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	<title>Active Investing &#187; Valuation</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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		<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>
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		<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>
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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>Explaining Nintendo&#8217;s 10% Jump</title>
		<link>http://steventowns.proxyexchange.org/2011/08/explaining-nintendos-10-jump/</link>
		<comments>http://steventowns.proxyexchange.org/2011/08/explaining-nintendos-10-jump/#comments</comments>
		<pubDate>Mon, 15 Aug 2011 12:03:16 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Japan - Invest/Econ]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[Yen]]></category>
		<category><![CDATA[equities]]></category>
		<category><![CDATA[Nintendo]]></category>
		<category><![CDATA[value investing]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=828</guid>
		<description><![CDATA[Shares of Nintendo (NTDOY.PK) (7974) jumped 9.8% overnight in Japan, while the broader market (the Nikkei 225) was up a far more modest 1.4%, and as the yen remained stubbornly (relatively) strong at Y76.65 against the US$. What explains this big move? The Japanese business press is at a loss for the most part. The [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2011/08/explaining-nintendos-10-jump/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Opportunity behind Nintendo&#8217;s falling stock price</title>
		<link>http://steventowns.proxyexchange.org/2011/06/opportunity-behind-nintendos-falling-stock-price/</link>
		<comments>http://steventowns.proxyexchange.org/2011/06/opportunity-behind-nintendos-falling-stock-price/#comments</comments>
		<pubDate>Fri, 24 Jun 2011 02:32:52 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Governance]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[corporate governance]]></category>
		<category><![CDATA[dividends]]></category>
		<category><![CDATA[forex]]></category>
		<category><![CDATA[Nintendo]]></category>
		<category><![CDATA[Yen]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=824</guid>
		<description><![CDATA[Please see my article about Nintendo (NTDOY.PK) (JP: 7974) published exclusively at Seeking Alpha, &#8220;Nintendo: Dirt Cheap Ahead of Next Growth Cycle.&#8221; Take the time to read the whole piece and note where I say, &#8220;As attractive as Nintendo&#8217;s valuation is, I would not be surprised to see its stock trade lower near-term, especially as [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2011/06/opportunity-behind-nintendos-falling-stock-price/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Internet Initiative Japan: attractive value and growth</title>
		<link>http://steventowns.proxyexchange.org/2011/05/internet-initiative-japan-attractive-value-and-growth/</link>
		<comments>http://steventowns.proxyexchange.org/2011/05/internet-initiative-japan-attractive-value-and-growth/#comments</comments>
		<pubDate>Wed, 25 May 2011 12:10:55 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Japan - Invest/Econ]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[dividends]]></category>
		<category><![CDATA[IIJI]]></category>
		<category><![CDATA[Internet Initiative Japan]]></category>
		<category><![CDATA[value investing]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=819</guid>
		<description><![CDATA[Internet Initiative Japan (IIJI) (Tokyo: 3774) is a longtime shareholding and is one that I intend to hold on to for the long haul. Following my &#8220;friendly&#8221; activist dialogue with the company beginning early last year, the company has subsequently raised its dividend four times by an aggregate 50%. And there is further potential to [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2011/05/internet-initiative-japan-attractive-value-and-growth/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Martin Whitman: unwavering value investor</title>
		<link>http://steventowns.proxyexchange.org/2011/04/martin-whitman-unwavering-value-investor/</link>
		<comments>http://steventowns.proxyexchange.org/2011/04/martin-whitman-unwavering-value-investor/#comments</comments>
		<pubDate>Fri, 29 Apr 2011 21:43:01 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Book Review]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[value investing]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=777</guid>
		<description><![CDATA[Just over a month ago I reviewed Martin Whitman&#8217;s, &#8220;Value Investing: A Balanced Approach,&#8221; which was published in 1999. I found that his approach to value investing sounds exactly the same today as it did then. In fact, it sounds nearly identical to, The Aggressive Conservative Investor, which he coauthored with professor Martin Shubik in [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2011/04/martin-whitman-unwavering-value-investor/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Benjamin Graham&#8217;s memoirs</title>
		<link>http://steventowns.proxyexchange.org/2011/04/benjamin-grahams-memoirs/</link>
		<comments>http://steventowns.proxyexchange.org/2011/04/benjamin-grahams-memoirs/#comments</comments>
		<pubDate>Sun, 24 Apr 2011 13:39:08 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Book Review]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[shareholder rights]]></category>
		<category><![CDATA[value investing]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=762</guid>
		<description><![CDATA[Benjamin Graham: The Memoirs of the Dean of Wall Street, is a refreshingly candid story of the man (1894 &#8211; 1976) most investors associate with his value investing classic, Security Analysis. His memoirs are not to be read for takeaways to improve one&#8217;s investing methods. Rather, his memoirs serve as the story behind the composition [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2011/04/benjamin-grahams-memoirs/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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