On The Progressing Extinction Of The US Middle Class Submitted by Tyler Durden on 03/14/2013 14:14 -0400 Ben Bernanke headlines Reality Beneath the positive headlines Bloomberg's Joe Brusuelas notes that there is evidence that a good portion of consumers continue to face a difficult adjustment to the $125 billion tax hike in January and the 15 percent increase in gasoline prices during the past four months. Spending among the upper quintile of income earners is masking weakness elsewhere but it is jobs headlines that are really hiding the dismal reality in America . As the following chart shows, confirming our earlier discussion , the middle-class income-earner is becoming an endangered species (with no 'conservation group' willing to stand up for them) as the government holds the lowest income earners' hand and Bernanke the highest. Charts: Bloomberg Average: 5 Your rating: None Average: 5 ( 9 votes) Tweet Login or register to post comments 13873 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: The Morning After Guest Post: Who Destroyed The Middle Class - Part 2 Guest Post: Who Destroyed The Middle Class - Part 3 Overnight Sentiment: No Progress Means Lots Of Progress Guest Post: Alert: Nuclear (And Economic) Meltdown In Progress
1) Its not that tough that they make you believe. CFA is very do-able. 2) CFA is 80% hard work and 20% intelligence. 3) An average joe can clear the program provided that he/she does not give up hope. 4) CFA is difficult because you’ll have to give up on your social life for the three years that you’re doing it. 5) It is much more difficult to clear the exams while you are working 6) Thus, if possible take atleast 1 ( better 2) levels while you’re still in college 7) Clearing only 1 level or clearing only 2 levels does not carry any weight. You have to clear all three levels before you can make the exams work for you. 8) CFA alone will not calapult you to the $100,000 job 99% of the times. 9) It is expensive. Abt $2500 to be precise 10) It will cover all topics in finance, but it is more suitable for equity research type of roles 11) it is not a subsitute of FRM ( and vice versa) 12) You’re not going to seem attractive to chicks in a bar only because you hold a charter 13) People don’t get that much impresed that you’re a CFA unless they are CFA level 1 candidates 14) the feeling of passing level 1 is the great, level 2 is good and level 3 is just ok 15) The happiness of passing Level 1 lasts 1 week, level 2 lasts 2 days and level 3 lasts a few hours. 16) Schweser is the best 17) Study atleast 2 hours everyday 18) start Preparing atleast 4 months before the exam 19) refer to CFAI textbooks only when in need for level 1 and level 3 20) Use CFAI textbooks often in level 2 21) you’ll forget what you studied by the time you complete your course. 22) in View of 21, revise atleast thrice before the exam 23) you mock test scores in Schweser Pro are the best indicators of your expected score 24) Doing Schweser back of chapter problems and doing CFAI past years qns is a very good idea 25) take free CFAI sample exam 3 weeks before the exam 26) take CFA mock exam 10 days before the real exam 27) apply for a 2 week leave before the exam , well in advance . 28) try to understand the material rather than mug it 29) Ethics is BY FAR the most scoring and important topic in exam ( especially in level 1) 30) take lots of tests 31) If possible, study from Schweser Videos for L2 32) Everyone who studies for atleast 300 hours for L1 shall pass that exam 32) NOT Everyone who studies for 300 hours for L2 shall pass that exam 33) L2 is very difficult. Abt 4 times more difficult than L1 34) If possible, form a study group 35) Don’t start hitting on the girls in the study group. If prone to such activities, study alone 36) Talk to your friends regularly on weekends. take out 1 hour on both days for this purpose. This will ave you from burning out 37) Have a beer when you’re frustated of this F exam 38) If extremely bored of prepatration, take a weekend off. Go on a trip/ read Calvin Hobbes/ Gossip with friends. After 1 weeekend, hit the books again. Without fail 39) Don’t let people fool you into thinking that you can pass the exam in 2 weeks. That won’t happen unless you’re John Nash. 40) Join www.analystforum.com 41) It makes immense sense to talk to someone who has cleared your level (recently) before starting actual preparation 42) Don’t be afraid of the numericals. They’re not that difficult 43) for L1 - FSA , ethics are Imp 44) For L3, having a holistic view is important 45) For L2, Everything is important 46) Do not send the picture postcards you received with CFA registration to anyone, that’ll instantly classify you as nerd 47) Its better to complete one book before moving to another one, that way you’ll always have an idea about how much syllabus you’ve covered 48) Once you pass, don’t boast about the CFA program. That’s one of the most stupidest things to do. 49) If you fail once, don’t give up. If you fail twice, continue if situations were outside your control. If you fail thrice, leave it. 50) Degrees, Education, Charters, Exams are all of zero importance if you do not maintain good relationships with people. That’s the single most important thing that i’ve learnt over the three years in this program
