One thing that I think distinguishes value investors somewhat is that they pay a lot of attention to what could go wrong, what's the downside. And that's well captured in this quote from Ragen Steinke of Westwood Management. "The very first thing we do when we start to analyze a company is to ask ourselves how far the stock price would fall if we were wrong.
It's not some back of the envelope calculation, but a full assessment looking at liquidation asset values and stressing the business model and valuation levels under any number of bad scenarios." "If the downside is more than 30% from today's price, it's unlikely we'll invest, regardless of the upside potential. If we can't establish a concrete downside number, which probably means it isn't far from 100%, we absolutely won't buy the stock." "Going through this first sets the tone we want to set in our research. Rather than start looking to convince ourselves why we should buy something, we start out trying to prove why we shouldn't buy it. We try to keep that level of skepticism alive throughout the process." I think that's a hallmark of value investors, that kind of-- any investor has to have some optimism. You wouldn't invest if you weren't optimistic about a company's prospects https://www.casinoslots.co.nz/bonus-bets. But skepticism is kind of a hallmark I think of a good investor, and really thinking about what could go wrong. It's great if a stock could double, but if that stock could go to zero, you should think about that. So Whitney will speak in more detail about how smart investors go about determining what a stock is worth. But even if you're able to do that well, there are a lot of things that can trip you up as an investor. And a lot of that revolves around anything doing with money can set off all kinds of irrational responses on people's parts. It could be you're assuming that what just happened is what's going to happen forever. Or you're panicking because your stock went down and it feels really bad to have money evaporate like that. You could be that you're only looking for evidence that confirms what you already believe and you're really ignoring evidence that disconfirms what you already believe. So these are the types of things that can throw people off, and this is the reason why it is so hard to beat the market. People make a lot of behavioral and emotional mistakes. And I think one of the things that sets really good investors apart is they're able to deal with that pretty well, however they do it. Whether it's just innate wiring or it's they've learned it over time, you have to control your basest instincts somewhere. I have a couple quotes here from two very longtime, very successful investors, one of whom is Seth Klarman of the Baupost Group. "As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You can wait for opportunities that fit your criteria, and if you don't find them, patiently wait. Deciding not to panic is still a decision." And that's just-- I mean everyone's probably felt it. Like if you were an investor and you lived through 2008, 2009, it feels really bad. Reading the paper was really hard, and it feels bad. And there was a really strong tendency in those cases to just want to get out. Make the pain go away. And that's perfectly natural. It's evolutionary in a lot of ways, but it's not the greatest thing to do as an investor. The person who panicked and sold in March of 2009 and then was so scared that they haven't gone in for the last five years, they've left a lot of money on the table and that's a big mistake. This is another quote from a guy who is a very longtime investor. He's in his 70s and he still really does well, and he just very matter of factly said, "I honestly don't feel any of the emotional ups and downs from the market's day to day activity.
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If you're right that something is mispriced it will eventually take care of itself. We think it matters because you can conceivably avoid a lot of pain waiting for truth to prevail if you have a good read on why it currently doesn't." So again, just to reiterate a little bit, just because a company is a good company doesn't mean it's a good stock investment. There has to be something about your perception of how the assets they have or how the future's going to play out that differs from what everybody else thinks and what's built into the stock price. So a logical question following that would be, so why do stocks get mispriced?
It's efficient market. A lot of academics will tell you that it's an extremely efficient market and you should not even try to beat the market. So what a fundamental value investor who is an active manager is trying to do is identify what's going on that could make this the stock cheap. And I thought that was summed up pretty well in this quote from Steve Morrow of New South Capital. "We believe the market often misprices stocks due to neglect, emotion, misinterpretation, or myopia. So our value add comes from bottom-up stock selection. We're trying to buy at low prices relative to our current estimate of intrinsic value, and we want to believe that intrinsic value will grow." So neglect, emotion, misinterpretation, or myopia. Those are the types of things that can lead a stock not to reflect accurately what's going on in the future. Howard Marks of Oaktree Capital who is a longtime very articulate investor puts it this way in a more general way. "Investment markets follow a pendulum-like swing between euphoria and depression, between celebrating positive developments and obsessing over negatives, and thus, between overpriced and underpriced." "There are few things of which we can be sure and this is one. Extreme market behavior will reverse. Those who believe the pendulum will move in one direction forever or reside in an extreme forever eventually will lose huge sums. Those who understand the pendulum's behavior can benefit enormously." So what kind of situations can lead to neglect, emotion, misinterpretation, or myopia, and therefore, potentially inaccurate stock prices? A lot of things can make that happen, but there tends to be change. There tends to be uncertainty. And quite often