Chris Begg East Coast Asset Management

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  chris begg east coast asset management: Where the Money Is Adam Seessel, 2022-05-24 “One of the best books I have read on investing in years. ” —Bill Ackman, founder and CEO, Pershing Square Capital Management From a successful investor and a contributor to Barron’s and Fortune comes a once-in-a-lifetime book that gives modern investors what they need most: a fresh guide to making money in a stock market now dominated by tech stocks. Technological change is reshaping the economy in a way not witnessed since Henry Ford introduced the assembly line. A little more than ten years ago, only two of the ten most valuable publicly traded companies in the world were digital enterprises—today, they comprise eight of the top ten. Investors around the world are struggling to understand the Digital Age and how they can use the stock market to profit from it. Author Adam Seessel understands. Several years ago, he watched his old-school portfolio built using traditional value investing principles decline while the market, driven by “expensive” tech stocks, advanced. Determined to reverse course, he set off in search of a new investment paradigm, one that remained true to the discipline that Ben Graham gave us a century ago while reflecting the new realities of the Digital Age. In this “helpful take on playing the stock market” (Publishers Weekly), Seessel introduces a refreshed value-based framework that any investor, professional or amateur, can use to beat the modern market. Like all sectors, the tech sector follows certain rules. We can study these rules, understand them, and invest accordingly. The world is changing, and we can profit from it. Approaching tech this way, the economy’s current changes and the rapid rise of tech stocks are not reasons to be frightened or disoriented—they’re reasons to be excited. Infused with the same kind of optimism and common sense that inspired Benjamin Graham’s The Intelligent Investor and Peter Lynch’s One Up on Wall Street, Where the Money Is ushers in a new era of modern value investing.
  chris begg east coast asset management: 돈은 빅테크로 흐른다 애덤 시셀 (Adam Seessel), 세상은 변했고 ‘가치’의 기준도 바뀌었다 - 디지털시대에 맞게 보완한 테크주 가치평가 지표 벤저민 그레이엄의 가치투자 방식으로 자산운용사를 운영하며 이익을 내던 저자는 2014년경부터 처참한 손실을 기록했다. 같은 시기 구글, 아마존, 인튜이트 같은 테크주는 고공행진하던 상황. 가치투자 방식에 의문을 품는 한편 고평가돼 보이는 ‘비싼’ 테크주를 매수하며 성과를 올리기 시작했다. 그러나 테크주 투자에 대한 확신은 없었다. 그러던 중 2016년 버크셔 해서웨이가 70억 달러 상당의 애플 주식을 매수한 사건이 벌어졌다. 정통 가치투자자인 워런 버핏이 ‘빅테크’를 대량 매수했다는 사실은 전 세계 가치투자자가 놀랄 이례적인 일이었다. 저자는 버크셔 주주총회에 참석해 버핏의 이야기를 들어보기로 했다. 2017년 버크셔 주총에서 버핏은 “과거에 존재하던 세상과 완전히 다른 세상이고 이런 추세는 결코 끝나지 않을 것”이라 했고, 찰리 멍거는 “우리의 가장 큰 실수는 구글에 투자하지 않은 것”이라고 했다. 이후 저자는 테크주 투자에 대한 확신을 가지게 되었고 세상의 변화를 가치에 투영한 ‘가치투자 3.0’ 투자법을 개발했다. 그 방법대로 저평가된 테크주들을 매수하기 시작한 그래비티캐피털(저자 창립)은 2021년부터 2023년 상반기까지 시장을 약 20% 상회하는 수익률을 달성했다(〈배런즈〉 2023.3.9.). 전통적인 가치투자자가 테크주 투자를 꺼리는 근본적인 이유는 무엇일까? 기본 PER, PBR 등에 비춰 볼 때 테크주가 고평가되었기 때문이다. 저자는 몇몇 빅테크 분석을 통해, 재무제표 PER로는 고평가되었지만 자신이 고안한 어닝파워 PER로는 저평가된 것임을 밝혀낸다. 재무제표 PER 기준으로 주가가 저렴해 보일 때도 주의를 기울여야 하는데, 기업이 매력적이어서가 아니라 전망이 좋지 않아서일 수 있기 때문이다. 저평가된 기업이 ‘좋은’ 기업인지 판단하는 기준이 본문에 상세히 설명된다. 쉽고 명쾌한 테크주 가치평가 지표 - BMP 템플릿, 어닝파워와 어닝파워 PER 저평가된 ‘좋은’ 테크주를 찾는 첫 번째 도구는 BMP(business, management, price) 템플릿이다. B는 비즈니스 품질. 비즈니스에서 점검할 포인트는 ‘시장 점유율이 낮은가, 크고 성장하는 시장인가, 확실한 경쟁우위를 갖추었나’ 세 가지다. M은 경영진. 경영진이 ‘기업의 소유주처럼 생각하고 행동하는가, 비즈니스 가치를 높이는 핵심 요인을 아는가’ 두 가지가 점검 포인트다. 캐피털시티 CEO 톰 머피, 아마존의 제프 베이조스가 모범 사례로 분석된다. BM 총점이 5점 만점에 4 또는 5점이면 P, 즉 가격 평가 과정으로 넘어간다. P는 주가. 주식 수익률 5%, PER 20배 기준을 통과하는 주가여야 한다. 문제는 PER을 믿을 수 없다는 것. 재무제표의 순이익을 그대로 적용하면, 연구개발과 마케팅에 많이 투자하는 ‘좋은’ 테크주는 PER이 높아져서 고평가된 주가로 보인다. 그러나 재무제표에 기재된 테크기업의 매출과 이익 수치에는 왜곡이 있으며, 이런 왜곡을 바로잡은 것이 바로 어닝파워(earnings power)다. 어닝파워란 ‘이익을 창출하는 테크기업의 잠재적이고 기본적인 역량을 계량화하려는 시도’(139쪽)라고 저자는 정의하고 어닝파워에 따른 ‘어닝파워 PER’로 주요 빅테크 가치를 평가한다. 아마존, 알파벳, 인튜이트를 포함해 미국 테크주 어닝파워와 어닝파워 PER 산출 사례, BMP 분석 사례가 본문에 자세히 나와 있다. 테크주의 경쟁우위, 비테크주 BMP 분석법 - 플랫폼기업, 전환비용, 퍼스트무버 우위, 네크워크 효과 등 ‘좋은’ 테크주의 가장 중요한 기준은 BMP에서 B, 비즈니스다. 비즈니스 품질을 결정짓는 요인을 저자는 ‘경쟁우위’라 칭하는데 버핏이 ‘해자’라고 부르는 것과 같은 개념이다. 가치 3.0 기업, 이른바 ‘해자 3.0’에 해당하는 기업의 경쟁우위로 저자는 플랫폼기업, 전환비용, 퍼스트무버 우위, 네트워크 효과 등을 꼽는다. 장기 보유할 테크주의 기준이 될 이 내용은 5장에서 애플, 아마존, 테슬라 등 다양한 기업 사례를 통해 자세히 소개된다. 비테크주에도 BMP 분석틀이 유용하다. 비테크주 비즈니스(B) 품질로 ‘기술 저항성이 있는가, 테크기업이 아니지만 기술이 있는가, 저소득층에도 서비스를 제공하는가’라는 3가지 평가 기준을 제시한다. 페인트회사(셔윈-윌리엄스), 신용정보회사(에퀴팩스), 저가 잡화점(달러제너럴) 등 다양한 기업 분석 사례를 실었다. 마지막 3부에서는 투자 유형 및 상황별 팁을 제공한다. 투자 성과에 도움이 될 실용적인 내용이 많다. 사회적책임투자(SRI), ESG투자, 임팩트투자 등 최근 유행하는 다양한 투자 상품에 관한 정보도 정리했다. 금융위기의 원인을 주식 공매도라고 단정한 레딧(Reddit) 웹사이트의 집단행동 사태가 12장에서 소개된다. ‘자본주의 시장이 과연 어떤 곳인가’라는 근본적인 질문에 다가서게 하는 이 사태를 두고 저자는, 시장은 잘못된 사람을 벌주는 곳도 선행의 장소도 아니라며 홍보 문구에 속아서 상품을 구매하면 손해는 고스란히 소비자의 몫임을 경고한다. 끝으로 저자는 ‘체스판 후반부’ 일화를 비유로, 2057년에는 컴퓨터 성능이 집적회로가 처음 발명됐을 때보다 57경 5,000조 배 강력해질 것이라고 전망한다. 어떤 법적 규제로도 빅테크의 물결을 막을 수 없고 빅테크의 전성시대는 장기화될 것이라는 암시로 책은 마무리된다.
  chris begg east coast asset management: 科技股的價值投資法:3面向、6指標,全面評估企業獲利能力,跟巴菲特一起買進科技股 亞當‧席塞爾(Adam Seessel), 2023-02-07 一本全新的價值投資指南, 讓現代投資者在當前由科技股主導的股市能大獲全勝, 本書開創了價值投資的新時代! 過去的價值投資者往往避開科技股,始終覺得科技股太貴,然而這個想法應該要打破! 自從亨利‧福特(Henry Ford)將生產線概念實際應用於製造業工廠,大幅提高產量後,就很少看到科技變革如何重塑了人類的經濟。十多年前,全球市值最高的十家上市公司中只有兩家是數位企業,如今的前十名中就占據了八家。世界各地的投資者都在努力研究何謂數位時代,及如何運用股票投資在數位時代中獲利。 作者亞當‧席塞爾(Adam Seessel)是一位深諳市場的成功投資者,幾年前便目睹傳統價值投資原則建立的舊式投資組合已不再管用,股市是由昂貴的科技股推動上漲!因此他決心改變研究方向,開始尋找一種新的價值投資模式,這種模式雖有別於傳統,但仍忠於價值投資之父班傑明‧葛拉漢(Benjamin Graham),於上個世紀傳承下來的投資原則,同時反映了這個數位時代操作的現實面。 在本書中,席塞爾提出了新型態的價值投資概念,以及可實際操作的「業務品質/管理/價格」(BMP)核對清單,適合包括專業操盤手或業餘投資人在內的任何投資者,都可以在市場大獲全勝。席塞爾認為數位相關產業也與其他行業一樣,其實遵循著一定的規則。我們可以研究、了解它們,並據此進行部位操作。當世界態勢巨變的時候,我們依然可以從中獲利。以價值投資法的新模式投資科技類股,將免除你對當前經濟變化和科技股迅速上漲的恐懼,本書開創了價值投資的新時代! 誠摯推薦── Jenny/「JC財經觀點」版主 安納金/暢銷財經作家 許繼元/Mr. Market市場先生、財經作家 陳啟祥/「修正式價值投資」版主 陳喬泓/「陳喬泓投資法則」版主 華倫老師/《慢步股市》作者、價值投資存股達人 愛瑞克/《內在原力》作者、TMBA共同創辦人 雷浩斯/價值投資者、財經作家 (依姓名筆畫排序) 國際大師推薦── 「這是我多年來讀過的最優質投資書籍之一。購買並閱讀這本書將是你此生最棒的投資之一。」 ──比爾‧阿克曼(Bill Ackman),潘興廣場資本公司(Pershing Square Capital Management)創辦人暨執行長 「席塞爾讓葛拉漢與陶德引以為傲。價值型投資正朝一種更純粹的形式演進,而席塞爾精準體察到這個趨勢,並鼓勵投資人聚焦在擁有持續成長的優質現金流量但定價錯誤的企業。」 ──莉莎‧夏雷特(Lisa Shalett),摩根士丹利財富管理公司(Morgan Stanley Wealth Management)財務長 「席塞爾精準點出了當今經濟體系與股票市場裡令人繃緊神經的重要局勢之一:軟體企業的快速興起,以其這些企業對眾多基礎雄厚的成熟產業所帶來的挑戰/機會。同樣重要的是,他還說明要如何透過這樣的變遷獲取成就,無異為投資人指點了一條光明大道。」 ──提姆‧史東(Tim Stone),亞馬遜網路服務公司(AWS)前財務長、福特汽車(Ford)前財務長 「對股票市場操作非常有幫助的讀物……究竟是什麼樣的財務格局讓尖牙股(FAANG)得以輕易擊敗奇異公司(GE),徒呼搞不懂個中奧妙的潛在投資人一定能在本書找到答案。」 ──《出版人週刊》(Publishers Weekly) 「所有已在股票市場投資或有意投入股票市場的人,都應該閱讀《科技股的價值投資法》一書。它推崇班‧葛拉漢與華倫‧巴菲特的智慧與實務遺產,並補充許多合乎二十一世紀時代潮流的價值型投資新見解,期許能透過持續上演的劇烈經濟變化獲取利益。」 ──喬爾‧格林布拉特(Joel Greenblatt),高譚資產管理公司(Gotham Asset Management)創辦人暨合夥人
