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John Petersen is the executive vice president and chief financial officer of ePower Engine Systems, Inc., a Kentucky-based enterprise that has developed, built and demonstrated an engine-dominant diesel-electric hybrid drivetrain for long-haul heavy trucks that promises fuel savings of 30 to 40... More
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  • Using Trading Volume To Estimate Liquidity 61 comments
    Apr 28, 2012 12:43 PM

    One of the more important measures investors consider when analyzing a stock is it's relative liquidity. Sometimes it's obvious and sometimes you need to dig a little deeper. The following table identifies the 16 companies in my current tracking list and ranks them in order of declining liquidity as measured by the number of times per year their issued and outstanding stock turns over in the open market.

    As a general rule, companies toward the top of the list have a lot of interest from hot money and companies toward the bottom have little or no interest from hot money.

    A123 SystemsAONE146,862,868719,888,7004.90
    Exide TechnologiesXIDE78,283,690248,781,5003.18
    Tesla MotorsTSLA104,604,044299,374,9002.86
    Johnson ControlsJCI680,455,2031,441,801,8002.12
    Maxwell TechnologiesMXWL28,212,49459,471,9002.11
    Active PowerACPW95,427,235167,400,1001.75
    Kandi TechnologiesKNDI27,447,59329,572,0001.08
    UQM TechnologiesUQM36,531,53036,241,9000.99
    China BAK BatteryCBAK63,816,27654,441,2000.85
    Valence TechnologyVLNC169,976,618144,226,4000.85
    Altair NanotechnologiesALTI69,452,48750,895,9000.73
    Axion PowerAXPW.OB113,211,09178,538,2000.69
    ZBB EnergyZBB41,055,07928,436,6000.69
    Ultralife CorporationULBI17,360,43511,280,6000.65
    Highpower InternationalHPJ13,582,1066,188,7000.46

    While Turnover Frequency is not an obvious metric for retail investors, it is a critical pricing consideration when a company is negotiating deal terms for a new offering and the general rule is the lower the Turnover Frequency, the higher the discount.

    Disclosure: I am long OTCQB:AXPW.

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Comments (61)
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  • Great chart, John.


    Just for clarification purposes, is this "annualized" chart based on the calendar year, or is it March 2011-2012?


    28 Apr 2012, 12:52 PM Reply Like
  • Author’s reply » April 29, 2011 through April 28, 2011
    28 Apr 2012, 12:54 PM Reply Like
  • Author’s reply » Make that April 29, 2011 through April 28, 2012. One of our friends politely pointed out the error in a PM.
    28 Apr 2012, 01:44 PM Reply Like
  • Thanks.


    There are lots of unknowns. But, in the evolving case study of Axion Power and Axionistas, it seems that the Axionistas have created a quasi-lock up box all their own.


    The uniqueness of the Axionistas "should" skew turnover frequency to some unknown degree.
    28 Apr 2012, 01:37 PM Reply Like
  • When I get my own, personal blog started I plan on talking about Axion pretty extensively. Being in SEO (in it's infancy) and online marketing for 10+ years, I'd like to think I could bring some added exposure. However, my time and brain power is limited and divided and I don't feel I could do it justice. I'll likely be referencing and linking to JP and likewise resources.


    In the worst case, I am hoping to gather a few more Axionistas to the cause.
    28 Apr 2012, 01:44 PM Reply Like
  • Author’s reply » It's going to be a fascinating learning experience for me. I've been here before with much smaller capital structures and stockholder bases, but this is far bigger than anything I've seen before.
    28 Apr 2012, 01:46 PM Reply Like
  • Dastar, Let us know when you get it rolling. It will be fun to check out.


    JP, thanks for this insta. I think this is just another illustration of one of the many easily overlooked dynamics when evaluating the stock and its performance.
    28 Apr 2012, 02:06 PM Reply Like
  • Again I still can't help thinking how several years from now Axion will be the subject of some TV special or business case study... the twists of fate, the lucky breaks, the heroic principals, all dogged determination, steely-spined characters, the awesome focus, and dodging of bullets, several landmines avoided, the outwitting of predators, the endlessly sticked-to knitting, the financings in the nick of time, the many years in the wilderness, and the faith, the cadre, the believers endless rowing in the galleys...the parching thirst, the storms endured... and then, and then.... finally!..Noah's dove, a thin shaft of sunlight zorching down.. soon enough breaking into brilliant day... the hearty voyagers, as well as weary passengers, at last reaching the long told green shores.. And the title? "Doing it Right. The Axion story." And featuring an enigmatic narrator, this dude, a distinctly refined, yet weathered and grizzled tough old cat, known only by the handle "Columbus Moses", who somehow knows the whole tale, every attachment and footnote, telling it all with professional precision...
    28 Apr 2012, 05:42 PM Reply Like
  • Well, now we know your real name 48... or should I say, Mr. Moses.
    28 Apr 2012, 05:49 PM Reply Like
  • Hi 86,
    Maybe you and Maya can collaborate and write the story.
    28 Apr 2012, 05:51 PM Reply Like
  • I think it would be exaggerating to call invertebrates "steely-spined", but the rest seems right on track.