there tends to be a problem or multiple problems. These are things that can throw off or cloud what the future may hold to a greater degree than if everything's kind of going OK. Again, I'm doing this because I think the people that we interviewed say it better than I would, so I'm going to quote John Jacobson from Highfields Capital where he talks about where he looks for opportunities. So what is the fertile ground for potential mispricing? "Two kinds of events create volatility, which creates opportunity. The first revolve around individual companies, such as earnings misses, unexpected news, M&A activity, restructurings, and legal issues-- things that can make prices and valuations change relatively quickly. We want to understand what made the price change and then figure out whether the facts have changed as much as the price. To the extent they haven't, that can be an opportunity." "The other major source of volatility is when a macro event or trend causes markets to move. The market reflects at any moment what investors think XYZ's business is worth. So if macroeconomic factors force people to buy and sell its securities, but we believe those factors have nothing to do with the underlying fundamentals of the company, or less to do with the fundamentals that is being reflected in the share price, that can also be an opportunity." You guys probably notice, even looking at Google stock, if you look at a Google stock chart over the last five years, you'll see it moves. It moves quite a bit. And it moves a lot more, one could argue, than the actual fundamental reality of what's going on at Google at any given time. And it's that if this is what's going on at Google at any time and this is the stock price, there can be opportunities to buy the stock when it's inefficiently priced. So while most discussions of stocks talk about what can go right about a stock-- everybody's talking about what's the upside, this is going to be great, it's going to double. That's not to say there aren't other reasons why people buy stocks. People buy stocks because my wife works at the company, I think it's a great company, or I love the product, or I heard at a cocktail party that it was going to go up. Lots of stocks get bought that way, but that's not what fundamental value investors do. So one of the first concepts we talk about is this notion of circle of competence. And that is what are the-- every investor should think about OK, what are the industries, what are the situations, what are the geographic areas, what are the size of companies that I'm going to look at and I'm going to become an expert in that will allow me to get an edge over what is a very efficient market?
And I think the basic concept is explained really well in this quote from Julian Robertson who's one of the best, most successful hedge fund managers of all time. "A baseball player never really gets paid, no matter how many home runs he hits or what his batting average is unless he gets to the big leagues. Then he's guaranteed to make a lot of money. But in the fund business, you can find a minor league where you can hit for a better average because that's what you're paid on." "I remember one of our guys taking us into Korea in the early 1990s and the market was so inefficient that it was a goldmine if you knew what you were doing. My point is that to be successful in this business, you don't have to be better than everybody everywhere, just better than everybody in the league in which you play. It's maybe today more difficult to find those inefficient areas, but it's not impossible." So the central conceit of any investor is that you figured something out that the market doesn't know or the market has just got wrong. If what's priced into the stock is just what everybody assumes and what the consensus is, it's very unlikely that that stock is going to be a successful investment. The price reflects the future, as the consensus sees it. And I think that's something I think people don't-- it's like, OK, Google is a great company, but that doesn't always mean that investing in Google stock is a great investment. It may be that the market is so enamored with Google's future that the price you'd have to pay it own a share of Google isn't a value, and it won't be a great investment. That doesn't mean it's not a great company and won't still perform extremely well, but it may not be a great investment. So I think one quote that captured that kind of notion really well, which is really important, was from a publisher of "The Daily Racing Forum," of all places. He said, "The issue is not which horse in the race is the most likely winner, but which horse or horses are offering odds that exceed their actual chances of victory. There's no such thing as liking a horse to win a race, only an attractive discrepancy between his chances and his price." OK, so that puts a premium on what successful investors often call the variant perception. Actually knowing what it is or identifying what you think are the reasons a stock is mispriced. A lot of investors may just imagine, OK, the stock is cheap and that's eventually going to work its way out. But I think what we found is that a lot of the best investors go beyond that, and they want to understand at least why it's cheap. Why would these be cheap? What's going on that could make this cheap? And that is the subject of this quote that I thought said it pretty well from Curtis Macnguyen who's at Ivory Capital. "Why something is mispriced is too often ignored by value investors. The general thinking is that it doesn't really matter. There are many different reasons why some people can go into nursing and others can not. It is a profession that requires a lot of caring, but there are some that would care too much and find it is too hard to deal with pain and suffering. Possibly the most shocking of the types of nursing jobs are the ones that take you to the emergency room. You never know what is going to come in through the doors, and it could be that you spend each shift watching adults and children die or struggle throughout immense amounts of pain. They could have injuries that change their lives forever. Help on essay writing for you.
