• Professor Elam

    Thanksgiving Day Nov 22 2012

    The headline in the Express News today is a negative report from the Ag's office over the management of the Alamo by hte DRT. Even Senator Leticia van de Putte sponsored a bill ending the DRT 106 year run as the Alamo custodian. 

     I have read the overall reason for the investigation. it looks like a whistle blower pointed out internal strife and decsions exceeding the authority of the DRT. The end result, the DRT was not hauled into court but was given the boot. 

    As future professional accountants, this would be a good report to read about exceeding authority. There is a link to the PDF the AG produced. This is an audit of sorts, and one that landed the DRT on the front page. This is a poor way to exit 106 years as caretaker. 

  • Professor Elam

    Wed Nov 21 2012

    Most of my friends claim I was the model for Steve Martin in 1987's Planes Trains and Automobiles.

    This was the movie that really made John Candy's career moving him from Second City fame to a bankable movie star. 

    The plot involves a continually exasperated Martin trying to return home for Thanksgiving; his flight has been cancelled. And then, he ends up with the accidental travel companion of Del Griffith, Shower Curtain Ring Salesman (hey it's  a comedy…). Their attempts to simply get home are foiled at every turn, which only increases Martin's exasperation. I find Steve Martin seems to fall flat about half way through most of his films, not this one. 

    It airs tonight at 7 PM on either cable channel 7 or 35 depending on your source.  The review incorrectly assign a 7.5, this is at least a 9.5.  Enjoy. 

  • Professor Elam

    Wednesday before Black Friday Nov 21 2012

    I have posted some or part of Ralph Waldo Emerson's famous essay on gifts the last several Christmas seasons. He wrote these essays from 1830-32. Note the relevance of the first two sentences. Tmes change, people do not. The only gift is a portion of thyself, it is a cold lifeless business when you go to a shop to buy me something, well put Waldo. 

     

    "Gifts"
    By Ralph Waldo Emerson.

    IT is said that the world is in a state of bankruptcy, that the world owes the world more than the world can pay, and ought to go into chancery, and be sold. I do not think this general insolvency, which involves in some sort all the population, to be the reason of the difficulty experienced at Christmas and New Year, and other times, in bestowing gifts; since it is always so pleasant to be generous, though very vexatious to pay debts. But the impediment lies in the choosing. If, at any time, it comes into my head that a present is due from me to somebody, I am puzzled what to give, until the opportunity is gone. Flowers and fruits are always fit presents; flowers, because they are a proud assertion that a ray of beauty outvalues all the utilities of the world. These gay natures contrast with the somewhat stern countenance of ordinary nature: they are like music heard out of a workhouse. Nature does not cocker us: we are children, not pets: she is not fond: everything is dealt to us without fear or favour, after severe universal laws. Yet these delicate flowers look like the frolic and interference of love and beauty. Men use to tell us that we love flattery, even though we are not deceived by it, because it shows that we are of importance enough to be courted. Something like that pleasure the flowers give us: what ant I to whom these sweet hints are addressed? Fruits are acceptable gifts because they are the flower of commodities, and admit of fantastic values being attached to them. If a man should send to me to come a hundred miles to visit him, and should set before me a basket of fine summer fruit, I should think there was some proportion between the labour and the reward.

    For common gifts, necessity makes pertinences and beauty every day, and one is glad when an imperative leaves him no option, since if the man at the door have no shoes, you have not to consider whether you could procure him a paint-box. And as it is always pleasing to see a man eat bread, or drink water, in the house or out of doors, so it is always a great satisfaction to supply these first wants. Necessity does everything well. In our condition of universal dependence, it seems heroic to let the petitioner be the judge of his necessity, and to give all that is asked, though at great inconvenience. If it be a fantastic desire, it is better to leave to others the office of punishing him. I can think of many parts I should prefer playing to that of the Furies. Next to things of necessity, the rule for a gift which one of my friends prescribed is, that we might convey to some person that which properly, belonged to his character, and was easily associated with him in thought. But our tokens of compliment and love are for the most part barbarous. Rings and other jewels are not gifts, but apologies for gifts. The only gift is a portion of thyself. Thou must bleed for me. Therefore the poet brings his poem; the shepherd, his lamb; the farmer, corn; the miner, a gem; the sailor, coral and shells; the painter, his picture; the girl, a handkerchief of her own sewing. This is right and pleasing, for it restores society in so far to the primary basis, when a man's biography is conveyed in his gift, and every man's wealth is an index of his merit. But it is a cold, lifeless business when you go to the shops to buy me something, which does not represent your life and talent, but a goldsmith's. This is fib for kings, and rich men who represent kings, and a false state of property, to make presents of gold and silver stuffs, as a kind of symbolical sin-offering, or payment of black mail.

  • Professor Elam

    Wednesday Nov 21 2012

    Another reason to study accounting is to gain the ability to analyze a set of books, auditing or assurance it is called. Now HP claims it was duped. It paid just over $11 billion for the British software maker which just began in 1996. Now HP claims hardware sales were booked as software sales inflating the real sales numbers. At least three of the four international CPA firms are involved. Autonomy of course denies any wrong doing claiming HP mismanagement. It is hard to see how even badly manged HP could sink its own acquisition in one year.

    The real lesson here is that it was foolish to acquire anything in an era of economic stagnation for an outsized price of $11 billion. 

  • Professor Elam

    Tuesday November 20 2012

    Here is a couple who dropped and sold everything to write apps for tablets and phones. 

    Now recall that Apple just dropped from $700 to about $525.This is typical top of the market thinking. I can recall people telling me they 

    owned garden.com in 1999

    wanted to buy into the Facebook IPO

    Neither of those ideas worked out. The time to get involved with anything Apple was after Jobs returned and the stock market bottomed in 2003. Not now. 

