Disinstallare Adobe Premiere Pro 1.5

. ACTION FOR misled investors

This weekend has seen a statement acknowledging that the company did not adequately inform investors about 9 years. The sentence will be appealed by the company could provide substantial compensation.


I am not surprised that this morning after the news became known on the market, shares go down VIVENDI more than 3% in fact currently listed in the environment of the 18 Euros. I take the fact that a good time to ask again if the price is always summarizes all information about a value, I repeat again that I do not think, because as it is possible to understand what happened cuendo was known to all the claim at issue to the point that the company will reflect in its financial statements.


Ni tratra view is that a manipulation to sell more shares to small investors and buy a really attractive price. Since the company has grown significantly in size after the acquisition a telephone operator ne BRAZIL, I will not go into a detailed fundamental analysis right now but I leave some UDS data to reflect on this. The data do not take into account the acquisition recently made.


1) the company's capitalization is now approximately 22,500 Mill / Euros.


2) Its net debt is about 8,000 miles / Euros. Liquid assets (Cash and equivalents) prior to acquisition just made in brazil over 3,000 Mill / Euros.


3) The net attributable profit stands in the vicinity of the 2,800-mile / Euros. EBITA in the environment of 5,400 all with a turnover of more than 27,000 miles / Euros.


4) In 2008 the operating cash flow net of debt interest and taxes exceeded the 3,700 Mill / Euros.


5) The company is a leader in the gaming industry is the second telecommunications operator in France and has a leading position in the media sector.


"It seems strange right?, Hard four pesetas and forgiveness because it is the equivalent in euros. For me, apart from what today is known not final and of course if confirmed on appeal would have its effect on the company do not see what has happened and the stock price. Clearly there are risks and that part of their revenues depend on a sector such as entertainment at the moment with difficulties but is no less true that trading at attractive rates and the acquisition in Brazil looks like a medium-term opportunity or at least what some analysts saying he tried to buy TELEFONICA

Reflections and decide but my point is that the value of the company is well above the price at which the market now recognizes, of course if it continues its descent and investment can be made to 16.5 the better but we never know is how far he can get the margin that the market will give us and if we must be clear how much is enough for everyone .

Vodka Grows Impotence

DOES DISCRIMINATE TRUE THAT THE MARKET? RESULTS BANKINTER

Curiously, most analysts say the market tend to discriminate and that the price contains all the information. I can be more or less agree that in the long term the market discriminates and that sooner or later recognize the value of companies traded in, but I'm short of saying that no, the price does not contain all the information. A few comments and questions may throw light on it.

How can understand that only last a couple of weeks most technical analysts claimed that it had to be in the market. " They are the defenders of the market (price) values \u200b\u200band expresses all the information.

How can we understand that most of the values \u200b\u200b(especially the big ones have reacted in much the same way?.

The truth is that most of these great values \u200b\u200bthat represent more than 50% of indicators have been left just a couple of weeks 10% of its value, or at least that's what they say their current prices, because I do not.

Go ahead I understand that technical analysis has its uses as well as other tools but we can not forget that humans if there is something we are known, is by mimicking what we see, if all we also buy and vice versa. Therefore, without disdain understand that can not be used as a unique tool to be in the markets, ie to invest.

I think the study of the fundamentals of a company (albeit complex) goes further and allows calm analysis of what is behind it and its ability to generate cash flows that the end of the day is what to an interested investor.

understand is why the market is irrational and does not discriminate, and it is precisely this lack of discrimination ability, which enables those who is able to analyze the information available to invest with a reasonable safety margin to obtain an adequate return. Return that we can not know whether to produce in 2 months or a couple of years, as the irrationality of the market means that many factors (mainly psychological) does not reflect the potential of the business.

In a brief way I mention, by way of example only companies that after discounting the downhills too many uncertainties right now and personally I do not see these, at least to the extent that the price shown.

can include all known companies such as Vivendi, FRANCE TELECOM, TOTAL FINA, DANONE, EON, EXXON, TELEFONICA, REPSOL. To cite only companies important capitalization, which at current prices if we consider its normal capacity to generate cash trading at very attractive multiples.

Finally, indicate that it is in these companies where they usually find more hidden value for the market, but the quote because I believe are the most best known. There are many other smaller companies that have fallen to attractive prices, you know I usually choose my analysis companies in various sectors and sizes, but usually in the mid-size and small is where I usually find most dysfunctional between price and value of the company.

I leave for both reflection to UDS, a set of questions as a summary:

Is it normal if the market discriminates most large-cap companies rise or fall as a flock of sheep at the same time?. Would it do so well so abruptly and in similar percentages?.

you own.

Natuzzi Leather Cleaner Kit

2009. CLARIFICATION

comment on the published yesterday in the blog, a kind reader left a comment saying they would not understand one of the paragraphs. Specifically which begin with and I quote the beginning of the party who does not understand:

"Based on the above question is whether BK at current prices (ranging between 8.5 and 9 )....."

simply concerned the appointment contained in quotation marks and comments in another color, this quote as indicated in the same comment belongs to another comment above on value, that actually now listed under 7 Euros as also explained in the commentary.

I hope that with this clarification and a second reading is clear the issue.

Compilation Of Facial

Course

appears that something starts to move in this Cantabria ours. Anything training / forThe topic is welcome, and we are pleased that since the institutions will start to support these issues.

My heartfelt congratulations for those who have dedicated their time and their work in making this possible.

Then I put the course syllabus, which will take place in Santander CEP

INTRODUCTION

The aims of education set out in the LOE, emphasize the full development of the personality and emotional abilities of students, training in respect of the rights and fundamental freedoms and effective equality of opportunity between men and women, the recognition of emotional and sexual diversity, and critical appraisal of the inequalities to overcome the sexist behavior.

This course is target teacher training on issues related to emotional and sexual diversity. The teachers provide this information and an important range of resources to work in the classroom is an appropriate way to convey to all students the values \u200b\u200bof respect and fellowship necessary to live in society.

OBJECTIVES

 Understand what is homosexuality and what are the benchmarks that we set internalized.

 To know the reality in which we live our youth about the homosexual issue

 Have

tools serve the LGBT students and their families

 Know how homophobic bullying and coping.

 Know what transsexuality and how transgendered people feel

 Getting resources to the students and the educational environment to improve the school environment.

CONTENTS

legislative

 Justification

 Definitions and vocabulary

 Brief historical review of homosexuality. Current situation.

 sexual diversity and young people: learning environment, social environment and family environment.

 Materials to work with students, teachers and parents.

METHODOLOGY

Exhibitions

theoretical and practical activities that are developed through group work with dynamic techniques, role-playing, case studies ...

TARGET Teacher active teaching at
Education

Secondary School.

SPEAKER

San Emeterio Alberto Alonso. Professor of Secondary Education in the Autonomous Community of Cantabria.

PROGRAM (DATES, VENUE AND TIME)

23, 24, November 30 and December 1 (Monday, Tuesday).

All sessions will be held in the CEP de Santander in time from 17h to 19h30.