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Flashcard 1438371155212

Tags
#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10
Question
Capital rationing occurs when management [...] on the size of the firm's capital budget during a particular period.
Answer
places a constraint


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Unlimited funds versus capital rationing. Capital rationing occurs when management places a constraint on the size of the firm's capital budget during a particular period. In such situations, capital is scarce and should be allocated to the projects most likely to maximize the firm's agg

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Subject 2. Basic Principles of Capital Budgeting
In a non-conventional cash flow pattern, the initial outflow can be followed by inflows and/or outflows. <span>Some project interactions: Independent versus mutually exclusive projects. Mutually exclusive projects are investments that compete in some way for a company's resources - a firm can select one or another but not both. Independent projects, on the other hand, do not compete for the firm's resources. A company can select one or the other or both, so long as minimum profitability thresholds are met. Project sequencing. How does one sequence multiple projects over time, since investing in project B may depend on the result of investing in project A? Unlimited funds versus capital rationing. Capital rationing occurs when management places a constraint on the size of the firm's capital budget during a particular period. In such situations, capital is scarce and should be allocated to the projects most likely to maximize the firm's aggregate NPV. The firm's capital budget and cost of capital must be determined simultaneously to best allocate the firm's capital. On the other hand, a firm can raise the funds it wants for all profitable projects simply by paying the required rate of return. Learning Outcome Statements b. describe the basic principles of capital budgeting; c. explain how the evaluat







Flashcard 1441823329548

Tags
#cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10
Question
An incremental cash flow is the cash flow that is realized because of a decision: the cash flow [...] minus [...] .
Answer
with a decision

the cash flow without that decision


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An incremental cash flow is the cash flow that is realized because of a decision: the cash flow with a decision minus the cash flow without that decision. If opportunity costs are correctly assessed, the incremental cash flows provide a sound basis for capital budgeting.</htm

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3. BASIC PRINCIPLES OF CAPITAL BUDGETING
st $10 million, what is the opportunity cost? The answers to these three questions are, respectively: the current market value, the cash flows the old machine would generate, and $10 million (which you could invest elsewhere). <span>An incremental cash flow is the cash flow that is realized because of a decision: the cash flow with a decision minus the cash flow without that decision. If opportunity costs are correctly assessed, the incremental cash flows provide a sound basis for capital budgeting. An externality is the effect of an investment on other things besides the investment itself. Frequently, an investment affects the cash flows of other parts of the com







Flashcard 1455299104012

Question
Limbic brain does not have a capacity to visualize or grow because it thinks in terms of [...]
Answer
polarities

goals are short-term and focus primarily on good/bad, right/wrong, and yours/mine.


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head>Limbic brain goals are short-term and focus primarily on good/bad, right/wrong, and yours/mine. It’s habitual, hierarchical, and simplistic. It does not have a capacity to visualize or grow because it thinks in terms of polarities<html>

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Flashcard 1464688053516

Tags
#conversation-tactics #laughing-at-yourself
Question
The key to this technique is to [...]
Answer
agree with the critique or joke.


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The key to this technique is to agree with the critique or joke. Understand that what this person is really doing is that they are just letting you recognize your flaws.

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Flashcard 1464699063564

Tags
#6-principles #69-ways-to-influence #commitment-and-consistency
Question
We also do not like to [...] once we have begun.
Answer
change course

When we are on a course, we logically explain and we then begin to believe ourselves. This makes it hard to change course.


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We also do not like to change course once we have begun. When we are on a course, we start to logically explain it with all sorts of clever arguments, which we then begin to believe ourselves. This cements us on that given

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Flashcard 1477036346636

Question
It is proven that an animal [...] will learn much more rapidly and retain far more than an animal [...] .
Answer
rewarded for good behavior

punished for bad behavior


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It is proven that an animal rewarded for good behavior will learn much more rapidly and retain what it learns far more effectively than an animal punished for bad behavior.

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Flashcard 1479081069836

Tags
#daniel-goleman #emotional-brain #emotional-iq #impulses-to-action #what-are-emotions-for #when-passions-overwhelm-reasons
Question
Only in [...] we can find this anomaly: Emotions—root impulses to act— are divorced from their obvious reaction.
Answer
"civilized" adults


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Only in "civilized" adults we can find an anomaly in which, emotions—root impulses to act— are divorced from their obvious reaction.

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Flashcard 1480265698572

Tags
#reading-25-understanding-income-statement #revenue-recognition
Question
In a round - trip transaction, since the company’s revenue would be approximately equal to its expense, the net effect of the transaction would have no impact on [...] or [...]
Answer
net income or cash flow.


