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	<title>Active Investing &#187; Shareholder Value</title>
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	<link>http://steventowns.proxyexchange.org</link>
	<description>VALUE INVESTING &#38; SHAREOWNER ACTIVISM. **Author of &#039;Investing in Japan&#039; (2012)**</description>
	<lastBuildDate>Thu, 24 May 2012 00:43:49 +0000</lastBuildDate>
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		<title>Shareowners learning the importance of corporate governance, the hard way</title>
		<link>http://steventowns.proxyexchange.org/2012/05/shareowners-learning-the-importance-of-corporate-governance-the-hard-way/</link>
		<comments>http://steventowns.proxyexchange.org/2012/05/shareowners-learning-the-importance-of-corporate-governance-the-hard-way/#comments</comments>
		<pubDate>Wed, 02 May 2012 12:51:17 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Governance]]></category>
		<category><![CDATA[Hedge Funds]]></category>
		<category><![CDATA[proxy]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[uspx]]></category>
		<category><![CDATA[annual meeting]]></category>
		<category><![CDATA[board of directors]]></category>
		<category><![CDATA[corporate governance]]></category>
		<category><![CDATA[proxy vote]]></category>
		<category><![CDATA[shareholder rights]]></category>

		<guid isPermaLink="false">http://steventowns.proxyexchange.org/?p=1059</guid>
		<description><![CDATA[The topic of corporate governance excites few, far fewer than it should, and of course much fewer than say a big (but ultimately boring) story like Facebook&#8217;s (FB) pending IPO; though even Facebook and also Google (GOOG) have some newsworthy corporate governance issues. Corporate governance is only hot when there is an Aubrey McClendon type [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>GE&#8217;s undervaluation and poor corporate governance</title>
		<link>http://steventowns.proxyexchange.org/2012/04/ges-undervaluation-and-poor-corporate-governance/</link>
		<comments>http://steventowns.proxyexchange.org/2012/04/ges-undervaluation-and-poor-corporate-governance/#comments</comments>
		<pubDate>Tue, 24 Apr 2012 12:03:08 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Governance]]></category>
		<category><![CDATA[proxy]]></category>
		<category><![CDATA[Shareholder Value]]></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=1057</guid>
		<description><![CDATA[General Electric&#8217;s (GE) annual shareowner meeting is tomorrow (Weds.) in Detroit. I urge those that haven&#8217;t voted to do so as soon as possible today to ensure votes are counted. To help make readers better informed and to generate discussion, I prepared two write-ups surrounding GE&#8217;s annual meeting: (1) a review of each item for [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2012/04/ges-undervaluation-and-poor-corporate-governance/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Proxy statements underrated, a critical review of GE</title>
		<link>http://steventowns.proxyexchange.org/2012/04/proxy-statements-underrated-a-critical-review-of-ge/</link>
		<comments>http://steventowns.proxyexchange.org/2012/04/proxy-statements-underrated-a-critical-review-of-ge/#comments</comments>
		<pubDate>Thu, 12 Apr 2012 12:23:33 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Governance]]></category>
		<category><![CDATA[proxy]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[uspx]]></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>
		<category><![CDATA[Valuation]]></category>

		<guid isPermaLink="false">http://steventowns.proxyexchange.org/?p=1043</guid>
		<description><![CDATA[I have heard from fellow value investor Jacob Wolinsky (of ValueWalk) that Paul Sonkin, manager of the Hummingbird Value hedge fund, believes proxy statements are the most underrated of statements; Wolinsky perhaps inspired by that says rather than refer to the 3 key financial statements it really should be &#8220;4.&#8221; I couldn&#8217;t agree more. As [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>IIJ: cutting edge Japanese IT company at dial-up prices</title>
		<link>http://steventowns.proxyexchange.org/2012/03/iij-cutting-edge-japanese-it-company-at-dial-up-prices/</link>
		<comments>http://steventowns.proxyexchange.org/2012/03/iij-cutting-edge-japanese-it-company-at-dial-up-prices/#comments</comments>
		<pubDate>Mon, 19 Mar 2012 12:16:32 +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[3774]]></category>
		<category><![CDATA[IIJI]]></category>
		<category><![CDATA[Internet Initiative Japan]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[value investing]]></category>

