Monday, April 25, 2011

Ballet Shoes Width C Or D

RAZONES PARA CREER QUE EL NUEVO COMERCIAL DE COCA COLA ES CURSI

Based on a study of Anticursi Manual.
Children singing and gesturing to the cheek cramps are corny.
Professor guitar playing sport shirt is corny.

"For every battle tank manufactured in the world, manufactured 131 000 stuffed animals." is a horror, a waste of money and is corny.

"For every stock exchange plummets, there are 10 versions of Wonderful World." is a celebration of plagiarism and lack of creativity, and is corny.

"For every wall there, put 200 000 rugs of Welcome." A wall is worth more than 20 000 home carpet lining package: cheesy.

For Every gun that is sold worldwide, 20 000 people share a Coca Cola. " is a brutal demonstration of escalating cruelty of capitalism, a promotion of unhealthy drinks and diabetes, and is corny.

Small Tİts Lolİtas

BAG. Why am I bought shares in Telefonica?.

Good
all once again.

Not long ago mentioned what to me should be the RULES TO INVEST IN STOCK , thinking about the medium to long term . Referred to the advisability of investing only in "high-quality companies " with an "unreasonably low prices" and "attractive dividend maintained over time."

A little less time writing about the value I give to bearing accounts, explaining that for me were the ideal product to have the money in both as we did not find any investment that we might look interesting . To do this we must find an interest-bearing account that at least offers us return, after taxes, which marked the consumer price index, known as IPC, whose last data for the month of March this year was 3.6% and also offers the possibility of having our money when we wanted. Thus, our money would never lose purchasing power.

my investment preference has always been the stock market and, in particular the large values \u200b\u200b with good dividends , and a solvency rather than proven. Neither do I understand futures, options or understand, or understand the warrants, CFDs or understand, or understand binary option in some media that advertise on line with 70% returns in a ...... hours, or understand all of these products, which "experts" called derivatives, the result of financial engineering that so often are sold with all kinds of benefits by intermediaries financial risk without adequately explaining that many investors assume when working with these products. Until today, I focused on what is called the market spot, which is nothing other than to buy and sell shares in the English market.

This time, I've noticed TELEPHONE.

TELEFÓNICA What I see as an investment in the medium to long term?.

First, a great company, very reliable, trouble-free finance on international markets, with an earning capacity take into account too, assumable debt levels and a high credibility institutional investors, who ultimately are the ones who move the market. La Caixa and BBVA with more than 5% each, are its two major shareholders, followed by the Blackrock fund, with almost 4% of the capital.

Second, the excellent geographic diversification of its business , with increasingly less exposure to the English market and a growing presence in two of the major emerging countries such as Brazil (with a stake in Vivo, the largest Brazilian mobile operator) and China (with a share will reach 9.7% in China Unicom, one of the major operators in the Chinese market) .

And here I make a clarification. Those not in favor of buying phones, I argue alluding to the maturity of their business to the limited capacity for growth that this company is in Spain. And, in my view, is true. enough to see the latest data published by the Telecommunications Market Commission for Telefonica in Spain and increasingly losing customers has less market share. But it is true, and this is what I want to insist, that the income of Telefonica in Spain do not reach one third of the total, ie more than two thirds of its income comes from outside Spain, mainly in Latin America.

To me, that ability to grow its business outside Spain, more than offset the continued loss of business in Spain, which is ongoing and will be lasting. 's big bet on Brazil and the close collaboration with one of the largest telephone operators in China, in the medium to long term, it should bring significant benefits.

Today, is in these countries where the high economic growth and where it is generating a large middle class that does not take much, it will be a major consumer of all types of products, including fixed telephony Mobile and Internet . Those who are well positioned in these markets and PHONE so, are those which carry much of the business.

Third, Telefonica has an incredible dividend that concrete commitment repeatedly reiterated by the company pay 1.60 euros and 1.75 euros in 2011 at least in 2012 and beyond . The dividend payment is the strongest commitment a company can take to their shareholders and, if we are talking about seems to be a reality to maintain that dividend in future years . Without going far, the May 6th pay $ 0.75 per share. Buy

TELEPHONE actions, at a price close at 17.5 euros, represents a dividend yield of 10%. I know many investment alternatives that offer similar performance.

addition, the amount to be charged for the payment of these dividends is tax exempt , to the figure of 1,500 per year per taxpayer, provided that it meets the requirements set out in Article 7) of Law 35/2006, December 28, bringing the net rentabilidd obtained after taxes, in this case coincides with the gross profitability of the operation, before taxes.

But INVESTMENT IN BAG HAS ITS RISKS , much higher than in other types of investments and this should be taken into account when making a decision. The stock market declines are a factor to be considered and, in some cases can be very pronounced and lasting in time. If not assumed the risk, DO NOT invest in stock. If you are not able to take the stock price falls, DO NOT invest ever bag. It's that simple.

While the share price of phones can fall , something made possible by the very nature of business, if purchased at a good price, I think investing in such securities with a view medium to long term survival and financial health as they are more than insured, with a high dividend yields and clear commitment by the company to keep those dividends in time, means taking a risk which in my view, is more likely to finish by more joys that concerns investors who are patient enough to let time pass and wait for the exchange itself to recognize these companies that have real value, which in my opinion, well above the current price.