  chris begg east coast asset management: Investire nei titoli tecnologici Adam Seessel, 2023-09-29T00:00:00+02:00 Dove sono i soldi oggi? Da un investitore di successo, un libro che offre agli investitori moderni ciò di cui più hanno bisogno: una guida effi cace per guadagnare in un mercato azionario dominato dai titoli tecnologici. L’innovazione tecnologica sta trasformando l’economia come non succedeva dai tempi di Henry Ford. Poco più di dieci anni fa solo due delle dieci aziende quotate più valutate al mondo erano imprese digitali; oggi le aziende tech occupano otto posti nella top ten. Gli investitori di tutto il mondo faticano a comprendere la rivoluzione digitale e non capiscono come sfruttare le nuove opportunità di profitto offerte dal mercato azionario. Adam Seessel, invece, lo capisce benissimo. Diversi anni fa si è accorto che il suo portafoglio “vecchio stile”, basato sui principi tradizionali del value investing, era in perdita mentre il mercato cresceva, spinto dai “costosi” titoli tecnologici. Per invertire la rotta è andato alla ricerca di un nuovo paradigma di investimento, che restasse fedele alla disciplina donataci un secolo fa da Graham ma che potesse anche considerare le nuove realtà dell’era digitale. Grazie a questo nuovo ed efficace approccio Seessel introduce un metodo value-based riveduto e aggiornato che ogni investitore – professionista o dilettante – può usare per battere il mercato. Per chi affronta il mondo della tecnologia in quest’ottica, la mutevole economia di oggi e la rapida ascesa dei tech stock non sono motivo di preoccupazione o disorientamento: anzi, possono offrire delle prospettive alquanto stimolanti. Con lo stesso ottimismo e buonsenso che ha ispirato L’investitore intelligente di Benjamin Graham e Un passo avanti a Wall Street di Peter Lynch, questo libro annuncia l’inizio di una nuova era per il value investing moderno.
  chris begg east coast asset management: Competition Demystified Bruce C. Greenwald, Judd Kahn, 2005-08-18 Bruce Greenwald, one of the nation's leading business professors, presents a new and simplified approach to strategy that cuts through much of the fog that has surrounded the subject. Based on his hugely popular course at Columbia Business School, Greenwald and his coauthor, Judd Kahn, offer an easy-to-follow method for understanding the competitive structure of your industry and developing an appropriate strategy for your specific position. Over the last two decades, the conventional approach to strategy has become frustratingly complex. It's easy to get lost in a sophisticated model of your competitors, suppliers, buyers, substitutes, and other players, while losing sight of the big question: Are there barriers to entry that allow you to do things that other firms cannot?
  chris begg east coast asset management: The Manual of Ideas John Mihaljevic, 2013-08-12 Reveals the proprietary framework used by an exclusive community of top money managers and value investors in their never-ending quest for untapped investment ideas Considered an indispensable source of cutting-edge research and ideas among the world's top investment firms and money managers, the journal The Manual of Ideas boasts a subscribers list that reads like a Who's Who of high finance. Written by that publication’s managing editor and inspired by its mission to serve as an idea funnel for the world's top money managers, this book introduces you to a proven, proprietary framework for finding, researching, analyzing, and implementing the best value investing opportunities. The next best thing to taking a peek under the hoods of some of the most prodigious brains in the business, it gives you uniquely direct access to the thought processes and investment strategies of such super value investors as Warren Buffett, Seth Klarman, Glenn Greenberg, Guy Spier and Joel Greenblatt. Written by the team behind one of the most read and talked-about sources of research and value investing ideas Reviews more than twenty pre-qualified investment ideas and provides an original ranking methodology to help you zero-in on the three to five most compelling investments Delivers a finely-tuned, proprietary investment framework, previously available only to an elite group of TMI subscribers Step-by-step, it walks you through a proven, rigorous approach to finding, researching, analyzing, and implementing worthy ideas
  chris begg east coast asset management: Berkshire Hathaway Letters to Shareholders Warren Buffett, Max Olson, 2022-09-09 Warren E. Buffett first took control of Berkshire Hathaway Inc., a small textile company, in April of 1965. A share changed hands for around $18 at the time. Fifty letters to shareholders later, the same share traded for $226,000, compounding investor capital at just under 21% per year-a multiplier of 12,556 times. This book compiles the full, un-edited versions of 50 years of Warren Buffett's letters to the shareholders of Berkshire Hathaway. In addition to providing an astounding case study on Berkshire's success, Buffett shows an incredible willingness to share his methods and act as a teacher to his many students. There are hundreds of books about Buffett's life, advice, and methods. These are his actual letters -- word for word -- a lesson plan of his views on business and investing. You can find most of the letters for free on Berkshire's website, but this compiles them into a well-designed, easily readable format. Features of the book: * 50 years of Warren Buffett's letters to the shareholders of Berkshire Hathaway (769 pages), including 1965-1976 letters not available on Berkshire's website * Tabulated letter years so you can easily flip to the desired letter * Topics index * Company index * Person index * Charts of: Growth in Berkshire's book value and market price relative to benchmarks, Insurance float and performance, the operating businesses of Berkshire.