		<guid isPermaLink="false">http://steventowns.proxyexchange.org/?p=991</guid>
		<description><![CDATA[Internet Initiative Japan (IIJI) (3774) is being overlooked by the market of late after a run last year to a multi-year high. Poised for a record fiscal year (which ends in a couple weeks), no doubt 2012 &#8211; 2013 will prove to be even more impressive. See my write-up, which appears as an exclusive premium [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>No Stock Market as Undervalued and as Misunderstood as Japan</title>
		<link>http://steventowns.proxyexchange.org/2012/03/no-stock-market-as-undervalued-and-as-misunderstood-as-japan/</link>
		<comments>http://steventowns.proxyexchange.org/2012/03/no-stock-market-as-undervalued-and-as-misunderstood-as-japan/#comments</comments>
		<pubDate>Thu, 15 Mar 2012 22:37:53 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Governance]]></category>
		<category><![CDATA[Hedge Funds]]></category>
		<category><![CDATA[Japan - Invest/Econ]]></category>
		<category><![CDATA[Japan - News]]></category>
		<category><![CDATA[JGBs]]></category>
		<category><![CDATA[Mutual Funds]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[Yen]]></category>
		<category><![CDATA[Bank of Japan]]></category>
		<category><![CDATA[corporate governance]]></category>
		<category><![CDATA[dividends]]></category>
		<category><![CDATA[investing in japan]]></category>
		<category><![CDATA[N225]]></category>
		<category><![CDATA[Nikkei]]></category>
		<category><![CDATA[Nikkei 225]]></category>
		<category><![CDATA[Nikkei 225 Stock Average]]></category>
		<category><![CDATA[shareholder rights]]></category>
		<category><![CDATA[tokyo]]></category>
		<category><![CDATA[Topix]]></category>
		<category><![CDATA[value investing]]></category>

		<guid isPermaLink="false">http://steventowns.proxyexchange.org/?p=985</guid>
		<description><![CDATA[Japanese stocks have done very well in 2012 and of course the weakening yen has increasingly more to do with the rally; deservedly so for the people of Japan. Otherwise, and unless Japanese stocks continue to do well, they could become neglected once again. Not necessarily a bad thing for value investors, and regardless of [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2012/03/no-stock-market-as-undervalued-and-as-misunderstood-as-japan/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<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>When the proxy system works: SEC allows critical dividend proposal at GE</title>
		<link>http://steventowns.proxyexchange.org/2012/01/when-the-proxy-system-works-sec-allows-critical-dividend-proposal-at-ge/</link>
		<comments>http://steventowns.proxyexchange.org/2012/01/when-the-proxy-system-works-sec-allows-critical-dividend-proposal-at-ge/#comments</comments>
		<pubDate>Tue, 17 Jan 2012 13:55:31 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Governance]]></category>
		<category><![CDATA[proxy]]></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[shareholder rights]]></category>

		<guid isPermaLink="false">http://steventowns.proxyexchange.org/?p=876</guid>
		<description><![CDATA[As I pen this article on this day of remembering/honoring Martin Luther King Jr., an icon of activism, I am elated to share great news for General Electric (GE) and all public equity shareholders alike: the Securities and Exchange Commission has informally ruled that GE cannot omit my proposal from its 2012 Annual Meeting and proxy statement. [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2012/01/when-the-proxy-system-works-sec-allows-critical-dividend-proposal-at-ge/feed/</wfw:commentRss>
		<slash:comments>5</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>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2012/01/nintendo-bottoming-worries-over-games-proven-overdone-again/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<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>
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