As an investment that guarantees a regular flow of capital in the form of semi-annual dividend (one to charge in May and other receivables in November each year, accounting for nearly 90% of the benefit obtained), accompanied by a probability Revaluation real medium to long term for her extraordinary internationalization, especially in Brazil and China, I think is a great investment opportunity, with a view to two / three years.

A greeting to all

José Antonio



Friday, April 15, 2011

Mouth Snoring On Side

DEBT. More Catalan bonds and new bonds of Madrid.

Hello again,

After a longer time than usual, I turn to take a moment to sit quietly and write about money. A few weeks ago, Victor, a reader this blog, emailed me asking my opinion on the new five-year bonds, which broadcasts the Madrid . In addition, a few days ago, the Generalitat of Catalonia, has begun a second bond issue one to two years.

The bonds issued by the Government of Catalonia are at a maturity of one and two years respectively. The first pay the investor an interest of 4.25% and, second, an interest rate of 4.75%. to this profitability, the investor must deducting the fees for maintenance and management placement institutions charge the same . The percentage of these commissions, do not know, but should be taken into account when calculating the return on investment.

However, the profitability of investment NOT match the actual cost to the issuer , as the Catalan Regional Government will have to pay in addition to the bond placement institutions, mainly savings and Catalan banks, some commissions between 0.75 and 2.5% for the bonds to a year and between 1 and 3.5% for two-year bonds . It dedir, the real cost to Catalonia bond to one year range from 5 to 6.75% and for bonds to two years, between 5.75 and 8.25% . In my humble opinion, a genuine outrage at a cost of financing very close to the bond interest paid by Greek and Irish, which will allow more than one grade with expression "junk "¡¡¡.

If in respect of the bonds Catalan could be easily knowledge through intensive advertising campaign this in many media, I really catches the eye, the absence of advertising that have the bonds issued by the Community of Madrid. Not a single newspaper ad or a single ad on the official website of the Community of Madrid ( http://www.madrid.org/ ). Nothing at all, as if no one wanted to convey to the public that debt issue.

These bonds could be contracted until last April 13, only through Deutsche Bank, for a period of five years, offering a fixed coupon of 5.65% annual payable on 11 March each year, from March 2012 to March 2016, although final returns to investors was 4.75% .

That 0.90% difference in profitability is caused because the price of the coupon is charged to the customer at 104.390% instead of 100%.

addition, Deutsche Bank charges a 0.10% quarterly, ie 0.40% annually, management and maintenance, so the real entabilidad r customer stays in a 4.35% APR.

Well, addition to the limitations that both bonds of the Generalitat of Catalonia and the Community of Madrid, with respect to its liquidity as expected or at maturity or go to the illiquid secondary market, yes I would like to mention two issues are key for me , and that says much about the financial soundness and quality of the broadcasts mentioned:

1 . Letters to twelve months of the English Treasury will pay interest at 2.128%, the two-year bonds at an interest rate of 3.017% and five-year bonds at 4.389%.

Why Catalonia has to pay between 5 and 6.75%, when the English Treasury pays for the same bonus to one year the 2.128%?. Why have to pay three times as much?.

Why Catalonia has to pay between 5.75 and 8.25%, when the English Treasury pays for the same two years bond 3.0175?. Why have to pay almost three times as much?.

Well it seems logical to think that pay is about cost because the quality and financial soundness of Catalonia is three times lower than the English Treasury.

Why Madrid must pay 5.65%, when the English Treasury pays for the same five-year bond the 4.389%?.

Because there is a clear distrust towards the solvency of the Community of Madrid, which means that on cost, although incidentally, is much smaller than that seen in the case of Cataláunicos .

2. Two data are very illustrative for me : One, on the deficits of both communities and another on its debt in relation to your wealth, GDP generated.

The Community of Madrid has a deficit in the year 2010 equivalent to 0.69% of GDP. The Generalitat of Catalonia has a deficit in the year Equivalentea 2010 to 3.86% of GDP.

The average deficit of the 17 regions is 2.83% of GDP, although the target set by the State for such autonomic deficits is 2.4% of the GDP of Autonomy.

Catalonia was at the end of 2010 a debt 31.886 million euros, equivalent to 16.2% of GDP , one of the highest in Spain. Madrid had end of 2010 a debt of 13.492 million euros, equivalent to 7.1% of GDP , one of the lowest in Spain.

objectively analyzing data, everyone can draw their own conclusions. seems to me to buy debt from the Generalitat of Catalonia is neither reasonable nor responsible if you have a minimum of appreciation for their money. What I can not understand is why there is so much demand for these bonds when really the financial situation of Catalonia is the worst, when viewed objectively, the financial situation of the different 17 regions.

Although the financial situation of the Community of Madrid , is much better, no longer alarming. I do not like the lack of information and transparency in the issuance of those bonds . I do not like the "secrecy" with which they were issued, and I hate the silence in all media.

never I would not buy debt of an issuer whose credit is being challenged these days by the International Monetary Fund itself . Already voices are being heard at the European level and worldwide, claiming to Spain a drastic reduction in expenditure on the different Autonomous Communities and demanding control of their endless debt and its continuing deficits.

I do not think a good place to put our work savings.

A greeting to all

José Antonio


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