... anticipated that catches management unprepared.
A contingency plan should address such occurrences.
Natural disasters are a primary contingency that companies
plan for. Like manmade situations, these ... planning is a big picture issue.
This is a disaster plan fora business-created crisis that could shut
down your company for example, a labor strike in a plant that was
not expected or anticipated ... a minimum of two activities:
1. Quarterly checks
2. An annual update
The Practical Guidelines for
Buildinga Business Plan in
Five Pages
T
his chapter explains the five major elements that make...
... Module 2: Strategiesfor Administering a Windows 2000 Network
Creating a Taskpad
Create and Configure a Taskpad
Create and Configure a Taskpad
Create and Configure a Taskpad
Create a customized ... Network
? Setting Up Taskpads
? What Is a Taskpad?
? Creating a Taskpad
? Creating Tasks in a Taskpad
A taskpad is an administrative tool that you set up for novice administrators
and ... console
Create a customized MMC console
Create a taskpad
Create a taskpad
Configure a task in the taskpad
Configure a task in the taskpad
Customize the taskpad view
Customize the taskpad view
Creating...
... Guangzhou. Several multina-
tional companies are already located in the region. ey are famil-
iar with business practices in the Guangzhou area and already
have a network of local suppliers and customers. ... Early
Innovation
environment
Set up an office to assist companies
with all legal, administrative, and
financing issues.
Such an office should track all
relevant laws and regulations, all
available ... outlines the actions that GDD should take to capi-
talize on its assets and improve its ability to attract and retain high-
technology companies.
GDD’s Assets
GDD and the Guangzhou area have a number...
... Automatic
Thesaurus Discovery. Kluwer.
Jaroslava Hlav a cov a and Pavel Rychl´y. 1999. Dispersion
of words in a language corpus. In Proc. TSD (Text
Speech Dialogue), pages 321–324.
Adam Kilgarriff, ... Center of basic re-
search LC536 and in the National Research Pro-
gramme II project 2C06009.
6
A word sketch is a one-page corpus-derived account of a
word’s grammatical and collocation behaviour.
7
The ... distribution.
All the information is available. We can deter-
mine, in a large corpus such as the BNC, for each
noun lemma with more than (say) fifty occurrences,
what percentage is plural. We present...
... companies arecalled “growth
stocks,” and those ofbad companies
arecalled“value stocks.” Let’s
considerfor a moment, Wal-Martand Kmart. The formeris finan-
cially healthyand universallyadmired, ... withlegendary management,
a steadily growing stream of earnings,
and a hugepileof cash on
hand for emergencies. The latterisasick puppy, having recently
declaredbankruptcy due to marginal financialresources ... measure short-term risk by calculating something statisticians
call a “standard deviation” (SD). This can be thought about as the degree of “scatter”
of a series of values about the average. For...
... the case of companies that are buying back
their shares. A company that has grown its earnings by 5% per year
and annually buys back 5% of its outstanding shares will appreciate by
10% per year, ... observers, and unfortu-
nately, this is eventually what happened.
Third, and most important, the real beauty of the above formulas is
that they can be rearranged to calculate the market’s expected ... decidethat a weekinParis
nowis worth ten weeksadecade fromnow,that implies
a much high-
erDRof 25.9%. This isthesame as saying that thepresent value of a
weekinParis in a decade has cheapened. Again,an...
... was the result of a massive
collaborative effort to collect and analyze stock and bond prices. As
researchers began to examine the aggregate performance of stocks
and bonds, it was only natural ... each year. This is the best-case scenario for active-
ly managed mutual funds—turn your portfolio over once a year, and
you might—just might—match the index. And that’s before taxes. In a
taxable ... explained by
the laws of chance.
Are we in Randomovia yet? Almost. If we actually were in
Randomovia, we would find that above-average performance does not
The Market Is Smarter Than You Are 79
Figure...
... value
each year as capital gains. Fortunately, there are now “tax-efficient”
index funds designed for taxable accounts, which are generally able to
avoid capital gains. In 1999, Vanguard created ... unnecessary capital gains and resultant taxes. For the taxable
investor, indexing means never having to pay the tax and investment
consequences of a bad manager.
Why Can’t I Just Buy and Hold ... expense are least for large-cap
funds, intermediate for small-cap and foreign funds, and greatest for
emerging market funds. They are tabulated in Table 3-1.
94 The Four Pillars of Investing
500 dramatically...
... the S&P 500 was less than infla-
tion—that is, it had a negative real return—whereas the EAFE beat
inflation handily. You’ll also see that the EAFE beat the S&P 500 by a
similar margin ... large
stocks. Small companies tend to be insubstantial and fragile. More
importantly, they are thinly traded—relatively few shares change
hands during an average day, and in a general downturn, a few moti-
vated ... can swallow.
So what’s a reasonable foreign allocation? Certainly less than 50% of
your stock pool. For starters, foreign stocks are more volatile, in gen-
eral, than domestic stocks on a year-by-year...
... the roads and public safety made travel a danger-
ous, slow, and extremely uncomfortable endeavor.
At a stroke, the railroads made overland travel cheap, safe, rapid,
and relatively comfortable. ... financial chaos of Paris arrived a most extraordinary
Scotsman: John Law. After escaping the hangman for killing a man in
a 1694 duel, he studied the banking system in Amsterdam and even-
tually ... South Sea episode haunted the
English capital markets for nearly two centuries thereafter. The Bubble
Act, which had actually precipitated the collapse, required a parlia-
mentary charter for all...
... gravitational equation from a falling
apple and Darwin’s extrapolating the theory of evolution from observ-
ing gardeners and farmers select for favorable plant characteristics are
two spectacular ... should have a firm asset allocation pol-
icy in place. What separates the professional from the amateur are two
things: First, the knowledge that brutal bear markets are a fact of life
and that there ... maladaptive behaviors will corrode your wealth as
surely as a torrential rain strips an unplanted hillside.
Misbehavior 179
remaining favorites more advantageous than they should be. After all,
it...
... financial and
economic data to forecast market direction. If we have learned any-
thing over the past 70 years from the likes of Cowles, Fama, Graham,
and Harvey, it’s that this is a fool’s errand. ... company that at all times maintains an invento-
ry of the stock or bond, to allow for smooth trading.
In many cases, the broker is acting as an “agent,” which means that
he and his company are ... million. At that point, the fund’s performance turned
around, and it gradually began to accumulate assets again, finally
reaching the $1 billion mark in 1998. In that year, it beat the S&P 500
by...
... economic impact as
largeasthat of financialjournalism. Just as many automobilepur-
chasers will buy on the basisof a favorable reviewinCar and
Driver,aglowing
money manager storycanmove vast amounts ... analysts, and
hedge fund managers.)
Atthe very
top of the financialjournalismheap areaselect num-
ber of writers whoare so popular and craftprose so well that they
canget away with a regular output ... Mutual Fund 211
2. Do not chase the performance of active managers. Not only does
past performance not predict future manager performance, but
excellent performance leads to the rapid accumulation...