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	<title>Active Investing &#187; Earnings</title>
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	<link>http://steventowns.proxyexchange.org</link>
	<description>VALUE INVESTING, SHAREHOLDER ACTIVISM</description>
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	<language>en</language>
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			<item>
		<title>Is GE&#8217;s dividend really a top priority?</title>
		<link>http://steventowns.proxyexchange.org/2011/10/is-ges-dividend-really-a-top-priority/</link>
		<comments>http://steventowns.proxyexchange.org/2011/10/is-ges-dividend-really-a-top-priority/#comments</comments>
		<pubDate>Mon, 24 Oct 2011 11:05:02 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Governance]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[board of directors]]></category>
		<category><![CDATA[corporate governance]]></category>
		<category><![CDATA[GE]]></category>
		<category><![CDATA[General Electric]]></category>
		<category><![CDATA[Valuation]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=846</guid>
		<description><![CDATA[Please see Seeking Alpha (&#8220;GE Dividend Still Taking Back Seat to Buybacks&#8220;) for my latest installment in the saga of General Electric&#8217;s (GE) reluctance to share the wealth with its shareholders. *Click &#8220;Read Full Story&#8221; below for hyperlink to Seeking Alpha.*]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2011/10/is-ges-dividend-really-a-top-priority/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Corporate Valuation for Portfolio Investment</title>
		<link>http://steventowns.proxyexchange.org/2011/03/corporate-valuation-for-portfolio-investment/</link>
		<comments>http://steventowns.proxyexchange.org/2011/03/corporate-valuation-for-portfolio-investment/#comments</comments>
		<pubDate>Sat, 26 Mar 2011 16:32:59 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Book Review]]></category>
		<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Governance]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[board of directors]]></category>
		<category><![CDATA[corporate governance]]></category>
		<category><![CDATA[shareholder rights]]></category>
		<category><![CDATA[value investing]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=710</guid>
		<description><![CDATA[Corporate Valuation for Portfolio Investment: Analyzing Assets, Earnings, Cash Flow, Stock Price, Governance, and Special Situations (2010, Bloomberg Press), is an ambitious effort by coauthors Robert A.G. Monks, a renowned shareholder rights activist, and Alexandra Reed Lajoux, an M&#38;A expert. They cover a lot of ground in around 540 pages, and state at the end [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2011/03/corporate-valuation-for-portfolio-investment/feed/</wfw:commentRss>
		<slash:comments>4</slash:comments>
		</item>
		<item>
		<title>Lions Gate: Board dereliction and insanity</title>
		<link>http://steventowns.proxyexchange.org/2010/08/lions-gate-board-dereliction-and-insanity/</link>
		<comments>http://steventowns.proxyexchange.org/2010/08/lions-gate-board-dereliction-and-insanity/#comments</comments>
		<pubDate>Tue, 10 Aug 2010 17:33:24 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Governance]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[board of directors]]></category>
		<category><![CDATA[corporate governance]]></category>
		<category><![CDATA[LGF]]></category>
		<category><![CDATA[Lions Gate]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=543</guid>
		<description><![CDATA[Lions Gate (LGF) reported a surprise Q1 loss of $64.1M or $0.54/share compared to earnings of $36.3M ($0.30/share) last year &#8212; note that adjusted earnings of a net loss of $13.7M ($0.10/share) missed analyst expectations of a profit of $0.04/share. The cash flow picture is not pretty either as the business was kept cash flow [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2010/08/lions-gate-board-dereliction-and-insanity/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>IIJ hits high on earnings beat, has much upside</title>
		<link>http://steventowns.proxyexchange.org/2010/05/iij-hits-high-on-earnings-beat-has-much-upside/</link>
		<comments>http://steventowns.proxyexchange.org/2010/05/iij-hits-high-on-earnings-beat-has-much-upside/#comments</comments>
		<pubDate>Fri, 14 May 2010 12:59:25 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Governance]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[3774]]></category>
		<category><![CDATA[buyback]]></category>
		<category><![CDATA[dividend]]></category>
		<category><![CDATA[IIJI]]></category>
		<category><![CDATA[Internet Initiative Japan]]></category>
		<category><![CDATA[stock repurchase]]></category>
		<category><![CDATA[value investing]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=498</guid>
		<description><![CDATA[Internet Initiative Japan (IIJI) (JP: 3774) is not a household name in the U.S., but it has carved out a niche in Japan in internet connectivity and related system services and outsourcing (essentially it is a high-tech ISP catering to businesses and government with growing potential in cloud computing and mobile access). Overnight in Tokyo [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2010/05/iij-hits-high-on-earnings-beat-has-much-upside/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>M&amp;A is key for Japanese equities in 2010 &#8211; Goldman Sachs</title>
		<link>http://steventowns.proxyexchange.org/2009/11/ma-is-key-for-japanese-equities-in-2010-goldman-sachs/</link>
		<comments>http://steventowns.proxyexchange.org/2009/11/ma-is-key-for-japanese-equities-in-2010-goldman-sachs/#comments</comments>
		<pubDate>Thu, 19 Nov 2009 16:26:24 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[Goldman Sachs]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Japanese stocks]]></category>
		<category><![CDATA[mergers and acquisitions]]></category>
		<category><![CDATA[Nikkei]]></category>
		<category><![CDATA[Nikkei 225]]></category>
		<category><![CDATA[ROE]]></category>
		<category><![CDATA[tokyo]]></category>
		<category><![CDATA[Topix]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/11/19/ma-is-key-for-japanese-equities-in-2010-goldman-sachs/</guid>
