MaoXian.com -- Archive > September 2, 2005

Reading Roundup - Rude Cabbies Get Refined, Sequoia Fund Shareholders' Meeting, NPR Podcast Directory

Beijing tries to tame its wild taxis before '08 Olympics, by Ameila Newcomb.
["... reeducating China's cabbies may prove as challenging as building the Great Wall. The number of cars in Beijing has doubled in the past five years or so, meaning that taking to the streets can feel like going to war. Right-on-red morphs into right-whenever-I-feel-like-it. Horsepower rules. Pity the poor pedestrian who believes he has the right of way. Even more challenging is figuring out where to go. Beijing is changing daily as it undergoes a massive face-lift. Only half the candidates here pass the licensing test on the first try. Geography is often the culprit." People complain about Beijing taxi drivers, but my experiences have almost always been good ones. There is a little card on the glovebox in all cabs that has the driver's picture and name, so every time I get in a cab I say Wang Xin Fu (or whatever his name is), ni hao! which gets us off on the right foot.]

Sequoia Fund Shareholders' Meeting, 2005

"I agree that we have the worst system of corporate governance in the world, but I would add the qualifier: except for all the other systems ... In an ideal world, directors would function as smoke detectors. In the world as we find it, boards are much more likely to function as fire extinguishers ... I have two suggestions for making boards more effective. First, they should vote to end earnings guidance. {snip} my second suggestion for improving business practices: Directors should forbid earnings management and make it an impeachable offense ... the practice of managing outcomes has {also} spread into critical areas of society such as health care and higher education."

"When I look at the universe of companies that our research is dedicated to finding I do not expect to see orderly increases in earnings per share quarter after quarter or a consistent system of corporate governance. What I do expect to see are companies that have demonstrated sustainable competitive advantages and sell for reasonable prices given the companies' growth prospects, companies that are run by managers of extraordinary capability and integrity."

Bill Ruane recommends Poor Charlie's Almanac and observes that "We've owned many hundreds of stocks over the life of Sequoia, but we made most of our money in a couple dozen securities that we bought at the right price and stayed with." There's a lot of other great stuff in their Q&A session. Read the whole thing closely, and pay special attention to the stories that Bill Ruane and Rick Cunniff tell about coming to work on Wall Street 55 years ago. via vinvesting.com

NPR Podcast Directory
[Sweet. The Kroc money is being put to good use.]

Posted on September 2, 2005 at 7:30, GMT


	Friday, September 2 Reading Roundup - Rude Cabbies Get Refined, Sequoia Fund Shareholders' Meeting, NPR Podcast Directory Beijing tries to tame its wild taxis before '08 Olympics, by Ameila Newcomb. ["... reeducating China's cabbies may prove as challenging as building the Great Wall. The number of cars in Beijing has doubled in the past five years or so, meaning that taking to the streets can feel like going to war. Right-on-red morphs into right-whenever-I-feel-like-it. Horsepower rules. Pity the poor pedestrian who believes he has the right of way. Even more challenging is figuring out where to go. Beijing is changing daily as it undergoes a massive face-lift. Only half the candidates here pass the licensing test on the first try. Geography is often the culprit." People complain about Beijing taxi drivers, but my experiences have almost always been good ones. There is a little card on the glovebox in all cabs that has the driver's picture and name, so every time I get in a cab I say Wang Xin Fu (or whatever his name is), ni hao! which gets us off on the right foot.] Sequoia Fund Shareholders' Meeting, 2005 "I agree that we have the worst system of corporate governance in the world, but I would add the qualifier: except for all the other systems ... In an ideal world, directors would function as smoke detectors. In the world as we find it, boards are much more likely to function as fire extinguishers ... I have two suggestions for making boards more effective. First, they should vote to end earnings guidance. {snip} my second suggestion for improving business practices: Directors should forbid earnings management and make it an impeachable offense ... the practice of managing outcomes has {also} spread into critical areas of society such as health care and higher education." "When I look at the universe of companies that our research is dedicated to finding I do not expect to see orderly increases in earnings per share quarter after quarter or a consistent system of corporate governance. What I do expect to see are companies that have demonstrated sustainable competitive advantages and sell for reasonable prices given the companies' growth prospects, companies that are run by managers of extraordinary capability and integrity." Bill Ruane recommends Poor Charlie's Almanac and observes that "We've owned many hundreds of stocks over the life of Sequoia, but we made most of our money in a couple dozen securities that we bought at the right price and stayed with." There's a lot of other great stuff in their Q&A session. Read the whole thing closely, and pay special attention to the stories that Bill Ruane and Rick Cunniff tell about coming to work on Wall Street 55 years ago. via vinvesting.com NPR Podcast Directory [Sweet. The Kroc money is being put to good use.] Posted on September 2, 2005 at 7:30, GMT US Dollar Index The Dollar broke hard last Wednesday morning. In the currency market the leverage is so extreme that the little guys can't afford to pull their usual Buddy Holly trick: Cryin', Waitin', Hopin' she'll come back.... They just bust out instead. US Dollar Index, Hourly Chart Posted on September 2, 2005 at 7:00, GMT Previous Entry >>> Light Sweet Crude and the Energy SPDR		Home Archive © 2000 - 2005 Chairman MaoXian

Reading Roundup - Rude Cabbies Get Refined, Sequoia Fund Shareholders' Meeting, NPR Podcast Directory

US Dollar Index