2013 Goal

Reading List: 1) Financial Statement analysis by MARTIN FRIDSON and FERNANDO ALVAREZ
                      2) Boomerang by Michael Lewis
                      3) Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in FS by          Howard Schilit

Action List: 1) Finish Knowledge Map, Skill Map, Relationship Map
                    2) Start building SOP and analysis check list
                    3) Perform a full analysis on one company or industry.

上櫃興櫃產業價值鏈資訊平台

http://www.otc.org.tw/ch/regular_emerging/ic2/



可惜沒包括上市公司

Street Fighters - The Last 72 Hours of Bear Stearns, the Toughest Firm on Wall Street

This is a very detailed account of what had transpired in the last remaining days of Bear Stearn. The book focused on the interactions of the key insiders during the last few days and hours. The book gives a good background on the last management team and their precursors in order to make sense of what culminated into the condition of Bear Stearn prior to its demise. The accounts give readers a good sense of the management not having the foresight and decisiveness to control the crisis at hand, and finally exhausted all of their options at the very last minute, and became vulnerable prize for the taking.

資訊揭露最透明和最不透明的公司一覽

台積電等十檔，奪得上市櫃資訊揭露評鑑最高等級「A+級」。圖為台積電董事長張忠謀。

（本報系資料庫）上市櫃公司第八屆資訊揭露評鑑結果出爐。台積電（2330）、太醫（4126）等十檔上市櫃，奪得評鑑最高等級「A+級」前十名；宏盛（2534）、恆義（4205）等19家上市櫃，列為最差等級的「C-」。

證交所及櫃買中心委託證基會評鑑的上市櫃公司資訊揭露，共分「五級制」，評鑑等級最佳及最差依序為「A+」、「A」、「B」、「C」、「C-」等五級。最新的第八屆資訊揭露評鑑結果已經出爐。



第八屆受評的上市公司有705家、上櫃公司485家。除上述「A+」及「C-」等級家數外，評鑑列為「A」級有416家「其中上市241 家、上櫃175家。「B」級561家，其中上市324家、上櫃237家；「C」級151家，其中上市96家、上櫃55家。「中間等級」的「B」級家數最多，顯示上市櫃公司資訊揭露還有「進步空間」。



證基會表示，受評上市櫃公司中，資訊揭露等級為「A+」的有43 家，其中上市公司34家、上櫃公司九家；「A+」前十名將接受表揚的上市公司則有台積電、中華電、京城銀、統一證、元富證、晶技、台灣大、創意、遠傳等九家，及太醫一家上櫃公司。



資訊揭露評鑑最低等級「C-」級的上市櫃公司計有19家，其中上市公司十家、上櫃公司九家。分別為上市公司的本盟、勤美、春雨、新利虹、宏盛、櫻花建、大榮、萬企、第一店、匯僑；上櫃公司的旭軟、恆義、福大、美嘉電、福裕、台聯櫃、安碁、晶磊、志旭等。



證基會表示，亞泥、統一、南亞、中華電、聯電、富邦金、元大金、中信金、遠百等119檔，都屬於自願性揭露資訊較透明的上市櫃公司。紅電醫、基泰、位速、中光電、艾華等五檔上市櫃公司，則是被評鑑列為資訊揭露「進步公司」。

Wall Street 2

I've finally watched Wall Street 2. It is better than I thought, although the love story was clearly distracting to the movie plot. Thankfully it was only a small part of the movie. It is hard to top what was set in Wall Street, so I wasn't expecting watching this one. I was thoroughly pleasant to find the movie this good.
My favorite part is the reenactment of what happened to Bear Stearns when it was desperate in finding a buyer. Of course in reality, JP Morgan's $2 offer was accepted, even though it was raised later on to $10 to appease the angry shareholders who were threatening to launch a lawsuit. I do find it important that JP Morgan raised the offer from $2 to $10. So if there was no competing offer or shareholder uproar, they would've gotten away with $2? Whatever happened to fairvalue? They said it was fair value but they were willing to pay either $2 or $10?
But I digress, I think Oliver Stone should've included this little tidbit into the movie. Overall the movie was entertaining. My only beef with the movie is that Jake Moore is a prop. trader, but he spends all of his time pitching investment banking deals, during trading hours. In fact, through out the entire movie, he didn't accomplish a single trade! he even got his broker friend to trade on his personal account for him. what's going on man?
On the internet, someone mentioned that in the movie, all the big shots were staring at Level II quotes. These are basically the order quotes before they were completed. that's tiny small mistake in the movie because in these days where flash trading is all over the place, looking at Level II quotes really dont get you much information anymore. but this is an honest mistake and is easily forgiven. still gets a small laugh tho.