If you are one of the latter, but you still want to help people, you may want to think about a lot of special types of nursing jobs out there. You may find one that you can do without feeling overwhelmed with the emotions that can sometimes go along with this profession. Not everyone can stand these types of nursing jobs because they take it all in too much. If that is you, don’t fret, there are other things you can do. Some types of nursing jobs are easier, even when trauma is concerned, but you probably have some time to get use to the idea of what is going to happen. Those that work in operating rooms generally know what they are going to be dealing with each day. Though there are a few emergency operations, the day is not as unknown as it would be in the ER. These jobs can also pay very well, and are usually not as traumatic in less urban areas. The types of nursing jobs out there are varied, as you can tell, but there is something there for everybody if that is what they want to do for a career. Some pay very well, and others not as much, but there is always work out there for nurses no matter how bad the economy may get. People can skip eating out and shopping for electronics, but people are always going to get sick. All types of nursing jobs can be hard, but they can also be considerably satisfying too. Other types of nursing jobs are all about patient care, but they can vary in how hard they are to handle. Those that do not want to see too much pain, but still want to help people can find great jobs in doctor’s offices. These can be hectic, but generally not that bad in the way of trauma. For a bit more doubt, some can work in hospitals and nursing homes as floor nurses. These types of nursing jobs can be very hard when people are dying right before your eyes. Some love to be there, however, to make someone’s last moments as calm as possible. When it comes to your education, have you ever considered online learning instead of doing it the conventional way? Normally, general education for kids should be done at school with teachers but what about those who wish to continue their education after high school or University? So what are the benefits of online learning? Since, online learning is mostly based on the net, it is always available for you to access. It's basically 24 hours/day and 7 days/week. You can also easily access your course wherever you want as long as you have a computer with an Internet connection. This means that you can choose where you want to study. This benefit allows easy group studies over a friend's house or even at a library close by. The flexibility that online courses provide you can also easily turn against you. Although, you may choose the time and place where you wish to study, the work must still be completed. If you are the type of person who likes to procrastinate and is unable to self-discipline himself to get the work done. Then online courses could turn out to be disadvantageous to you. However, if you are able to follow a fixed schedule then you can fully benefit from it. Online courses also offer more individual attention. You can communicate and ask questions to your teacher through email and get your questions answered directly. Compared to being in a class, where some students are afraid of asking questions out of fear of feeling stupid, asking questions via Internet is more tempting. As a result, you can be better essay writer with essay online helper. Another advantage to learning online is that you get the chance to meet interesting people. Normally, if you attend University, because the classes are so large, you don't get to know most of the students in your class. Not only that but sometimes some students are more shy than others and have more trouble talking to strangers. As such, an online course allows for a better chance at getting to know other students via e-mails, chat rooms and forums. Saving money is also something you can benefit from studying online. The cost for gas that you would normally spend on your car in order to drive to school far exceeds the price of a simple computer with a basic Internet connection. Also, the money you would usually spend on eating out versus eating home also shows a big difference over a year. Finally, if you're someone who wishes to continue his/her education but doesn't have as much time as before, then learning online might just be right for you. After all, with its flexible schedules and its convenient access, there's really no reason why you shouldn't at least try it and see if it's right for you. When writing a CV or a resume, you must have good customer service skills, as you will be dealing with general public, with almost every aspect of the job, below we have samples of how to prepare for the job.
You as a bank teller will be processing their requests, -Looking after their accounts and various other assigned duties involved with being a bank teller in banking institute. -You must have sufficient computer skills as well, especially knowledge of banking software, and general navigation of a computer. -Data entry skills are a must as well if you're a bank teller, the quicker you can get something entered into a computer, the quicker the service will be to the customer and you will definitely be scoring some points for yourself. -In the resume, you must list your contact details as well, as your educational history as well as employment history. -You can also list your references, so that the employer can contact them to verify your employment history. With a banking position or a bank teller position you must present yourself very professionally as you are working in a corporate company, and are expected to portray a professional image for yourself and for the company. A sample of what you should be wearing if you're in the banking industry, is if you're a girl, a nice business suit or the banks providing uniform, this of course must be washed, pressed and neatly presented. Also wearing pantyhose of a dark color or whatever your bank's preferred choice, with some professional heels if you are wearing a skirt. Also keep your hair tidy and washed as well, and also make up will make you look tidy and sophisticated as well, just do not apply too much. For me a sample of what to wear in a banking environment is a nice suit or of course the provided uniform for the bank, nice polished black shoes, with dark colored socks, also a clean-shaven face and tidy hair. Don't forget to wear a big bright smile on your face, and it will make an employees and a customer's day when they see your smile! Also when applying for a banking position you must have some fair knowledge of math as well, as you will be using most equations in the banking position. We have a sample banking resume or bank teller resume below for you to take a look at. Of course if you have more experience, please list it, please note that the sample banking resume below is only a sample of what a sample banking resume or bank teller resume could look like and what it could have in it. Sample banking resume and bank teller resume: Personal Information: Margaret Wilson 235 Street Way road Townsville CA Home Phone: (12) 2565 789 Mobile Phone: (123) 458 9886 Email Address: [email protected] Personal Statement: I am a qualified bank teller, I have experience working in banking environments, customer service environments and many other roles. I wish to use my skills and knowledge in a position with a company that can benefit the most from them. Skills/ Attributes: Professional Appearance Loyal, trustworthy Excellent customer services skills Highly organized and detail orientated Proficient with accounting software, Lotus 1-2-3, Lacerte, and Class. High typing speed of 60wpm High data entry speed of 8000 kspm Proficient with 10 key. Educational History: B.S., Degree in Accounting Townsville City College Anticipated October, 2006 Employment History: Townsville Bank, Townsville, CA Bank Teller, 2003 to Present A bank teller, also known as a cashier, works at a counter at a bank and serves customers. If you are thinking about becoming a bank teller, this job description will provide the information you will need to decide. This bank teller job description details the tasks involved in the day-to-day duties of a bank teller, as well as some indication of the personal qualities needed to do the job well.
