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| − | ,The | + | ,The obvious conclusion is that the advantage of volume isn't an advantage of network effect, but an advantage of scale: big producers have better margins.(If network effect improved the prospects of large vendors, the upset of Nokia wouldn't have gone as it did; its products would have been more valuable, and competitors would have been fighting uphill to compete.)The second thing Apple and Samsung share may be the real secret: production.Apple and Samsung each produce more of their hardware than typical competitors.That is, each operates with a great degree of vertical integration.That means that instead of paying a premium to Intel (NASDAQ:INTC), Qualcomm (NASDAQ:QCOM), Texas Instruments (NASDAQ:TXN), NVidia (NASDAQ:NVDA), or others for complete processors or graphics hardware, Apple and Samsung pay less for mere manufacture of their own designs (in Samsung's case, they fabricate many key parts as well). |
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| − | , | + | ,At $44.50, Veritiv has a potential upside of 64%, suggesting current valuation represents a "margin-of-safety." This alone could be why Klarman saw opportunity in Veritiv.However, EBITDA is expected to be only $135 to $145 million, a margin of 1.3% to 1.4%.Veritiv believes it will steadily improve this figure over the next five years through net synergies.(click to enlarge)And here's the pitch: combined these two companies can deliver between $9B to $10B in revenues.That's the equivalent of $625 revenues per share.However, both companies struggle to deliver valuable margins on their own.Combined, the company will be able to deliver cost savings in the following areas: overhead, strategic sourcing, supply chain efficiencies, and reduction of fixed costs. |
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| − | , | + | ,Then in the school yards.Then on the streets.Then in jail and most recently in the nightclub where I have worked as a bouncer for years.Learn how to win a street fight tip #1 - One of the best and easiest moves you can do is biting.Remember that famous fight years ago where Mike Tyson bit off a chunk of his opponents ear? That was messed up! But as you can probably imagine, biting is a move that works easily and effectively.You can take someones desire to fight right out of them by attacking their face with a well placed bite.If you find yourself in a sexual assault position biting is another deadly weapon that will end an assault, as long as you remember to follow through with more violence and attacking. |
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| − | , | + | ,While this sounds good for shoppers, it was not that good for employees.The end result that is being speculated is that employees are getting the shaft and are more prone to feel entitled to a free item or two when they leave the store for the day.If you were a full-time person who depending on what little pay you received and now it has been cut, you might feel entitled to pick up a few items.The second reason is that has employees have become more discontent, they are more apt to NOT pursue other shoplifters.The general thought is that since the company does not care enough to treat me well, the heck with trying to stop that person who is stealing that item. |
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