    I would be curious to know where Axionistas fall on the Myers-Briggs, and if there would be any one time more representative than in the general population. I'm ISTP, and being a risk taker is part of the profile.
    1 May 2012, 08:43 AM Reply Like
  • Test:


    My score: INTP, heavy on the intuitive part of the score... whatever.


    1 May 2012, 08:59 AM Reply Like
  • I think that test is pretty indicative even though brief (I did it once before), as I came out the same type as I did on the whole battery of tests. thanks for doing that.
    1 May 2012, 09:30 AM Reply Like
  • Me: INTJ
    Introverted 33
    Intuitive 50
    Thinking 50
    Judging 44


    1 May 2012, 02:01 PM Reply Like
  • I am an "off the charts" ENTJ. Glad we have 75% common ground HTL :-))
    1 May 2012, 02:06 PM Reply Like
  • I guess my numbers suggest I'm "balanced"?


    I know when I was younger, I was far from that.


    Probably a common affliction of youth.


    Ergo, you are still very young ... LoL! Or a slow learner! ;-))


    1 May 2012, 02:13 PM Reply Like
  • Thanks Mercy and HTL,
    I began making a spreadsheet. My guess is that I and T would be very dominant traits. At some point will try to get most Axionistas.


    Is this you Mercy?
    ENTJs focus on the most efficient and organized means of performing a task. This quality, along with their goal orientation, often makes ENTJs superior leaders, both realistic and visionary in implementing a long-term plan.
    1 May 2012, 03:06 PM Reply Like
  • Well I'd like to think that describes me to a tee Metro. LOL But, just remember -- each of our strengths also bring out our greatest weaknesses. Did I hear anyone say "patience -- Mercy -- patience!" But I am definitely more friendly than introverted HTL :-))
    1 May 2012, 03:36 PM Reply Like
  • HTL,
    Now we know why your wife says you are HTL,


    . Personal relationships, particularly romantic ones, can be the INTJ's Achilles heel ... This happens in part because many INTJs do not readily grasp the social rituals ... Perhaps the most fundamental problem, however, is that INTJs really want people to make
    1 May 2012, 04:15 PM Reply Like
  • Hmm... I guess I should have noted my numbers.


    My iNtuitive was a 38.


    My next highest number was 11, and then I think it was an 8 and a 1 (I know I had a 1, not sure about the 8).


    Other than the iNtuitive part, I think my other scores were nominal... perhaps I have no personality at all :-)
    1 May 2012, 04:28 PM Reply Like
  • Jon,
    INTPs are quiet, thoughtful, analytical individuals who tend to spend long periods of time on their own, working through problems and forming solutions.


    and .....INTPs are driven to fully understand a discussion from all relevant angles. Isn't it interesting you posted this yesterday. "It is comments like these that make me wish Seeking Alpha had a way to have two-authored articles... which would allow for there to even be a pro-con exchange on companies"
    1 May 2012, 04:53 PM Reply Like
  • oh boy...

    1 May 2012, 05:07 PM Reply Like
  • Yup
    1 May 2012, 05:24 PM Reply Like
  • Well played SD. Well played - LOL
    1 May 2012, 05:53 PM Reply Like
  • INTJ here, Metro
    1 May 2012, 08:46 PM Reply Like
  • Mercy,
    None of the four letters represent strengths or weaknesses, just different. Too much of one would not be desirable, i,e, introverted to the point of staring at your shoes. But would have large impact on how you are in the workplace, at what job you would be happy working, and if you would be successful in that job. I have a writer friend, and is excellent at it, but is extremely extroverted and so is miserable working at home. Extroversion can be a great attribute at other jobs. I'm not an expert at this, but it has helped me to better understand people and what motivates them. Like I would bet your desk is rigorously neat and organized without even knowing or having seen you. Anyway, I know this has gotten way OT.
    2 May 2012, 02:15 AM Reply Like
  • Amazing!


