|
Bill Miller (investor)
William H. Miller III (born 1950) is an American investor, fund manager, and philanthropist. He served as the chairman and chief investment officer of Legg Mason Capital Management as well as the principal portfolio manager of the Legg Mason Capital Management Value Trust. He is the portfolio manager of the former Legg Mason Opportunity Trust mutual funds, now housed at his own firm Miller Value Partners. Early life Bill Miller was born in 1950 in Laurinburg, North Carolina. His father worked as a terminal manager for a trucking company. Miller attended Miami Palmetto Senior High School, graduating in 1968. He then graduated with honors from Washington and Lee University in 1972 with a degree in economics. He served in the U.S. Army from 1972 to 1975. While serving in the military as a First Lieutenant, Miller received the Army Commendation Medal for meritorious service while assigned to the 502d U.S. Army Security Agency Company. His rank upon leaving the U.S. Army was Ca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Laurinburg, North Carolina
Laurinburg is a city in and the county seat of Scotland County, North Carolina, United States. Located in southern North Carolina near the South Carolina border, Laurinburg is southwest of Fayetteville and is home to St. Andrews University. The Laurinburg Institute, a historically African-American school, is also located in Laurinburg. The population at the 2010 Census was 15,962 people. History Settlers arrived at the present town site around 1785. The settlement was named for a prominent family, the McLaurins. The name was originally spelled Laurinburgh and pronounced the same as Edinburgh, though the "h" was later dropped. The community was initially located within the jurisdiction of Richmond County. In 1840, Laurinburg had a saloon, a store, and a few shacks. Laurinburg High School, a private school, was established in 1852. The settlement prospered in the years following. A line of the Wilmington, Charlotte and Rutherford Railroad was built through Laurinburg in the 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cement
A cement is a binder, a chemical substance used for construction that sets, hardens, and adheres to other materials to bind them together. Cement is seldom used on its own, but rather to bind sand and gravel ( aggregate) together. Cement mixed with fine aggregate produces mortar for masonry, or with sand and gravel, produces concrete. Concrete is the most widely used material in existence and is behind only water as the planet's most-consumed resource. Cements used in construction are usually inorganic, often lime or calcium silicate based, which can be characterized as hydraulic or the less common non-hydraulic, depending on the ability of the cement to set in the presence of water (see hydraulic and non-hydraulic lime plaster). Hydraulic cements (e.g., Portland cement) set and become adhesive through a chemical reaction between the dry ingredients and water. The chemical reaction results in mineral hydrates that are not very water-soluble and so are quite durable in wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Orchid, Florida
Orchid is a town in Indian River County, Florida, United States. The population was 415 at the 2010 census and was the ninth highest-income place in the United States. It is ranked sixth in Florida locations by per capita income. Orchid is part of the Sebastian–Vero Beach Metropolitan Statistical Area. Most of the town is actually a gated community called Orchid Island Golf and Beach Club. East of SR A1A, there is a beach front condominium complex. The rest of Orchid is uninhabited islands. Some of the islands are Plug Island, Preachers Island, and Horseshoe Island. North of Horseshoe Island is Pelican Island, the first National Wildlife Refuge in the United States. Running along the town limits (mostly) is the historic, unpaved Jungle Trail. Geography Orchid is located at . According to the United States Census Bureau, the town has a total area of , of which is land and (33.15%) is water. Demographics As of the census of 2000, there were 140 people, 69 households ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Times
The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Nikkei, with core editorial offices across Britain, the United States and continental Europe. In July 2015, Pearson sold the publication to Nikkei for £844 million (US$1.32 billion) after owning it since 1957. In 2019, it reported one million paying subscriptions, three-quarters of which were digital subscriptions. The newspaper has a prominent focus on financial journalism and economic analysis over generalist reporting, drawing both criticism and acclaim. The daily sponsors an annual book award and publishes a " Person of the Year" feature. The paper was founded in January 1888 as the ''London Financial Guide'' before rebranding a month later as the ''Financial Times''. It was first circulated around metropolitan London by James Sherid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leonard Mlodinow
Leonard Mlodinow (; November 26, 1954) is an American theoretical physicist and mathematician, screenwriter and author. In physics, he is known for his work on the large N expansion, a method of approximating the spectrum of atoms based on the consideration of an infinite-dimensional version of the problem, and for his work on the quantum theory of light inside dielectrics. He has also written books for the general public, five of which have been ''New York Times'' best-sellers, including ''The Drunkard's Walk: How Randomness Rules Our Lives'', which was chosen as a ''New York Times'' notable book, and short-listed for the Royal Society Science Book Prize; '' The Grand Design'', co-authored with Stephen Hawking, which argues that invoking God is not necessary to explain the origins of the universe; '' War of the Worldviews'', co-authored with Deepak Chopra; and ''Subliminal: How Your Unconscious Mind Rules Your Behavior'', which won the 2013 PEN/E. O. Wilson Literary Scie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michael Mauboussin
Michael J. Mauboussin (born February 1964) heads consilient research at Morgan Stanley division Morgan Stanley Investment Management's Counterpoint Global, an open-end mutual fund. Previously, he was director of research at BlueMountain Capital and head of global financial strategies at Credit Suisse, where he advised clients on valuation and portfolio positioning, capital markets theory, competitive strategy analysis, and decision making. He is also an adjunct professor of finance at the Columbia Business School and serves as chairman emeritus of the board of trustees at the Santa Fe Institute, a multi-disciplinary research center for complex adaptive systems, after serving as its chairman from 2012 until retiring in May 2021. Career Mauboussin first joined Credit Suisse First Boston (CSFB) in 1992 as a packaged food industry analyst and later served as its managing director and chief U.S. investment strategist. He worked as a chief investment strategist at Legg Mason Capit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Efficient Market Hypothesis
