From Fierce Biotech:
Pfizer and Merck signal deep cuts in R&D groups
Pfizer and Merck have begun to spell out exactly where the axe will fall as they each absorb a big new acquisition into their organizations. According to Pharmalot, Pfizer has told New Jersey officials that 400 people at Wyeth’s old Monmouth Junction research center are getting the pink slip at the end of this month. And Merck will eliminate 500 jobs–mostly sales and administrative positions–from Schering-Plough’s old headquarters in Kenilworth.
These layoffs are just the beginning, of course. Both pharma companies are planning deep cuts to eradicate any overlaps with the companies that they are swallowing. And in another ominous note for Big Pharma’s embattled R&D organizations, Merck CEO Dick Clark told an audience attending a Goldman Sachs event that the company has to look at “the number of research sites you need” post-merger.
From the PharmExec Blog:
It is not just cold outside these days, as Merck & Co. makes some cold hard decisions. Following on the heels of its now closed acquisition of Schering-Plough, Merck is making significant job cuts across its operations. Some 16,000 jobs are expected to be eliminated in total as a result of the merger.
According to the Wall Street Journal, Merck CEO Dick Clark wants to “eliminate some of the duplication,” especially with respect to the sales force. Many of those cuts were made today, according to various reports. The size and scale of those cuts, however, remain unclear, with no official word from the company.
From the Star Ledger:
Merck sales unit to feel effects of massive job cuts
Merck has started making hundreds of job cuts as part of the process of integrating Schering-Plough’s operations into the company.
The Whitehouse Station-based drug maker notified state labor officials last month that it would begin cutting more than 500 jobs.
The positions were identified as being in Kenilworth, which had served as Schering-Plough’s headquarters, but Merck spokeswoman Amy Rose said Thursday the cuts will impact sales representatives across the country who report to Kenilworth. The cuts, which started last month, will continue through the end of the first quarter, Rose said.
From the WSJ:
A Little Bit More On the Job Cuts at Merck & Pfizer
The Merck announcement refers to cuts in the company’s U.S. sales organization, a Merck spokeswoman told the Health Blog. The cuts will actually exceed 500 people, and will include those who worked for both Merck and Schering-Plough before the merger. She also said the cuts apply to people who work both in New Jersey as well as other states. (Further reading: Our post from yesterday on what the CEO said about job cuts at the company)
The Pfizer announcement says the cuts are based in Monmouth Junction; a Pfizer spokeswoman told us that refers to the closure of the company’s Princeton R&D facility, which was announced last November. She also mentioned that Pfizer plans to maintain a significant presence in New Jersey, including facilities in Madison and Peapack.
Big Pharma is more than simply those two firms.
Pharma industry dead. Smart players now buying companies that make foot powder, moisturizers, and OTC remedies.
In 20 years, we’ll be sacrificing chickens when someone close to us gets sick.
Pharma industry dead. Smart players now buying companies that make foot powder, moisturizers, and OTC remedies.
In 20 years, we’ll be sacrificing chickens when someone close to us gets sick.
“The end of Big Pharma in NJ?”
wow, thats alot of job cuts in the state.
Mereck and Schering Plough are just examples of old, out dated ladder system management. The American trained management system is dead. The training MBA college system is no longer valid.
SAS
however, the pharmaceutical is by no means dead.
someone is going to be your drug dealer, either your doctor or the govt. in one way or another.
so, enjoy your stains and cholesterol drugs. who needs the treadmill when I can take a pill.
SAS
but man, thats alot of cuts. sucks if your just ray..ray in the mailroom.
SAS
Pfizer in the last 15 years had been amazingly efficient at destroying the value of the companies it was progressively acquiring. I guess the fate of Wyeth was obvious to anyone except its board members who have fiduciary duty to sell their child to anyone who offers a dollar more than what they think is the today’s fair price.
I know a few firms based in Europe doing just fine. Thanks.
Big Pharma is more than simply those two firms.
Top 10 Layoffs of 2009
1. Pfizer – 19,500
2. Merck – 16,000
3. Johnson & Johnson – 8,900
4. AstraZeneca – 7,400
5. GlaxoSmithKline – 6,000
6. Eli Lilly – 5,500
7. Teva Industries – 1,090
8. Sepracor – 940
9. King Pharmaceuticals – 770
10. Sanofi-Aventis – 750
…
(comment)
Roche-Genentech has indeed resulted in job losses. They have closed the Palo Alto site with at least the loss of a 1000 jobs. They have also shuttered their commercial operations group in Nutley, NJ with losses there (I have heard that only a 100 jobs were transferred from NJ to South San Francisco. SO how is it that you report that no jobs were lost? Do you mean no Genentech jobs were lost? Since Roche employees don’t count!
(comment)
New Jersey (once the Pharma capital)suffers the most with these layoffs thanks to the Pfizer/Wyeth buyout, the Merk/Schering buyout, Sanofi Aventis layoffs, Roche moving most operations to California…
(comment)
Yes Bracco Research closed down their research facilities in Princeton, but Bracco Diagnostics(where most of the corporate functions go on) is still open.
Clot – The house we bid on just rented out for a 3 year lease. How much more of a loss do you think the owners take then?
11. Screw em.
“Top 10 Layoffs of 2009”
these companies are old and outdated. A lot of other companies out there doing well, and growing.
This top ten lis…. just a ramification of a dead management system.
SAS
From the Star Ledger:
Lower bond rating for more than a dozen N.J. towns could affect variety of projects
An increasing number of New Jersey municipalities have had their credit scores from Moody’s Investors Service downgraded, according to final numbers submitted for 2009. The lower rating potentially drives up the cost of borrowing for roads, bridges and other projects.
“What happens on Wall Street has a direct impact on what happens on Main Street,” said William Dressel, executive director of the New Jersey League of Municipalities. “An adverse bond rating translates into additional costs that the taxpayers are going to have to foot the bill for.”
In 2009’s final quarter, 14 New Jersey municipalities received downgrades from Moody’s as part of its regular “surveillance” of bond issues, a sizable uptick from previous quarters, as towns deplete their closely watched surplus accounts.
The borrowers with the falling credit scores are Woodbridge, Irvington, Morristown, Closter, Maywood, Belleville, Perth Amboy, Berkeley Township, Rutherford, Clifton, Ringwood, West Deptford, Rahway and Englewood Cliffs.
these layoffs and old dead admin of big pharma reminds me of the way public schools are run in NJ an the rest of the country.
cause..they are run with the same blueprint of framework.
ever look into how much of the 1 dollar goes to admin costs…and how much actually goes toward tools or education into the child.
ha… its a joke.
screw Merck… sorry Ray ..Ray…
SAS
damn it.. my cable TV rates are going up!!
SAS
With the new pharma layoffs it looks like we will be able to raise a scientific regiment for Obama’s Civilian Security Corp. “Just as well funded. Just as powerful as the military.”
Just wait until BCBS Horizon goes public. Enjoy, NJ. 47% of market share.
Even in a world of massive deficits and rising national debt, not many problems come in packages that are in the trillions of dollars. The deficit facing U.S. public pension funds will grow to $2 trillion, according to an interview that the chairman of New Jersey’s pension fund, Orin Kramer, gave to the FT. “Estimates of aggregate funding requirement of the US pension system have ranged between $400bn and $500 bn, but Mr Kramer’s analysis concluded that public funds would need to find more than $2,000bn to meet future pension obligations.”
Even if Mr. Kramer is over estimating the problem, the question remains as to whether the problem can be solved so that state and municipal employees are paid their full retirement benefits. The answer is that it can’t, and that these people will get much less than they were promised. Like many other Americans, they will face a shortfall in the money they have for their golden years.
It would be convenient to believe that states and cities can raise taxes enough to make up for deficit in the pension funds. It would be nice if the federal government would come up with money to lend to public pension funds under a program similar to TARP. And it would be even better if the federal government would wash away the red ink with direct grants instead of loans.
But none of that will happen; economic expansion is likely to be slow and unemployment is likely to stay high. Higher tax rates at the local level would combine with increases in federal taxes due in 2011. Consumer spending would be undermined as the percentage of people’s earnings going to support government activity ballooned. At some point, the tax burden would overwhelm the recovery by killing consumption.
The federal government will not be a source of funds as it already faces trillions in deficits, a call for increased stimulus spending, and more than $12 trillion and growing.
Working for the government was never a way to become rich, but it has always offered stable benefits, and now the retirement portion of those benefits is about to fall substantially.
http://www.dailyfinance.com/story/public-pensions-face-2-trillion-deficit/19303044?sms_ss=email
If you are going to be a sadistic scumbag, make sure you are not being recorded….
http://www.nypost.com/video?vxSiteId=fe3e21a8-49f1-4cec-9ba5-cfe372fa6572&vxChannel=PostTopFilmStrip&vxClipId=1458_826033&vxBitrate=700
Fiddy,
Yes, below that old LP of course.
From the NY Times:
Further Slide Seen in N.Y. Commercial Real Estate
There are 920 football fields of available office space in Manhattan. More than 180 major buildings totaling $12.5 billion in value — from Columbus Tower at 1775 Broadway to the office tower 400 Madison Avenue — are in trouble, meaning in many cases they face foreclosure or bankruptcy, or have had problems making mortgage payments. Rents for commercial office space fell faster over the past two years than in any such period in the last half century.
“I have been in the business for 12 years. I have never seen it this bad,” Peter Von Der Ahe, vice president of investments for the brokerage Marcus & Millichap, said of New York City’s commercial real estate market. According to more veteran colleagues, he said, things have not been so dire since at least the early 1990s.
And that is not the most sobering assessment.
“It hasn’t hit bottom,” Mr. Von Der Ahe added.
He is not alone. More than half a dozen experts on commercial real estate in New York City said that despite some flickering signs of economic recovery here and elsewhere in the country, the universe of big buildings and giant apartment complexes has further to tumble.
Rents, they say, will go lower. Vacancy rates are likely to rise, too. Owners of troubled properties will face a final day of reckoning and in some cases lose their properties.