    Not only do I not "grasp" them, my personality emphasizes *resisting* many of them.


    Yes, I want folks to make sense, but I gave up on ever seeing that a long time ago.


    Now I just accept and take in stride.


    It does make life a lot easier.


    2 May 2012, 06:47 AM Reply Like
  • Metro, definitely OT, but let me add maybe your extroverted friend should try full time trading and investing (with postings on SA) -- LOL. As extroverted as I am I currently have the greatest job satisfaction of all time -- more than when I was conducting business on all continents and managing a national staff of hundreds across multiple offices. I guess its because I am very achievement oriented and now I get immediate daily feedback -- win or lose its my own personal doing -- while acknowledging a lot of insight from fellow traders and investors!


    P.S. BTW my desk is a mess right now -- so maybe my personality is as mixed up as Jon S. :-))
    2 May 2012, 07:23 AM Reply Like
  • I can imagine your mess - you have arranged your pencils by color, but haven't had time to put them in order of lead hardness also. ;-)
    2 May 2012, 08:48 AM Reply Like
  • thanks D-inv
    2 May 2012, 08:50 AM Reply Like
  • Author’s reply » This INTJ thing is really getting boring. Mine came in at 22-38-25-22
    2 May 2012, 09:04 AM Reply Like
  • thanks,
    sorry have gotten so far off topic.
    2 May 2012, 09:20 AM Reply Like
  • Author’s reply » Look at it this way, we're keeping the Concentrator more relevant.
    2 May 2012, 09:25 AM Reply Like
  • >Jon Springer ... Thought I'd take this little test to pass the time. I turn out to be Type INTP
    Introverted 89
    Intuitive 75
    Thinking 25
    Perceiving 11


    Can't say it got me wrong, but what does it mean. More introspection may need to be applied.
    2 May 2012, 09:51 AM Reply Like
  • ISFP aka "The Artist" --
    Introverted = 88
    Sensing = 1
    Feeling = 12
    Perceiving = 33


    Here are you INTJ's aka "The Scientist" (a good-bit boring bunch you all are)


    INTP's aka "The Thinker"


    Most of you seem to have this thing with logic -- I just don't get it.
    2 May 2012, 10:04 AM Reply Like
  • and does that description tend to fit? I think it does profession wise, doesn't it?
    2 May 2012, 10:18 AM Reply Like
  • Yes. My wife would say I fit it to a "T". I tend to have scorned my artistic side and have envied the scientist's, which my wife is one and my oldest daughter is showing significant signs of that as well, which I am thankful for, because I think art is easy and can come naturally but that is another off-shoot of ISFP -- " likely to not give themself enough credit for the things which they do extremely well"


    I do pride myself on this though..."ISFPs are extremely perceptive and aware of others. They constantly gather specific information about people, and seek to discover what it means. They are usually penetratingly accurate in their perceptions of others. "


    Apparently we also do not care for conventional ways of learning...which is pretty accurate for me. And these lines..."pursuing their goals in their own, unique way. People who don't know them well may see their unique way of life as a sign of carefree light-heartedness, but the ISFP actually takes life very seriously, constantly gathering specific information and shifting it through their value systems, in search for clarification and underlying meaning. "


    This was fun but JP will have to change his blog title to "The Axionista's Carl Jung Personality Test blog"
    2 May 2012, 11:36 AM Reply Like
  • and it gives me comfort to know that we have many logical thinkers as I would hate to think that everyone is like me, a spontaneous risk-taker.
    2 May 2012, 12:07 PM Reply Like
  • Ditto, if there were a bunch of Me's on here I would be running for the hills. I have this hunch that a lot of our trolls come from my "lineage." They just don't have that one extra neuron to make the leap to the rational-logical conclusion of a scientist and instead dwell on the emotional side of things believing that is their "penetrating insight to the *truth*"


    Springer referred to it the other day when he said something to the effect of..."he can recognize them but no one can help them cross that bridge of logic." - paraphrased but still in quotes.
    2 May 2012, 12:27 PM Reply Like
  • Author’s reply » My favorite version of that thought is "I can explain it to you but I can't understand it for you."
    2 May 2012, 12:30 PM Reply Like
  • Being a "J", I read that "in search for clarification and underlying meaning" as being totally confused and unsure of oneself.


    I couldn't stand it.


    I guess I just exhibited my lack of social conventions! :-(


    2 May 2012, 02:59 PM Reply Like
  • 48 - That's a great idea.
    29 Apr 2012, 11:19 AM Reply Like
  • What is really interesting is how we change over time.


