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Exam Number : 9A0-381
Exam Name : Analytics Business Practitioner
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21 stocks to Make You prosperous | 9A0-381 Practice Questions and Cheatsheet

Of the limitless number of possible inventory-making a choice on options, one which we above all like may also be summed up in three phrases: The execs recognize. In other phrases, ask the experts what shares they may be purchasing and also you're prone to come up with some fairly first rate ideas. ultimate 12 months, we requested seven exact portfolio managers to identify their favorites, and their 22 decisions again a standard of 29% to might also 14, smartly ahead of the 18% gain of commonplace & terrible's 500-stock index (for extra details, see Our crew features 29%).

Now we've got rounded up a new neighborhood of staggering managers the usage of the same elementary standards we used to prefer final yr's bunch: all of them have produced advanced facts, over each the short term and the future. When these folks focus on their optimal investing ideas, or not it's price listening in.

A Berkshire bent

Many a mutual fund manager has bolted to the free-wheeling, less-regulated, potentially extra lucrative hedge-fund world. Whitney Tilson and Glenn Tongue have completed pretty much the reverse. They launched their first hedge fund in January 1999 (it again an annualized eleven%, after fees, to can also 1, in comparison with an annualized gain of 4% for the S&P 500). Then in March 2005 they unveiled Tilson center of attention, a concentrated mutual fund that invests in undervalued corporations of all sizes. It lower back 20% over the last yr.

Tilson and Tongue search for protection, low expense and unexpectedly becoming value when they shop for shares. If this reminds you of a definite investor in Omaha, it's for decent reason. "We admit to being loyal Buffett disciples," says Tilson.

No surprise then that Warren Buffett's Berkshire Hathaway (BRK-A) is Tilson focal point's largest holding. Tilson and Tongue see safety in Buffett's triple-A-rated holding enterprise: "Its stability sheet is citadel Knox-protected," says Tongue. The value of Berkshire's working groups in certain, reminiscent of Geico, Gen Re and Shaw Industries, is compounding at a livid pace. Tilson says that pretax income of Berkshire's operating agencies swelled through greater than 30% a yr from 1995 through 2006.

And Tilson and Tongue reckon that the shares are nevertheless low priced. after they practice a modest cost distinct to the working corporations and add the value of Berkshire's money, bonds and big stakes in publicly traded organizations, similar to Coca-Cola, Moody's and American categorical, they arrive at an intrinsic price of $one hundred fifty,000 a share for Berkshire, a 36% top rate to the stock fee of $110,000 (Berkshire classification B shares exchange fingers for a mere $3,668).

The story with McDonald's (MCD) is distinct. this is a magnificent turnaround that Wall highway has always underestimated. The stock cost has tripled considering that Tilson and Tongue first bought shares for his or her hedge fund in December 2002. A circulate of a hit new-product launches, such as McGriddles, salads and top rate coffee, has produced greater revenues (earnings at shops open at least twelve months surged a tasty eight.2% in March) via a fixed asset base, leading to rapidly increasing earnings margins. Tilson thinks the stock, recently $fifty one, is price as a minimum $60 a share.

Mueller Water products (MWA) is a extra normal deep-value opt for. Spun off from Walter Industries late remaining year, Mueller is the leading maker and service provider of water-infrastructure products, equivalent to fireplace hydrants, valves, couplings and transmission pipes. The inventory, which sells at a small top rate to book price (belongings minus liabilities), has been depressed by using the housing recession. however the water infrastructure within the U.S. is in pressing need of fix or replacement, so Tilson thinks it be just a be counted of time earlier than Mueller's flow of gains increases. He sees more than 50% upside within the inventory, lately buying and selling at $16.