As we have mentioned a bank teller or cashier job description includes serving customers at a counter of a bank. The tasks the bank teller or cashier may have to perform are various, and may include processing withdrawal transactions, opening bank accounts, handling telegraphic transfers and other duties. While many people might see the job description of a bank teller as a rather mundane and monotonous one, this could not be further from the truth. Because bank tellers are constantly dealing with customers, there is considerable variety in the tasks bank tellers need to perform. Just as each customer is different, so no one day is ever the same for a bank teller. Rather than suiting someone who enjoys routine, a bank teller job is perfect for those who enjoy difference. No job description of a bank teller would be complete without a discussion of the personal characteristics such a person requires. First and foremost must be the ability to be friendly and polite at all times. As a bank teller is dealing with the public, and is therefore the visible face of the organization, the ability to always remain calm and professional is also required. A bank teller job description should mention the importance of mathematical ability. Of course, computerization has removed a lot of mental calculation needed previously, but it is still a necessary skill to be able to perform mental arithmetic. Naturally then, a bank teller or cashier must be computer-literate. When dealing with money and computers, accuracy is absolutely essential. Computers are used by bank tellers or cashiers in every aspect of their job description, and so it is vital that there is the basic knowledge as to how to use one. Mistakes can be costly, for the cashier, customer or the bank. Attention to detail is another attribute that must be discussed regarding a bank teller or cashier job description. As we have seen, mistakes can be costly, and where money is concerned, customers naturally have a very great interest in ensuring their money is handled correctly. If you are the kind of person who does not care about little details, perhaps being a cashier is not suitable for you. A neat appearance is also required. While dress codes may vary slightly from state to state or from bank to bank, it is generally accepted that bank tellers or cashiers dress conservatively, which includes everything from clothes to facial hair, jewellery and hair style and length. When in doubt, take the safest option. A description of the personal attributes needed by a bank teller or cashier should also mention honesty. While this may be seen as a given, it should be pointed out that in such a role you are frequently dealing with large amounts of money, and if potential employers have any doubts as to your integrity, it is unlikely you will get the position you are seeking. As we have seen then, the job description for a bank teller requires a level headed and friendly individual who is good with numbers and has the ability to work well under pressure at all times. A bank teller should also be honest, neat and tidy in appearance, and deals well both with other people as well as computers. If this description sounds like you, then perhaps this is the career you have been looking for. Accounts receivable is concerned with handling incoming payments to the organization, whether in terms of checks or cash or other payment forms. This job description looks at the main factors involved in an accounts receivable position, and may be useful for those looking for a job in accounts receivable or for those needing help on how to write a job description for a similar position.
Any job description for accounts receivable will vary according to the specific company and role. A job description may relate to a clerk, manager supervisor so it is useful to be aware of this. This job description limits itself to the basic functions an accounts receivable clerk might perform. Data entry is a large part of an accounts receivable job description, so it essential not only an applicant is relatively quick at this but also he or she be accurate. Any job description will mention accuracy as a high priority, as accountancy is one area where there is often only one right answer, and mistakes can be costly to rectify. Job descriptions will often state Generally, experience and a tertiary qualification are required, though one or the other may be waived by certain organizations. Even so, it goes without saying that the better qualified you are, the more likely the chances you will have of landing the position. Computer software might make the job of an accountant easier, but this only applies if you are competent with computers. Job descriptions will often state the required computer skills, or assume that you have the right skills to do the job. These include a professional and accurate We have looked at some of the main points a job description for an accounts receivable person might state, and it is perhaps worth ending with a short description of the personal attributes such a person might have. These include a professional and accurate approach to their job, attention to detail and the ability to process large amounts of information quickly. An accounting job description is usually similar to either accounts payable or receivable, though an accounting job description may require more general accounting duties. A bookkeeper job description will vary according to the specific needs of the company through experience and suitable qualifications are often required. A bookkeeper job description will also detail the task involved which generally include recording details of business transactions. |
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