but if you look at hotels, airlines etc. Also, keep in mind that a lot of the big winners this year are making a lot of money; revenues are growing at incredible rates, profits etc.

What is happening is that the smaller operators are suffering. Fast food is taking share away from the independent restaurants. If airline and hotel stocks were making new highs, then I would think the market is nuts. But that's not what's happening. You have to sort of look under the hood to see what's going on, but of course, that's too much work for most!

I get it. So there is a lot about this market that does make sense. This is not to say the market is always right, or that the valuations of each of these businesses at this point is correct.

I am just pointing out that it may not be as crazy as some suggest. Cloud players, stay-at-home beneficiaries are up big. What is so crazy about that? Also, I think there has been a lot of tech adoption from the never-adopters. I see all these posts about kids teaching their grandparents how to use a tablet, how to get on a Zoom call with family, how to chat on FB, Line, or how to use email.

People many of them seniors who only used land-line phones and didn't know how to turn on their TV well, I have trouble with that too with so many remotes and buttons They are learning how to order things online. A lot of this will be permanent.

When things clear, many of these newbies will keep using their new devices and will continue to shop in their new ways. Not all of them, of course, and maybe not as often as right now.

But this has caused an increase in this market for sure. As for all the talk about how things will never go back to the way it was, that people will never go to conventions ever again, and that client visits will never happen again as Zoom calls work just as well, and offices will decline as people get used to working from home, I think, is rubbish.

People always extrapolate what they see. Sure, it may take some time to get back to normal, but things will get back to normal, eventually. Surely there will be some permanent changes for the better, utilizing things we have learned during this time, and that's great. But I wouldn't expect a lot of this stuff to be permanent by any means.

Wednesday, May 20, Wow! It's been quite a few weeks since my last post. I haven't really changed my thoughts since then, but maybe the economic impact of this will have more than a blip on the long term charts after all. So far, the economy seems to be doing much worse or will soon than the stock market.

The initial decline was shocking, but not at all unexpected. The recovery rally is kind of incredible too.

As I watch all these commentators, I realize nobody really has any idea. You make enough calls and predictions, you will at least be able to pick one and say you were right. Also, they are very careful to word their comments so that they can't be called out for being wrong. You say enough of that, and you will be right about something, eventually It's kind of a joke, but whatever.

A lot of things have happened since my last post, including the virtual BRK annual meeting. Nothing really new or unexpected, as usual, but one thing that may have shocked people was how Buffett dumped all his airline stocks. We are supposed to be long term investors, and are not supposed to be reacting to headlines, however scary.

Most of them will be out of business by the end of the year or long before that. The government will have to bail them out, but that will be costly. Either they will have to take on a lot of debt that will take years to pay off, or they will have to issue a lot of equity, basically wiping out current shareholders.

Many businesses will not survive this, and even if they do, there will be big losses to equity investors. A lot of restaurants will go out of business too, but mostly the independent ones. Major chains, especially fast food and fast casual should be fine. Retailers are out too, for the most part. A lot of retailers should probably not even exist, and this pandemic is just accelerating what is going to happen anyway.

The Micrsoft CEO, Nadella, said that there was two years worth of virtualization in two months since the pandemic. I think that's the case with retailers. This will just accelerate the demise of retailers with flawed or out of date business models. One thing Buffett said was that he didn't really see any bargains during the decline in March. We know from the crisis that Buffett is not really a trader, so he is not going to be buying the lows on big down days, necessarily.

Wood Shop Auckland 5g Buy Pumpkin Carving Kit Near Me For Custom Logo Wood Branding Iron Set Decorative Furniture Hardware Pulls Quest