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3.2.3. Barter
example, if Company A sells advertising services (or energy contracts, or commodities) to Company B and almost simultaneously buys an almost identical product from Company B, can Company A report revenue at the fair value of the product sold? <span>Because the company’s revenue would be approximately equal to its expense, the net effect of the transaction would have no impact on net income or cash flow. However, the amount of revenue reported would be higher, and the amount of revenue can be important to a company’s valuation. In the earlier stages of e-commerce, for example, some equi







Flashcard 1731676474636

Tags
#dynamic-programming
Question
dynamic programming solves each of the subproblems just once, and [...].
Answer
storing their solutions


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nomics and bioinformatics, dynamic programming (also known as dynamic optimization) is a method for solving a complex problem by breaking it down into a collection of simpler subproblems, solving each of those subproblems just once, and <span>storing their solutions. The next time the same subproblem occurs, instead of recomputing its solution, one simply looks up the previously computed solution, thereby saving computation time at the expens

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Dynamic programming - Wikipedia
This article's factual accuracy is disputed. Relevant discussion may be found on the talk page. Please help to ensure that disputed statements are reliably sourced. (November 2015) (Learn how and when to remove this template message) <span>In computer science, mathematics, management science, economics and bioinformatics, dynamic programming (also known as dynamic optimization) is a method for solving a complex problem by breaking it down into a collection of simpler subproblems, solving each of those subproblems just once, and storing their solutions. The next time the same subproblem occurs, instead of recomputing its solution, one simply looks up the previously computed solution, thereby saving computation time at the expense of a (hopefully) modest expenditure in storage space. (Each of the subproblem solutions is indexed in some way, typically based on the values of its input parameters, so as to facilitate its lookup.) The technique of storing solutions to subproblems instead of recomputing them is called "memoization". Dynamic programming algorithms are often used for optimization. A dyna







Flashcard 1737667513612

Tags
#bellman-equation #dynamic-programming
Question
dynamic optimization problem in discrete time can be stated in a [...] form known as backward induction
Answer
recursive, step-by-step


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Richard Bellman showed that a dynamic optimization problem in discrete time can be stated in a recursive, step-by-step form known as backward induction by writing down the relationship between the value function in one period and the value function in the next period. The relationship between these two

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Bellman equation - Wikipedia
ghest possible level of happiness, H ( W ) {\displaystyle H(W)} . The best possible value of the objective, written as a function of the state, is called the value function. <span>Richard Bellman showed that a dynamic optimization problem in discrete time can be stated in a recursive, step-by-step form known as backward induction by writing down the relationship between the value function in one period and the value function in the next period. The relationship between these two value functions is called the "Bellman equation". In this approach, the optimal policy in the last time period is specified in advance as a function of the state variable's value at that time, and the resulting optimal value of the obj







Flashcard 1737948007692

Question
hidden Markov model and linear dynamical systems two most important examples of [...] models
Answer
state space models


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Here we focus on the two most important examples of state space models, namely the hid- den Markov model, in which the latent variables are discrete, and linear dynamical systems, in which the latent variables are Gaussian. Both models are described by di-

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Flashcard 1752762551564

Question
The prospect is upset and states that It has nothing to do with you. How do you respond?
Answer
Perhaps we should come back at another time.


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Flashcard 1752770940172

Question
A question to a prospect that acknowledges there are problems and you want to clarify the severity?
Answer
How serious are the problems?


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For outputting large blocks of text, dropping out of PHP parsing mode is generally more efficient than sending all of the text through echo or print .

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PHP: Escaping from HTML - Manual
he condition is not met, even though they are outside of the PHP open/close tags; PHP skips them according to the condition since the PHP interpreter will jump over blocks contained within a condition that is not met. <span>For outputting large blocks of text, dropping out of PHP parsing mode is generally more efficient than sending all of the text through echo or print. In PHP 5, there are up to five different pairs of opening and closing tags available in PHP, depending on how PHP is configured. Two of these, and <




Flashcard 1758736026892

Question

short echo tag <?= ?>, which is always available in PHP [...] and later.

Answer
5.4.0


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short echo tag , which is always available in PHP 5.4.0 and later.

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PHP: Escaping from HTML - Manual







Flashcard 1758737599756

Question

short echo tag [...], which is always available in PHP 5.4.0 and later.

