Word: worthing
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...that there is a disagreement concerning the fundamental values of the U.S. money center banks. It has become a sign of sophistication for an institutional stock picker to say that a company's stock value is zero. Recently, there have been research notes that say that GM (GM) is worth zero, and that Citi is. Saying something is worth zero is too easy. Most analysts have to give a range of prices and reasons for their upper and lower targets for share value forecasts. Saying something is worth zero is cheating. It takes away any meaningful analysis of the worst...
...Citigroup trades at $2.72 now. All the harsh talk from bank analysts pushed the stock down by less than 5% yesterday. That means a lot of investors gave the alarmists little credence. Maybe they want to see Citi's first quarter earnings before they decide what the bank is worth. Since the stock is down from over $55 less than two years ago, no one is assuming that the bank is going to earn billions of dollars for the quarter. The question is probably how few billion it will lose...
...most powerful argument that bank experts make about why Citi is not valued correctly is that, first, no one has access to its books, and second, the bank has so many levels of debt and equity that no one can unravel what the convertible preferred and senior notes are worth, let alone the common stock. That point of view leaves out the most obvious aspect of valuing Citi's stock which is that it is followed by thousands of experts. Cit trades over 400 million shares a day. With that much volume and that many experts, the market for evaluating...
...Having been a victim myself, through Madoff's West Coast feeder stalwart Chais, I know firsthand all about the high fees: 25% of income earned. Chais isn't talking, but that adds up to real money, enough to create, in his case, a foundation, the Chais Family Foundation, purportedly worth $175 million before Madoff's arrest on Dec. 11, 2008. The foundation is now kaput, as is Chais' financial sub-empire and as is, for that matter, my retirement. Chais has several lawsuits pending against him, including one by Eric Roth, the Hollywood screenwriter...
...only because it is technically a state-owned institution. More problematic, however, is that there is no way of knowing how many of those fossils are real. Chinese scientists say fake fossils are so pervasive in Chinese museums that using authenticity as the basis for judging a collection's worth is unrealistic. "Granted, there are many fakes and processed [fossils] in Tianyu, like everywhere else in China," says Xu Xing, a paleontologist at the Chinese Academy of Sciences, who is part of a team that discovered primitive dinosaur feathers in fossils that are now housed at Tianyu...