  chris begg east coast asset management: The Business Environment Ian Worthington, Chris Britton, 2006 By encouraging students to explore the challenges and opportunities managers face in the business environment, this text will provide students with a solid foundation from which to build upon their business knowledge.
  chris begg east coast asset management: Encyclopedia of Information Science and Technology Mehdi Khosrow-Pour, Mehdi Khosrowpour, 2009 This set of books represents a detailed compendium of authoritative, research-based entries that define the contemporary state of knowledge on technology--Provided by publisher.
  chris begg east coast asset management: Decision-Making Support Systems: Achievements and Challenges for the New Decade Mora, Manuel, Forgionne, Guisseppi A., Gupta, Jatinder N. D., 2002-07-01 Annotation The book presents state-of-the-art knowledge about decision-making support systems (DMSS). Its main goals are to provide a compendium of quality chapters on decision-making support systems that help diffuse scarce knowledge about effective methods and strategies for successfully designing, developing, implementing, and evaluating decision-making support systems, and to create an awareness among readers about the relevance of decision-making support systems in the current complex and dynamic management environment.
  chris begg east coast asset management: Managing Natural Resources for Development in Africa Washington Odongo Ochola, P. C. Sanginga, Isaac Bekalo, 2010 The complex and dynamic interlinks between natural resource management (NRM) and development have long been recognized by national and international research and development organizations and have generated voluminous literature. However, much of what is available in the form of university course books, practical learning manuals and reference materials in NRM is based on experiences from outside Africa. Managing Natural Resources for Development in Africa: A Resource Book provides an understanding of the various levels at which NRM issues occur and are being addressed scientifically, economically, socially and politically. The book's nine chapters present state-of-the-art perspectives within a holistic African context. The book systematically navigates the tricky landscape of integrated NRM, with special reference to Eastern and Southern Africa, against the backdrop of prevailing local, national, regional and global social, economic and environmental challenges. The authors' wide experience, the rich references made to emerging challenges and opportunities, and the presentation of different tools, principles, approaches, case studies and processes make the book a rich and valuable one-stop resource for postgraduate students, researchers, policymakers and NRM practitioners. The book is designed to help the reader grasp in-depth NRM perspectives and presents innovative guidance for research design and problem solving, including review questions, learning activities and recommended further reading. The book was developed through a writeshop process by a multi-disciplinary team of lecturers from the University of Nairobi, Egerton University, Kenyatta University, the University of Zimbabwe, the University of Malawi, Makerere University and the University of Dar es Salam. In addition, selected NRM experts from regional and international research organizations including the World Agroforestry Center (ICRAF), the Africa Forest Forum, RUFORUM, IIRR and the International Development Research Centre (IDRC) participated in the writeshop and contributed material to the book.
  chris begg east coast asset management: The Weightless World Diane Coyle, 1999 1. The Weightless World -- 2. Where Have All The Jobs Gone? -- 3. Weightless Work -- 4. Nourishing the Grass Roots -- 5. Fear of Flexibility -- 6. The End of Welfare -- 7. The Ageing of Nations -- 8. Globalism and Globaloney -- 9. Visible and Invisible Cities -- 10. Weightless Government.
  chris begg east coast asset management: Season of Hope Alan Hirsch, Sally Hines, 2005 Offers an insight into the circumstances under which the policies were developed, implemented and reviewed, as well as a study of the outcomes. This book addresses questions such as: How could an organisation with no previous experience of governing accomplish a peaceful transition to democracy? How did they do it and where are they going?
  chris begg east coast asset management: Artificial Intelligence in Medical Imaging Erik R. Ranschaert, Sergey Morozov, Paul R. Algra, 2019-01-29 This book provides a thorough overview of the ongoing evolution in the application of artificial intelligence (AI) within healthcare and radiology, enabling readers to gain a deeper insight into the technological background of AI and the impacts of new and emerging technologies on medical imaging. After an introduction on game changers in radiology, such as deep learning technology, the technological evolution of AI in computing science and medical image computing is described, with explanation of basic principles and the types and subtypes of AI. Subsequent sections address the use of imaging biomarkers, the development and validation of AI applications, and various aspects and issues relating to the growing role of big data in radiology. Diverse real-life clinical applications of AI are then outlined for different body parts, demonstrating their ability to add value to daily radiology practices. The concluding section focuses on the impact of AI on radiology and the implications for radiologists, for example with respect to training. Written by radiologists and IT professionals, the book will be of high value for radiologists, medical/clinical physicists, IT specialists, and imaging informatics professionals.
  chris begg east coast asset management: The Company of Strangers Paul Seabright, 2004 This is a wonderful book, very well written and accessible to a wide audience.
  chris begg east coast asset management: Directory of Pension Funds and Their Investment Managers , 2001