“We’re projecting the biggest value losses in the nation,” said Aaron Jodka, a senior real estate economist at Property and Portfolio Research, a Boston-based independent real estate research and advisory firm. He predicts that by 2011, the value of New York metropolitan area office buildings will decline by 58 percent from its late 2007 peak. It is already down 40 percent.
Superb, good thing rescuing speculative Florida condos is in Fannie’s charter.
From the AP:
Fannie Mae relaxes Florida condo standards
Fannie Mae is seeking to prop up Florida’s ravaged real estate market by reviewing hundreds of condo projects in the state that currently don’t qualify for its loans.
The mortgage finance company said Thursday that buildings deemed stable after the review will be given a special approval lasting up to 18 months.
If they are approved, lenders will be allowed to offer mortgages to homebuyers and sell those loans to Fannie Mae, which pools them into bonds and sells them to investors.
The reviews will look at the buildings’ occupancy, homeownership association dues, financial stability and physical condition.
Under nationwide regulations enacted in March, Fannie Mae has been rejecting any mortgage for a condo buyer if more than 15 percent of a development’s other owners are delinquent on their association fees. Fannie Mae has been willing to make exceptions to that rule, but now it is actively seeking out applications for exceptions.
The initiative is “is geared toward providing maximum support for Florida’s distressed condo market,” Karen Pallotta, executive vice president of the company’s single family mortgage business.
grim: time for some comp killers
From the WSJ:
Rents Signal Rise of D.C., Fall of N.Y.
The office market in Washington, D.C., is poised to topple New York as the nation’s most expensive, reflecting the declining fortunes of the nation’s financial center and the government expansion under way in the U.S. capital.
Rents declined in almost all of the 79 American cities tracked by Reis Inc., a New York based-research firm, in the fourth quarter of 2009. The largest fall was in New York, where average effective rents — or the net amount tenants pay after landlord concessions — fell nearly 20% to $44.69 per square foot annually. It was the sharpest decline in rents ever recorded by Reis since it began compiling data in 1981.
…
By contrast, average rents in Washington were $41.77 per square foot, down 3% annually. Reis estimates that by the end of this year, rents in New York will come down to around $41.07, slightly below their estimates for Washington of $41.27.
“The financial crisis hit New York hard, which is why it’s down so much, whereas the government is one of the few sectors that has actually added jobs,” said Robert Bach, chief economist for Grubb & Ellis, a Santa Ana, Calif.-based brokerage firm.
24
new mini Florida bubble?
Ron Insana pushing “generational opportunities” to buy at the bottom….real estate included….LOL
why would anyone listen to what ron I has to say?
http://www.nakedcapitalism.com/2010/01/simon-johnson-the-worst-is-yet-to-come.html
A little ray of sunshine (not) via Naked Capitalism…Simon Johnson
http://www.mcclatchydc.com/economy/story/81933.html
More sunshine from my neck of the woods…
“Bankruptcy filings hit all-time high in California’s Sacramento, Central Valley”
http://www.time.com/time/business/article/0,8599,1952132,00.html
Did we catch this from Time dated yesterday?
“Still Hunting For a Bottom in Housing”
From what I know about Pharma jobs and their pay scales, even for clerical staff, is or was, very generous. Hint, kind of overpaid. I am not talking about the scientists who actually produce results. So the loss of hundreds of NJ pharma jobs would hurt. Those who are laid off from the pharma jobs will be mighty surprised when they see the wages they will have to settle for now when they find a replacement job. And they had really great benefits from the big pharmas as well.
http://www.marketoracle.co.uk/Article16321.html
I need to look for something a bit more uplifting…
I guess the theory here is that the market must crash to force folks into U.S. debt…
In 20 years, we’ll be sacrificing chickens when someone close to us gets sick.
That actually may help them more then todays prescription Meds only treating symptoms and loaded with side effects. They haven’t cured a disease since Polio. Of course that was independent research, not Big Pharma. Iteresting that no one mentions Big Pharma creates (e.g Cholesterol) rather then cures (e.g. MS or MD) disease. Heck, they haven’t been able to create a Birth Control Pill in 60 years that is safe.
Any thoughts on the new outback? They are historicallygoodcars from what I know
House whine after 11 years in big pharma I’m still waiting for my great benefits and it took 2 different career changes and a master of science degree to earn a living wage in the industry. The job losses will hurt for sure, but to reiterate what was said before, pharma is doing very well in Europe and Asia. If it is not in NJ it will be somewhere else. Glad I’m mobile.
house update – well we got outbid on the short sale. was upset for about 5 minutes. wife took it suprisingly in stride. considering what a house nazi she has become I’m shocked
37- Painhrtz- If you are planning on buying a house here how are you going to stay “mobile” in case you have to move overseas for a pharma job?
gator (12)-
That should fry the owners.
And, you know how much wear & tear a three-year lease will put on that place.
Cindy (34)-
Count me as firmly in the camp of those who believe the Fed is engineering a collapse in equity markets.
They just need to suck in that last tier of dumb money, then it’s time for Lucy, Charlie Brown and the football.
There are only a couple of levers the Fed has left to make things “happen”. One of those levers is the manufacture of a “flight to quality” event.
Whine it is called walk away
confused (35)-
Gotta think Pharma works best when they find a drug that can keep us sick and reinforce passive health habits.
http://www.businessinsider.com/watch-how-a-minor-security-mishap-turned-into-a-security-nightmare-at-newark-2010-1
Stu/Gator – The dude left his post!
What a joke….
well:
I expected as much. May be on the chopping block for next round of layoffs at the firm I work for. This after getting a bonus in December.
Legal job market sucks! Guess I better start looking.
Partner was very honest: even if they lay one of us off, really does not change the situtation. Problems.
Point blank, I asked the partner should I discontinue my house search (he was the one who tried to help me buy the next to the last house I bid on). Answer: Yes!
House hunt discontinued until further notice.
should be ok. Have to prepare for trial on monday.
Been with the firm for over 10+ years. Handled cases from inception to trial to appeal.
Not a lot of trials under my belt, but enough.
Hope I have enough experience to find another job.
Depressing
Here is a nice home for 425 down from 499.
Taxes will kill you though, no number yet new construction, I’d say 12 -14k in my town. This is about 30 min from 287 ,rte 23 junction then you start your real commute!
http://emailrpt.gsmls.com/public/show_public_report_rpt.do?report=clientfull&Id=50569037_11260
Did you catch in the listing 1 of 11 to be built. They will sit& sit & sit.
morpheus 44 that sucks.
44- Morpheus- I am sorry to hear about your potential job loss. I was in the legal field also and was laid off twice in 2009 from law firms. Needless to say I am running a bit scared and scarred from the experience. While I have other skills in completely different fields I haven’t yet reconciled myself yet to giving up my search for legal work.
Best of luck to you. I don’t know what else to say.
Jobs numbers way under expectations, 85k jobs lost in December.
The labor force keeps going down….
November:
“The civilian labor force participation rate was little changed in November at
65.0 percent. The employment-population ratio was unchanged at 58.5 percent.”
December:
“The civilian labor force participation rate fell to 64.6 percent in December.
The employment-population ratio declined to 58.2 percent.”
If and when people start looking for a job again, the UE rate will shoot past 11%.
Doesn’t high unemployment keep home prices and rates down, you guys are vulture RE investors, start jumping for joy.
Reggie Middleton’s Blog,
He Who Bloweth the Bubble With Wet Lips Should Stand Back Lest Spittle and Saliva Spray Upon Ye Face
http://boombustblog.com/201001071267/He-who-bloweth-the-bubble-with-wet-lips-should-stand-back-lest-spittle-and-saliva-spray-ye-face-upon.html
In Beijing’s Chaoyang district, which represents a third of all residential property deals in the capital, homes now sell for an average of almost $300 per square foot. That means a typical 1,000-square-foot apartment costs about 80 times the average annual income of the city’s residents. I’ll give this until the end of 2010 to blow up!
nothing blows up in china . gov will make it right
ruggles says:
January 7, 2010 at 11:01 am
“Artie would still be fine if he could gamble in Hoboken.”
He is gambling, he owns a condo there.
hilarious line, ruggles. well played.
take a look at these hopeless people on the
front page of the Record
#52 Stu
for your enjoyment. A young woman in China lives in the company’s bathroom to protest the high housing costs.
http://www.chinasmack.com/pictures/post-80s-girl-lives-toilet-protest-high-housing-prices/
hope this wasnt anyone on this board!
http://www.nypost.com/p/news/business/conde_nast_boob_job_exec_is_gone_iMwnmt7mKK6QgLyBmEavRI
hey john boy, hook a brother up with some optimistic news.
how will the economy look in june/july? all i need is a stablish-ish outlook: Dow at or above what it is now, companies willing to spent, and negative news on the sideline.
can this house of cards hold up for 6-7 more months?
Tip of the Iceberg
http://www.newdeal20.org/?p=7329
(44) Morpheus
Perhaps it is time to compare notes and strategic alternatives.
Nomdeplumenj@gmail.com
Need a job?? Move to Mexico it has a 6% unemployment rate.
There is a war for talent going on right now, BAC, GS, JPM, MS are given record amounts right now. Jobs are going begging. Anyone who is incredibly good looking with an MBA like me should have no problem landing a job.
yikes says:
January 8, 2010 at 9:19 am
hey john boy, hook a brother up with some optimistic news.
how will the economy look in june/july? all i need is a stablish-ish outlook: Dow at or above what it is now, companies willing to spent, and negative news on the sideline.
can this house of cards hold up for 6-7 more months?
(48) Whine
Same for you. Feel free to network.
Morph and whine: I am also on the bubble and have been toying with different ideas to find work rather than just relying on traditional job hunting. Saw a lot from the prior two downturns and I can tell you that there are ideas and alternatives out there.
3b says:
January 7, 2010 at 3:18 pm
OT question. My son tells me that we can get NETFLIX through our TV, but that we need to have a Blue Ray player. If that is the case, does any one have any recommendations for an inexpensive Blue Ray player,and do I need a particular type. I know nothing about Blue ray players.
