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Edward Yoxen

Edward Yoxen
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  • IBM Re-Balancing Their Portfolio [View article]
    It is all about the management of risk. That is to say buying a small firm with products that are already on the market is a lower risk strategy that setting one's own scientists and engineers to work, in the hope that they will come up with something relevant and defensible in a short period of time. This is common in many industries and has been for years. That being said the question is then why a company like IBM would both acquire technology and fund substantial amounts of R and D. To answer that question would require delving deep into what IBM is actually working on and why they feel it necessary and that is a) not likely to be public information and b) well beyond my technical competence anyway.
    Feb 14 12:28 PM | Likes Like |Link to Comment
  • IBM Re-Balancing Their Portfolio [View article]
    The phrase, "Just the facts, mam" comes to mind, and not all of them, when you think about it.
    Feb 13 10:31 PM | Likes Like |Link to Comment
  • Apple: This Is Ridiculous [View article]
    For me the contrast is most apparent in business style. Apple seems to me a very disciplined company, innovating incrementally with a small number of key products, and then making much more radical leaps every 5 years or so, improving on products which someone else has already tested in the market. It seems to be assiduous in sticking to high margin products, when a chorus of commentators urges them to come downmarket. It is very careful with its acquisitions. Google too has a core business, but is splashing out in a number of different directions - driverless cars, automation, home connectivity, smartphones until very recently. Some commentators claim to be able to see an underlying plan, but the bets are large and some of them - Motorola for example - already look expensive and less than successful. Given that valuation is all about the discounted value of forecast future profits, how odd that Wall Street should reward the company which appears to be less focussed, more extravagant and more prepared to risk major amounts of capital ?
    Feb 13 11:12 AM | 13 Likes Like |Link to Comment
  • Tesla Motors And Bolivia's Lithium Strategy: What's At Stake? [View article]
    I found this to be a pretty circuitous article, of which the main point is not entirely clear. But I am intrigued by the fact that making lithium takes lots of water and that Bolivia may not have enough to serve the likely world market. So it would seem that EVs are not so green after all, if they require huge quantities of water to be diverted to mining operations, somewhat like fracking.
    Jan 28 08:10 AM | Likes Like |Link to Comment
  • Keep Holding BlackBerry Shares, They Will Soar Higher [View article]
    I do read most of the Blackberry articles. At the moment there is a lot of speculation about what Chen's actions might lead to, including your comments which, as I implied, told us nothing new. That being said I was struck by your forceful comment that Blackberry will survive for years on its secure phone business, and I was led to wonder just how profitable that part of their business is and just how wide and deep that moat might be, as interest in phone security intensifies.

    There is no connection between my interest in medical devices and my interest in mobile communications. I am not an analyst, although I read some investment analysts' reports.

    Thank you for taking the trouble to reply to my comment.
    Jan 21 08:14 PM | 1 Like Like |Link to Comment
  • Keep Holding BlackBerry Shares, They Will Soar Higher [View article]
    One of the great strengths of Seeking Alpha is that even fairly humdrum articles ( and I am sorry but I have to say that I found that this article pretty superficial and based on PR material ) contain one or two sentences which make you think. In this case the sentence is, "This is a major commitment which will keep Blackberry in business for years to come." I realise that I really do not know except in the most general terms a) what it is about Blackberry's system which makes it so much more secure; b) whether there are other specialised phones which offer a comparable degree of security, and if not, why not; and c) whether it is indeed true that Blackberry's government customers could keep it in business for years to come - a couple of years I might accept but decades ?

