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	<title>Active Investing &#187; Sentiment</title>
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	<link>http://steventowns.proxyexchange.org</link>
	<description>VALUE INVESTING, SHAREHOLDER ACTIVISM</description>
	<lastBuildDate>Tue, 31 Jan 2012 15:06:55 +0000</lastBuildDate>
	<language>en</language>
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			<item>
		<title>Reuters publishes Nader&#8217;s entreaty to Cisco, blocks comment</title>
		<link>http://steventowns.proxyexchange.org/2012/01/reuters-publishes-nader-entreaty-to-cisco-blocks-comment/</link>
		<comments>http://steventowns.proxyexchange.org/2012/01/reuters-publishes-nader-entreaty-to-cisco-blocks-comment/#comments</comments>
		<pubDate>Tue, 31 Jan 2012 13:37:57 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Governance]]></category>
		<category><![CDATA[proxy]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[uspx]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[annual meeting]]></category>
		<category><![CDATA[board of directors]]></category>
		<category><![CDATA[corporate governance]]></category>
		<category><![CDATA[dividends]]></category>
		<category><![CDATA[GE]]></category>
		<category><![CDATA[General Electric]]></category>
		<category><![CDATA[proxy vote]]></category>
		<category><![CDATA[shareholder rights]]></category>

		<guid isPermaLink="false">http://steventowns.proxyexchange.org/?p=927</guid>
		<description><![CDATA[Great to see Ralph Nader write something on the very important matter of dividends and stock buybacks, see, &#8220;It&#8217;s time for Cisco to cough up shareholder cash.&#8221; (Hyperlink visible in full article view) And great to see it published by a mainstream outlet like Reuters. Billions of dollars, if not tens of billions, at companies [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2012/01/reuters-publishes-nader-entreaty-to-cisco-blocks-comment/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>GE, Gibson Dunn vs. SEC &amp; Me Take II</title>
		<link>http://steventowns.proxyexchange.org/2012/01/ge-gibson-dunn-vs-me-sec-take-ii/</link>
		<comments>http://steventowns.proxyexchange.org/2012/01/ge-gibson-dunn-vs-me-sec-take-ii/#comments</comments>
		<pubDate>Tue, 24 Jan 2012 17:45:03 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Governance]]></category>
		<category><![CDATA[proxy]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[uspx]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[annual meeting]]></category>
		<category><![CDATA[board of directors]]></category>
		<category><![CDATA[corporate governance]]></category>
		<category><![CDATA[dividends]]></category>
		<category><![CDATA[GE]]></category>
		<category><![CDATA[General Electric]]></category>
		<category><![CDATA[proxy vote]]></category>
		<category><![CDATA[shareholder rights]]></category>

		<guid isPermaLink="false">http://steventowns.proxyexchange.org/?p=882</guid>
		<description><![CDATA[Serendipitously on Martin Luther King, Jr. Day, I was able to relay great news for shareowners of General Electric (GE) and all publicly-traded companies. The SEC ruled the prior week that GE cannot omit my critical proposal (hyperlink appears in full article view; see page 2 of PDF) requesting its board reexamine dividend policy. GE has [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2012/01/ge-gibson-dunn-vs-me-sec-take-ii/feed/</wfw:commentRss>
		<slash:comments>4</slash:comments>
		</item>
		<item>
		<title>Nintendo bottoming: worries over games proven overdone again</title>
		<link>http://steventowns.proxyexchange.org/2012/01/nintendo-bottoming-worries-over-games-proven-overdone-again/</link>
		<comments>http://steventowns.proxyexchange.org/2012/01/nintendo-bottoming-worries-over-games-proven-overdone-again/#comments</comments>
		<pubDate>Fri, 06 Jan 2012 03:00:26 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Japan - Invest/Econ]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[Yen]]></category>

