21. March 2009 by Dan Walkow, CFA, CMT.

According to Mary Meeker of Morgan Stanley the growth of the internet is far from over. See here latest views at The Economy & The Internet

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21. March 2009 by Dan Walkow, CFA, CMT.

There is a great debate among investors and academics about “trough” PE multiples, i.e. what is the appropriate multiple to apply to S&P 500 earnings at market trough. There is clearly a need for thorough objective analysis. The following charts and observations, going back to 1927, should help in this debate.

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21. March 2009 by Dan Walkow, CFA, CMT.

Fair compensation for a tough job. Yes. Excessive compensation arrangements which do not reflect performance - absolutely not. As an owner of companies on behalf of clients and directly we have been voting for  direct shareholder representation on corporate compensation committees. It is clear to us that  many corporate governance and compensation committees, populated by directors alone, seem to have failed shareholders.

In an information circular issued ahead of the sale of the Calgary-based company to Abu Dhabi’s International Petroleum Investment Co. (IPIC), Nova said Lipton is entitled to about $50 million US in pension and severance on top of $18.5 million he received in salary. Read more at the Vancouver Sun here.

This one really questions the integrity of corporate directors who serve on compensation committees and the outside compensation advisory firms that advise them.

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