  chris begg east coast asset management: Not My Grandfather's Wall Street: Diaries of a Derivatives Trader David von Leib, 2015-09-14 “Not all financial careers are the peachy-keen easy ones. This is an important story that reads more like fact than fiction across the huge exponential growth of derivatives trading and the repeated financial crises of the past 35 years. I was fascinated by all the constant twists and turns, and the characters encountered. Well done!” —Silvio Santini, author of Wall Street Journeyman “There is little doubt that fractal rhythms and cycles exist in markets. In the spirit of the recent popular movie The Forecaster, the author touches upon some of these rhythms through his unique market experiences. A thrilling view from the front lines of markets from the 1980 Hunt Silver Crisis through to the medicated, “Politburo” markets of today.” —Dimitri Chalvatsiotis, Macro Portfolio Manager Follow the path of a numbers-oriented young man through a start-stop career on Wall Street that includes involvement with the 1980 Hunt Silver Crisis, the 1987 Stock Market Crash, the 1999 fall from grace of a guru hedge fund manager, the mysterious death of a famous international banker, life working for a short-crazed global value equity manager, and a path into the world of retail-oriented wealth management. Is it all true? No, but it could be—loosely crafted historical fiction based on an actual career that spanned three decades—a period where derivatives trading went from nonexistent to big business.
  chris begg east coast asset management: Risk Evaluation and Biological Reference Points for Fisheries Management National Research Council Canada, Canada. Department of Fisheries and Oceans, 1993 Papers presented: 1) Reference points for fisheries management: the western Canadian experience; 2) Reference points for fisheries management: the eastern Canadian experience; 3) Reference points for fisheries management: the ICES experience; 4) Spawning stock biomass per recruit in fisheries management: foundation and current use; 5) The development of a management procedure for the South African anchovy resource; 6) How much spawning per recruit is enough?; 7) The behaviour of Flow, Fmed and Fhigh in response to variation in parameters used for their estimation; 8) The Barents Sea capelin stock collapse: a lesson to learn; 9) Variance estimates for fisheries assessment: their importance and how best to evaluate them; 10) Evaluating the accuracy of projected catch estimates from sequential population analysis and trawl survey abundance estimates; 11) Bootstrap estimates of ADAPT parameters, their projection in risk analysis and their retrospective patterns; 12) Analytical estimates of reliability for the projected yield from commercial fisheries; 13) Risk evaluation of the 10% harvest rate procedure for capelin in NAFO Division 3L; 14) Using jackknife and Monte Carlo simulation techniques to evaluate forecast models for Atlantic salmon; 15) Monte Carlo evaluation of risks for biological reference points used in New Zealand fishery assessments; 16) A comparison of event free risk analysis to Ricker spawner-recruit simulation: an example with Atlantic menhaden; 17) Choosing a management strategy for stock rebuilding when control is uncertain; 18) Risks and uncertainties in the management of a single-cohort squid fishery: the Falkland Islands Illex fishery as an example; 19) Risks of over- and under-fishing new resources; 20) Estimation of density-dependent natural mortality in British Columbia herring stocks through SSPA and its impact on sustainable harvesting strategies; 21) The comparative performance of production-model and ad hoc tuned VPA based feedback-control management procedures for the stock of Cape hake off the west coast of Africa; 22) A proposal for a threshold stock size and maximum fishing mortality rate; 23) Biological reference points for Canadian Atlantic gadoid stocks; 24) Stochastic locally-optimal harvesting; 25) ITQ based fisheries management; 26) Bioeconomic methods for determining TACs; 27) Management strategies: fixed or variable catch quotas; 28) Bioeconomic impacts of TAC adjustment strategies: a model applied to northern cod; 29) Experimental management programs for two rockfish stocks off British Columbia; 30)A brief overview of the experimental approach to reducing uncertainty in fisheries management; 31) Fisheries management organizations: a study of uncertainty.
  chris begg east coast asset management: The Shock Doctrine Naomi Klein, 2010-04-01 The bestselling author of No Logo shows how the global free market has exploited crises and shock for three decades, from Chile to Iraq In her groundbreaking reporting, Naomi Klein introduced the term disaster capitalism. Whether covering Baghdad after the U.S. occupation, Sri Lanka in the wake of the tsunami, or New Orleans post-Katrina, she witnessed something remarkably similar. People still reeling from catastrophe were being hit again, this time with economic shock treatment, losing their land and homes to rapid-fire corporate makeovers. The Shock Doctrine retells the story of the most dominant ideology of our time, Milton Friedman's free market economic revolution. In contrast to the popular myth of this movement's peaceful global victory, Klein shows how it has exploited moments of shock and extreme violence in order to implement its economic policies in so many parts of the world from Latin America and Eastern Europe to South Africa, Russia, and Iraq. At the core of disaster capitalism is the use of cataclysmic events to advance radical privatization combined with the privatization of the disaster response itself. Klein argues that by capitalizing on crises, created by nature or war, the disaster capitalism complex now exists as a booming new economy, and is the violent culmination of a radical economic project that has been incubating for fifty years.
