By Janet M. Tavakoli
“Buffett, Tavakoli Flag Scheme larger Than Madoff’s” – Bloomberg News
"Full of anecdotes, info and personality sketches that upload depth...she understands her stuff, has robust critiques and turns a colorful quote." - Financial Times
“An very good learn, loaded with information regarding the goings-on within the monetary region within the US…racy, laced with wit.” – Business Standard
"Tavakoli tugs vigorously on the probably disparate threads of the present monetary problem, naming names, bringing up instances and leaving no schmuck — no matter if funding financial institution, credit standing organization, monoline insurer, personal loan agents, regulators and their ilk — unspared. in accordance with greater than twenty years within the derivatives enviornment, and having served time at Salomon Bros, undergo Stearns and Goldman Sachs, she is aware that of what and who she speaks. should still a person ever reveal the slightest curiosity in criminalizing the criminals who led us down this direction, a prosecutor may do worse than ordering up copies for the grand jury." – Seeking Alpha
From the writer (John Wiley & Sons): Janet Tavakoli takes you into the realm of Warren Buffett in terms of the hot loan meltdown. In correspondence and dialogue with him over 2 years, they either observed the writing at the wall, made transparent by means of the implosion of endure Stearns. Tavakoli, in transparent and interesting prose, explains how the credits mess occurred starting with the personal loan lending Ponzi schemes funded through funding banks, the Fed bailout and its impression at the buck. via her narrative, we pay attention from Warren Buffett and find out how his enduring ideas brought on him to determine the mess that was once coming good prematurely and stored him and his traders good out of ways.
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Additional resources for Dear Mr. Buffett: What an Investor Learns 1,269 Miles from Wall Street
In contrast, when an intangible asset is acquired from an external party, it is treated as an asset. Intangible assets have to be amortized over their expected lives, with a maximum amortization period of 40 years. The standard practice is to use straight-line amortization. For tax purposes, however, firms are not allowed to amortize goodwill or other intangible assets with no specific lifetime. 2. Goodwill Intangible assets are sometimes the by-products of acquisitions. When a firm acquires another firm, the purchase price is first allocated to tangible assets and then allocated to any intangible assets such as patents or trade names.
From that standpoint, it is useful that firms categorize expenses into operating and nonrecurring expenses, since it is the earnings prior to extraordinary items that should be used in forecasting. Nonrecurring items include the following: a. Unusual or Infrequent items, such as gains or losses from the divestiture of an asset or division and write-offs or restructuring costs. Companies sometimes include such items as part of operating expenses. As an example, Boeing in 1997 took a write-off of $1,400 million to adjust the value of assets it acquired in its acquisition of McDonnell Douglas, and it showed this as part of operating expenses.
The firm cannot avoid the obligation. 3. The transaction giving rise to the obligation has happened already. In keeping with the earlier principle of conservatism in estimating asset value, accountants recognize as liabilities only cash flow obligations that cannot be avoided. The second principle is that the value of both liabilities and equity in a firm are better estimated using historical costs with accounting adjustments, rather than with expected future cash flows or market value. The process by which accountants measure the value of liabilities and equities is inextricably linked to the way they value assets.
Dear Mr. Buffett: What an Investor Learns 1,269 Miles from Wall Street by Janet M. Tavakoli