    And then I found myself wondering how do you get hold of a Z30, if your carrier does not offer one ?
    Jan 21 07:05 PM | 5 Likes Like |Link to Comment
  • BlackBerry Take An Order! [View article]
    And quite a low grade in spelling by the look of it.
    Dec 17 03:35 PM | 1 Like Like |Link to Comment
  • Dangerous game of chicken playing out in Chinese airspace [View news story]
    Good point. If you enter Dublin to Beijing in the flight section of the Ryanair web site you are offered a number of flights, eg on Turkish Airlines, but none of them on Ryanair, which, as you imply, serves only Europe and North Africa.
    Dec 1 07:50 AM | 2 Likes Like |Link to Comment
  • The Fed's Taper And The Future Of The Japan Trade [View article]
    Up to a point perhaps, but you can also argue that the leaders both countries have chosen to engage in policies that are notably more militaristic than in the past - this is certainly true of Abe - and that in the recent past anti-Japanese sentiment in China led to a massive fall in the sales of Japanese cars. And since I wrote my first comment tensions have clearly increased as each side probes the other, and the US and South Korea lean towards Japan.
    Dec 1 07:43 AM | Likes Like |Link to Comment
  • The Fed's Taper And The Future Of The Japan Trade [View article]
    Do you not think that the increased tension between Japan and China over the islands to which they both lay claim, and which heavily impacted the sales of Japanese goods in China last time around, will have a serious effect on Japanese share prices over the next few months ?
    Nov 29 07:50 AM | Likes Like |Link to Comment
  • The Sun Will Come Out Tomorrow [View article]
    I find the idea that the main political parties in the UK are ideologically similar, depending on which parties now qualify for that description, quite odd, Indeed you could easily argue that the differences are more apparent that those which separate the Republicans and the Democrats in the US. Assuming MandyDrew means Labour and the Conservatives as the main parties (and excludes UKIP, the LibDems and the Greens) this is a highly inaccurate characterisation - unless one is viewing them from the extreme left or extreme right, in which case a kind of political parallax changes how they are seen.

    Actually I find Cam Hui's view that the current US political crisis in some way parallels that in Italy much more interesting. In one case the time servers and party hacks turn on their discredited leader (Berlusconi); and in the other the Tea Party are marginalised and outmanoeuvred - slightly different processes but with similar results, as an economic crisis is postponed, or possibly avoided altogether. Does either path represent an expression of the will of the people ? Yes, but only in the broadest and most superficial sense.
    Oct 14 09:57 PM | Likes Like |Link to Comment
  • NeoStem Continues To Soar Behind A Slew Of Key Developments [View article]
    Thank you for doing that. We look forward to your comments. Curious that the Sunshine piece makes no mention of BAX, as I recollect, although its trial must also be in question, at least if there is any merit in the adverse interpretation of the trial data.
    Sep 17 07:55 AM | Likes Like |Link to Comment
  • Inovio Pharmaceuticals: Features Of A Quality Biotech [View article]
    Why would that be exactly ? Red Acre seems to me to offer expert and closely reasoned analysis each week and to make money on their trades, rather than merely offering unsubstantiated slurs (and no bio).
    Sep 17 07:46 AM | Likes Like |Link to Comment
  • Could Baxter Acquire This Small Company? [View article]
    My point was that some companies are reluctant to purchase other companies, where the most valuable asset is a contract manufacturing business, which includes work for competitors. (My comment is made on the business of 18 years device M and A experience.) We could debate whether the PCT division is the most valuable component of Neostem. My view is that it is, because it is likely to be cash-generative, while the other parts, including the AMR-001 trial consume cash. The question then is whether an investment of $x million to purchase NBS outright could be justified to purchase the combination of a contract manufacturing business and a therapy in development. These are not easy things to quantify.

    It would appear that Dendreon made a bad decision in deciding to leave NBS and to invest in more manufacturing than it needed, although one could debate that too. I suspect that we do not know enough to work out this equation from Baxter's position.

    My observation of Baxter over some years is that they seem very capable of persuading themselves that an investment of $y million to acquire a company makes good sense because of the huge gains which will result, and pretty hopeless at realising these gains. I suppose that NBS should be encouraged by that !

    I remain to be persuaded that Baxter would want to have its own product and the one under development at NBS.
    Aug 20 07:20 PM | Likes Like |Link to Comment
  • Could Baxter Acquire This Small Company? [View article]
    Your argument is plausible, but I am left with lots of unanswered questions. How much of the value of PCT is represented by contracts being performed for other clients, some of whom may be competing or may compete in future with Baxter ? What is the value of AMR-001 to Baxter given that it already has a similar product in development ? Could they plausibly continue the development of AMR-001 post-acquisition and if so why ? Are there other potential bidders out there who would also be interested in NBS and force Baxter to raise its price, or at least make an offer which preempts any auction ? Is Baxter not pretty preoccupied with the Gambro acquisition at this point, such that buying something new would be a dangerous distraction ? Is the departure of Dr Losordo actually a sign that the Baxter product is not doing so well and that they are happy to let him go elsewhere to pursue his interests ? (I realise this could mean that Baxter is either more or less interested in acquiring NBS.)
    Aug 19 07:19 AM | 1 Like Like |Link to Comment