  chris begg east coast asset management: The Making of Modern Japan Marius B. Jansen, 2009-07-01 Magisterial in vision, sweeping in scope, this monumental work presents a seamless account of Japanese society during the modern era, from 1600 to the present. A distillation of more than fifty years’ engagement with Japan and its history, it is the crowning work of our leading interpreter of the modern Japanese experience. Since 1600 Japan has undergone three periods of wrenching social and institutional change, following the imposition of hegemonic order on feudal society by the Tokugawa shogun; the opening of Japan’s ports by Commodore Perry; and defeat in World War II. The Making of Modern Japan charts these changes: the social engineering begun with the founding of the shogunate in 1600, the emergence of village and castle towns with consumer populations, and the diffusion of samurai values in the culture. Marius Jansen covers the making of the modern state, the adaptation of Western models, growing international trade, the broadening opportunity in Japanese society with industrialization, and the postwar occupation reforms imposed by General MacArthur. Throughout, the book gives voice to the individuals and views that have shaped the actions and beliefs of the Japanese, with writers, artists, and thinkers, as well as political leaders given their due. The story this book tells, though marked by profound changes, is also one of remarkable consistency, in which continuities outweigh upheavals in the development of society, and successive waves of outside influence have only served to strengthen a sense of what is unique and native to Japanese experience. The Making of Modern Japan takes us to the core of this experience as it illuminates one of the contemporary world’s most compelling transformations.
  chris begg east coast asset management: Plain Talk Ken Iverson, 1997-10-22 A visionary, maverick, and genuine American business hero, Ken Iverson is one of the most closely-watched business leaders in the world. Credited with single-handedly rejuvenating the rapidly declining American steel industry to the status of world-class producer, Iverson is one of the most successful and, as he likes to point out, one of the lowest-paid CEOs in the U.S. In his long-awaited book, Ken Iverson shares his ideas, observations, and the lessons he's learned about what it takes to grow a super-competitive, world-class organization.
  chris begg east coast asset management: International Public Health Michael H. Merson, Robert E. Black, Anne Mills, 2005 Public Health
  chris begg east coast asset management: Collaboration in Teacher Education Andrea Peter-Koop, Vânia Santos-Wagner, C.J. Breen, A.J.C Begg, 2013-03-09 This book systematically explores and reflects on a variety of issues related to collaborative mathematics teacher education practice and research – such as classroom coaching, mentoring or co-learning agreements - highlighting the evolution and implications of collaborative enterprises in different cultural settings. It is relevant to educational researchers, research students and practitioners.
  chris begg east coast asset management: The Little Book That Builds Wealth Pat Dorsey, 2010-12-28 Dieser praktische Leitfaden macht Anleger mit dem Economic Moat Konzept vertraut, der Zauberformel des Morningstar, mit der sich erstklassige Investmentchancen aufspüren lassen. Das Konzept ist keineswegs neu: Es wurde zunächst durch Benjamin Graham und Warren Buffett populär, wurde dann aber lange vernachlässigt. The Little Book that Builds Wealth erklärt ganz genau, wie man den Economic Moat, d.h. die Wettbewerbsbarriere bzw. den Wettbewerbsvorteil (wie z.B. geringe Produktionskosten, ausgebautes Vertriebsnetz, gutes Markenimage etc.) ermittelt, durch den sich ein Unternehmen deutlich von Konkurrenzunternehmen abgrenzt. Dabei geht es aber weder um reines Value Investing, noch um reines Growth Investing, sondern vielmehr darum, erstklassige Nischen-Wachstumswerte zu einem attraktiven Kurs zu kaufen. Das Buch demonstriert anschaulich Schritt für Schritt, was einen Economic Moat ausmacht, wie man ihn ermittelt, wie man verschiedene Moats gegeneinander abwägt, und wie man auf der Basis dieser Daten am besten eine Investmententscheidung trifft. Mit begleitender Website. Sie wird vom Morningstar betrieben und enthält eine Reihe von Tools und Features, mit deren Hilfe der Leser das Gelernte in der Praxis testen kann. Autor Pat Dorsey ist ein renommierter Finanzexperte. Er ist Chef der Morningstar Equity Research und Kolumnist bei Morningstar.com. Ein neuer Band aus der beliebten 'Little Book'-Reihe.
  chris begg east coast asset management: Upsetting the Offset Steffen Böhm, 2009 Upsetting the Offset engages critically with the political economy of carbon markets. It presents a range of case studies and critiques from around the world, showing how the scam of carbon markets affects the lives of communities. But the book doesn't stop there. It also presents a number of alternatives to carbon markets which enable communities to live in real low-carbon futures.
  chris begg east coast asset management: Security Analysis: The Classic 1934 Edition Benjamin Graham, David Le Fevre Dodd, 1934 Explains financial analysis techniques, shows how to interpret financial statements, and discusses the analysis of fixed-income securities and the valuation of stocks.
  chris begg east coast asset management: When Scotland Was Jewish Elizabeth Caldwell Hirschman, Donald N. Yates, 2015-05-07 The popular image of Scotland is dominated by widely recognized elements of Celtic culture. But a significant non-Celtic influence on Scotland's history has been largely ignored for centuries? This book argues that much of Scotland's history and culture from 1100 forward is Jewish. The authors provide evidence that many of the national heroes, villains, rulers, nobles, traders, merchants, bishops, guild members, burgesses, and ministers of Scotland were of Jewish descent, their ancestors originating in France and Spain. Much of the traditional historical account of Scotland, it is proposed, rests on fundamental interpretive errors, perpetuated in order to affirm Scotland's identity as a Celtic, Christian society. A more accurate and profound understanding of Scottish history has thus been buried. The authors' wide-ranging research includes examination of census records, archaeological artifacts, castle carvings, cemetery inscriptions, religious seals, coinage, burgess and guild member rolls, noble genealogies, family crests, portraiture, and geographic place names.
