Every week we bring you our favorite bites from our friends at Good Eats. This week we have potato skins on the brain (remember the baked eggs in potato skins?) so these potato skins with yogurt, feta, herbs, and red onion look really scrumptious. Read on for these plus pork chops with fennel, the Waffleizer, grilled pears, and peanut butter brownies.
grated cauliflower (i used half of a LARGE head) marinated in oil and salt in the fridge overnight.
beat together an egg, two tbsp sour cream, salt/pepper (to taste). add 1/4 cup grated cheese.
fry bacon and diced onions.
add onions, and crumbled bacon to egg mix, add cooked cauli (wrung out first).
make into smallish patties, fry in bacon fat. (you could fry first to brown, then bake, but i was just testing out on lunch hour…)
they are awesome. they crumble a bit, but nonetheless taste phenomenal. i added a little dollop of sour cream on top. delish!
Contributor: “Dr. J”Was one of your New Year’s resolutions to lose weight? Did you know that the most common time to start a diet is Monday morning? Are you also aware that the most common time to quit that diet is Tuesday evening? I sure hope you have been doing better than that!
I was thinking, there is no better time during the year than now to lose weight. Sure, Black Friday was almost as good, but nothing beats the time after Christmas and into the New Year for getting that new low weight.
Sure you had been at that original list weight, sitting on the shelf, no product movement, but now, with all the after-Christmas and New Year weight reductions, here it is, your chance to be that new sale weight! I can see it now, you and others like you will come flying off the shelves now that you are being offered up at this bargain lower weight!
Of course you are a well-intentioned diet marketer, but even the best dieters can sabotage their weight-sale efforts. Many studies support how easy it is to overestimate the amount of energy you are using and to underestimate the amount of calories you are consuming.
If anything, do the opposite with your diet marketing figures. Levy a calorie tax on the activity you are doing, and decrease the container size of the calories you are consuming.
Here are some ideas to help you market your new weight, and to stay on target with your diet sales projections.
So where do you sit on the shelf? In the back thinking about it, or in the front row ready to be reduced? Are you at your original weight? Perhaps you have had some success and are now at your list weight.
This can be your year to finally reach that final sales weight, and stay there! We are extending our sale at CalorieLab just for you to learn weight loss marketing strategies all year round!
From the RSS feed of CalorieLab News (REF3076322B7)
Dr. J will see you now: Original weight now reduced
Palm may not have made the huge splash this year that they did when they shocked the world with WebOS and the original Pre at last year’s show, but this year’s Palm CES announcements were still noteworthy. In addition to 3D gaming support and the soon to be released WebOS 1.4 with camcorder functionality amongst its free upgrades, Palm unleashed two WebOS devices as exclusives to the US’ largest carrier, Verizon Wireless.
The Pre Plus will be Palm’s flagship WebOS device when it hits Big Red later this month. With twice the internal storage of the original Pre, more RAM and unconfirmed reports of a faster processor, the new Pre should prove zippier when it comes to handling those new games and video capture tasks. Perhaps more importantly, though, Pre Plus sports a revamped keyboard that’s much more like the Pixi’s QWERTY than that of Pre. That’s a good thing – I found the new keyboard to be much easier and more accurate to type on than the original’s during my hands-on with the phone in Vegas. Pre Plus also comes standard with a Touchstone-compatible induction back cover and will support the new Verizon-only mobile hotspot app that’s also coming to Pixi Plus.
Refined hardware with double the memory? Check. Better QWERTY board? Check. Touchstone-ready back cover? Check. Support for 3D graphics backed by a new SDK for developers? Check. WebOS hitting the US’ largest carrier? Check. WebOS primed for big things in 2010? We’ll see ..
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Earlier this week we asked you what your email prejudices were. We dug through the comments, and now we’re back to highlight how you feel about certain email addresses and what they say about the people who use them.
