Steven Towns

http://steventowns.com
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129 Comments

    • Sat Oct 25th 18:23 PM | Rating: 0 0
      Commented on:
      Is the Media Actually Fomenting Current Market Volatility?
      Provocative topic, Roger. You know we've got problems when even the "pros" are exhibiting such disturbing, fickle behavior/emotions. I am appreciative of the broad coverage of Street happenings in the media (tv/online), but at the same time, I'm ofen frustrated by the lack of depth. Many thanks to people like yourself that take the time to shed color on developments that may otherwise not be touched on. I don't particularly blame the media, because the various media players are just doing their so-called job. I put more blame on the people, for putting themselves at the mercy of the media and lacking even a little common sense and discipline to self-govern themselves. Fear and greed. Greed and fear. Amidst a big ponzi scheme. Buy when others are buying. Sell when others are selling. Never think by yourself, only for yourself. Actually, I kind of enjoy all the volatility. It's more exciting. And it's very telling. God bless America!
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    • Fri Sep 19th 07:10 AM | Rating: 0 0
      Commented on:
      Short Ban: Government Policy Created Too Hastily
      Couldn't agree more David. Let's "hope" that any new RTC is of the reactive type. No pain, no gain...
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    • Sat Aug 30th 09:46 AM | Rating: 0 0
      Commented on:
      Japan's Largest Private Equity Firm? The Mob
      It wouldn't be the first time 893 is playing the market. Also have the sokaiya facet although seemingly to a lesser extent.
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    • Wed Aug 27th 07:23 AM | Rating: 0 0
      Commented on:
      Goldman Forecasts Japanese Equity Recovery from Mid-2009
      The Hammer -- Have a look at this: steventowns.com/2008/0.../

      Unfortunately I do not have availability at this moment to address all your questions.

      -Steven
      View article »
    • Wed Jun 18th 09:15 AM | Rating: 0 0
      Commented on:
      Nikkei Weekly Outlook: Eye on I-banks, Inflation and the Yen
      Hi Lance,

      Agreed re. the stubborn heights of some of the readings we've seen. Surely they'll ease, although it is comforting to see the resiliency in Japan now, compared to the past when it was almost knee-jerk with the N225 seeming to mirror the direction of the S&P 500. That said, still a ways to go to get back to last year's levels, but it's upside nonetheless. Widespread buying on bouts of weakness not a bad thing at all.
      View article »
    • Fri Jun 13th 12:04 PM | Rating: 0 0
      Commented on:
      Frontier Markets ETF: Curb Your Enthusiasm
      John Christy at his best, keeping it real. No smoke and mirrors. Always a pleasure.
      View article »
    • Sun Apr 20th 21:45 PM | Rating: 0 0
      Commented on:
      Nikkei Weekly Outlook: Pre-Earnings Downside Risk?
      Thanks for your feedback!
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    • Sun Apr 20th 21:40 PM | Rating: 0 0
      Commented on:
      Japanese Stocks: Timely Buybacks, Stock Retiring
      Hi Ankit,

      No problem at all. Companies can buy back shares, which then become part of Treasury Stock and could be reissued; but when Treasury shares are retired (or canceled), it permanently eliminates those shares. In either case, existing shareholders benefit from having a greater share of any profits, although the company's cash level will be lower. The debate is about whether a share buy back is done when shares are undervalued vs. overvalued and whether shares will be reissued or not. The best case for shareholders is obviously when "undervalued"... shares are bought and retired.

      Hope that helps.
      View article »
    • Mon Apr 14th 20:16 PM | Rating: 0 0
      Commented on:
      Lessons from the Best-Ever Hedge Fund Manager
      SA readers, good luck finding the book in English; there's an edited/revised version and a manga version of "Fountain of Gold" in Japanese. There may be a translated version floating around that someone did their self... If I understand correctly, Steve Nison may have been one of the first to come across the scriptures and openly discuss them in the Western world.
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    • Fri Apr 11th 12:33 PM | Rating: 0 0
      Commented on:
      A Debate Over Citi
      BSCLossMan, there is reluctance to talk about the effects of "voodoo" because of all the guilt by association and participation. The Nasdaq is nowhere near its all-time high. Even worse off is the Nikkei and it has been nearly 20 years!
      View article »
    • Fri Mar 28th 09:20 AM | Rating: 0 0
      Commented on:
      Friday Outlook: Watching Paint Dry
      Couldn't agree more David. In fact, we saw some serious window dressing in Japan and across Asia today. Very appropriate for Japan given its fiscal year-end on Monday. A/D was very strong and volume recovered on a jump in foreign net-buying, including a reported influx of long oil money. Still, there was quite a large intra-day spread. Will be interesting to see what happens from Tuesday.
      View article »
    • Sun Mar 16th 16:41 PM | Rating: 0 0
      Commented on:
      Is a Nikkei 225 Bottom Near?
      GKM, thanks for your comment. I actually think there are quite a few out there who are aware of the seemingly attractive valuations of Japanese stocks and the potential for cap gains with a recovery of even just the 18,000-level (that would be nearly 50%) for the Nikkei 225. The problem is not many are willing to commit the capital and thus any recovery at all will take time. A key point of interest now are those dividend yields. Maybe we'll finally see Japanese investors begin to embrace domestic stocks.
      View article »
    • Fri Jan 4th 09:01 AM | Rating: 0 0
      Commented on:
      Gadget Watch: 7 Consumer Electronics Stories
      Thank you both Useful Link Man and Lisa, for your comments. I have updated the title.
      View article »
    • Sun Sep 23rd 22:54 PM | Rating: 0 0
      Commented on:
      Earnings Quality Issues for NYSE China Listings
      Well, Forbes magazine (Oct. 1) picked up on the story in a piece entitled, "Made (Poorly in China)."

      China Petroleum & Chemical [Sinopec] (SNP) is said to have a "board packed with inside cronies; loads of deals done with related government entities."

      PetroChina (PTR) -- "Stretching payments to creditors; negative net working capital."

      China Life Insurance (LFC) -- "Mortality projections wishful; accounts under Communist accounting standards appear to lack audit opinion."

      Yanzhou Coal Mining (YZC) -- "Lowballing of doubtful accounts may indicate earnings manipulation; environmental liabilities possible time bomb."

      Sinopec Shanghai Petrochemical (SHI) -- "FCF negative in 2006; new reserves for doubtful accounts declining."
      View article »
    • Sun Sep 23rd 22:47 PM | Rating: 0 0
      Commented on:
      Pfizer Considering Japan R&D Unit Spin Off
      Good question. I saw a Japanese language news report over the weekend that said there's also a possibility of an employee buyout, or EBO, by the approx. 80 top researchers.
      View article »
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