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Getting Into The Driver's Seat

11/30/2018

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Tenacity, determination and stamina, are just a few of the many adjectives that describe Michael Grimes - banker by day, Uber driver by night.

For nearly a decade this multi-millionaire has moonlighted as a “cabby driver”.  And why, you might well ask?  To steer one of the biggest deals around is why. ​
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Grimes main job is at Morgan Stanley and he wants to be in the driving seat as Uber's investment banker when it inevitably goes public.  And what better way to show his street cred than by getting behind the wheel, literally.

When the transport company lists on a stock exchange, he wants to be the guy that sells the $120 billion worth of shares in the company. No amount of client schmoozing, golf days and corporate trinkets come even close to Grimes’ endeavors to win this lucrative account.
 
As an organization that's driven our own byways and highways to find a better way, we'll gladly give Mr Grimes his dues.  We hope his innovative tactics open doors for him.

Peter.
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Ballooning Valuations

11/16/2018

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Balance sheets are exact. The value on the left side precisely matches the right side. But do the books overall represent reality, where "value" is complex and floats up and down like a balloon?  

Let's illustrate the point: famous English anonymous artist Banksy sure knows how to make the value of an asset pop. ​
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Banksy’s Balloon Girl painting, a beautiful piece in a hefty frame was recently auctioned for £1m. But as the gavel struck, a hidden shredder in the frame started to do what shredders do: shred. In front of the assembled haut monde, the painting emerged as flimsy strips out the bottom of the exhibit.
 
Except that the shredder got stuck. As they do. So half the painting remained intact, behind glass, and half dangled in the breeze. 

Banksy probably wanted to make a statement about art (and human) values. In the process he created an unexpected new work called Love in The Bin. The irony was that instead of destroying the value of the asset to make his point, he inflated it.

The intrinsic value of any investment is determined…  stop there. The point is, there’s really no such thing.   

It’s all in the eye of the gallery. There’s nothing you can absolutely bank on. 

Peter.

P.S. Pop me a note if you're inclined.
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Ignoring Learning Science

11/1/2018

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Virtually all kids can learn to read — if they are taught the right way. And yet for decades, only about a third of 8th graders in the U.S. have been proficient or advanced readers. 
 
Even though reading is the most studied aspect of human learning, this situation persists.  Why?
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Most school reading classes assume that learning to read is a natural process, like learning to talk. But it isn't.  Decades of scientific research has proven this.  The human brain isn't wired to read.

As this article from American Public Media say, kids must be explicitly taught how to connect sounds with letters.  They must learn phonics.

It's frustrating to see a better way, a known effective method, go to waste. 

A simple fact also explains the why people can't read balance sheets and income statements. It's not because of the numbers.  It's because they don't understand the words.  

Like English teachers should be teaching sounds, accounting teachers should focus more on what the few critical accounting terms mean (and don't mean.)

Revenue doesn't mean money, even though many dictionaries say it does. Revenue is an activity, not money.  

Equity isn't a stake in a business . That would be an asset, as seen from outside the business looking in. Equity is inside the business looking out.

Phonics helps accounting students too.  We ask, what's the sound of income? Everyone answers ka-ching.  But that's the sound of cash.  Better to say, snip-snip, in a hair salon.  Or type-type in a law firm. 

But enough of me sounding off.  Thank you for reading this. 

Peter. ​
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    Co-founder Peter Frampton is the lead author of this blog.

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