Got one for xmas (samsung). problem is that you need an internet connection on the blu ray player. ours didn’t have it, so we had to buy one (it’s similar to that wireless adaptor at the back of an xbox).
just set it up this week and got our first movie.
63- Thanks for your encouragement. I am usually a “glass is 1/2 full” kind of gal.
I feel fortunate to have a lot of support, both emotional and financial. It took me awhile to stop blaming myself for being laid off.. I did take it personally. Absolutely I see alternatives and I am now a bit excited to see what happens next. But it’s a process to get to that point.
It seems people are still underestimating the impact of taxes in theier home purchases. With taxes already at 10k on POS capes, incomes on a down slide, and state finance in freefall, the situatio is radioactive.
The average tax bill is higher then my brothers entire piti in Charlotte.
These tax bills are guarenteed to go up and at a fast rate. It’s not a matter of if! For the large majority of people, buying in Nj is financial Hari Kari.
If someone feels so strongly about buying, it’s entirely possible to have an improved quality of life by moving elsewhere and making t
less money but with lower costs of living and better quality of life.
The people in NJ appear to have become habituated to being robbed by state hall and town hall
frank:
your compassion continues to astound me!
Tax bills are bs unless you are retired and on a fixed income. The average BC dural income household ain’t moving down south to save 8K in taxes and then take a 50-100K pay cut.
In case anyone here was confused, Pharma is not about cyring anything, but about “treating” conditions. A Pharma corp focused on cures and not treatments would promptly be out of business.
this says a lot:
“The office market in Washington, D.C., is poised to topple New York as the nation’s most expensive, reflecting the declining fortunes of the nation’s financial center and the government expansion under way in the U.S. capital.”
John,
A horse can be run until it drops dead from exhaustion. That doesnt mean its a smart idea.
Economy loses 85K jobs, unemployment rate steady
Employers cut more jobs than expected in December, unemployment rate holds at 10 percent
http://finance.yahoo.com/news/Economy-loses-more-jobs-apf-2245188994.html?x=0&.v=8
Looks like Artie’s neck of the woods is way down since its peak in regards to sales volume, but sales prices are all over the place. Reportedly down 12% since peak. Will it still drop?
http://www.newjerseyrealestateguys.com/gold-coast/hoboken-condo-inventory-sales-activity/
67.John says:
January 8, 2010 at 9:53 am
Tax bills are bs unless you are retired and on a fixed income. The average BC dural income household ain’t moving down south to save 8K in taxes and then take a 50-100K pay cut.
Consider a young couple that does not already have the sunk cost of a 3 BR boat anchor in NJ.
Then compare $12k in takes to $4k, buying similar quality schools and municipal services. Reduce that $600/mo to NPV – the “cost” of the house considering PITI just dropped by another $100,000. A $500k POS 3 br/1ba 1100 sf cape in NJ on 0.1 acres, which translates to $600k considering taxes, vs. $250,000 for 4 BR, 2.5 bath, 2600 sf on no less than 2 acres?
Back of the napkin payments of $4,000 in BC v. $1,900 “south”. That DINK couple could take a combined gross salary hit of over $35,000 a year and be no worse financially.
73: DNI potential state income tax savings as well.
Berkeley Heights short sale.
Bidding starts at almost half off previous price.
http://www.trulia.com/property/1094305357-49-Hamilton-Ter-Berkeley-Heights-NJ-07922
Damn car insurance companies.
Last December I switched to Geico which brought my policy down to $999 from almost $1400. I shopped around like a madman and they were the lowest by almost $100. The quality of the insurer is moot to me as I have never had a claim in my life nor do I have any points or blemishes on my driving record. My policy just auto-renewed and it had gone up $136 in 12 months.
Funny thing is, my old $1400 a year policy holder (Liberty Mutual) send me a quote out of the blue for $1072. Will probably go back unless Geico matches. I’m sure they won’t!
Just pissed at the absolute lack of loyalty that these insurance companies show their clients.
I suppose changing insurers will become a yearly activity for me.
Stu: NJM
http://www.njm.com/
http://www.njm.com/NewWin/EligibilityRequirements_p.html
I’ll quote em and will let you know how they did Chifi!
Don’t qualify. My plant dropped membership a few years ago. Thanks anyway. I kind of recall your reco last time around :P
And no one mention USAA! I do not qualify there as well.
July through October is when the financial fireworks will begin. The Fed cannot raise rates, reign in liquidity, and needs to provide further stimulus.
If you dont own non dollar denominated assets then you deserve to get knocked out by the clown shoe. You were warned over and over again.
Scenario: Obama passes healthcare enraging 62% of an already enraged public. Amnesty is next on the agenda. Unemployment doesnt improve and small businesses still cant get loans. Official dollar devaluation and or sovereign defaults become evident. Middle East tensions grow to the brink of war and oil sky rockets while equities collapse. Everyday Americans finally realize they have been lied to by the media and government.
The country is primed for revolution. The perfect storm is brewing and the paradigm is about to shift.
Be prepared.
Erie Insurance – Erie PA
“Back of the napkin payments of $4,000 in BC v. $1,900 “south”. That DINK couple could take a combined gross salary hit of over $35,000 a year and be no worse financially.”
No better either. Job market down south stinks.
Anon, 35K loss of income for a DINK couple to move down south, hello. I have friend who moved down south everyone one of them makes around 100K a year less. They got clobbered over time as the raises, promotions and bonus opportunities are much worse down south. My friend went down there at same income as NY but after 10 years of 2% raises he is now making peanuts.
Ok i finally competed it.
Remember how we always argue about why prices havent crashed much in NJ compared to other cties?
and some people say its because we are smarter here? and other people say its because we have more money here? and others say its because we didnt have as toxic of mortgage loans.
Well one of these is definately true and i finally proved it.
Here is a fastinating chart that i just finished… It shows that the cities which experienced the biggest home price bust in % terms since 2006 also happen to have the lowest levels of education.
Here it is… http://www.scribd.com/doc/24950673
not a perfect 100% correlation but close enough to prove the relationship is real.
interesting to note, im having trouble proving this same thing with median income though and i thought that one would be easy.
there are many more charts coming. I ve had a busy holiday vacation. will post more soon but this is just a sneak peak.
China Is Doing Exactly What The United States Should Be Doing – Looking Ahead
So am I an absolute b*tch to think that the woman ahead of me in line at the deli this morning who ordered egg whites in a “scooped out bagel” is just too d*mn lazy to be bullemic?
Back to work now.
33. You sound really informed about this issue.
Veto That (86):
Now I know why I like to go to Las Vegas so much. I’m the smartest guy in the entire city.
68. Fascinating…your insights that is.
64. No, it’s your fault.
62. If I had your money, I would throw mine away.
The end is nigh, but there is hope for re101
http://www.cnn.com/video/#/video/offbeat/2010/01/07/moos.nerdy.sexy.cnn
Veto,
Great stuff. But i think it goes deeper then that. Just looking at NJ, Boston, Denver, Charlotte, the 4 most resilient towns on you list and you can see some substantial differences between boston and charlotte. They have similar levels of education but very different levels of RE decline.
I think you have made a great point, but there would seem to be some co-existing major influence/s in play at the same time.
It makes sense that jobs that require lower levels of education may be easier for employers to cut, as well as those with lower levels of education statistically have less money and hence less of a buffer.
My guess is that part of the additional factor may be “growth”. Boston is a mature town that can really only grow by redeveloping existing areas or by pushing far into exurbs which isnt very efficient. Charlotte on the other hand was a fairly small southern city at the beginning of the 2000’s growth cycle and had expansive room for growth without pushing everything to the exurbs or having to redevelop existing areas.
Look at DC and sandiego, they have the same or better level of education as Charlotte but 4-5X the RE drop. It seems housing density/ people density plays a role as well, possibly at an equal level to education.
try throwing in a population density factor into that chart, or a SFH density into that chart for each city and see what happens. might be interesting.
“In 20 years, we’ll be sacrificing chickens when someone close to us gets sick.”
No, it will licensed, unionized government employee who is going to sacrifice the (artificial) chicken when you or your family member gets sick.
“I’m the smartest guy in the entire city.”
Stu, this may also explain why you can take other peoples money at the poker tables easier in vegas.
Because in AC everyone is a freekin genious with bachelor degree. even the toothless chinese fella sitting next to you whose been chain smoking in your face for yours.
Stu (52)-
But, but…Jim Rogers says there is no China bubble.
“Just looking at NJ, Boston, Denver, Charlotte”
Mr Hyde, i would say that the wrong way to interpret a chart like this is to look at one or two points all alone. Instead focus on the overall trend of all the cities combined (the trend lines are calculated by excel)
I would interpret the chart by saying this. Gee, the top 3 worst housing busts happened in cities with the lowest % of college education. and vice versa. That is pretty darn significant.
But remember this is a sample, intended to represent a poulation of all cities big and small in america so the data will not be 100% correlated perfectly. And it doesnt have to be to make the point.
Pop Density? yes i agree thats another one and im looking at that too. Income? another good one but more important is price to income as a ratio – just the raw income numbers dont really paint a clear picture and im surprised by that. Growth – good point. thats prob a factor.
yikes (57)-
She should’ve gone to the Jets game with her friends and shown them the “work” out on the concourse.
That would’ve been OK.
Sooo, the whole point of that chart, in short is that… we are smarter here.
lol.
Next up is a chart which proves without a shadow of a doubt why you should buy now or be priced out forever.
not.
whine (64)-
The first thing I’d do in that position is default on my student debt.
frank = Orin Kramer
lack of education should correlate to inability to understand mortgage documents. If this is true, then we might assume there were fewer exotic mortgages in more educated areas which could account for lesser price decline.
Al (82)-
Hope you’re right. I’m itching to blow up something.
skep (104)-
Yeah. Keep telling yourself that.
Meanwhile, I have short sale listing appointments this weekend in two of the highest-income zip codes in the US.