		<guid isPermaLink="false">http://steventowns.proxyexchange.org/?p=874</guid>
		<description><![CDATA[I have followed up on my original bullish take on Nintendo (NTDOY.PK) (JP: 7974) from June. In my latest, carried as an exclusive on Seeking Alpha, I explain why I remain bullish on Nintendo and among other things include mention of recent Japanese analyst actions. *Click “Read Full Story” below for hyperlink to Seeking Alpha.*]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Long precious metals, hope others stay long Treasuries</title>
		<link>http://steventowns.proxyexchange.org/2011/08/long-precious-metals-hope-other-stay-long-treasuries/</link>
		<comments>http://steventowns.proxyexchange.org/2011/08/long-precious-metals-hope-other-stay-long-treasuries/#comments</comments>
		<pubDate>Mon, 22 Aug 2011 11:43:30 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[Monetary policy]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Valuation]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=832</guid>
		<description><![CDATA[Please see my exclusive article at Seeking Alpha, &#8220;Why I&#8217;m Long Precious Metals (And Hope Others Will Continue to Buy Treasuries).&#8221; I look at some of the perils of investing in Treasuries; the performance of select assets and money growth since 1971 when president Nixon closed the gold window; and discuss my investments in iShares [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2011/08/long-precious-metals-hope-other-stay-long-treasuries/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Benjamin Graham&#8217;s rediscovered 1946 lectures</title>
		<link>http://steventowns.proxyexchange.org/2011/03/benjamin-grahams-rediscovered-1946-lectures/</link>
		<comments>http://steventowns.proxyexchange.org/2011/03/benjamin-grahams-rediscovered-1946-lectures/#comments</comments>
		<pubDate>Sat, 05 Mar 2011 20:26:12 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Book Review]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[value investing]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=694</guid>
		<description><![CDATA[Having recently re-read and reviewed Security Analysis (4th ed. pub. 1962), I was pleased to come across Wiley&#8217;s web publication of the so-called &#8220;Rediscovered Benjamin Graham&#8221; lectures from 1946.* Full of nuggets of wisdom these lectures, the tenth and final was particularly gratifying. To each investor or intelligent speculator, his or her own takeaways from [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Japanese individual investors saying no thank you to JGBs</title>
		<link>http://steventowns.proxyexchange.org/2009/11/japanese-individual-investors-saying-no-thank-you-to-jgbs/</link>
		<comments>http://steventowns.proxyexchange.org/2009/11/japanese-individual-investors-saying-no-thank-you-to-jgbs/#comments</comments>
		<pubDate>Thu, 05 Nov 2009 05:13:19 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[General]]></category>
		<category><![CDATA[JGBs]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Yen]]></category>
		<category><![CDATA[interest rates]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Japanese Government Bond]]></category>
		<category><![CDATA[Japanese investors]]></category>
		<category><![CDATA[JGB]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/11/05/japanese-individual-investors-saying-no-thank-you-to-jgbs/</guid>
		<description><![CDATA[The Mainichi Shimbun (original in Japanese) reported early Thursday that Japanese Government Bonds&#8217; (JGBs) popularity is rapidly falling among individual investors. Beginning in 2003, the Ministry of Finance (MoF) has sold two types of JGBs (a fixed-rate 5-year and a variable-rate 10-year) four times a year to individual investors. However, as interest rates have been [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2009/11/japanese-individual-investors-saying-no-thank-you-to-jgbs/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Knuckleheaded Nomura</title>
		<link>http://steventowns.proxyexchange.org/2009/09/knuckleheaded-nomura/</link>
		<comments>http://steventowns.proxyexchange.org/2009/09/knuckleheaded-nomura/#comments</comments>
		<pubDate>Fri, 25 Sep 2009 13:08:20 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[capital raising]]></category>
		<category><![CDATA[Goldman]]></category>
		<category><![CDATA[Lehman]]></category>
		<category><![CDATA[Nomura]]></category>
		<category><![CDATA[Nomura shock]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/09/25/knuckleheaded-nomura/</guid>
		<description><![CDATA[The latest and largest equity dilution &#8212; approx. $5.6B; 30% s/o &#8212; by Nomura (JP: 8604) [[NMR]] has sent its shares down 16% to ¥573 in Tokyo ($6.35 at ¥90.3/$1) following an earlier rout in NY.  I think the stock has further to fall, given that it was saved by its daily loss-limit (&#8216;limit-down&#8217;) in [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2009/09/knuckleheaded-nomura/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Japan lost, but not dead, in deflation</title>
		<link>http://steventowns.proxyexchange.org/2009/04/japan-lost-but-not-dead-in-deflation/</link>
		<comments>http://steventowns.proxyexchange.org/2009/04/japan-lost-but-not-dead-in-deflation/#comments</comments>
		<pubDate>Sun, 26 Apr 2009 23:56:31 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Weekly Outlook]]></category>
		<category><![CDATA[capex]]></category>
		<category><![CDATA[deflation]]></category>
		<category><![CDATA[dividends]]></category>
		<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Jesper Koll]]></category>
		<category><![CDATA[N225]]></category>
		<category><![CDATA[Nikkei]]></category>
		<category><![CDATA[procyclical]]></category>
		<category><![CDATA[recession]]></category>
		<category><![CDATA[Tantallon Research]]></category>
		<category><![CDATA[tokyo]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/04/26/japan-lost-but-not-dead-in-deflation/</guid>
		<description><![CDATA[For Japan, the 1990s are commonly referred to as the &#8220;lost decade.&#8221; Those that know me are aware that I look beyond that and actually regard a quarter-century as the appropriate &#8220;lost&#8221; duration. However, if one really thinks about what has transpired and where we are today, it is rather impressive that Japan continues to [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2009/04/japan-lost-but-not-dead-in-deflation/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Nikkei 9000, 8000, or 7000?</title>
		<link>http://steventowns.proxyexchange.org/2009/03/nikkei-9000-8000-or-7000/</link>
		<comments>http://steventowns.proxyexchange.org/2009/03/nikkei-9000-8000-or-7000/#comments</comments>
		<pubDate>Tue, 31 Mar 2009 23:48:37 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[Weekly Outlook]]></category>
		<category><![CDATA[confidence]]></category>
		<category><![CDATA[equities]]></category>
		<category><![CDATA[EWJ]]></category>
		<category><![CDATA[iShares MSCI Japan]]></category>
		<category><![CDATA[mark-to-market]]></category>
		<category><![CDATA[N225]]></category>
		<category><![CDATA[Nikkei 225]]></category>
		<category><![CDATA[Nikkei 225 Stock Average]]></category>
		<category><![CDATA[recovery]]></category>
		<category><![CDATA[stocks]]></category>
		<category><![CDATA[tokyo]]></category>
		<category><![CDATA[Tokyo Stock Exchange]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/03/31/nikkei-9000-8000-or-7000/</guid>
		<description><![CDATA[About a year ago today, I published a weekly Nikkei outlook discussing whether the Nikkei was headed to 13,000 or back to 12,000. Suffice to say that much has happened since then. At the start of the new fiscal year today, the range in question is broader, 7,000 &#8211; 9,000, but obviously it is not [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2009/03/nikkei-9000-8000-or-7000/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>
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