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  • EZCorp Filled With Value [View article]
    The reason I don't mind this is the company has grown net income by similar measures (19% this year, 25% the year before, 43% before that). If income doesn't keep pace with the growth in annual fee, I will also begin to feel your concerns. For the time being, the consultants have justified their increase in fees.
    Jan 14, 2013. 04:33 PM | Likes Like |Link to Comment
  • EZCorp Filled With Value [View article]
    I don't believe so. Here's the quote from the 10-K, "For each of the past three fiscal years, we have entered one -year financial advisory services agreements with Madison Park, LLC, a business and financial advisory firm wholly-owned by Phillip E. Cohen, the beneficial owner of all of our outstanding Class B Common Stock, pursuant to which, Madison Park provides advisory and consulting services with respect to our business and long-term strategic plan, including acquisitions and strategic alliances, operating and strategic objectives, investor relations, relations with investment bankers and other members of the financial services industry, international business development and strategic investment opportunities, and financial matters. The annual fee for the services was $6.0 million in fiscal 2012, $4.8 million in fiscal 2011 and $3.6 million in fiscal 2010. Effective October 1, 2012, we entered into a new financial advisory services agreement with Madison Park with a one -year term that expires September 30, 2013. The terms of the agreement are substantially the same as those in the fiscal 2012 agreement described above, except the annual fee is $7.2 million."

    It seems to be a fixed, annual fee, which is much better than being variable and based off of revenue growth. Although, I wouldn't be honest if I said that slightly didn't bother me.
    Jan 14, 2013. 03:50 PM | Likes Like |Link to Comment
  • EZCorp Filled With Value [View article]
    Regulations include the time period of loans, size of the loans, and how high of an interest rate pawns shops can charge(not in Mexico though). With the high rates they already charge, I can't imagine these regulations are too strict. The biggest concern is customer demand. If banks become more leinent to lend, the pawn-shops could lose business. The 2008 crash obviously provided a huge boost to pawn-shops as banks stopped lending. The shops could lose business to banks or credit unions as the industry recovers from the crisis.
    Jan 14, 2013. 03:26 PM | Likes Like |Link to Comment
  • EZCorp Filled With Value [View article]
    Thank you! I believe the value of all their acquisitions will catch up to them in the long-term. The Latin-American market also has yet to be fully tapped, and EZCorp is in an excellent position to do so. I think analyst's will begin to lower their estimates after the company's past misses, and eventually EZCorp will beat them. Only time will tell.
    Jan 14, 2013. 02:57 PM | Likes Like |Link to Comment
  • Coach: Undervalued And Growing Rapidly [View article]
    I'm quite happy about the gain too. Unfortunately Coach tends to be very volatile, and can drop down 4% another day. Let's hope earnings gives them a good boost.
    Jan 14, 2013. 10:46 AM | Likes Like |Link to Comment
  • Pitney Bowes: A Good Bet For 2013 [View article]
    Here's the quote from the 10-K, "During the year, we entered into a series of settlements with the IRS in connection with its examinations of our tax years 2001-2008 under which we agreed upon both the tax treatment of a number of disputed issues, including issues related to our Capital Services business that was sold in 2006, and revised tax calculations. As a result of these settlements, we recognized tax benefits of $90 million in income from continuing operations and $264 million in discontinued operations. Our additional liability for tax and interest arising from the 2001-2008 IRS examinations was approximately $400 million, which was previously paid through the purchase of tax bonds."
    Jan 13, 2013. 11:43 AM | Likes Like |Link to Comment
  • Coach: Undervalued And Growing Rapidly [View article]
    I sure hope so! It's hard to judge an investment on a monthly basis, but I believe Coach's stock price will increase over the upcoming years.
    Jan 11, 2013. 08:35 AM | Likes Like |Link to Comment
  • Coach: Undervalued And Growing Rapidly [View article]
    It seems like it so far. Sales for the mens segment has doubled from $200 million last year, to $400 million this year.
    Jan 9, 2013. 02:32 PM | Likes Like |Link to Comment
  • Coach: Undervalued And Growing Rapidly [View article]
    I believe it will also. Todays jump in retail certainly helped. I am interested into listening to their next earnings caall.
    Jan 8, 2013. 09:23 PM | Likes Like |Link to Comment
  • Coach: Undervalued And Growing Rapidly [View article]
    I can see your concern with Coach. Although you may not fully believe in Coach's international prospects, I believe management's success over the years separates Coach from its competition. Their ability to keep the company growing, even through a recession makes me feel much more comfortable with my investment in the future. I appreciate your opinions though. Many users don't usually critique my investment thesis', so I appreciate your alternative view. I will do more research on Coach's factory outlets when get more free time.
    Jan 8, 2013. 07:40 PM | Likes Like |Link to Comment
  • Coach: Undervalued And Growing Rapidly [View article]
    The mens line consists of primary items such as wallets or briefcases.
    Jan 8, 2013. 07:02 PM | Likes Like |Link to Comment
  • Coach: Undervalued And Growing Rapidly [View article]
    Yes, I definitely agree. The company has grown very successfully over the past 71 years and has the right management in place to continue to do so.
    Jan 8, 2013. 11:08 AM | Likes Like |Link to Comment
  • Google's 1 Serious Problem [View article]
    Most likely a similar Pay-per-Click basis.
    Jan 4, 2013. 06:19 PM | Likes Like |Link to Comment
  • Google's 1 Serious Problem [View article]
    Yes, they are trying to slowly move over, but they haven't done very much yet with improving their third-party ad program. The ads may be more relevant, but that won't exactly stop the fraudulent clicks.
    Jan 4, 2013. 03:02 PM | Likes Like |Link to Comment
  • Google's 1 Serious Problem [View article]
    I've also heard of those ad blocking programs. I think it'll be very difficult for Google to counteract programs like that, especially with millions of internet users trying to find different ways to hide those ads. It'll only get more difficult as younger generations begin to get more tech-savvy.
    Jan 4, 2013. 01:02 PM | Likes Like |Link to Comment
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