No one will be spared.
Wealthier people with education will be wiped out en masse.
They will just get wiped out last.
“lack of education should correlate to inability to understand mortgage documents.”
skep, I would agree with that among other things. we all know education correlates with income levels. But we also have to assume education correlates with lots of other stuff thats good for home prices. economic growth, school performance, crime, general personal financial management, etc.
“They will just get wiped out last.”
Schupty, I would agree but would have to change that to:
“They will just get wiped out less.”
“Anyone who is incredibly good looking with an MBA like me should have no problem landing a job. ”
Aren’t you like 80 years old?
I should tell the story here about the CFA I know who is claiming Wells Fargo defrauded him three years ago on his jumbo 30-fixed.
1.2 mm in loan, on a house that’s worth about 750K.
Who do you think is zooming who?
Veto (109)-
Nope. What I’m seeing is, when the educated and wealthy finally tap out, it’s no different than your average subprime roadkill.
They trash the house, rip stuff off the walls, leave tons of other debt hanging and skip out. Just like Winthorpe in Trading Places.
Broke is broke, no matter how far the heights from which you fall.
“I should tell the story here about the CFA I know”
who here has taken the cfa? I have the books and have started reading them a month ago. If i can build some confidence i hope to take the exam in jun. It doesnt seem like impossible stuff but there is just so much damn material. There are only so many formulas i can cramb into my brain and still drink beer every night of the week. any advice?
meter (110)-
John is a concept, not an actual person.
veto (113)-
Stick to the beer.
“There are only so many formulas i can cramb into my brain and still drink beer every night of the week. any advice?”
PolClot, lets face it.
Brains = wealth.
That will never change.
before or after armeggedon.
“I suppose changing insurers will become a yearly activity for me.”
I hear ya Stu. It will be the same for me with Comcast/FiOS and Verizion/AT&T for my mobile service now that phone #s are portable. Just play them off against one another.
99: I know a lot of college educated people who didn’t live in, but invested in those cities w/ large drop.
Not sure how to quantify, but I would argue that whereas, AOTBE, the less educated owned a primary, the affluent, educated may have owned several or more “investment” properties.
veto (116)-
Social skills + cunning = wealth
Don’t disagree that those with some smarts will be the first to recover, though.
You would enjoy Outliers. Gladwell spends a good deal of time blowing up many shibboleths surrounding smart people.
My grandpa used to always say, “if you’re so smart, why aren’t you rich?”. Used to piss me off, but he was right.
113: If you can’t beat ’em, join ’em?
Maybe obvious question, but what’s the objective? Lots of brain damage for sometthing not to be dedicated to.
At least this guy apologizes to the citizens of NJ for his no-show job.
Unlike those double dipping, parasitic, public sector pension suckers
http://www.nj.com/news/index.ssf/2010/01/california_man_gets_six_years.html
“if you’re so smart, why aren’t you rich?”
I would have responded… “because id rather be happy.”
the truth is smarter people on a graph have to be defined by education. and higher rates of education does reflect more smarts, and overall smarter people make more money than dumber people. And this is despite the fact that smarter people also dont try to maximize their income as much as dumber people. Instead of making an extra 10k per year, they negotiate an extra 1-2 weeks of vacation so they cant spend time wih their family and enjoy higher quality of life for example.
of course there are total idiots out there with phds if you want to look at individual cases. Still an idiot with a phd is prob smarter than than an idiot without one.
but your poppy was right.
Is he the one who first taught you to shoot a flame thrower?
Santelli reporting the Chosen One is to put out for comment a conversion of IRAs into a fixed income type annuity (i.e. Treasuries).
The ‘pump’ is nearly complete.
Veto brains, guns and strenth equal power. He with the most bullets wins
veto that,
2 points:
-is it a matter of education in those towns or is it demographics. example: what type of loans did a black guy get vs a white guy. Predatory loans come more freely to minorities.
-education vs. schooling, two different things.
SAS
sas,
1 -you are just being racist. but in reality, the loans dont really tell any story. suprisingly the subprime loans as a percentage of total were fairly equal in most cities from any data that ive seen.
2 – not that different.
Also, how the hell am i supposed to graph ‘smarts’? im just a geek with excel. you think i can produce magic?
christ this is a tough crowd. and i thought i was skeptical. ;^)
113. Veto,
Study hard for the CFA the exams. They have gotten extremely difficult as registrations have soared since this whole mess started.
mocha, thanks, in reality i prob wont pass. it will almost be impossible for me to study for 250 hours in 6 months.
but im enjoying the material so far. even though its early, i might have even learned a thing or ten.
I would recommend that you skip the ethics for last and move straight into the meat and potatoes of it. If you have any cashflow valuation experience you can glaze over a good deal of the 2nd book too. Not all the material in the books is required reading as well. Don’t sell yourself short. Plenty of people pass, you’d be amazed at how many think they can cram for it though. Good Luck!
yeah the cash flows were the easy part and im hoping that my fixed income experience will help with that section. Should be a fun challenge but why do they have to make it so tough?
some years they get a 30% pass rate on level 1? if college was that hard nobody would go. did you do it yourself? thanks for the tips!
[86] veto
When I lived in Philly, I used to joke that I was going to move back to Boston or DC, and lower the average IQ in either city.
Then I started running into stats like the ones you used, and I found that the joke was, in fact, accurate.
“both cities” even. Ugh.
I think every time in 2010 somebody asks me my feelings about the market, I will just point them to this funny little tale. It’s silly, but effective:
“Every few weeks I get a warm and fuzzy feeling when I see my old house for sale in the Wall Street Journal. I’m sure you’ve seen it. It’s the 8,000 square foot, four bedroom, seven bathroom white elephant perched on a mountain peak, with a dramatic waterfall pouring into a marble swimming pool, an elevator, and panoramic 360 degree views of the San Francisco Bay Area.
I picked it up for a song from the Sultan of Brunei in 1998, when crude crashed to $8/ barrel, and he was dumping properties to meet a cash flow crisis. The actor, Steve McQueen, had owned the property once, and the local teenagers used to park out front and make out, taking in the stunning view of the Golden Gate Bridge and shimmering city lights. The parties! Oh, the parties!
But one day in 2005, my gardener, José, mentioned that he had just obtained a $500,000 loan to buy a new place in which to house his seven kids, along with a home equity loan to cover the first year’s mortgage payments. How would he make the next year’s payments? The broker said the value of the house would go up, and he could then increase his home equity loan to cover that too.
I knew I had to sell my home immediately, hitting the bid for a tidy $12 million, along with the rest of my real estate holdings around the Fog City and Lake Tahoe. At the closing, I couldn’t help but notice that my broker, Olivia, was drunk with greed, with 360,000 dollar bills dancing in front of her eyes. Regretfully, I had to let José go. I have been renting ever since. The last price I saw for my former “Xanadu” was $7 million, and I know that a cash offer well below that would talk. I could also lease it for $19,500 a month, which wouldn’t even cover the taxes and the maintenance.
I’m not a person who normally wishes ill on people, but really, what were these buyers thinking? When people urge me to buy it back, I lie down and take a nap, and when I wake up, the feeling has refreshingly gone away. If you strip away the industry fig leaves, and ignore the paid apologists, the excesses in this sector are truly of Biblical proportions. “Official,” shadow, and bank inventories, and another 1.5 million imminent option arm induced foreclosures, probably mean there is five years worth of supply out there. The demographic pressure of 80 million retiring and downsizing baby boomers easily adds another five years. A capital constrained Fannie Mae is taking down 75% of the new mortgages in the secondary market, the FHA is taking almost all of the rest, and there is no way the socialization of the mortgage market can continue indefinitely. The market for jumbo loans no longer exists.
Residential real estate is at best a push, and worst case will drop by half again if the “W” recession pans out. This is why banks, already choking on foreclosed properties, will only lend if you hold a gun to their head. They know there are more big hits to their capital coming their way in the form of tsunamis of more bad loans .
Only buy a home if your wife is nagging you about living in that cardboard box under the freeway overpass. But expect to put up your first born child as collateral, and bring in your entire extended family in as cosigners, if you want to get a bank loan. I heard that Olivia lost her commission and everything else in the stock market crash and committed suicide. I never found out what happened to José. And no, I won’t be uttering the word “rosebud” on my deathbed.”
http://www.zerohedge.com/article/residential-real-estate-dead-money-next-decade
Pride of ownership:
http://www.nytimes.com/2010/01/07/garden/07men.html?pagewanted=1&hpw
Stu(52) – Schumpeter(98)
In Beijing’s Chaoyang district, which represents a third of all residential property deals in the capital, homes now sell for an average of almost $300 per square foot.
You want super bubble !!!
It’s cheaper to own a pad in Burj Khalifa than in Central Delhi
Condominiums in Mumbai are even costlier. The per sq ft rate in Mumbai’s NCPA Apartments at Nariman Point is between Rs 90,000 and Rs 1 lakh! Till date, the highest per sq ft rate paid in Mumbai stands at Rs 97,842 for a four-bedroom apartment at NCPA Apartments in 2007. This is the highest rate paid for a residential unit in the history of Indian real estate. In July-August last year, an apartment in Maker Tower B, in Cuffe Parade, sold for around Rs 93,000 per sqft.
At current market rate Rs. 93,000 is almost $2000 per sq ft. This is even twice the prices compared to Manhattan.
“I was going to move back to Boston or DC, and lower the average IQ”
Nom, ha, well now you can threaten to not only move back, but to also help tank their home prices down further too.
And if you’ve been to Mumbai, you would have to say wha?
Put me down for another installment of Shiny and some Chinese agriculture. Added a Mossberg to my collection as well. Now shopping for some non lethal ammunition. Are rubber bullets allowed in NJ?
I find mind myself much more at ease with the zombies around me as I become better prepared.
#111 Clot
The same thing happening down here.
Attorney and her husband go on a buying binge at the height of the bubble. Buy a $2.2m house before they sell their other house with a $2.5m mortgage (that they bought for $700,000). Needless to say both properties go into forclosure.