    I last took the Myers Briggs nearly three decades ago, and remember that I scored as INTP then, but rather near to center on several of the axes.


    Introverted 89
    Intuitive 62
    Thinking 38
    Judging 1


    As we age, perhaps we become more judgmental. I still think I lean more to the "perceiving" side than "judging," but I scored just over the edge this time.
    2 May 2012, 11:02 AM Reply Like
  • Hey look Ma, I finally fit in somewhere ...
    I knew I had something in common here ....


    44, 25, 38, 11


    I wonder what the tin-hat crowd scores
    (HTL excluded, no offense intended)
    2 May 2012, 11:38 AM Reply Like
  • Tin-foil hatters welcome any attention, even offensive. Otherwise, no one listens!


    2 May 2012, 03:04 PM Reply Like
  • I should take the Jung test using various personalities from my book ;-)




    My Next Life -- by Woody Allen


    In my next life I want to live backwards. You start out dead and get that out of the way.


    Then you wake up in an old person's home, feeling better every day. You get kicked out for being too healthy, go and collect your pension, and then when you start to work, you get a gold watch and a party on your first day.


    You work 40 years until you're young enough to enjoy your retirement. You party, drink alcohol, and are generally promiscuous, and then you are ready for high school.


    Then you go to primary school, you become a kid, and play. You have no responsibilities, you become a baby until you are born. And then you spend the last nine months floating in luxurious spa like conditions with central heating and room service on tap, with larger quarters everyday.


    And then VIOLA! You go out as an orgasm.
    2 May 2012, 02:34 PM Reply Like
  • Author’s reply » Sign me up!
    2 May 2012, 02:37 PM Reply Like
  • +1


    (I was saving my 1001st post for something really good and that takes the cake)
    2 May 2012, 02:40 PM Reply Like
  • lmao, nice.
    2 May 2012, 02:44 PM Reply Like
  • Well, thanks for clarifying that the idea for that Benjamin Button movie came from Woody Allen.


    Of course, they left out the final and important scenes
    2 May 2012, 03:13 PM Reply Like
  • The idea for benjamin button actually came from an american short story of the same name, written by F. Scott Fitzgerald in 1922... and there were other real gems from back then too... I even hear tell that there was one like a diamond as big as the ritz... ;)
    2 May 2012, 03:30 PM Reply Like
  • that's twice today that drinking too much coffee caused thought error - thanks for the correction 48
    2 May 2012, 04:01 PM Reply Like
  • Good catch, 48.


    F. Scott Fitzgerald is widely counted as one of the first serious science fictions authors.
    2 May 2012, 04:19 PM Reply Like
  • I should have been a bit more gracious in my post Jon, and apologies... it was a fairly obscure story after all.... But one thing that's becoming all too common these days is a failure by the young and hip, not that you're in that category ;) to properly and fairly credit the past... But, kids these days, they all seem to think that because folks didn't have the internet or iphones ( or "modern social enlightenment") a century or two ago that everyone back then was an idiot...
    2 May 2012, 04:11 PM Reply Like
  • They see old photographs and wonder why we stare so intently at those funny little collections of flexible parchment that are bound together.


    At first they fear we are dead because we may not stir for ... oh 2 or 3 whole minutes.


    They also note our under-developed thumbs, as if we'd never ever "texted".


    2 May 2012, 04:20 PM Reply Like
  • LOL, how right you are.


    My daughter (now over 21 and seemingly immune to my more devious parenting attempts) became very hesitant during the middle teen years to expose her friends to her father...


    I tended to alter their world view with my failure to fit what they considered to be the father unit's proper pigeon hole.
    2 May 2012, 04:23 PM Reply Like
  • "the father unit's proper pigeon hole." - how do you define that?
    2 May 2012, 04:26 PM Reply Like
  • That's the point, I refused to either define it or inhabit it.


    My experience at that point (which coincided with mid-teens lacking cars but craving constant limousine service) was that they wished to be able to communicate by talking cryptically over the head of the chauffeur...


    Breaking the code was a clear violation of their wish for the parent to remain clueless.
    2 May 2012, 04:27 PM Reply Like
  • "mid-teens lacking cars but craving constant limousine service"


    --exactly what, back in the dark ages, God created bicycles for. ;)
    2 May 2012, 04:57 PM Reply Like
  • ...Feet, in my experience.


    Bicycles cost money.
    2 May 2012, 05:18 PM Reply Like
  • Heartily concur. Darn that I was too late to edit in "...and topsiders too" ;)
    2 May 2012, 05:33 PM Reply Like
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