Opinions were passionate in comments on the article, and as of the writing of this followup are approaching nearly 500 strong. From among all the comments several clear opinions emerged on the state of email and selecting an email provider and username.
As an IT exec, I definitely made judgments against prospective hires based on email addresses (as well as a wide array of other factors). It wasn’t uncommon for me to have 100-500 resumes for a single open position, and I didn’t care to rely on HR to sort through them, so I did it myself, and I needed some way to get down to a short-list of around 10 people. As such, it was pretty easy to toss a resume because somebody had a goofy email address. And I would certainly raise an eyebrow at a supposed IT tech who had an AOL.com address. – Mike De Lucia
As an IT manager in the tech field, I have to say that I’m a little prejudice when it comes to using a Hotmail or AOL address for business or on a resume. AOL is a more dated personal email address. Hotmail is known as an email for kids, for people who don’t care if their mail is thrown out if they don’t log in for awhile, and for a spam throwaway address. – Gankaku
I’m a photographer and also wonder when I see other photographers without a domain name email.
It seems as though they aren’t serious about their career if they haven’t taken the time to create a website and therefore have a domain name email. – veronykah
I don’t understand the prejudice against hotmail. I’ve had my hotmail address for like 15+ years. Though I’ve had it so long I was able to choose @msn.com for my address. Fortunately I took it over hotmail.com so maybe people don’t look down on me quite so much. When I see a hotmail.com address, I think, ‘wow, that person’s been using email for a long time.’ Read the rest of mrknowitall’s comment here..
This issue comes up every now and then, and it always gets people so riled up. People get defensive because so many e-mail services entrench their users – they can’t switch to a new one without a lot of hassle. Read the rest of veblen’s comment here.
As we noted in the original post, email addresses have become ubiquitous and because we had them out so liberally in professional and social situations it is worth taking the time to assess what your email address says about you. Your cute username might have been novel back in high school or college but entering the professional world it’d definitely time to retire SexyStud99 in favor of John.R.Smith.
Like your clothing, your hair style, and your manner of speaking, your email address is part of your personal image. Certainly it’s a type of prejudice that a hiring manager might look over you because you have an “antiquated” email address or a “stupid” username, but that’s not entirely different than a hiring manager being unimpressed that you showed up to a job interview sans a neck tie. Sure it might be unimportant or silly to you and you might say “I wouldn’t want to work at a company that uptight anyhow,” but it’s worth taking into consideration because whether or not a prejudice—big or small!—is fair or reasonable, it is still out there.
Have an email-related story? An awkward moment revolving around an email address? Some insight as someone who handles applications or other hiring processes? Let’s hear about it in the comments.
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If your Japanese abilities aren’t quite what they used to be (or if they never existed in the first place), you’re going to have to sadly wait for Valkyria Chronicles 2’s summer USA release like all the other schlubs over here. Japan, however, is getting the game next Thursday, and Weekly Famitsu magazine had the first published review of it this week.
The results? Looking pretty darn good — the game got three 9’s and an 8 for a total of 35 points and a Platinum award.
“The charming, watercolor-like visuals of the previous game have been dulled a bit on the PSP,” wrote one reviewer, “but a mountain of pluses more than make up the difference. The system, which mixes action and simulation elements, is as good as ever and has been further enhanced. You can feel the originality in this game, and I love it.”
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The “Return to Ostagar” downloadable content for Dragon Age: Origins has stealthily hit Xbox Live Marketplace, and will be coming to the PC shortly. The DLC, which was unceremoniously delayed last week via a forum post, was released today the same way. Chris Priestly announced that the DLC has come to XBLM, and will be coming to the PC later today. PlayStation 3 Dragon Age fans might have to wait a bit, however, as Priestly gives a vague “later” as the release target for it on that system.
This also comes with a title update for the 360 whether you’ve bought the DLC or not. We expect the PlayStation 3 version will as well, whenever it hits. Some early Ostagar adopters are complaining of minor technical issues, but Priestly assures that once the new Achievements are propagated across Xbox Live, those issues will sort themselves out. We still have no word on what caused the delay in the first place, but at least it didn’t last too long.