They try to short sell the first house after they stripped out all the original fireplace mantles and stained glass -to no avail. They subdivided the second property and tried to short sell both- to no avail. Second property went in sheriff’s sale last month.
So what do they do now? They sue Countrywide for predatory lending and move back into the first house after pocketing the rental income for the time they weren’t living there. All the while not paying a penny in mortgage payments since 2008.
I drove by the house the other night and lo and behold the I could see the mantels and stained glass back in the house!
I figure they’ll live there for the next 2 to 3 years mortgage free until Countrywide gets to foreclose or they lower the principle to something they can afford or maybe the way this nutty country is going they’ll win the lawsuit and have the mortgage forgiven and they’ll get the house free!
Yeah 30% is really low, I think that may be the rate of sucess for all three exams the first time out. Plan on a 3 year journey at least. Never went for mine, doesn’t pertain to my line of work but some of my colleagues went so I got the books. Doesn’t matter since you HAVE to buy the books in order to take the exam. What a money grab!
I’m looking for New Jerseyans either considering — or have already gone through — strategic default. If you know anyone, or are going through the process yourself, please contact me ssposito@starledger.com
Sean Sposito
Real Estate Reporter
The Star-Ledger
[133] clot
At last! You’ve identified John!
I have met with a few CFA’s in my time. Most are completely asleep and parrots of some BS parent company. My first question during the interview is “Tell me about the Federal Reserve.”
Most of them would be better off working for the state government. Maybe they could get one of those well funded and lucurative pension deals. Last laughs on the government employee sh#thead.
NJC –
I love hearing those kinds of stories. Any hints on where this property might be ?? Monmouth Beach ??
36 KEt
I’ve been researching Outbacks for the last month. I think I’m going to jump on a purchase when the finance rate comes down to 1.9%. I drove both the manual and automatic. Email me and I’ll give you my opinions. Too much to go into here.
Ha! The Star Ledger is here. Sean make sure you publish my comment about shopping for rubber bullets. Should make good reading for you childish liberal (communist) reading base. Remember Frank Pallone’s townhall meeting in August? Yeah, I was part of that unruly mob. You aint seen nothing yet.
44 Morpheus
Good luck looking. I hope it works out.
“Owners of Stuyvesant Town, Peter Cooper Village to Miss Loan Payment”
http://www.1010wins.com/Manhattan-Complex-Owners-to-Miss-Loan-Payment/6071712
-the company and its partners in the deal wouldn’t be able to make all of a $16 million mortgage payment due Friday.
[146] Al
Appreciate your politics, but your comments got my attorney antenna quivering a bit. Part of the unspoken ethic here is to not get our host into trouble. He doesn’t make near enough here to pay legal bills.
Nothing personal, just trying to be helpful to all concerned.
CNBC hosting a talking head that’s suggesting a bailout for minority communities.
I think I’m going to be sick.
Al, question:
at what point do you overdose on noam chomsky books and then just slit your wrists?
Al (146)-
Why rubber bullets? Get hollow points, shoot anything that moves, and let God sort ’em out later.
Rubber bullets won’t slow down somebody high on meth.
plume (149)-
The giveaway discussed in #150 is the real crime that’s about to occur.
Just got off the phone with Geico. Are you ready for this? If Gator and I pass an online defensive driving survey, they will give us $35.20 off per year for the next 3 years. Also found a missing passive alarm on my old Civic which accounted for another savings of $1.50 per year. This is soooooo pathetic. The CS rep pretty much said they don’t negotiate prices on the phone and you can blame Trenton for the 13% increase. Just another day in the welfare state of NJ. Of course significant discounts are offered to state employees and ex military of which I am neither.
Hey Al,
Looking into purchasing a Moss, I think its a variant of the 590 for home defense. Can you recommend a model/ammo combo?
Also looking into a bushmaster assault rifle just in case some of you are right and we have a complete social order breakdown.
149. Check your IE certificates.
151. Good question. The ideology which I suspect you subscribe to is going to come crashing down. Not via political action but by example. Dont make me spank your bottom and send you to your room until you are ready to be an adult.
“Santelli reporting the Chosen One is to put out for comment a conversion of IRAs into a fixed income type annuity (i.e. Treasuries).
The ‘pump’ is nearly complete.”
this is why I stopped contributing to 401k. new it was just a matter of time before gov’t decided tax advantage wouold be wiped out unless you directly fund our deficits
mocha (155)-
Mossberg 500, pistol grip. 00 buckshot, open choke.
Fiddy-
Hint- the property that went in the sheriff’s sale was in Avon. Have fun Sherlock.
Wiki:
“Intended for use in harsh and dirty conditions, such as waterfowl hunting or combat, the Model 500 series is designed to be easy to clean and maintain. All Model 500s feature interchangeable barrels (given a particular gun’s mag capacity; a barrel designed for a 5-shot tube will not fit a gun with a 7-shot tube) which may be removed without the use of tools, by loosening a screw on the end of the magazine tube, which allows the barrel to be removed.”
lets start a board pool.
when will the authorities finally cut Al’s internet access?
155.
I am new to the Mossberg Mocha so I am no expert. Very reliable, cheap, and easy to use. There should be a Mossberg in every household. The 500 is a good shotgun.
Bushmaster is a good manufacturer of AR’s but they are expensive. A good dealer will make sure they keep it Jersey legal. Semi auto, no flash supressor, no bayonet, no collapsable stock, 15 round mag, 16 inch barrel minimum.
Ive never seen the local range so busy. I love it there. So many patriots it warms my heart.
Mocha
we start bailing out communities based on ethnicities and I may beat clot in the race to decare Chilean residency
Anybody here got a silencer they want to sell? :)
“Anybody here got a silencer they want to sell? :)”
why do you want to ruin the accuracy of your pistol?
SAS
Mocha
a 12guage with the right 00 low recoil ammo can have a recoil closer to a 20 guage.
For comparison a 12 guage can knock someone on their butt and a 12 yr old can handle a 20 guage
Accuracy won’t matter at the range from which Clot plans to do his work.
OUCH !!!!
$2.8M to $453K….that’s gonna leave a mark !
BTW — that Foreclosure list gets longer every time I visit that web-site.
ok i just have one quick off topic comment about real estate and then we can get back to our discussions.
I see 4 new listings hit the market today in my town in my price range.
This helps. alot.
Dont know about your towns but inventory cant be worse in my town.
re: Santelli Rant
Here is the back story.
“The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.”
http://www.businessweek.com/news/2010-01-08/americans-oppose-initiatives-limiting-401-k-choices-ici-says.html
Sorry it took me a while to respond I had a consulant in my office trying to sell me stuff. My favorite move was “my what a big office you have”, followed by can I lean forward to admire the view out your windows, she even did both corners of my office. How nice. Anyhow,I am in my 40’s and look like I am in my 20’s. John never ages, aging is for the little people. Beer, fast food and fast women can keep a man young.
meter says:
January 8, 2010 at 11:44 am
“Anyone who is incredibly good looking with an MBA like me should have no problem landing a job. ”
Aren’t you like 80 years old?
How broke are you that you need a 1.9% loan to buy a steak.
Here is my recommendation, next time your are in the Outback, get a nice ribeye with a blooming onion and a cold Fosters beet.
lostinny aka The Tan-Trum says:
January 8, 2010 at 1:11 pm
36 KEt
I’ve been researching Outbacks for the last month. I think I’m going to jump on a purchase when the finance rate comes down to 1.9%. I drove both the manual and automatic. Email me and I’ll give you my opinions. Too much to go into here.
401-k $ is the last untouched/untaxed resource in this country. They took over the social security trust fund look for them to force conversion of 401-k into some sort of gubmint pension scheme so that they can pay you in increasingly worthless paper dollars in 30 years.
the other thing about 401ks is that rich people max them out, while most middle class and poor people cannot afford to. so politically it would be fairly easy to say that a grab at 401ks mainly hits “the rich” and wall st and is in the best interest of “working people.”
Here’s the damage report for 2009 as of Dec. 14, 2009: 255 retailers closed a total of 16,232 retail outlets.
