[ Geoffrey Cauble ]
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So, it’s been a while since I’ve blogged but I thought I would give an update on the GMAT and MBA program. This morning I took the GMAT and I found it to be a fairly hard test though I did far too little in way of preparation (I missed about 1/2 of the prep classes). I’ve long known that math is my weakness and that was shown in my GMAT results. Overall I did well enough to get into GSU and that is what I was looking for (I did well enough to go somewhere else too, but the point is that I accomplished what I needed to).

The GMAT was the last step in the admissions process. I had a conditional acceptance pending GMAT scores and I’ve spoken with the GSU program director and my file is all approved. I’m really looking forward to class. I got the first three syllabi this week. We’ll be starting with Financial Statement Analysis, Global Business Strategy and Business Communications.

I have talked with a few people recently who were starting do do a lot of photography but needed to know more about how an exposure is recorded. I have a short tutorial/outline I wrote while teaching photography that I’ve added to the “Photography” page of my blog (found on the left navigation bar).

Maybe it will be useful to some.

Exposure Explained

I recently finished “The Warren Buffett Way” by Robert Hagstrom and I thoroughly enjoyed it. I’m not sure how to implement some of the principles in the book with the limited time I have available to learn about the companies I invest in. Still, the common sense approach and the owner’s view that Buffett encourages is something that I want to drive my investment decisions.

I do invest in mutual funds and (gasp!) even index funds, but I prefer owning individual companies that I believe are a good value, run by good managers with a strong financial picture. As I learn, I hope to become more of a “focus investor”.

Here is the book on Amazon

Here are a few excellent quotes:

“All we want is to be in businesses that we understand, run by people whom we like, and priced attractively relative to their future prospects.”

“It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”

“Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised.”

“I want to be in a business so good even a dummy can make money.”

“The market is there only as a reference point to see if anybody is offering to do anything foolish.”

The Wall Street Journal published a three part series detailing the events that lead up to the sale of Bear Stearns to J.P Morgan Chase. The articles provide a fascinating look into a major brokerage company and the pressure that recent market forces have put on our financial system.

Part one: Missed Opportunities

Part Two: Run on the Bank

Part Three: Deal or No Deal?

The role of the Federal Reserve in the sale of Bear Stearns is certainly something to think about whenever you hear that the US has a free economy that is dictated by market forces. I’m not saying the Fed did the wrong thing, just that we don’t allow the free market to correct our economy.

What do you think? Did the Fed do the right thing? Is there a legitimate “moral hazard” argument to oppose the Fed’s actions?

An interesting article on the United States Government’s balance sheet.”Imagine a humongous business with assets of $1.6 trillion, balance sheet liabilities north of $10 trillion and off-balance-sheet obligations of $41 trillion.”

Peter Peterson’s $1 Billion Bully Pulpit

Jeff Ascough post yesterday on why most of his work is black and white is an excellent tutorial on what to consider when taking a black and white photo or a color photo. I’ve certainly been guilty of making a photo B&W when I didn’t get the white balance right or some other equally bad reason. I really need to work to visualize the color palette as well as the monochrome palate when I’m shooting.

For a great explanation and some terrific examples click the link below.

May 23rd - Jeff Ascough, Monochrome Magic…

June 3rd I’m starting a 7 week GMAT prep course as a first step towards a graduate degree in business and finance. I’m considering a few schools but I really want to stay close to home. I don’t think I could sustain a long commute for 2 years.

We’ll see how it goes…

If you can keep your head when all about you are losing theirs and blaming it on you, If you can trust yourself when all men doubt you, But make allowance for their doubting too, If you can wait and not be tired by waiting, Or being lied about, don’t deal in lies, Or being hated, don’t give way to hating, And yet don’t look too good , nor talk too wise:

If you can dream-and not make dreams your master; If you can think-and not make thoughts your aim; If you can meet with Triumph and Disaster And treat those two impostors just the same; If you can bear to hear the truth you’ve spoken twisted by knaves to make a trap for fools, Or watch the things you gave your life to, broken, and stoop and build ‘em up with worn out tools:

If you can make one heap of all your winnings and risk it in one turn of pitch-and-toss, and lose, and start again at your beginnings and never breathe a word about your loss; If you can force your heart and nerve and sinew to serve your turn long after they are gone, And so hold on when there is nothing in you except the Will which says to them: “Hold on!”

If you can talk with crowds and keep your virture, Or walk with Kings-nor lose the common touch, If neither foes nor loving friends can hurt you, If all men count with you, but none too much; If you can fill the unforgiving minute with sixty seconds’ worth of distance run, Yours is the Earth and everything that’s in it, And-which is more- you’ll be a Man, my son!