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With the success of Assassin’s Creed II, Ubisoft is moving more quickly than ever to put out a sequel. In an Investor Relations release, the French publisher promised a ‘new episode of Assassin’s Creed’ in a section titled ‘Initial Infomation on the 2010-2011 Line-up.”
Ubisoft doesn’t reveal much about Assassin’s Creed III, but they do say that it will be “the first in the series to have an online multiplayer mode.” They also confirmed to Gamasutra that it will be a full game, and not a new episode of DLC.
The development team has previously acknowledged that a sequel is inevitable. Among other things, they have suggested that it could star a female assassin and be set in World War II.
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Over in Japan this week, Atlus announced that a PSP release for Knights in the Nightmare is currently in the works. The port of Sting’s unique shooter/strategy hybrid (released last April for the Nintendo DS in America) is due out April 22 in Japan.
The PSP port of KITN will have you using the analog stick to control a wisp as it flits across an isometric battlefield, dodging enemy attacks and doling out orders to your fighting units. The DS version relied heavily on the touchscreen for stylus-based control, so it remains to be seen how well this port will handle by comparison.
New to the PSP version is a fully animated opening movie, as well as a tutorial mission to teach you the game system and a “talk collection” library that lets you listen to all the voiced dialogue you’ve heard before.
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Bentley’s press conference at the 2010 Detroit Auto Show consisted of two things – the Bentley Mulsanne (which we’ll post about in just a few) and this special-edition Series 51 Continental GTC. The Series 51 package will be available on the Continental range’s GT, GT Speed, GTC and GTC Speed models
What’s so special about the Series 51 package? Well besides the starting price of $192,750 for the GT Coupe model, it provides thousands of configurations available through Bentley’s expansive colour and trim catalogue.
The Series 51 name comes from the year that the first official styling department was established in Crewe by the gifted John Blatchley, who shaped the original and iconic 1950s Bentley Continentals.
Worth it? You decide.
2010 Detroit: Bentley Series 51 Continental GTC:
All Photos Copyright © 2009 Stephen Calogera – egmCarTech.
Press Release:
BENTLEY MOTORS SHOWCASES NEW FLAGSHIP MULSANNE AND SERIES 51 CONTINENTAL GTC AT DETROIT MOTOR SHOW
* Americas’ motor show debut for new Bentley Mulsanne and Series 51 Continental GTC convertible
* All-new Mulsanne to start at $285,000 in the United States with first deliveries to begin this Fall
* Series 51 specification provides an exciting new design direction for Continental GT and GTC owners
(11 January 2010. Detroit, MI USA) Bentley Motors, the only ultra-luxury manufacturer with a stand alone display at this year’s North American International Auto Show in Detroit, pulled the wraps off the all-new Bentley Mulsanne flagship sedan and ‘Series 51′ designer edition of the Continental GTC convertible during the vehicles’ first motor show debut in The Americas.
The new Mulsanne, designed and engineered at Crewe from the ground-up, reaffirms the marque’s intent to create a new flagship Bentley with refined performance and unparalleled levels of luxury with the coach building elegance for which the marque has long been renowned.
The Series 51 Continental GTC represents Bentley exterior and interior styling at its most vibrant and will enable customers to order ‘off the peg’ from an exclusive range created by Dirk van Braeckel’s renowned team of Crewe-based designers.
“The Detroit Motor Show remains an important stop for Bentley on the annual calendar of international motoring events,” said Christophe Georges, President & Chief Operating Officer for Bentley Motors Inc. “Detroit is also the motor show debut for our flagship Mulsanne and the Series 51 Continental in The Americas region – our single largest worldwide – so it is an important opportunity to reach key influencers.