Number
Stores—Retailer
2,639 General Motors
960 Blockbuster
789 Chrysler
567 Circuit City
461 KB Toys
450 Movie Gallery (Game Crazy, Hollywood Video)
365 Ritz Camera
273 Starbucks
287 Goody’s
265 Jones Apparel Group (2009 & 2010)
240 Waldenbooks
200 Foot Locker
191 Zale Corporation
175 Van Heusen
163 Ann Taylor (by 2010)
162 Charming Shoppes
161 InkStop
160 Family Dollar
150 Popeye’s (AFC Enterprises)
135 S&K Famous Brands Inc.
130 Advance America
129 Boater’s World
125 F.Y.E. (Trans World Entertainment)
121 Eddie Bauer
118 Office Depot
117 Rite Aid
104 Finlay Enterprises
102 Payless Shoes
100 Albertsons
100 Gap, Inc.
98 Club Libby Lu (Saks)
85 NextCen Brands (Great American Cookies, MagieMoo’s, Marble Slab Creamery, Pretzelmaker)
84 Payless Shoes
84 Samsonite
81 Saab Dealerships
77 Game Stop
75 J. Jill
75 Signet Jewelers
70 Famous Footwear (Brown Shoe Co.)
60 Arby’s
60 Collective Brands
60 Dominos
59 Advance Auto Parts
59 Ruby Tuesday
58 Gottschalks
56 Smith & Hawken
53 Rex Appliance & Electronics
50 B Dalton
50 Pacific Sunwear
50 Select Comfort
50 Supervalu
50 New York & Co. (over the next five years)
48 Home Depot (Expo, YardBIRDS, Design Center, HDBath)
48 Ultra
46 Anchor Blue
45 Cato
44 Check ‘n Go
43 Destination Maternity
40 Justice
40 Kirkland’s
40 Tween Brands (Limited Two, Justince)
38 Bruno’s
34 Bachrach
32 Big 10 Tires
31 Pier One
30 Big Lots
30 Jo-Ann Stores
29 Basha’s Supermarket
29 Ruehl (Abercrombie & Fitch)
28 Kmart
28 Yankee Candle
26 Cost Plus
25 Chico’s FAS
25 Dress Barn
25 Finish Line
25 Fred’s
25 Luby’s
24 Blue Tulip Gift Shops
24 Cashland
24 Foot Locker
24 Sears
23 Sportsman’s Warehouse
22 AFC Enterprises
21 Papa John’s
21 ZGallerie
20 Baja Fresh Mexican Grill
20 Man Alive (Finish Line)
20 Oneida Ltd.
20 Pumpkin Patch
20 Wendy’s
20 Wet Seal
19 Snyder’s Drug Stores, Inc.
18 Black Angus
18 O’Reilly Automotive
16 Filene’s Basement
16 Iridesse (Tiffany & Co.)
16 Men’s Wearhouse
16 Shoe Carnival
16 Talbot’s
16 Williams-Sonoma
15 Tim Horton’s
15 West Marine
14 Whataburger
13 OfficeMax
13 Stein Mart
12 Bealls
12 Kira Plastinina
11 99 Cent Only Stores
11 Better Bedding Shops, Inc.
11 Jimmy’Z (Aeropostale)
11 Macy’s
11 Pamida
10 Casual Male
10 Holcomb’s Education Resource
10 Bassett Home Furnishings
10 Dollar General
10 E&J’s Shoes
10 P.F. Chang’s Pei Wei Restaurants
10 U.S. Cellular
9 American Eagle
9 California Herbal Relief Center
9 Rally’s
8 Active Ride Shop
8 Dillard’s
7 Auto Nation
7 Damon’s
7 Flying J’s
8 MarineMax
7 Penn Traffic (P&C Foods, BiLO)
7 Plunkett Furniture
7 Sweetbay Supermarkets
6 Denny’s
6 Destination Maternity
6 Music City Record Distributors
6 Pulix
6 Whole Foods
6 Winn Dixie
5 Borders
5 Krispy Kreme
5 Mark Shale
5 Stock Building Supply
5 Target
4 Albertson’s
4 Applebees
4 Coach
4 Girl Scout Stores
4 Red Robin Gourmet Burgers
4 Harry W. Schwartz Bookshops
4 Jagmania
4 Jennifer Convertibles
4 Lucky Grocery Stores
4 Sacino & Sons
3 Blockbuster
3 Bulgari
3 Dollar Tree
3 Food World
3 Good’s Furniture & Flooring
3 Guess
3 Hawaiian Telecom
3 High Point Coffee
3 Jamba Juice
3 Lane Bryant
3 P&C Food Markets
3 Virgin Records
2 A.C. Moore
2 Bailey Banks & Biddle
2 Belk
2 Bob Evans
2 Checker Auto Parts
2 Costco Home Stores
2 Dunkin Donuts
2 Hacketts
2 Homer’s Music and Gifts
2 Hypnoses
2 Jewel-Osco
2 Kragen Auto Parts
2 L’Oreal Paris
2 MarBeck Appliance Parts
2 Morton’s
2 Natuzzi Americas
2 Piggly Wiggly
2 Plan 9 Music
2 Pop Tunes
2 Rees Jewelers
2 Robinson Luggage
2 Rooms Express
2 Ruth’s Chris
2 Salvation Army Thrift Stores
2 Sears Essentials
2 Shaw’s
2 Sheetz
2 SK Restaurant Group
2 Spicy Pickle
2 Storables
2 Thomasville Home Furnishings
1 Ace Hardware
1 Andersons General Store
1 Atlanta Bread Company
1 AutoZone
1 Badcock Home Furniture & More
1 Beverly Hall
1 Bon-Ton
1 Bigham’s
1 Bulgari
1 Cici’s
1 Congress
1 Crabtree & Evelyn
1 Cub Foods
1 D’Amica Cucina
1 Disney Store
1 E&J’s Designer Shoe Outlet
1 El Paso Bar-B-Que
1 Fleeger’s Hardware
1 Fresh City
1 Fresh Market
1 Giant Market
1 Goldberg’s
1 Hershey’s Gifts (online store)
1 IGA
1 KC Masterpiece
1 Lord & Taylor
1 Lowe’s
1 Max Mara
1 McCormick & Schmick’s
1 Mel’s Diner
1 Midtown Foods
1 Monroe IGA
1 Nike
1 Powell’s
1 Record Theatre
1 RJ Gator’s
1 Roy’s Hawaiian Fusion
1 Safeway
1 Sam’s Wine & Spirits
1 Schneiderman’s Furniture
1 Scrambler Marie’s
1 Smith’s Food & Drug
1 Sony PlayStation Store
1 Sony Style Store
1 Southern Family Markets
1 Spartan Stores
1 Staples
1 Stax Omega Restaurant
1 Trader Vic’s
1 Ukrop’s
1 Uno Chicago Grill
1 Urban Fresh (Supervalu)
1 Victoria’s Secret
1 Vons
1 West Elm (Williams Sonoma)
1 White’s Fresh Foods
1 Wilson Farms Store
1 Winchell’s Donut House
1 World Market
1 Wal-Mart
grim #175 in Mod
You can only put 16.5K in 401k. Even in 40% tax bracket that only saves you like 7K. If you make 100 million a year, big deal. Plus someone making that much is still in 40% bracket when they retire.
skep-tic says:
January 8, 2010 at 2:25 pm
the other thing about 401ks is that rich people max them out, while most middle class and poor people cannot afford to. so politically it would be fairly easy to say that a grab at 401ks mainly hits “the rich” and wall st and is in the best interest of “working people.”
“139.NJCoast says: Attorney and her husband go on a buying binge ”
Lawyers!
174: Expedites resolution to the eventual Roth dilemma for Gov’t.
172 John
You’re the onion lover. Why don’t you go f@ck one?
“You can only put 16.5K in 401k. Even in 40% tax bracket that only saves you like 7K. If you make 100 million a year, big deal. Plus someone making that much is still in 40% bracket when they retire.”
exactly. gov’t can say, well the marginal utility of the tax break for people in the top X brackets is not great anyway, so you no longer get it. They will make the same argument when they means test soc security and when they take away mortgage interest deduction. it will generate $$ for the feds but they will convince the people it is a good idea because rich people (who make above $150k) don’t need it.
Can’t find much of a better rate than the Geico one. The a-hole on the phone didn’t tell me that the online DDC takes 4 hours and costs $20 per person. Hardly worth my time. Makes you wonder why so many people are driving without ensurance. Feh!
Beat me too it Lost!
I was going to say something along the lines of, “John is so cheap, he makes his own blooming onion at home. Just be weary of the dipping sauce!”
[181] stu
For insuring my au pairs, they give me a booklet for them to complete. I hand it in and they give me 15% off. As long as the au pair is over 21, that covers the cost of insuring her.
The Outback rides nice. We’re looking to get one too but need to sell our ’05 Legacy GT first. We tested the 2.5i Premium with the CVT. Very smooth just not sure about long term quality on the CVT. Not saying it’s bad, just need to look into it a bit more.
I wouldn’t hold your breath for 1.9% financing. Subaru is not known for favorable rates – especially not on “hot” selling cars.
Gotta love this one:
http://money.blogs.time.com/2010/01/07/homeownership-more-nightmare-than-dream/
Stu Re; Insurance
I got a quote from Geico for an Outback. If I stay with them, it will cost me $200 more per year then what I pay now. I called Liberty Mutual and since they have some kind of program with Subaru, they’ll charge me $1 less then I pay now with my older Civic. When the time comes, Geico will either have to match it or I’ll leave for a new company.
182 Stu
You snooze you lose.
“Accuracy won’t matter at the range from which Clot plans to do his work.”
if you want to be silent and close range.
this is an alternative.
SAS
John says:
January 7, 2010 at 4:19 pm
I don’t like Apple, never bought an Apple Product in my life. Useless stupid company. Steve Jobs best creation ever was when he invented Tetris while an employee at Atari.Other than that he pretty much steals things already invented.
hey grandpa – i can’t begin to tell you how many “anti-Apple” people will get an ipod or new computer and then boast about how life-changing it was.
i have not had a CPU problem with apple since making the switch in about 2002. i have made $ from the stock. The ipod is brilliant.
the iphone is an outstanding phone; no complaints.
get with the times, old man.
outback joke.
An american woman of 40 wants to get married, but she is only willing to marry a man if he has never been with a woman. After several unsuccessful years of searching, she decides to take out a personal ad. She ends up corresponding with a man who has lived his entire life in the australian outback. They end up getting married. On their wedding night, she goes into the bathroom to prepare for the festivities. When she returns to the bedroom, she finds her new husband standing in the middle of the room, naked and all the furniture from the room piled in one corner. “What happened?” she asks. “I’ve never been with a woman,” he says, “but if it’s anything like a kangaroo, i’m gonna need all the room i can get!”
[172] john
“Here is my recommendation, next time your are in the Outback, get a nice ribeye with a blooming onion and a cold Fosters beet [sic]”.
Shows you why John isn’t taken seriously:
Fosters Sucks.
No one in Australia drinks Fosters; it is for canadians and americans, and what you get here is brewed in Canada.
Foster’s story # 1: One time in Leura, NSW (safe, I know you can relate), I went into a wine shop/package store (in the cellar had a complete series of Penfold’s Grange, naturally under lock and key). The guys there asked me if I liked beer (answer: Duh). They asked me if I had any Aussie beers, and I said I had Fosters in the US. One then says “I thought you said you liked beer. That’s wombat piss.”
Fosters Story #2: Because in college I was cheap and had no taste, and because we thought it was cool to drink from 25 oz cans, we drank Fosters at Smith and MHC parties. We’d crack them open, hoist them high, and repeat “This here is the wattle, it’s the emblem of our land, you can stick it in a bottle or hold it in your hand. Australia, Australia, Australia, we love ya, Australia.”