		<description><![CDATA[Reuters (article in Japanese) reports that Goldman Sachs issued a report earlier this week that argues M&#38;A will be the major theme for Japanese equities in 2010. Having a &#8216;macro&#8217; investment theme for the start of each new year is a ritual for brokerages in Japan, although it seems no one ever has the resolve [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2009/11/ma-is-key-for-japanese-equities-in-2010-goldman-sachs/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Domestic and overseas factors a plenty for Japan</title>
		<link>http://steventowns.proxyexchange.org/2009/10/domestic-and-overseas-factors-a-plenty-for-japan/</link>
		<comments>http://steventowns.proxyexchange.org/2009/10/domestic-and-overseas-factors-a-plenty-for-japan/#comments</comments>
		<pubDate>Mon, 26 Oct 2009 13:49:02 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[Japan - Invest/Econ]]></category>
		<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[Yen]]></category>
		<category><![CDATA[debt moratorium]]></category>
		<category><![CDATA[investors]]></category>
		<category><![CDATA[JAL]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Japan Post]]></category>
		<category><![CDATA[Nikkei]]></category>
		<category><![CDATA[tokyo]]></category>
		<category><![CDATA[Topix]]></category>
		<category><![CDATA[traders]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/10/26/domestic-and-overseas-factors-a-plenty-for-japan/</guid>
		<description><![CDATA[More often than not, it is overseas factors that have the largest influence on trading in Japan. However, from time to time there is enough commotion domestically that also warrants the attention of investors. Unfortunately, the cacophony coming out of the government these days is more concerning than usual (e.g. Japan Post management/reform, debt moratorium, [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2009/10/domestic-and-overseas-factors-a-plenty-for-japan/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Pricey Japanese stocks?</title>
		<link>http://steventowns.proxyexchange.org/2009/04/pricey-japanese-stocks/</link>
		<comments>http://steventowns.proxyexchange.org/2009/04/pricey-japanese-stocks/#comments</comments>
		<pubDate>Mon, 13 Apr 2009 00:00:19 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[Weekly Outlook]]></category>
		<category><![CDATA[banks]]></category>
		<category><![CDATA[exporters]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Japanese stock]]></category>
		<category><![CDATA[Nikkei 225]]></category>
		<category><![CDATA[tokyo]]></category>
		<category><![CDATA[Topix]]></category>
		<category><![CDATA[Yen]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/04/12/pricey-japanese-stocks/</guid>
		<description><![CDATA[Pricey, and Japanese stocks, are typically not heard together in the same sentence. However, since last September&#8217;s market rout, earnings have deteriorated to the point that the Nikkei 225 is trading at over 175x forward earnings; 10.1x on a trailing basis. No doubt the ratio will swell some more, potentially going negative for a quarter, [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2009/04/pricey-japanese-stocks/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Japanese stocks &#8216;fairly&#8217; undervalued</title>
		<link>http://steventowns.proxyexchange.org/2009/01/japanese-stocks-fairly-undervalued/</link>
		<comments>http://steventowns.proxyexchange.org/2009/01/japanese-stocks-fairly-undervalued/#comments</comments>
		<pubDate>Fri, 23 Jan 2009 05:17:29 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Hedge Funds]]></category>
		<category><![CDATA[JGBs]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[Monetary policy]]></category>
		<category><![CDATA[Mutual Funds]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[Yen]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/01/23/japanese-stocks-fairly-undervalued/</guid>
		<description><![CDATA[The author&#8217;s intent is not to be misleading, but rather to be as frank as possible, regarding the longstanding debate of whether or not Japanese stocks are truly undervalued. In short, the answer is  no. I no longer believe Japanese stocks are undervalued, not to the extent that I once did, and not to the [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2009/01/japanese-stocks-fairly-undervalued/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Recession confirmed in Japan &#8212; tell us something we don&#8217;t know</title>
		<link>http://steventowns.proxyexchange.org/2008/11/recession-confirmed-in-japan-tell-us-something-we-dont-know/</link>
		<comments>http://steventowns.proxyexchange.org/2008/11/recession-confirmed-in-japan-tell-us-something-we-dont-know/#comments</comments>
		<pubDate>Mon, 17 Nov 2008 11:29:20 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[Nikkei Futures]]></category>
		<category><![CDATA[Valuation]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/11/17/recession-confirmed-in-japan-tell-me-something-i-dont-know/</guid>
		<description><![CDATA[No need to get excited over the fact that the Japanese economy has now contracted two consecutive quarters (no shooting the messenger). That was largely already factored into equities, thus explaining the severely depressed levels registered of late. However, as The Economist reported in its latest edition, the &#8220;Toyota shock&#8221; of a sharp decline in [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2008/11/recession-confirmed-in-japan-tell-us-something-we-dont-know/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Japanese stocks set to sink again as reality bites</title>
		<link>http://steventowns.proxyexchange.org/2008/11/japanese-stocks-set-to-sink-again-as-reality-bites/</link>
		<comments>http://steventowns.proxyexchange.org/2008/11/japanese-stocks-set-to-sink-again-as-reality-bites/#comments</comments>
		<pubDate>Thu, 06 Nov 2008 23:27:27 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[Nikkei Futures]]></category>
		<category><![CDATA[Sentiment]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/11/06/stocks-set-to-sink-again-as-reality-bites/</guid>
		<description><![CDATA[Prior to yesterday&#8217;s 6.5% drop in Tokyo (Nikkei 225 close at 8,899), the N225 had rallied 33% in the prior six sessions to recoup a good chunk of the 37% drop between Oct. 1 and the 26-year low reached Oct. 27 at 7,162. Yesterday I stated the obvious in that Tokyo would sell-off as reality [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2008/11/japanese-stocks-set-to-sink-again-as-reality-bites/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
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