“Our annual NAIAS private customer previews have also proved successful and that proud record looks set to continue especially as we’re the only ultra-luxury manufacturer with a stand alone display this year,” Georges added. “Bentley has a busy year ahead and displaying our Mulsanne and Series 51 Continental GTC among Detroit’s automotive insiders, influencers and customers is central to our launch strategy.”
Flagship Bentley Mulsanne
The Bentley Mulsanne, which goes on sale in the fall of this year, will be priced at $285,000 in the United States. The Mulsanne will offer customers a degree of choice when commissioning their cars which is unmatched in the industry. The luxury Bentley flagship offers a palette of 114 paint colours, 21 carpet colours, nine wood veneers and 24 interior leather hides, all of which will be tanned using a decades-old process to ensure this future classic retains its distinctive scent.
In addition, through Bentley’s bespoke service, unique colours can be developed which will exactly match a customer’s vision and taste. With more standard leather and wood veneer than any other Bentley in the modern era, it is understandable that each Mulsanne will take nine weeks to build.
Bentley’s legendary hand-assembled V8 engine pays homage to its predecessors yet for the new Mulsanne it has been comprehensively re-engineered to employ advanced technologies that deliver unstressed, refined performance. The new Bentley V8 engine is lighter and features cylinder de-activation and variable cam phasing, a combination that can significantly reduce both fuel consumption and CO2 emissions.
Advanced technology is exquisitely packaged within the Mulsanne’s opulent cabin. Behind its heritage-inspired dials and new glass-effect switches lay leading edge features including iPod and mp3 connectivity, Bluetooth and a SIM card reader, as well as a 3G MMI system. Those opting for NAIM’s premium audio system will be treated to the world’s most powerful system fitted to a production vehicle – a 20-channel 2,200-watt experience.
Series 51 Continental GTC
The Series 51 package, available on the Continental range’s GT, GT Speed, GTC and GTC Speed models, will be priced from $192,750 for the GT coupe model. It provides for a virtually bespoke vehicle experience due to the thousands of configurations available through Bentley’s expansive colour and trim catalogue.
Series 51 is named after the year that the first official styling department was established in Crewe by the gifted John Blatchley, who shaped the original and iconic 1950s Bentley Continentals. Every Series 51 car will feature a highly-distinctive interior colour palette and unique exterior design cues.
Bentley’s Colour and Trim team, managed by Melinda – June Jenkins, has designed some specially tailored three-tone interiors which demonstrate the full potential of leather hide colours and showcase the creative application of contrast stitching and piping. The colour combination on the Detroit show car is Imperial Blue as the main and secondary hide, Linen seat and door inserts and Saddle contrast stitching and piping.
Bentley’s designers have also selected a range of premium-quality materials for the dashboard and centre console to complement the three-tone interiors. The Dark and Bright ‘Engine Spin’ aluminium options provide a striking contrast with darker and lighter hide colour choices and a special, limited-edition Amboyna veneer reserved for solely for Series 51.
Both the Continental GT and GTC offer a powerful road presence and the Series 51 cars further accentuate these sporting credentials with some eye-catching exterior styling. A 20″ 14-spoke polished Diamond wheel with a dark centre cap provides Series 51 cars with a purposeful and stylish appearance. The cars will be distinguished by a signature ‘51′ badge on the front wings.
To enhance and personalise the Continental GT still further, a new two-tone paint can be commissioned which complements the contrasting interior configuration. This highly distinctive colour split (with one colour running over the bonnet, roof and flowing down to the boot) is a classic design used on many sporting Bentleys of the past.
– By: Stephen Calogera
Entrepreneur Eric Ries, who previously co-founded the 3D avatar-based chat client IMVU, is also widely credited with coining the phrase “lean startup” in 2008. Ries recently gathered as many resources as he could muster for lean startups and shared them on his blog, Lessons Learned.
A lean startup is one that takes advantage of open-source technologies and other products to push a product to market at a “low burn,” while at the same producing continual revisions to its product based on customer feedback. Ries provides a wide consortium of links to wikis, mailing lists, meetups, and bloggers all focusing on the lean startup initiative – a collection of great value to any startup that wants to lower costs while feverishly iterating their product.