  chris begg east coast asset management: The 4-hour Workweek Timothy Ferriss, 2011 How to reconstruct your life? Whether your dream is experiencing high-end world travel, earning a monthly five-figure income with zero management, or just living more and working less, this book teaches you how to double your income, and how to outsource your life to overseas virtual assistants for $5 per hour and do whatever you want.
  chris begg east coast asset management: Directory of Pension Funds , 1999
  chris begg east coast asset management: EU Cohesion Policy John Bachtler, Peter Berkowitz, Sally Hardy, Tatjana Muravska, 2016-10-26 The Open Access version of this book, available at http://www.tandfebooks.com/doi/view/10.4324/9781315401867, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 3.0 license. This book brings together academics, members of European institutions, and regional and national level policymakers in order to assess the performance and direction of EU Cohesion policy against the background of the most significant reforms to the policy in a generation. Responding to past criticisms of the effectiveness of the policy, the policy changes introduced in 2013 have aligned European Structural and Investment Funds with the Europe 2020 strategy and introduced measures to improve strategic coherence, performance and integrated development. EU Cohesion Policy: Reassessing performance and direction argues that policy can only be successfully developed and implemented if there is input from both academics and practitioners. The chapters in the book address four important issues: the effectiveness and impact of Cohesion policy at European, national and regional levels; the contribution of Cohesion policy to the Europe 2020 strategy of smart, sustainable and inclusive growth; the importance of quality of government and administrative capacity for the effective management of the Funds; and the inter-relationships between institutions, territory and place-based policies. The volume will be an invaluable resource to students, academics and policymakers across economics, regional studies, European studies and international relations.
  chris begg east coast asset management: More Than You Know Michael J. Mauboussin, 2013-06-11 Since its first publication, Michael J. Mauboussin's popular guide to wise investing has been translated into eight languages and has been named best business book by BusinessWeek and best economics book by Strategy+Business. Now updated to reflect current research and expanded to include new chapters on investment philosophy, psychology, and strategy and science as they pertain to money management, this volume is more than ever the best chance to know more than the average investor. Offering invaluable tools to better understand the concepts of choice and risk, More Than You Know is a unique blend of practical advice and sound theory, sampling from a wide variety of sources and disciplines. Mauboussin builds on the ideas of visionaries, including Warren Buffett and E. O. Wilson, but also finds wisdom in a broad and deep range of fields, such as casino gambling, horse racing, psychology, and evolutionary biology. He analyzes the strategies of poker experts David Sklansky and Puggy Pearson and pinpoints parallels between mate selection in guppies and stock market booms. For this edition, Mauboussin includes fresh thoughts on human cognition, management assessment, game theory, the role of intuition, and the mechanisms driving the market's mood swings, and explains what these topics tell us about smart investing. More Than You Know is written with the professional investor in mind but extends far beyond the world of economics and finance. Mauboussin groups his essays into four parts-Investment Philosophy, Psychology of Investing, Innovation and Competitive Strategy, and Science and Complexity Theory-and he includes substantial references for further reading. A true eye-opener, More Than You Know shows how a multidisciplinary approach that pays close attention to process and the psychology of decision making offers the best chance for long-term financial results.
  chris begg east coast asset management: Intelligent Information Technologies: Concepts, Methodologies, Tools, and Applications Sugumaran, Vijayan, 2007-11-30 This set compiles more than 240 chapters from the world's leading experts to provide a foundational body of research to drive further evolution and innovation of these next-generation technologies and their applications, of which scientific, technological, and commercial communities have only begun to scratch the surface.
  chris begg east coast asset management: Africa's Future, Africa's Challenge Marito H. Garcia, Alan Pence, Judith Evans, 2008-01-18 Early childhood, from birth through school entry, was largely invisible worldwide as a policy concern for much of the twentieth century. Children, in the eyes of most countries, were 'appendages' of their parents or simply embedded in the larger family structure. The child did not emerge as a separate social entity until school age (typically six or seven). 'Africa's Future, Africa's Challenge: Early Childhood Care and Development in Sub-Saharan Africa' focuses on the 130 million children south of the Sahel in this 0-6 age group. This book, the first of its kind, presents a balanced collection of articles written by African and non-African authors ranging from field practitioners to academicians and from members of government organizations to those of nongovernmental and local organizations. 'Africa's Future, Africa's Challenge' compiles the latest data and viewpoints on the state of Sub-Saharan Africa's children. Topics covered include the rationale for investing in young children, policy trends in early childhood development (ECD), historical perspectives of ECD in Sub-Saharan Africa including indigenous approaches, new threats from HIV/AIDS, and the importance of fathers in children's lives. The book also addresses policy development and ECD implementation issues; presents the ECD programming experience in several countries, highlighting best practices and challenges; and evaluates the impact of ECD programs in a number of countries.
