In case you didn’t know, Herb Greenberg has retired from WSJ and Marketwatch to go into "private practice."
For his final column as a journo, he put together these 5 simple lessons for investors.
Lesson No. 1:
The numbers don’t lie.
That is why some short sellers and forensic analysts don’t
like to talk to companies. They want to avoid the spin or the
face-to-face meeting that can create a psychological connection that
may skew what otherwise would be black-and-white analysis.Lesson No. 2:
Quality, not quantity.
Ignore the "beat the Street" headlines on
earnings. It is what goes into the earnings that counts. The
real story is often on the balance sheet, and the
cash-flow statement. The more complex and convoluted the
financial statements get, the more reason to worry.
Lesson No. 3:
GAAP isn’t the same as a Good Housekeeping seal.
Accounting Principles include plenty of gray areas — GAAP is subject to
interpretation. Just because its legal doesn’t mean the results aren’t lousy.
Lesson No. 4:
Don’t confuse stocks and companies.
They sometimes go in opposite
directions. Stocks sometimes do lie. They can be pushed
artificially higher by rotation, by short squeezes, by momentum.
Lesson No. 5:
Risk isn’t a four-letter word. Before you
buy, instead of asking how much you can make, ask how much you
After 34 years of covering business, five simple lessons
MarketWatch, 7:49 p.m. EDT April 27, 2008
Another good Friday on CNBC — excellent guests, discussing real issues, and in great detail.
Like the interview two weeks ago with David Einhorn and William Ackman, this shows how good finacial television can be when a smart guest discusses weighty topics with sufficient time to go into details beyond bumper sticker.
I don’t think the videos have as much Walker as they did on TV . . .
Discussing the state of private equity, with Pete Peterson, The
Blackstone Group chairman/co-founder and David Walker former U.S.
Perspectives on the economy, with Pete Peterson, The Blackstone
Group chairman/co-founder and David Walker former U.S. Comptroller
Video: David Einhorn, Greenlight Capital, William Ackman, Pershing Square Capital
It was a real eye opener: This clean, cool recording of lovely Latin melodies, overlaid with a delightfully dry, reedy saxophone that infused everything with a sophisticated flavor. That was Gerry Mulligan’s sound.
NPR radio described Mulligan as "the most influential baritone saxophonist in jazz."
But Mulligan was more than that — he was a
commanding composer, an innovative musician, someone who pushed boundaries, yet remained accessible and enjoyable to listen to.
Mulligan’s light and airy baritone saxophone was the epitome of the the "cool" jazz sound. Yet its amazing how easily he could interact with many other musical styles: Ben Webster’s blustery tenor (the epitome of a "warm" sound); Monk’s percussive, fractured piano rhythms and dissonant tunes; the sweet, subtle tension between Mulligan and Chet Baker.
You can pretty much grab any random Mulligan album (I put up a decent selection here) and not be disappointed. You will see scattered around a broad selection of different styles, eras, and musical cohorts.
Are you a Brubeck fan? Monk? Chet Baker? Webster? Desmond? Grab anything, sit back — and enjoy.
Mulligan became known for his writing and arranging skills in his teens. He wrote for Johnny Warrington’s radio band in 1944, and for Gene Krupa’s band two years later.
Mulligan hit the big time when he became known for his work (writing, arranging, and soloing) on Miles Davis’ defining album, "Birth of the Cool." Gerry’s compositions for this album included "Jeru," "Godchild," and "Venus de Milo," all songs that would remain in his repertoire long after the initial success of the album had died down. (This album launched and aided several careers of important jazz figures).
Mulligan’s last record came out as one of his most beautiful. Lovely tunes, clever arrangements, and understated fabulous players mark his last recording (John Scofield and
Grover Washington, Jr. play on this).
Mulligan Discography (massive PDF)