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Ries, who is often invited to speak about lean startups, says that this type of development is what helped IMVU achieve its loyal following. Timothy Fitz, a software engineer at IMVU, says the developers average 50 new code iterations per day.
“That’s 6 deploys an hour,” writes Fitz on his blog. “Even at that pace we’re often batching multiple commits into a single test/push cycle.”
The inspiration for this new methodology? Ries says it came from books like Lean Thinking, which outlines ways companies can reduce waste and boost revenue, but Ries is quick to point out that a lean startup and a lean company are two different things.
According to Ries, lean companies attempting to trim the fat are striving to create value for their customers, but value is not the foremost goal for the leaning of startups.
“Lean startups operate by a different standard,” says Ries. “I suggest they define waste as ‘every activity that does not contribute to learning about customers’.”
Photo by Flickr user Usodesita.
A new study concludes that some varieties of genetically modified corn may cause organ damage.
Regardless of which specific varieties of genemtic modification might be dangerous, if serious health risks were proven for any genetically modified type of food, it could hit all types since the level of regulatory scrutiny would likely increase ten-fold.
It would most certainly be bad news for Monsanto (MON).
Journal of Biological Sciences: We therefore conclude that our data strongly suggests that these GM maize varieties induce a state of hepatorenal toxicity. This can be due to the new pesticides (herbicide or insecticide) present specifically in each type of GM maize, although unintended metabolic effects due to the mutagenic properties of the GM transformation process cannot be excluded [42]. All three GM maize varieties contain a distinctly different pesticide residue associated with their particular GM event (glyphosate and AMPA in NK 603, modified Cry1Ab in MON 810, modified Cry3Bb1 in MON 863). These substances have never before been an integral part of the human or animal diet and therefore their health consequences for those who consume them, especially over long time periods are currently unknown.
...
In conclusion, our data presented here strongly recommend that additional long-term (up to 2 years) animal feeding studies be performed in at least three species, preferably also multi-generational, to provide true scientifically valid data on the acute and chronic toxic effects of GM crops, feed and foods.
We'd be curious to see how this pans out, it seems to be far from a done deal given that they recommend doing further study in order to achieve 'true scientifically valid data'. It also seems that the problem may have had more to do with the pesticides involved rather than the actual act of modifying genes.
As always, one needs to balance the benefits vs. the cost of any technology. We're reminded of how food preservatives came under fire as unhealthy additives, without regard to the fact that large amounts of people used to die on a regular basis from food poisoning before their broad usage. Still, if the danger is real, it should obviously be investigated. Hopefully, for the sake of agricultural productivity, there aren't any major health risks.
(Via Huffington Post and Naked Capitalism)
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Pocketnow has published another comparison between browsing speed on the HTC HD2 and the Google Nexus One, this time using Skyfire on the HD2.
In contrast to the last video, on this occasion Skyfire is much faster at presenting the web page on the Windows Mobile handset compared to the Android version.
Is this a reasonable comparison? Let us know below.
Esta torre, sera superada el año 2011 por la Torre Santiago 300 (Torre Gran Costanera de Costanera center) que contara con 70 pisos y 300 metros de altura convirtiendose en la Torre mas alta de Latinoamerica
Aca fotos de esta imponente torre inspirada en una Vela Nautica
*Las fotos no son mias, si a los deños les molesta que las suba, las puedo sacar.
Saludos a todos !
Esta torre, sera superada el año 2011 por la Torre Santiago 300 (Torre Gran Costanera de Costanera center) que contara con 70 pisos y 300 metros de altura convirtiendose en la Torre mas alta de Latinoamerica
Aca fotos de esta imponente torre inspirada en una Vela Nautica
*Las fotos no son mias, si a los deños les molesta que las suba, las puedo sacar.
Saludos a todos !