Guest Post: China 'Addicted To Credit' Submitted by Tyler Durden on 11/03/2012 17:55 -0500 Auto Sales China Crude Guest Post Natural Gas recovery Shadow Banking Authored by James Parker via The Diplomat , Whilst the economic data shows at least some signs of an anaemic turnaround, China’s corporate results are demonstrating just how difficult things have been. China’s companies are busy reporting their 3 rd quarter 2012 results and there have already been some disappointing results – pretty much explained by the general slowdown. Connected to this however, a worrying trend is developing on many companies’ balance sheets. Some big names have already seen disappointing profit growth. State owned-Sinopec, China’s (and Asia’s) largest oil refiner , saw its 3 rd quarter profit fall 9.4% and January-September profits slump by 30%. Sinopec is trapped between high crude costs and government mandated price ceilings on sales to consumers. Oil giant PetroChina also suffered, with its 3 rd quarter net profit down 33% compared to last year , driven in part by a $6 billion refining loss over the year-to-date (YTD), and part by a similar squeeze on its natural gas import business (in which its YTD profits have fallen 93% compared to 2011). China Southern Airlines saw third quarter (3Q) net profit fall 29%, whilst China Life, the largest Chinese insurer measured by premiums, swung to an outright loss in the July-Sept. period. Meanwhile Sany Heavy Industry Co. Ltd, China’s largest maker of heavy machinery and construction equipment, was hit by 59% fall in 3Q net profit. Baosteel, one of the largest producers of the metal, saw net profit down 4.88% from a year earlier. The auto industry in China is undergoing stresses too. Compounded by the fallout affecting Japanese automakers over the island dispute, data shows that overall national auto sales at the end of September fell 1.8% compared to the end of September 2011. BYD, the Chinese company famously backed by Warren Buffet, reported its 3Q 2012 profit sliding 94% compared to 3Q 2011. Indeed the auto making sector was put on notice by the Ministry of Industry and Information Technology last week when the latter warned in a statement that the industry required some serious downsizing or consolidation . The statement contained the shocking news that nearly a quarter of China’s nearly 1,300 automobile makers are on the verge of bankruptcy, and hinted that involuntary bankruptcy may be forced onto some of the smaller players. Most worrying is a drastic rise in the amount of “accounts receivable” (A/R) on the balance sheets of Chinese companies. Accounts receivable is an item of money owed to the company (from customers) which has not yet been paid. Many transactions are done on credit, and it is normal for companies to have these items on their accounts. However, Chinese firms’ accounts receivable are estimated to have risen by 45% year-on-year (YOY) according to reports filed so far, whilst sales have climbed by less than half that rate. During a slowdown, it is common for payments to be delayed as everyone hangs on to cash. Some companies, though, can be tempted to avoid curtailing production by offering reluctant customers much easier credit to encourage sales , the hope being that the slump will soon end and “natural” demand will pick up again. The trouble of course is that if the slowdown is prolonged, or the recovery weaker than expected, these accounts receivable might turn “un-receivable”, and thus have to be written down as losses. An increase in A/R is expected, but such a large increase suggests that some companies have been staying in operations through this vendor financing. In the struggling coal sector, at the end of June, accounts receivable had jumped 52.8 % for the 90 biggest coal firms. YOY Sany’s tally increased 83% over the first nine months of this year, outpacing a still worrying general trend in the heavy machinery sector. The steel sector is also under stress, as are some parts of the country’s export industry. China’s economy, as explored previously, is addicted to credit . These large rises in accounts receivable show that it is not only financial institutions and the shadow banking sector which are involved in credit creation. A payment delay or failure by one company can resonate through an entire supply chain, as each entity feeling the cash pressure then delays payments of its own. The need for a stronger turnaround is becoming more and more urgent. Average: 4.25 Your rating: None Average: 4.3 ( 8 votes) Tweet Login or register to post comments 12185 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: Chinese CAT-Equivalent, Sany, Finds Itself In Liquidity Crunch, Seeks Covenant Waiver Did The Great Financial Crisis Start With The End Of The Gold Standard? White House Hypocrisy And Trade Sanctions Against China 'Shadow Banking' In China Frontrunning: July 5
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