    I have never quite bought into the idea of the service economy replacing the manufacturing economy. We shall see how this unfolds over the next three years. 

  • Professor Elam

    Monday Nov 19 2012

    An Apple Television sold only in Apple Stores would certainly drive traffic to the store. Stihl does not sell in big box retailers preferring the more intimate surrounding of independent shops. Dvorak is right, if Apple exclusively sells such a tv only in their stores, shoppers will come around to see it. And then they might buy something else even if not the television. 

    Who makes the Miata-answer Mazda

    Who makes the Corvette – answer Chevy

    Iconic offerings drive retail traffic. 

  • Professor Elam

    Weeekend Nov 18 2012

    this past week on Tuesday Nov 13 and Wednesday Nov 14 we had guest speakers to an assembled group of TAMUSA accounting majors. 

    PB138380Terry Cleveland CPA led off with his observations about public accounting. 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Terry was accompnaied by TAMUSA graduate Irma Magallenez. PB138398

    Ruben Garcia a CISA spoke on the importance of certifications

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    Melanie Geist President SA CPA spoke on activities available to student members. 
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    PB138449Over 50 students attended the Tuesday night session. 

     

     

     

     

     

     

     

     

    PB138458Luis Martinez and another student visit after the Tuesday night meeting. 

  • Professor Elam

    Weekend Nov 18 2012

    Friday Nov 16 2012 Luis Martinez, TAMUSA Campus Rep for SA CPA and Dennis Elam Faculty Rep for SA CPA attended the annual SA CPA Effort to support the  San Antonio Blue Santa Toy Drive.

    PB160057We were at Mark Goldman's table. From left that's Mark, two students from UTSA and Mark's employees. 

     

     

     

     

     

     

     

    Santa himself was on hand for the event. The gifts collected are in the background. Second from left is
    PB160035 Melanie Geist current SA CPA President. 

    Bill Greehey, Nustar Energy Chairman spoke. he is Past President of Valero. During his 32 years at Valero he never sold any stock thinking that would send the wrong message. He began his charitable Foundation with that stock. He was consistently successful at having his companies at the top of the United Way
    PB160069
    efffort nationally. He also headed up the Haven for Hope effort raising $61 million for a homeless shelter here in San Antonio. He noted this has lowered the jail population and that the Have has a 24% recidivism rate versus one past 70% for the jail. Melanie Geist presents Bill with a plaque at right. 

     

     

     

     

     

     

     

     

     

     

     

     

     

    Luis Martinez visits with Mark Goldman. PB160025

    PB160024Luis visits with Deb Alvarod with Becker CPA. 

     

     

     

     

     

     

     

     

     


  • Professor Elam

    November 18 2012

    A reader of The Market Perspective asked me about blogging and writing. He really got me going, and I decided to share the response to him with all of you. 

    We are moving to a portfolio based assessment program here at TAMUSA. This might be a good time to start your own blog. As you can see in my response, blogging has introduced me to many people I would not have otherwise met. 

    My response to a reader about writing on the markets

     

    I have been around this business for decades and wanted to improve my performance which in the past has waned from  fabulous (not a brag but a fact, but gee why can't I just be that good again when I want?) to not so good, and I decided putting thoughts to paper would force me to really think about what I was doing. I believe I will accumulate more readers but I also need to get busy and put my thoughts on how this should be done to paper, and by that I mean an e book using apple ibook, that would give the blog more credibility. 
    Richard Russell has some 10,000 subscribers I think and people enjoy his writing. I am a bit of a media guy with a weekly newspaper column and I used to do a daily radio show and tv spots on the economy and oil markets. so this is a natural for me. I have read other letters and thought I could do as well. This was an outgrowth of writing for Barry Rosen at Fortucast. A couple of his subscribers urged me to do this on my own and well here we are. 
    There are many bloggers on lifestyle and personal tastes, blogging means you never need the approval of your local newspaper editor to get your letter printed, and that I think is why people blog. You can have your own magazine just as Enzo Ferrari had his own car company, no Board of Directors, no stock holders, you steer your own  ship. 
    I suggest you enjoy investigating who is writing what, look over the various options, blogspot, typepad, whatever, but before you start decide on the following
    Vision – what is it that drive you to write, what do you want to share with others, if you are at an inflexion point, what is going to change as you go forward with your life and what do you want to say about it, in the forward to a Pirate Looks at Fifty, Jimmy Buffet sums his life up in 400 words, you might read that for a start, if you cannot sum up the reason for doing this in 400 words, well work on that until you can, otherwise you will wander without a focus
    Mission – that mission should drive the format and content of your blog, when I log on to your blog what should I expect?
    Outcome – Your blog site will provide statistics on the number of hits and there are other services that allow analysis but  until one gets  into four figures I don't know that it matters that much. 
    Let me know what you decide, hmm, not a bad response on my part, you got me going!  Please stay in touch!

     

     

  • Professor Elam

    Thursday November 15 2012

    Yesterday one student asked if we have class next week, and for good reason. The Public Schools have decided unilaterally to let all the kids out, which is a real problem for two parents who work or for that matter a single parent! I certainly empathize with this problem and am glad of your concern that your children are not home alone with no supervision.

    You will not miss an in class quiz next week if you cannot come to class. I will be here, this would be an excellent time to obtain some one on one assistance for whatever difficulty you might be having.

    I will post an assignment for the classes that can be turned in for a grade. See your respective Blackboard Site under announcements for your class.

    Enjoy the Holiday, enjoy your family, and return safely to campus.

    Thanks for choosing Texas A & M University San Antonio!