According to a new study, enterprises continue to deploy social networking tools at an increasing pace. At the same time, though, this Cisco-sponsored study also found that a surprisingly small number of businesses have implemented formal processes and policies related to their use of social media. IT departments have also been left out of the loop when it comes to the adoption of social media tools. Only 10% of the respondents currently involve their IT departments as primary decision makers when it comes to choosing technologies for externally facing social networking initiatives.
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This study was sponsored by Cisco and carried out by the IESE Business School in Spain, the E. Philip Saunders College of Business at the Rochester Institute of Technology in the U.S. and the Henley Business School in the United Kingdom. The researchers conducted in-depth interviews with 100 companies in Europe, Asia and Africa. These businesses were selected because they were early adopters of social media tools.
Most of the interviewed companies are using social networks (75%) and micro-blogging tools (50%) as their primary tools to reach their audiences. The study found that social networking tools like blogs, Yammer, Facebook and Twitter are now being used by almost every department in these businesses.
As Neil Hair, assistant professor of marketing at Rochester Institute of Technology and one of the lead researchers of this study told us yesterday, it is also important to note that “the honeymoon period” for social media in the enterprise is coming to an end. Early projects were often led by one or two early adopters who were enthusiastic about the possibilities of using social media tools in their companies. Now, more and more companies are seeing social media as an integral part in how they communicate with customers and vendors.
Only 1 in 7 companies have formalized a process for adopting and deploying these tools, however. Only 1 in 5 of the interviewed companies have created internal policies that govern the use of these tools by their employees. As the researchers noted, quite a few companies struggle with finding the right balance between “the social and personal nature of these tools while maintaining some amount of corporate oversight.”
Very few companies (1 in 10) report that their IT departments are directly involved in their social networking initiatives. As these tools become more important, however, the the demand on IT to integrate these tools into the existing infrastructure will surely rise as well.
For many years, we’ve wondered why the major labels haven’t gotten in trouble for what appears to be clear price fixing — having all of the major labels band together to both demand identical wholesale pricing and attempt to dictate retail pricing by partners as well. There have been various investigations by both local and federal officials, along with a few lawsuits — but nothing has really gone very far. One lawsuit was tossed out by the district court back in 2008, but in a surprising move, the 2nd circuit appeals court has revived the lawsuit, claiming that the evidence is “sufficient to plausibly suggest” price fixing by the major labels with regards to digital music. So now it goes back to the lower court. I still doubt this will really have much of an impact, but it’s nice to see some recognition of what’s seemed pretty obvious for quite some time.
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Jan. 12, 2010 | Filed Under: KFT
By Geoff Gannon
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Tuesday, January 5th, 2010 – Warren Buffett’s Berkshire Hathaway announces it will vote “no” on Kraft’s proposal to issue 370 million new shares.
Kraft’s CEO wanted to use the new shares as ammo in her hostile takeover of Cadbury. Buffett shot her down. Why?
Because Kraft’s stock is too cheap.
Here’s what Buffett wrote:
“What we know with certainty…is that Kraft stock, at its current price of $27, is a very expensive ‘currency’ to be used in an acquisition. In 2007, in fact, Kraft spent $3.6 billion to repurchase shares at about $33 per share, presumably because directors and management thought the shares to be worth more.”
Buffett also bought Kraft around $33 a share. Page 15 of last year’s annual letter to shareholders shows that Berkshire’s 130 million plus shares of Kraft cost $33.24 a piece.
What Does Buffett See in Kraft?
1. Brands that will never be duplicated.
· Kraft products are in more than 99% of American homes
· The company has 9 brands with more than $1 billion in sales
· And 40 brands started before 1910
2. A dominant competitive position.
· 80% of Kraft sales come from products with the #1 market share in their category.
· And 50% of sales come from categories where Kraft’s market share is more than twice that of their nearest competitor.
3. Good margins.
· On average, Kraft turns 7.7 cents of each sales dollar into free cash flow.