Answer
<?= ?>


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The SADR government controls about 20–25% of the territory it claims.[5] It calls the territories under its control the Liberated Territories or the Free Zone. Morocco controls and administers the rest of the disputed territory and calls these lands its Southern Provinces. The SADR government considers the Moroccan-held territory to be occupied territory, while Morocco considers the much smaller SADR-held territory to be a buffer zone.[6] The claimed capital of the SADR is former Western Sahara capital El-Aaiún, while the temporary capital moved from Bir Lehlou to Tifariti in 2008.

The Sahrawi Republic maintains diplomatic relations with 40 UN states, and is a full member of the African Union.

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Sahrawi Arab Democratic Republic - Wikipedia
a, a former Spanish colony and later province. SADR was proclaimed by the Polisario Front on February 27, 1976, in Bir Lehlou, Western Sahara, a former socialist liberation force which has since reformed its ideological and political views. <span>The SADR government controls about 20–25% of the territory it claims. [5] It calls the territories under its control the Liberated Territories or the Free Zone. Morocco controls and administers the rest of the disputed territory and calls these lands its Southern Provinces. The SADR government considers the Moroccan-held territory to be occupied territory, while Morocco considers the much smaller SADR-held territory to be a buffer zone. [6] The claimed capital of the SADR is former Western Sahara capital El-Aaiún, while the temporary capital moved from Bir Lehlou to Tifariti in 2008. The Sahrawi Republic maintains diplomatic relations with 40 UN states, and is a full member of the African Union. Contents [hide] 1 History 2 Constitution 3 Government structure 4 Area of authority 5 International recognition and membership 6 Proposed Western Sahara Authority 7 National




The SADR government controls about 20–25% of the territory it claims.

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The SADR government controls about 20–25% of the territory it claims. [5] It calls the territories under its control the Liberated Territories or the Free Zone. Morocco controls and administers the rest of the disputed territory and calls these lands its

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Sahrawi Arab Democratic Republic - Wikipedia
a, a former Spanish colony and later province. SADR was proclaimed by the Polisario Front on February 27, 1976, in Bir Lehlou, Western Sahara, a former socialist liberation force which has since reformed its ideological and political views. <span>The SADR government controls about 20–25% of the territory it claims. [5] It calls the territories under its control the Liberated Territories or the Free Zone. Morocco controls and administers the rest of the disputed territory and calls these lands its Southern Provinces. The SADR government considers the Moroccan-held territory to be occupied territory, while Morocco considers the much smaller SADR-held territory to be a buffer zone. [6] The claimed capital of the SADR is former Western Sahara capital El-Aaiún, while the temporary capital moved from Bir Lehlou to Tifariti in 2008. The Sahrawi Republic maintains diplomatic relations with 40 UN states, and is a full member of the African Union. Contents [hide] 1 History 2 Constitution 3 Government structure 4 Area of authority 5 International recognition and membership 6 Proposed Western Sahara Authority 7 National




Flashcard 1758758046988

Question
The SADR government controls about [...] of the territory it claims.
Answer
20–25%


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The SADR government controls about 20–25% of the territory it claims.

Original toplevel document

Sahrawi Arab Democratic Republic - Wikipedia
a, a former Spanish colony and later province. SADR was proclaimed by the Polisario Front on February 27, 1976, in Bir Lehlou, Western Sahara, a former socialist liberation force which has since reformed its ideological and political views. <span>The SADR government controls about 20–25% of the territory it claims. [5] It calls the territories under its control the Liberated Territories or the Free Zone. Morocco controls and administers the rest of the disputed territory and calls these lands its Southern Provinces. The SADR government considers the Moroccan-held territory to be occupied territory, while Morocco considers the much smaller SADR-held territory to be a buffer zone. [6] The claimed capital of the SADR is former Western Sahara capital El-Aaiún, while the temporary capital moved from Bir Lehlou to Tifariti in 2008. The Sahrawi Republic maintains diplomatic relations with 40 UN states, and is a full member of the African Union. Contents [hide] 1 History 2 Constitution 3 Government structure 4 Area of authority 5 International recognition and membership 6 Proposed Western Sahara Authority 7 National







Nevertheless, you need a plan to get past the superficial like phase and get to the profitable deal phase as quickly as possible. You must build rapport by finding something you have in common with the broker—something you can sincerely talk about and share.

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Let’s now assume you like each other. Now start to build trust.

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People usually trust the referrals of friends or other business asso- ciates.

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After your initial phone call, the broker will send you crummy deals to see whether you buy them. Don’t take it personally; he’s just testing you. He wants to know how much you know.

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When those deals that don’t make sense are sent to you, think of it as a great opportunity. You’ve just been invited to give the broker a call and make another positive impression.

