Steven Towns

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  • 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!
    Oct 25 18:23 pm |Rating: 0 0 |Link to Comment |View article
  • 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...
    Sep 19 07:10 am |Rating: 0 0 |Link to Comment |View article
  • 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.
    Aug 30 09:46 am |Rating: 0 0 |Link to Comment |View article
  • 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
    Aug 27 07:23 am |Rating: 0 0 |Link to Comment |View article
  • 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.
    Jun 18 09:15 am |Rating: 0 0 |Link to Comment |View article
  • Frontier Markets ETF: Curb Your Enthusiasm
    John Christy at his best, keeping it real. No smoke and mirrors. Always a pleasure.
    Jun 13 12:04 pm |Rating: 0 0 |Link to Comment |View article
  • Nikkei Weekly Outlook: Pre-Earnings Downside Risk?
    Thanks for your feedback!
    Apr 20 21:45 pm |Rating: 0 0 |Link to Comment |View article
  • 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.
    Apr 20 21:40 pm |Rating: 0 0 |Link to Comment |View article
  • 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.
    Apr 14 20:16 pm |Rating: 0 0 |Link to Comment |View article
  • 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!
    Apr 11 12:33 pm |Rating: 0 0 |Link to Comment |View article
  • 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.
    Mar 28 09:20 am |Rating: 0 0 |Link to Comment |View article
  • 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.
    Mar 16 16:41 pm |Rating: 0 0 |Link to Comment |View article
  • Gadget Watch: 7 Consumer Electronics Stories
    Thank you both Useful Link Man and Lisa, for your comments. I have updated the title.
    Jan 04 09:01 am |Rating: 0 0 |Link to Comment |View article
  • 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."
    Sep 23 22:54 pm |Rating: 0 0 |Link to Comment |View article
  • 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.
    Sep 23 22:47 pm |Rating: 0 0 |Link to Comment |View article

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