The efficient-market hypothesis (EMH) is a hypothesis in financial economics that states that asset prices reflect all available information. A direct implication is that it is impossible to "beat the market" consistently on a risk-adjusted basis since market prices should only react to new information. Because the EMH is formulated in terms of risk adjustment, it only makes testable predictions when coupled with a particular model of risk. As a result, research in financial economics since at least the 1990s has focused on market anomalies, that is, deviations from specific models of risk. The idea that financial market returns are difficult to predict goes back to Bachelier, Mandelbrot, and Samuelson, but is closely associated with Eugene Fama, in part due to his influential 1970 review of the theoretical and empirical research. The EMH provides the basic logic for modern risk-based theories of asset prices, and frameworks such as consumption-based asset pricing and in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
S&P 500
The Standard and Poor's 500, or simply the S&P 500, is a stock market index tracking the stock performance of 500 large companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices. As of December 31, 2020, more than $5.4 trillion was invested in assets tied to the performance of the index. The S&P 500 index is a free-float weighted/capitalization-weighted index. As of August 31, 2022, the nine largest companies on the list of S&P 500 companies accounted for 27.8% of the market capitalization of the index and were, in order of highest to lowest weighting: Apple, Microsoft, Alphabet (including both class A & C shares), Amazon.com, Tesla, Berkshire Hathaway, UnitedHealth Group, Johnson & Johnson and ExxonMobil. The components that have increased their dividends in 25 consecutive years are known as the S&P 500 Dividend Aristocrats. The index is one of the factors in computation of the Conference Board Leading Economic Index ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
P/B Ratio
The price-to-book ratio, or P/B ratio, is a financial ratio used to compare a company's current market value to its book value (where ''book value'' is the value of all assets minus liabilities owned by a company). The calculation can be performed in two ways, but the result should be the same. In the first way, the company's market capitalization can be divided by the company's total book value from its balance sheet. The second way, using per-share values, is to divide the company's current share price by the book value per share (i.e. its book value divided by the number of outstanding shares). It is also known as the market-to-book ratio and the price-to-equity ratio (which should not be confused with the price-to-earnings ratio), and its inverse is called the book-to-market ratio. As with most ratios, it varies a fair amount by industry. Industries that require more infrastructure capital (for each dollar of profit) will usually trade at P/B ratios much lower than, for example, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price–earnings Ratio
The price-earnings ratio, also known as P/E ratio, P/E, or PER, is the ratio of a company's share (stock) price to the company's earnings per share. The ratio is used for valuing companies and to find out whether they are overvalued or undervalued. :\text=\frac As an example, if share A is trading at and the earnings per share for the most recent 12-month period is , then share A has a P/E ratio of = years. Put another way, the purchaser of the share is investing for every dollar of annual earnings; or, if earnings stayed constant it would take 8 years to recoup the share price. Companies with losses (negative earnings) or no profit have an undefined P/E ratio (usually shown as "not applicable" or " N/A"); sometimes, however, a negative P/E ratio may be shown. Versions There are multiple versions of the P/E ratio, depending on whether earnings are projected or realized, and the type of earnings. * "Trailing P/E" uses the weighted average share price of common shares in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value Investing
Value investing is an investment paradigm that involves buying securities that appear underpriced by some form of fundamental analysis. The various forms of value investing derive from the investment philosophy first taught by Benjamin Graham and David Dodd at Columbia Business School in 1928, and subsequently developed in their 1934 text ''Security Analysis''. The early value opportunities identified by Graham and Dodd included stock in public companies trading at discounts to book value or tangible book value, those with high dividend yields, and those having low price-to-earning multiples, or low price-to-book ratios. High-profile proponents of value investing, including Berkshire Hathaway chairman Warren Buffett, have argued that the essence of value investing is buying stocks at less than their intrinsic value. The discount of the market price to the intrinsic value is what Benjamin Graham called the " margin of safety". For the last 25 years, under the influence of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Valeant Pharmaceuticals
Bausch Health Companies Inc. (formerly Valeant Pharmaceuticals International, Inc.) is a Canadian multinational specialty pharmaceutical company based in Laval, Quebec, Canada. It develops, manufactures and markets pharmaceutical products and branded generic drugs, primarily for skin diseases, gastrointestinal disorders, eye health and neurology. Bausch Health owns Bausch & Lomb, a supplier of eye health products. The company in its present form is the result of a merger between Valeant and Canadian firm Biovail. The company retained the Valeant name and J. Michael Pearson as CEO, but was incorporated in Canada and kept Biovail's headquarters. Valeant was originally founded in 1959 as ICN Pharmaceuticals by Milan Panić in California. Under the leadership of J. Michael Pearson, Valeant adopted a strategy of buying up other pharmaceutical companies which manufactured effective medications for a variety of medical problems, and then increasing the price of those medications. A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
.jpg "Click for more on -> Laurinburg, North Carolina")