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Call the broker and thank her for the crappy deal. Of course you won’t call it that! You’ll thank her, instead, for sending it to you. Then you’ll concisely explain why the deal doesn’t work for you. Do this by describing the type of numbers you need in order to buy a deal.

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What do other investors do? They either take the deals and soon get burned out; or they are offended by the garbage deal and don’t reply.

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ask if she has a deal that more closely matches your parameters. The answer may be no, but—trust me—you’re now one step closer to getting that deal.

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contact your brokers on a regular basis. Do not be a pest, always asking: What else you got?

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call your brokers with something of value that they can use with their other relationships.

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because you’ve given the bro- kers something of value, the Law of Reciprocity kicks in.

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By the way, Jane, do you have any listings that might be coming on to the market in the near future?

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Your competition will call brokers once or twice and then move on.

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Sometimes you’ll get it on call number 2, and other times it will be call number 12. Keep calling. Persistence pays off.

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If you’re investing in emerging markets

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you won’t often be face to face with brokers. That’s because you don’t need to be in that market until you’ve got a deal under agreement. Therefore, all of your rapport-building will be done over the phone. It takes a little longer, but it does work

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When you do get something under contract in a market and visit for the property inspection, plan to spend an extra day or two to meet all the brokers you’ve been talking to on the phone. Also go to see as many properties as you can, both on the market and off the market. Don’t forget to tell all those brokers about the property you have under contract! Nothing breeds success like success. As soon as you do your first deal in a market, you change from the ugly duckling to the swan. Everyone will know your name, and you’ll be considered a performer. Soon, you’ll see even more—and better—deals.

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www.confidentialinvestments.com

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When a market is popular and hot, it’s difficult to get consistent, good deals from brokers, unless you’re really at the top of their list.

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Brokers therefore don’t care about just relationships; they sometimes put properties out on the open market, where lots of dumb money will fight for the deal.

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Brokers also tend to list properties aggressively in the later stages of an emerging market. They are typically in competition with other brokers for the listing and if they can show the sellers that they can get a higher price for the property, they will usually get the listing.

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Brokers are a great source of business in the down cycle and when the market starts to get better. This, by the way, is when you want to be buying!

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Smart investors look for signs that indicate a market will soon be turning upward again. The first sure sign is when it is announced that jobs are coming into an area.

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Go Directly to the Owners You don’t always have to work through an intermediary. You can get one great deal after another from even just one multi-family property owner

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The Number-One way to get deals from owners is from direct mail campaigns. You need to set up a system to contact the owners by mailing to them regularly. You never know when an owner will be ready to sell one of his properties.

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There is a saying in real estate investing: Time and circumstances change all sellers’ minds.

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it’s the same work to do a larger deal and a smaller one. The point is to start where you are most comfortable.

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Another excellent practice is to focus on out-of-state owners. This list usually gets a higher response rate than the others, because they’re contacted less by investors.

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Your target market, therefore, should be these burned-out landlords who are investing from out of town in your town. In other words, their properties are right in your backyard, but these investors are struggling with them.

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Mark out your mailing campaign for the entire year so you know which days you’ll be mailing to your two- family-to-four-family list and what other days you may mail to your out-of-towners.

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Here is the most important part of the direct mail process: Hire someone to do it for you. I know, I know: That costs money. I suggest you find that money as soon as you can. It’s important, so you stay in the real estate investing business.

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Hire a family member, high school kid, disabled vet, disabled other person, the ladies at the elderly center . . . there are plenty of people available to do this simple task for not much money. Set these people up with the list and their supplies, and let them go to town.

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Your job is to handle calls from sellers and refresh the list at the start of every year.

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google direct mail services or words to that effect, and you’ll have plenty of companies to call.

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Direct mail is going to cost you a little money. But compared to starting other businesses, it’s nothing.

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you can get started by mailing to a list of just 100 owners. As you start doing deals, increase that until you’re mailing 1,000 owners a month.

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Systemic risk is the possibility that an event at the company level could trigger severe instability or collapse an entire industry or economy. Systemic risk was a major contributor to the financial crisis of 2008. Companies considered a systemic risk are called “too big to fail.”

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Systemic Risk Definition | Investopedia
What is 'Systemic Risk' <span>Systemic risk is the possibility that an event at the company level could trigger severe instability or collapse an entire industry or economy. Systemic risk was a major contributor to the financial crisis of 2008. Companies considered a systemic risk are called “too big to fail.” These institutions are large relative to their respective industries or make up a significant part of the overall economy. A company highly interconnected with others is also a source o