Author: stlplace

Categories
IPO

Emdeon: reading its IPO prospectus

Reading Time: 8 minutes

(Update 16Sept09) Brean Murry is out with a selling rating with Emdeon (source: StreetInsider). Quote:

While investors may be focusing on the potential benefit from healthcare reform, we view the benefit as a potential one-time boost to the growth rate in claims that will revert back to the low-single digits after the anniversary of enrollment…We apply a 13x multiple to our 2010 cash EPS estimate, which we believe may prove overly generous, to arrive at a fair value of $13 per share.

(Original) First heard about Emdeon (NYSE:EM) from Cramer on Mad Money before its IPO. I watch Mad Money from time to time, mostly for entertainment (not for ideas or education). But this healthcare bill processor IPO sounds interesting especially at this time. And to make it more interesting, the stock did not get huge pop post IPO. Hm. So I went ahead and looked at its IPO Prospectus.

Emdeon logo pic

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Categories
Economy

Healthcare reform likely outcome

Reading Time: < 1 minute

Healthcare (excuse me, Health Insurance) reform debate has heated up lately, esp. in those contentious townhall meetings. One hot issue in debate is the Public Option (not the stock option, but rather a public choice for general public to buy). It seems to me this is losing steam recently, because of a mistake made by President Obama. This thing goes sour like this.

Suppose, you are a college student, and you want to ask $5,000 from your father for college. Suppose your father loves you but he is a thrift person (like Buffett). So what would you do? You ask $10,000 or $8,000 and if your father refuses, then you can go the lower number (5,000). What did President Obama do when he wants the public option?

He asked for public option. It’s a mistake. I think he should have asked for single payper system (like Medicare), make conservatives and insurance companies really nervous, then he can back up, and offer the public option.

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Travel

Back to STL

Reading Time: 2 minutes

I got all the fun of driving in Boston traffic during rush hour. It took me more than an hour driving from Waltham to Boston Logan, and my Garmin 755T GPS helped this time.

One thing I noticed in Boston is driving is a lot more hectic than in the River city. People won’t yield to let me slip in, they will honk at me when I drive too slow, those kind of thing. Also, keep in mind Boston is a very old city, the roads are usually narrow, and they are not aligned very well, there are a lot cross intersections in 30/150 degree rather than 90/90 degree. It’s a little confusing to me. The good thing is I survived. Until at Hertz returning the rental car, the Hertz car locked the car before I took out my bag from trunk. So I had the opportunity to see unlocking a car using the tools.

Reading Psychology book


(“Influence” Chinese version cover)

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Travel

Pros, Cons and Tips of GPS

Reading Time: < 1 minute

I am using a Garmin 755T GPS to nagivate Boston. This is my 3rd trip using GPS. The first one was Chicago trip before July 4th.

Pros
Recalculating when I took the wrong road;

Cons
Dependency on GPS, so I will not read maps in the future?

One more thing to pay attention besides road and traffic;

Sometimes the number could be off (I metioned it on Hilton Garden Inn, this could caused by the rapid development);

Tips
Pay attention to the road to turn to, and the “pink” road which means I should take (I had to admit I am not very good at this);

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Travel

Harvard Square

Reading Time: 2 minutes

Went to Harvard Square this evening, took some pictures (the quality is not as great as I liked, but you know it’s Harvard).

IMG_7022
(Harvard Theater)

IMG_7024
(Harvard Square, Sumner’s statue)

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Travel

Going to Boston today

Reading Time: < 1 minute

That would be exciting thing 10 years back, when I was still a college junkie. It still will be interesting, at least I plan to visit Harvard Square, where Paul Allen met with Bill Gates (in 1976?) and said:

“We got to start this (computer business), this thing (computer revolution) is happening without us.”

We all know what happened in last 30 years (hint: we all become Bill’s “slave”, in a way).

Interestingly, I read from Yahoo that Harvard has the most billionaires.

I will back to the River City on Thursday night. Time to look for authentic Chinese restaurant now. I already find it’s a challenge task esp. visiting small towns. Boston should offer more choices.

Categories
Investing

Portfolio management: keep some cash

Reading Time: 2 minutes

This is the second piece of Portfolio Management series. I started this series, mostly to record what I have learned in last few years, since I wrote Stock Lessons (as a beginner). The stock market since last year is humbling, but I also learned quite a bit in the process, with some real results. For instance: my stock portfolio is up about 51% YTD (year to date), vs. Dow’s +6.21% YTD, and S&P 500 +11.16%. Note I only use cash account and only long stocks in my account.

One thing I learned more recently is always keep some cash at hand, I can think of two reasons:
1) This one is easy, if I have some cash at hand, when some good stocks really go on sale (like at March 5 market lows), I can pick up them and feel good about it.

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Master Series video

Jean-Marie Eveillard at Fox Business

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I mentioned him a while ago (via. WealthTrack program). Fox Business link here. He is probably one of the best mutual fund managers in the world (from his long term performance).

BTW, here is Jean-Marie Eveillard lastest buys (GuruFoucs).

Categories
Career video

Where to find a job?

Reading Time: < 1 minute

From Fox Business.

Categories
Economy

My analogies on healthcare reform protest

Reading Time: 2 minutes

My wife asked me why there are so many outraged people on those congressmen/senators townhalls (she reads that from WSJ). I used an analogy. Imagine the metro (or buses) during rush hours in Shanghai (I used to take a bus almost every Monday morning in early 1990s, from my brother’s place to my working place, a 1.5-2 hrs journey). Suppose you are the guy (or the lady) already on a bus, the bus is packed and the driver requested everyone move inside “a little bit” so that more people can squeeze in.

In this case, many old people protest against the reform because they are already covered in Medicare and they fear their coverage will be less generous, as you and I know, this country is running out of money. There is few such thing as win-win, or free lunch these days. More people got covered, but coverage will be less generous overall. Doctors will see more patients, possibly with less income (profit). Blah blah blah.

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