Never did get many Smith chicks that way.
184 SS
Nissan Muranos are having a lot of trouble with the CVT’s. They are a fortune to fix. Nissan is extending the warranties on the Murano to cover the cost of fixing the CVT transmission. This is what makes me want to go with manual transmission- that and the way they divide the ratio of their AWD.
As far as finance rates go, they just lowered their rates from 3.9 to 2.9. If I remember correctly, they had 0% financing last summer when they were trying to sell off the previous year’s models.
There is a great message board with lots of info if you’re interested- subaruoutback.org
Clot,
http://tinyurl.com/ye3qyts
SAS
Just kidding. Apple sucks. It is a ponzi scheme that requires a greater fool to buy it’s overpriced stock.
IPhones can’t get work email at most firms as BB is the standard so Iphones are uselss.
Found out who Clot goes to for his doctor visits.
http://www.cnn.com/2010/CRIME/01/06/arkansas.doctor.bombing/index.html
Veto,
I finished the CFA exams back in 1997, passing each by a good margin – and this was before they were mostly multiple-choice.
Here was my strategy for the June test:
Start reading the texts, and textbooks around November, and work the problems. Not trying to memorize stuff, just learn.
After completing that by a couple months. Then in January take out my 3rd party study guide and start to focus on the items that they predict will be the major test areas. Work over everything again following the guide. About a month befor the test, I’d start taking practice tests. At first open book ones. I created several pages of formulas and other things I thought I’d need to memorize, and during the tests I’d add to it each time I encountered something new that needed to be memorized, I’d note it down. After a few tests, I’d have several pages of notes, which I then condensed down to one single page of items to be memorized. Over the last month before the test, I spent all of my time taking tests, going over the answers I got wrong, and memorizing things I needed to know for the test.
Then I went and passed the test.
I’d estimate that for 5 months before the test, I spent a couple of hours most worknights, and a full day each weekend, preparing for the test. But I was already a full time investment analyst at that time, so I was certain that I wanted to know this material and that it would be a great long term benefit to me.
I’m shocked, shocked, I tell you . . .
http://www.nytimes.com/aponline/2010/01/08/us/AP-US-Atlantic-City-Corruption.html?_r=1
191 Nom-We’d crack them open, hoist them high, and repeat “This here is the wattle, it’s the emblem of our land, you can stick it in a bottle or hold it in your hand. Australia, Australia, Australia, we love ya, Australia.”
Never did get many Smith chicks that way.
Hoisted by your own pretard?
Westie —
Good Luck in the new Castle. That place ought to be big enough for the entire clan. I’ve always liked that spot on the side of that hill.
Are you out of Atty Review yet ??
Home Inspection Completed ??
Appraisal OK ??
A West, nice thanks.
lost – just went to Subaru on Wednesday and they said 3.9% was the best rate for an OB. Hmmm… Am I getting shafted.
I hear you on the manual but this is for the wife and she can’t drive nor is she willing to learn how to drive a manual. We have a legacy gt right now (turbo) with auto. Granted it has sport shift – but it’s not the same. Actually having a difficult time selling it b/c no one wants the auto.
From Time magazine on line:
“This spring has a hot new job: census worker. The Census Bureau is looking to fill some 1.2 million part-time positions as the government gears up for its once-a-decade count of every person living in the U.S. Most of those openings are for enumerators — people who go door to door to collect information from the roughly 35 million households that won’t return their Census forms by mail. . . .”
Not sure, but over 1 million decennial hires sounds like a helluva lot. It averages out to 24,000 for each state. In Jersey, that averages out to 40 people to knock on doors in every muni. in the state.
Also, given the changes to the hiring rules by considering residency as a factor, the enumerator job is being turned into a ward-captain position. I can easily see Jamil fulminating as to how this will be a give-back to ACORN.
And here is my take: after the census is over, the administration will come up with funding and a mission to keep a lot of these people on the payroll.
F*ck Subaru….buy a FORD. Come on. Be an American. Seriously.
I’m still kicking around the idea of sitting for CFA. I’ve had the books for ~two years now but haven’t had time. Right after i chose to sit for it in June 2008 I was placed on a project in Savannah and just didn’t have time.
Do you think the material has changes such that it requires me to purchase the new curriculum? I was hoping 70% remains constant YoY.
I just need to get out of IT…….
[199] NJ
“Hoisted by your own pretard?”
??? Whaddimiss?
BTW, did you mean “petard”?
If Ford made a car I wanted (like the Outback) I would get it. I don’t want a big bumbling SUV to haul my gear. I want something that handles nicely, gets good MPGs, low emmissions engine, and takes a little bit of a beating – what do they have?
I think Ford makes quality vehicles – they just don’t have what I want.
Fiddy,
Yes, the idea is to have room for us, the in-laws, the kid, and still be able to host overseas friends or family for a week or more. I like the idea of the forest and nearby creek, should be less yardwork. I don’t really have an idea what the neighborhood is like- doctors, lawyers and school superintendents I suppose? But it’s a 12-minute drive to my work.
We’re out of atty review, there are a few inspection issues, not exactly minor, but at least definable and addressable, which we need to work out in the next few days. (Chimney problems, smaller stuff we’re basically going to accept).
Hard to imagine the appraisal not being ok. We’re putting about 30% down, and we’re buying more than 20% off tax appraisal, and seems compatible with recent comps.
Nothing’s sure till the closing is over, but everything seems on track.
Good Luck with it.
Just imagine George Washington keeping an eye on the redcoats down in the valley.
#207 A. West
If you like Japanese food Aoyama on Washington Valley Rd in Martinsville is good.
Here is a good one from Argentina.
Argentina’s president fires central bank chief over foreign reserves.
President Cristina Fernandez de Kirchner’s dismissal order stems from the bank chief’s refusal to release $6.6 billion to service foreign debt. He had refused to resign.
http://www.latimes.com/news/nation-and-world/la-fg-argentina-bank8-2010jan08,0,2744612.story
201 SS
Check out this dealer in Colorado:
heubergermotors.com
I hear they are a very good dealership and deliver- although I can’t seem to find anything about that there. Check out their finance page and see the rates. How can one dealership offer lower financing then others? I would think its a nationwide program.
Also vanbortelsubaru.com up in Rochester. You can build your own on their site. Use that price to do some dealing (their price is invoice price). I haven’t looked seriously but Somerset Subaru came very close. If you go there, ask for Bill. He’s very nice. My friends have bought from him before and recommended him to me. Get my email from Grim if you want to discuss further.
203 Essex
I have had nothing but problems with American cars, including Ford. I wish to God that some, any, American brand could make a car that I could rely on. And it’s not just me, it’s my family as well. It might just be our luck. I really would love to buy an American car. But it’s an expensive risk, and I’m not willing to take it.
207 A. West
I hope the rest goes smoothly for you.
SS, i would guess that 80% prob stays the same. There is only so much that can change when it comes to fundamentals. huge time commitment. I was sitting in startbuck studying last sat for 5 hours before i asked myself… “what the hell am i doing? and where am i going to get all this time?” The only decent plan i came up with so far is to significantly cut back on sleep.
Will remember to try Aoyama, thanks Safe.
Which reminds me, a new Sichuan restaurant just opened up in Watchung a few weeks ago. Called “Authentic Chengdu” I think. Right around 475 Watchung Avenue, where a Mexican place used to exist, so new they aren’t in google or the phone book yet. Only got takeout once yet, but it was enough to establish that their goal is indeed authentic sichuan style food, because the appropriate dishes were hot and numbing as they should be. Not necessarily the best place in NJ, but seems promising, definitely not americanized junk.
wrt the lead articles,
New Jersey will soon become an honorary rust belt state.
if you have an hour or so…
very thought provoking video.
Sugar: The Bitter Truth
http://www.youtube.com/watch?v=dBnniua6-oM
“Sugar: The Bitter Truth”
makes you wonder if tax on soda may be worthwhile.
?
SAS
211: Wow – their prices are almost $1,000 less than NJ prices. I actually frequent a Legacy forum and a dealer from Knoxville posts internet specials. He had the exact car I’m looking for for only $24,650. ~$2k less then price I was quoted here.
Good tip – thanks!!
Reliability
The 2010 Subaru Outback reliability score of 6.0 out of 10 is the Predicted Reliability rating provided by J.D. Power and Associates. This score is based on trending the past three years of historical initial quality and dependability data from J.D. Power’s automotive studies, specifically the Vehicle Dependability Study (VDS) and the Initial Quality Study (IQS).
Reliability
The 2010 Ford Fusion reliability score of 9.0 out of 10 is the Predicted Reliability rating provided by J.D. Power and Associates. This score is based on trending the past three years of historical initial quality and dependability data from J.D. Power’s automotive studies, specifically the Vehicle Dependability Study (VDS) and the Initial Quality Study (IQS).
Veto –
Time commitment – that’s what killed my first attempt. I’m a little more motivated now that this is the 2nd year without a raise at this company. Not that financial services will be much better but at least it’s a heck of a lot more interesting than IT.
The abridged version….I had no family or friends at the time, so I completely cut myself off from the world and cut corners at work in order to pass the test.
In my book you are horribly inefficient. You do not want to pass by a large margin. Your goal is to be the last person passed before the cutoff. Everything else is wasted effort that could be used for your family, job and friends….
A.West says:
January 8, 2010 at 3:03 pm
Veto,
I finished the CFA exams back in 1997, passing each by a good margin – and this was before they were mostly multiple-choice.
Here was my strategy for the June test:
Start reading the texts, and textbooks around November, and work the problems. Not trying to memorize stuff, just learn.
After completing that by a couple months. Then in January take out my 3rd party study guide and start to focus on the items that they predict will be the major test areas. Work over everything again following the guide. About a month befor the test, I’d start taking practice tests. At first open book ones. I created several pages of formulas and other things I thought I’d need to memorize, and during the tests I’d add to it each time I encountered something new that needed to be memorized, I’d note it down. After a few tests, I’d have several pages of notes, which I then condensed down to one single page of items to be memorized. Over the last month before the test, I spent all of my time taking tests, going over the answers I got wrong, and memorizing things I needed to know for the test.