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overseas and out-of-prefer

for the reason that launching Causeway international value fund in 2001, Sarah Ketterer hasn't been afraid to head in opposition t the grain. She favors organizations that are attractively priced as a result of temporary difficulties, and she will take gigantic positions in a country or sector if the fund's strict inventory-picking regimen determines that is where the values are. With a $5-billion portfolio of gigantic-company stocks, the fund reputedly has lots of room to develop. Yet Ketterer closed it to new investors to retain the flexibleness to flow returned into midsize businesses when prices in that section moderate. traders who obtained in before the doorways were locked had been rewarded with a 17% annualized return over the past 5 years, which was carried out with fairly low volatility.

one of Ketterer's right picks, Sanofi-Aventis (SNY), illustrates how she achieves these low-possibility returns. Shares of the Paris-primarily based drug giant have fallen about 9% for the reason that July 2006 as a result of considerations about established competitors and delays within the launch of its anti-weight problems product, Acomplia. but a rich pipeline of 65 capabilities medication should be certain amazing revenue boom in coming years. meanwhile, says Ketterer, the business may still generate a excellent $fifty five billion in free cash circulate (money left over after paying bills and reinvesting within the business) over the next 5 years, which may still guide the percentage fee, currently $forty six. The enterprise might use the cash to repurchase shares and to bolster its dividend. "The draw back is nearly nil, barring the surprising," Ketterer says.

A slightly riskier prefer is Ericsson (ERIC), which constructed the infrastructure that handles forty% of the world's mobile-telephone calls. The Swedish telecom-gadget gigantic may still improvement from potent expected growth in mobile traffic over the following couple of years. nevertheless it operates in an inherently volatile enterprise, and the declining cost of the dollar hurts gains earned in the U.S. and in Asian international locations with currencies pegged to the dollar. still, "the inventory is too undervalued to ignore," says Ketterer. The shares, at $38, could return 15% to 20% yearly over the next couple of years, she says.

HSBC (HBC), the London-primarily based banking large, has taken its lumps from a subsidiary involved within the foundering U.S. subprime-loan enterprise. but with a value-salary ratio of 13, says Ketterer, it's "somewhat a cut price for a company that operates globally and with a robust Asia company that is expected to supply income growth of 20% to 30% a year." What's extra, she provides, the financial institution is overcapitalized, that means there is plenty of cash obtainable for paying dividends and buying again stock. Even now, the shares yield a beneficiant 4.three%.

exquisite businesses with principles

Nicholas Kaiser has advised Amana have confidence increase fund to market-beating efficiency over the past ten years, even if he's, in impact, working with one hand tied behind his lower back. The fund invests based on Islamic principles, so it need to avoid fiscal shares and businesses with high debt (as a result of a prohibition towards gathering or paying interest) as well as groups linked to liquor, gambling and pornography. because of this, about half of the U.S. inventory market is off-limits. regardless of these restrictions, Kaiser has delivered incredible returns: an annualized 14% during the last decade, in comparison with 8% for the S&P 500.

one of Kaiser's favorite picks is Apple (AAPL). He began purchasing the computing device and iPod maker a few years ago at $14 a share, and he still likes it at $109. yes, the shares appear pricey at 30 instances anticipated 2007 salary, but the P/E has actually been falling as Apple's bubbling product pipeline has churned out one hit after one other. Apple's earnings in the first quarter of 2007 soared 85% over the same length a 12 months past, smartly past analysts' expectations.

Kaiser believes the enterprise can sustain this stunning performance. He cites the release this yr of a brand new generation of energy-hungry digital-design-and-imaging utility programs from Adobe. The application, he says, will supply a tremendous enhance to income of Apple's high-end Mac seasoned workstations, which delivery at $2,500. "each media desktop jockey goes to need to have one of those issues," he says. This summer's free up of the long-awaited iPhone and the autumn debut of the Leopard operating device are additional hits within the making, he says.