· Kraft’s U.S. Groceries – its salad dressings, barbecue sauces, Cool-Whip, Grey Poupon, and Jell-O – have the same profit margin as Google (GOOG).
· The company’s cheeses have margins equal to Heinz (HNZ).
4. Managers focused on the right things.
· Kraft sends most of its free cash flow straight to shareholders in the form of a $1.16 a share dividend – giving the stock a dividend yield of 4%
· In 2007, the company started buying back gobs of its own shares – giving each shareholder a bigger slice of the same pie
· They’re cutting costs
· And restructuring foreign businesses to look more like the American business
The 4 Questions Warren Buffett Asks Before Buying a Stock
Those are good reasons for any investor to buy Kraft. But Warren Buffett has four specific questions he asks before buying any stock:
1. Does he understand the business?
2. Does it have favorable long-term prospects?
3. Is it operated by honest and competent people?
4. And is it priced very attractively?
Does Kraft Pass Warren Buffett’s Test?
No.
It fails question number 4.
At least it would if Buffett’s four questions had stayed exactly the same as they were in 1977.
Question #4 – “Is it priced very attractively?” – is the reason Berkshire sometimes holds off buying any stocks at all. Buffett is always on the lookout for great businesses and he usually finds them. But he can’t always find them at the right price.
The Warren Buffett of 1977 wouldn’t buy Kraft, because that Warren Buffett only bought super cheap stocks. Today Buffett has to settle for slightly cheap stocks because there simply aren’t enough super cheap stocks to soak up all of Berkshire’s cash.
To solve this problem Buffett lowered his standards and changed question #4 to:
“Is it pricedvery attractively?”
Kraft passes this test. That’s why Buffett bought it.
Should you?
What is Kraft Worth?
Warren Buffett values companies according to something he calls owner earnings:
“…we consider the owner earnings figure, not the GAAP (Generally Accepted Accounting Principle) figure, to be the relevant item for valuation purposes – both for investors in buying stocks and for managers in buying entire businesses. We agree with Keynes’s observation: ‘I would rather be vaguely right than precisely wrong.’”
So what’s the vaguely right earnings number for Kraft?
My guess is $1.85 a share.
It’s a somewhat arbitrary number. But only somewhat.
If you take Kraft’s free cash flow from 2000 through 2008 and adjust it for the number of shares out today you get $1.75 a year in free cash flow. If you take the last three years as a short-term average you get $1.73 a share.
Kraft’s sales are higher now than they were in those years. If you slap Kraft’s historical free cash flow margin of 7.7% on the today’s sales you get $2.07 a share in free cash flow.
(This assumes sales will be down 6% from last year but doesn’t adjust for the sale of the pizza business.)
Like I said: arbitrary.
But averaging the three figures and taking $1.85 a share as your owner earnings is the vaguely right approach.
Yes – you can substitute $1.75 or $1.73 or $2.07 or anything in between if you want. No one will smite you for it. The important thing is putting some numbers in and taking some emotion out.
This eternal stream of cash flow from Kraft stock needs to be compared to something if we want to put a dollar value on the shares.
I’m going to use the yield on investment grade corporate bonds – 4.89% – which means inverting the yield (1/0.0489 = 20.45) and multiplying Kraft’s owner earnings by that number.
Which is a fancy way of saying each share of Kraft is worth its owner earnings times the price people are willing to pay for each dollar of corporate promises.
Right now investors are willing to pay $20.45 per dollar of corporate promises they believe.
Kraft stock promises $1.85 in owner earnings.
That promise should be worth $37.84 a share.
Right?
Maybe vaguely.
It depends on a lot of things. The biggest is the quest for Cadbury – a subject I’ll take up tomorrow.
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Splinter Cell: Conviction has had a few delays under its belt. The original game (the one with the rougher-looking Sam Fisher) went through a couple, and the current incarnation was pushed back in mid-2009. It seems Sam