Then I went and passed the test.
I’d estimate that for 5 months before the test, I spent a couple of hours most worknights, and a full day each weekend, preparing for the test. But I was already a full time investment analyst at that time, so I was certain that I wanted to know this material and that it would be a great long term benefit to me.
Interesting what can be done with Photoshop and a body scan photo.
WARNING, not safe for work.
http://www.infowars.com/inverted-body-scanner-image-shows-naked-body-in-full-living-color/
If you are considering taking the CFA, start as soon as possible. The snobs at the Institute do not want their mark watered down by unemployed people who can make studying a full-time job. As a result, they are arbitrarily making the test much harder to pass in the years ahead. I assume for the 2010 cycle you are already too late.
I’ll be honest. I really haven’t met many CFA’s that have impressed me. Maybe it is a self-selection thing. They seem to think that an extra credential will provide some imprimatur of prestige, but in reality they appear to have something lacking in their overall package as a professional, and the CFA doesn’t really bridge whatever gap that is. The CFA is for people that want to be portfolio managers without having to get an MBA. MBA and CFA are redundant in a lot of ways. Someone who is already a portfolio manager can probably pass the test without studying so it is irrelevant. Some people just take it because they “like the challenge” …fine whatever….
MIT economist Jonathan Gruber, one of the leading academic defenders of health care reform, is taking heat for failing to disclose consistently that he was under contract with the Department of Health and Human Services while he was touting the Democrats’ health proposals the media.
http://www.foxnews.com/politics/2010/01/08/economist-contract-health-department-touting-reform/
[222] chifi
Yes, you need only pass, but I disagree that doing the bare minimum is wasted effort. If you don’t pass, all of it becomes wasted effort. Better to do what it takes to pass on the first go-round.
Please let me clarify….too late in that increased difficulty is already going to be present…you certainly have enough time to study if you start now…
chicagofinance says:
January 8, 2010 at 4:41 pm
I assume for the 2010 cycle you are already too late.
“In my book you are horribly inefficient. You do not want to pass by a large margin. Your goal is to be the last person passed before the cutoff.”
Chi, Is this referring to A West? If so, I dont get that impression at all from his study strategy. He committed the time and effort and passed. I dont think over-studying, over-commiting makes you innefficent.
Nom: I only made the comment because the poster specifically mentioned that they passed “…each by a good margin – and this was before they were mostly multiple-choice…”…as if that was something to advertise. It is an embarassment.
“Bones” Deplume says:
January 8, 2010 at 4:43 pm
[222] chifi
Yes, you need only pass, but I disagree that doing the bare minimum is wasted effort. If you don’t pass, all of it becomes wasted effort. Better to do what it takes to pass on the first go-round.
I wonder how many CFAs and MBAs in Finance right now are out of work? I personally know of several, if you are doing the studying to take the test just to get a job in Finance good luck. Transitioning from IT to Finance can be a long road. I would suggest working for a Financial firm first to see if you even like the field.
[225] justin,
At first, I thought that Fox was taking a cheap shot re: consistency. But when I read the article, I found it was the liberal bloggers taking the cheap shots.
Gruber is an acknowledged expert in this area, and the fact that a reporter doesn’t report his dual role is meaningless. He disclosed his role at HHS at least once in a very public way, and that is sufficient in any reasonably intelligent circle.
Will be fun to watch the dems cannibalize each other over health care. That is one reason why I thought the idea that the dems would shut out the GOP was an early Xmas present. To the GOP.
[229] chifi
I have to disclaim any knowledge about the test, but it seems to me that they said they passed a test handily that was harder when they took it than it is now. That is perhaps bragging a bit, and is unnecessary, but so what?
Or maybe not. The bar exam is part multiple choice, but that is the part that always fcuks you up. As it happened, I smoked it twice (wish I did not have to take it twice but NJ is nonreciprocal) but I don’t consider that time wasted since to have failed it would be worthwhile only if I invested NO time in preparation.
Anyway, its your world, so if you say it is a meaningless statement, I will take it at face value.
Am I the only one around that doesn’t so much care about going through a body scanner?
Really folks, it is much worse for the folks on the other side of the machine. I mean, just take a look around.
Well I am off. JETS JETS JETS. Everyone watch on Saturday so if the Jets Lose you have lots of ways to make fun of me come Monday. See ya later gatars.
BFF?
OUTBACK
FYI – Make sure you test drive on highway (60+ mph). Some of the 2010 units have been having significant vibration issues in the front end.
If you want an auto trans and not the CVT, get the larger engine as it only comes with a 4 or 5 speed as the auto trans option.
Currently paying for the wife to go to school – so an MBA for me is out of the question until she’s finished. Thought the CFA would be an alternate route, but that was short lived due to the Fin industry meltdown & projects at my job ramping up. Now that both have cooled I’m looking to shift careers. I’m really just looking for an opportunity to work in Finance (or even insurance) in some operational capacity.
“the poster passed “…each by a good margin and this was before they were mostly multiple-choice.”
Chi i still dont understand how you see his statement as an embarresment.
But actually on another rnote, A West violated the CFA code of ethics standard VI – B.
Apparently you are not allowed to imply or claim superior ability or describing how much or how little by which you passed. But you are allowed to advertise that you passed each on the first try if that was the case.
Dont worry Westie, we wont report you to the super nerd police.
211 SS
The Knoxville dealer is 2k less then VanBortel? What’s the name of that dealer? Please email me! :)
OOps thats 219 for SS
#232 grim
What about shrinkage?
235 Nomad
Good point. I just don’t want the 6 cylinder engine.
“Ex-NFL Star Bernie Kosar’s Assets to Be Sold in Bankruptcy”
http://www.businessweek.com/news/2010-01-08/ex-nfl-star-bernie-kosar-s-assets-to-be-sold-in-bankruptcy.html
Chifi,
I didn’t just want to pass the test, I wanted to use the CFA program to learn as much as I could to advance my professional capabilities. It was an investment in my own skills and future career, and it has paid significant dividends, outweighing the time lost. I ended up getting married in between level 2 and level 3, so I must have been able to do some socializing. My wife didn’t complain then, and she’s certainly not complaining now.
Rather than cutting corners at work, I tried to apply the CFA materials and ideas to the work I was doing, improving the quality of my and my firm’s work. Applying it made it easier for me to remember, as well.
I had a colleague who applied the common Chifi strategy – barely pass, in the minimum time. That’s fine if all you want to do is add the letters to your business card. He didn’t bother to read any of the original documents, just crammed from the Stalla guides during work for the last month. By the time he got his test results, he couldn’t remember any of it.
13 years later, I’m still applying some things I learned back then. (Supplemented by things I learned in finance undergrad and MBA programs for which I found real-world investment applications, along with my constant efforts to learn and apply more skills at work.)
230:
My background is in accounting and I’m a financial systems analyst / project manager so it wouldn’t be too long of a road for me. However, there’s no doubt it would be tough.
232 Grim
I agree completely. I am so happy Xray glasses don’t really exist or I’d be blind. I think some people should be forced to apologize to security after going through those things- maybe even pay the copay for security’s doctor’s visit afterward.
241 –
I agree. Would rather the 4 banger too. Although with the new 3.6 V6 you don’t need premium fuel and the mileage isn’t too far off.
where will John get his capezios?
“Foot Locker to cut about 120 jobs, shut 117 of its stores in Q4”
http://www.google.com/hostednews/canadianpress/article/ALeqM5gf8bk27tzTeOCh4xA63DWHDfhNSQ
How long do you think it will take Sean/Star-Ledger with the connection to the black helicopters to leave the premises?
hyde (166)-
Exactly. I want the killpower of 12 gauge, but the easy recoil of 20 gauge and easy handling from the pistol grip.
It this country full of middle managers or what?? My company has more middle managers that actual resources. what a bunch of crap.
Veto, I just brought up the pass 3 yrs in a row to suggest that my test taking strategies work (allowed), not my investment strategies (not allowed).
Back then, I would have been able (and required) to repeat the code and list its roman numeral, letter, and sub-bullet number of the applicable rule. That was my least-favorite thing to memorize each year, and then they really messed me up because they renumbered everything in 2006 so I had to re-memorize in 2007.
Incidentally, I think the CFA designation isn’t as important on the sell side. Sometimes the code of ethics gets in the way of their priorities.
246 SS
I’m also reading that on the 3.6 models, possibly the ones with the navigation packages, are taking an extraordinarily long time for delivery. Some people are waiting 4 months. There’s a big thread on one of the links I posted about it.
new thread, up!
yikes (189)-
Perhaps you didn’t get the memo that John is stuck in 1962.
He also appears weekly on Mad Men.
Sean (230)
I agree. CFA test is far from a sure ticket into the finance profession. At buy-side firms like mine, it’s practically a prerequisite. Even if you pass, you can’t use the designation without finance work experience. It does provide a decent self-education for folks who want to understand their own investments better.
For people with the time, and who genuinely have an interest in investments, there’s a benefit. But there seem to be more people studying for it than really should be. Designation-collectors.
Re: CFA questions.
As others have pointed out it’s a grueling stretch – particularly Part III – that will impact your life significantly for 6 mths each year for a minimum of 3 yrs. The rising number people taking the test around the globe is also led to a more strenous test IMO.
The CFA barely cracks doors anymore. Most money managers are so far beyond mundane fundamental analysis that it’s value in the marketplace has declined — that will probably get me censured by the powers that be :) I rec’d my charter in 2000 and took a voluntary break from the business in 2006 (when we left NJ). I started looking around the CFA Institute’s jobline, searching crazedlist.org, and reconnecting with my rolodex this year. There seem to 10 good candidates for every open position right now, unless you want to go overseas.
Few things are as personally rewarding as passing these exams, but the professional payback could be limited IMO. Good luck!
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The meeting of minds is a powerful form of communication, and I flatter myself to think that I also think like you do.
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