  chris begg east coast asset management: Capitalism without Capital Jonathan Haskel, Stian Westlake, 2018-10-16 Early in the twenty-first century, a quiet revolution occurred. For the first time, the major developed economies began to invest more in intangible assets, like design, branding, and software, than in tangible assets, like machinery, buildings, and computers. For all sorts of businesses, the ability to deploy assets that one can neither see nor touch is increasingly the main source of long-term success. But this is not just a familiar story of the so-called new economy. Capitalism without Capital shows that the growing importance of intangible assets has also played a role in some of the larger economic changes of the past decade, including the growth in economic inequality and the stagnation of productivity. Jonathan Haskel and Stian Westlake explore the unusual economic characteristics of intangible investment and discuss how an economy rich in intangibles is fundamentally different from one based on tangibles. Capitalism without Capital concludes by outlining how managers, investors, and policymakers can exploit the characteristics of an intangible age to grow their businesses, portfolios, and economies.
  chris begg east coast asset management: Essentials of Pediatric Neuroanesthesia Sulpicio G. Soriano, Craig D. McClain, 2018-11-22 A practical guide to best practice in managing the perioperative care of pediatric neurosurgical patients.
  chris begg east coast asset management: Africa United Nations Environment Programme, 2008 This stunning 400-page Atlas is a unique and powerful publication which brings to light stories of environmental change at more than 100 locations spread across every country in Africa. There are more than 300 satellite images, 300 ground photographs and 150 maps, along with informative graphs and charts that give a vivid visual portrayal of Africa and its changing environment that provide scientific evidence of the impact that natural and human activities have had on the continent's environment over the past several decades. The observations and measurements of environmental change help gauge the extent of progress made by African countries towards reaching the United Nation's Millennium Development Goals. More importantly, this book contributes to the knowledge and understanding that are essential for adaptation and remediation, and should be of immense value to all those who want to know more about Africa and who care about the future of this continent.
  chris begg east coast asset management: Laws of the State of New Hampshire, Passed June Session, 1874 Anonymous, 2023-10-17 Reprint of the original, first published in 1874.
  chris begg east coast asset management: The Emergency Mind Dan Dworkis, MD PhD, 2021-05-08 In a critical situation when everything is on the line, will you be able to perform? ER doctors or not, we all face emergencies in our lives-times when we must make critical decisions in high-stakes, uncertain, pressure-filled environments. Even with the best possible training, bringing our knowledge to bear in the stress and pressure of these moments can feel overwhelming if not impossible. In The Emergency Mind: Wiring Your Brain for Performance Under Pressure, Dan Dworkis, MD PhD takes you into the minds of the doctors who run resuscitation rooms and treat the ill and injured to teach you how to perform when the pressure is on. Leveraging the mental models and lessons from his own practice of emergency medicine-as well as from experts in the military, business, and athletic worlds-Dr. Dworkis shows you how to train mentally to perform at your best when you're needed the most.Whether you're an emergency medicine resident, medical student, APP, nurse, paramedic, entrepreneur, athlete, or anyone else who performs under pressure, The Emergency Mind will teach you simple, concrete steps to wire your brain for the best possible performance and build your own emergency mind.
  chris begg east coast asset management: The Homebrew Industrial Revolution Kevin A. Carson, 2010 A history of the rise and fall of Sloanist mass production, and a survey of the new economy emerging from the ruins: networked local manufacturing, garage industry, household microenterprises and resilient local economies.
  chris begg east coast asset management: The Seven Signs of Ethical Collapse Marianne M. Jennings, 2006-08-22 Do you want to make sure you · Don't invest your money in the next Enron? · Don't go to work for the next WorldCom right before the crash? · Identify and solve problems in your organization before they send it crashing to the ground? Marianne Jennings has spent a lifetime studying business ethics---and ethical failures. In demand nationwide as a speaker and analyst on business ethics, she takes her decades of findings and shows us in The Seven Signs of Ethical Collapse the reasons that companies and nonprofits undergo ethical collapse, including: · Pressure to maintain numbers · Fear and silence · Young 'uns and a larger-than-life CEO · A weak board · Conflicts · Innovation like no other · Belief that goodness in some areas atones for wrongdoing in others Don't watch the next accounting disaster take your hard-earned savings, or accept the perfect job only to find out your boss is cooking the books. If you're just interested in understanding the (not-so) ethical underpinnings of business today, The Seven Signs of Ethical Collapse is both a must-have tool and a fascinating window into today's business world.
2021 YEAR-END LETTER - East Coast Asset Management, LLC
In our year-end letter, Surfing Light Waves, we will update you on our portfolio and share some commentary to contextualize the current investment climate. We will also share some …

Graham & Doddsville - Columbia Business School
Christopher M. Begg, CFA, is the Chief Executive Officer, Chief Investment Officer, and Co-Founder of East Coast Asset Management. Prior to co-founding East Coast, Chris served as a Portfolio …

East Coast Asset Management, LLC. Form 13F-HR/A Filed …
Name: East Coast Asset Management, LLC. Address: 16 MARTIN STREET PO BOX 566 ESSEX, MA 01929 Form 13F File Number:028-15537 The institutional investment manager filing this report …

ANNUAL REVIEW - Notre Dame Institute for Global Investing
• Chris Begg, Founder and Portfolio Manager, East Coast Asset Management • Todd Combs , Investment Officer, Berkshire Hathaway & Chairman, President and Chief Executive Officer, GEICO

Mission and Core Values - eastcoastasset.com
Our mission is to compound capital and generate superior long-term returns by investing in a select group of businesses which we define as world class. Toward this end, our behavior is driven by …

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On June 26, 2020, the East Coast Investment Grade Income Fund (TSX: ECF.UN) was converted from a closed end fund into an open-end alternative mutual fund, renamed Arrow EC Income …

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For asset management: threats, opportunities and disruption lurk at every turn. Facing so many inflection points, how are asset managers re-sponding? In particular, how are those from “the...

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We are pleased to report that for the second straight year, East Coast Asset Management was selected by CNBC as one of the Top 100 Fee-Only Wealth Management firms in the country, and …

Giant Steps - Morningstar Investment Management
addition to his excellent East Coast Asset Management letters, we would recommend his suggested reading list, compiled for the benefit of his students at Columbia Business School. A …

In accordance with HUD Handbook 4381.5, REV-2, The …
All properties considered are well managed and are in good physical condition. They are managed by independent agents with no identity of interest with the owners. This analysis yielded changes …

Mission and Core Values Do What We Love - eastcoastasset.com
East Coast Asset Management (ECAM) is an independent investment advisory firm established in 2008. ECAM is registered with the Securities and Exchange Commission as an investment …

Coast Core Strategies Managed Volatility Fund (Form: N-2/A, …
EAST TOWER SANTA MONICA, CALIFORNIA 90404 (Address of Principal Executive Offices) Registrant s Telephone Number, including Area Code: (310) 576-3500 CHRISTOPHER D. PETITT …

ANNUAL REVIEW - Notre Dame Institute for Global Investing
Applied Investment Management (AIM) is a six-credit course that blends traditional investment theory with the practical experience of managing a live equity portfolio ($29mm) for select …

Value Investing Program Student Information Session
Bruce Greenwald, the Robert Heilbrunn Professor of Finance and Asset Management, directs the Heilbrunn Center for Graham & Dodd Investing and the academic program in value investing.

Mission and Core Values - eastcoastasset.com
Our mission is to compound capital and generate superior long-term returns by investing in a select group of businesses which we define as world class. Toward this end, our behavior is driven by …

Mission and Core Values Do What We Love - eastcoastasset.com
East Coast Asset Management (ECAM) is an independent investment advisory firm established in 2008. ECAM is registered with the Securities and Exchange Commission as an investment …

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North Coast Asset Management Performance: Asset Management and International Capital Markets Wolfgang Bessler,Wolfgang Drobetz,Chris Adcock,2013-08-21 This innovative volume …

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IA 07/01/2013 - 01/26/2018 EAST COAST ASSET MANAGEMENT, LLC CRD# 147910 ESSEX, MA EMPLOYMENT HISTORY Employment Dates Employer Name Position Investment …

Q1 2018 Investment Review - East Coast Asset …
Q1 2018 Investment Review 2 As for interest rates, the 10-year US Treasury bond began the year yielding 2.4% and ended Q1 at 2.7% - this translated into an approximate loss in value of -2.3%.

North Coast Asset Management Performance
North Coast Asset Management Performance: Asset Management and International Capital Markets Wolfgang Bessler,Wolfgang Drobetz,Chris Adcock,2013-08-21 This innovative volume …

Mission and Core Values - eastcoastasset.com
Historical Annual Performance For The Firm’s Strategies (as of 6/30/24) Period MSCI Ending ACWI 2010 13.2% 2011 -6.9% 2012 16.8% 2013 23.4% 2014 4.7%

Mission and Core Values - eastcoastasset.com
Historical Annual Performance For The Firm’s Strategies (as of 09/30/24) Period MSCI Ending ACWI 2010 13.2% 2011 -6.9% 2012 16.8% 2013 23.4% 2014 4.7%

Mission and Core Values - eastcoastasset.com
Historical Annual Performance For The Firm’s Strategies (as of 09/30/23) Period MSCI Ending ACWI 2010 13.2% 2011 -6.9% 2012 16.8% 2013 23.4% 2014 4.7%

Mission and Core Values - eastcoastasset.com
Historical Annual Performance For The Firm’s Strategies (as of 08/31/23) Period MSCI Ending ACWI 2010 13.2% 2011 -6.9% 2012 16.8% 2013 23.4% 2014 4.7%

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North Coast Asset Management Performance David M. Berns. North Coast Asset Management Performance: Asset Management and International Capital Markets Wolfgang …

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North Coast Asset Management Performance [PDF]
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Biographical Sketch – Chris Johnson - Oregon.gov
Jul 24, 2018 · Shanda Asset Management LLC timberlands are former Gilchrist Timber Company, Brooks-Scanlon, and Shevlin-Hixon timber holdings within Deschutes, Klamath and Lake …

North Coast Asset Management Performance
North Coast Asset Management Performance R. M. Santucci. North Coast Asset Management Performance: Asset Management and International Capital Markets Wolfgang …

Mission and Core Values - eastcoastasset.com
Historical Annual Performance For The Firm’s Strategies (as of 11/30/22) Period MSCI Ending ACWI 2010 13.2% 2011 -6.9% 2012 16.8% 2013 23.4% 2014 4.7%

North Coast Asset Management Performance (2024)
North Coast Asset Management Performance: Asset Management and International Capital Markets Wolfgang Bessler,Wolfgang Drobetz,Chris Adcock,2013-08-21 This innovative volume …

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North Coast Asset Management Performance David M. Berns. North Coast Asset Management Performance: Asset Management and International Capital Markets Wolfgang …

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