Kaiser holds a slew of transportation stocks in the fund, and one in every of his favorites is UPS (UPS). youngsters its U.S. package-beginning enterprise gives just about two-thirds of revenues, it faces fierce competition. What excites Kaiser is usas logistics enterprise, which presents functions starting from consulting to running a corporation's total delivery software. even though it generates simply 17% of united states of americas revenues, "or not it's the growth engine," says Kaiser. A $1.68 annual dividend gives a nice 2% yield on u.s.a.s shares.

clear power is not one of Amana's mandates, however that doesn't stop Kaiser from endorsing FPL neighborhood (FPL), a Florida utility that's one of the most world's greatest producers of electric vigor from wind. youngsters Kaiser views the utility's emphasis on renewable energy as a plus, he's above all attracted through its transforming into customer base, which encompasses about half of Florida's inhabitants, and its unregulated wholesale company, which sells inexpensive power generated from nuclear vegetation and other sources. FPL has a "first rate, consistent stream of salary, an increasing dividend, and or not it's anything we know makes money," he says. The $1.64 dividend has grown pretty much 10% annually during the last three years and offers a three% yield.

[page break]

starting to be and low cost

lots of the high-flying money that back 100% or greater in 1999, the final 12 months of the tech bubble, have lengthy given that crashed and burned. One exception is Turner emerging growth. The fund, which makes a speciality of small, quick-becoming organisations, adopted a one hundred forty four% jump in 1999 with features of at least 10% in every year apart from 2002, when it lost 20%. Its annualized 14% return over the past 5 years simply beat that of the Russell 2000 increase index. (The fund is closed to new buyers.)

manager Frank Sustersic appears for corporations with annual profits growth of as a minimum 10%, scrutinizing them for weaknesses of their business fashions. he's additionally sensitive to price; he dislikes P/Es that are greater than an organization's growth expense. That saved the fund out of crisis when the tech bubble burst.

one of Sustersic's proper picks is Parexel international (PRXL), among the many world's biggest suppliers of scientific analysis for pharmaceutical and biotech corporations. The industry is experiencing "exceptional boom," in part since the U.S. food and Drug Administration is requiring greater medical assessments, says Sustersic, a health-care analyst by training. Parexel, based mostly in Waltham, Mass., operates in 36 countries and has a backlog of orders totaling more than $1 billion. Its U.S. operations have historically been unprofitable, but Sustersic says that is about to trade -- one rationale he likes Parexel despite its high P/E of 27 instances this yr's anticipated revenue.

another firm benefiting from a sizzling market is Ladish Co. (LDSH), a maker of jet-engine materials and other aerospace items. The business is experiencing a burst of increase, spurred in part with the aid of important new jetliners from Boeing (787 Dreamliner) and Europe's Airbus (A380). Like Sustersic's different favorites, Ladish has a in shape backlog -- more than $500 million value of enterprise. Its shares stumbled, even though, after an salary disappointment in the fourth quarter of 2006 that Sustersic attributes to a plant-protection closing that lasted longer than expected. consequently, the shares are promoting for a relatively modest 18 times estimated 2007 earnings.

Sustersic's third choose, Bucyrus overseas (BUCY), additionally made our listing final year. The South Milwaukee, Wis., enterprise manufactures significant-scale excavation gadget for the floor mining of coal, copper, oil sands and other minerals. weak spot in coal expenses has hung over the shares for the past 12 months. however the long-term demand for coal is powerful, and the firm has an order backlog of just about $900 million, up from $659 million a yr previous. "i really like companies which have first rate profits visibility from a solid or becoming backlog," says Sustersic. The inventory trades for roughly 22 times this 12 months's expected profits, and analysts predict profits to grow by way of 33% this 12 months and 28% in 2008.

increase Franchises

however most increase managers have been mired in a severe droop the past a number of years, Alex Motola, of Thornburg Core growth, has maintained a high batting general. all through the past three years, his increase fund, which invests in organizations of all sizes, has lower back an annualized 22%, more than twice the performance of the benchmark Russell 3000 increase index. Motola says he searches for highly sustainable, starting to be franchises that are selling at most economical expenses and that don't seem to be discipline to regular technological innovation or expense competitors.

His greatest position is in Amdocs (DOX), a billing-application and consumer-care provider for the telecommunications business. consumers reminiscent of sprint Nextel and Bell Canada rent Amdocs to deploy utility and function billing and consumer-care applications. Between Amdocs' rising income margins and convalescing stock values in the telecom sector, Motola still sees respectable upside in the shares, which trade at 17 instances estimated earnings.

In Las Vegas Sands (LVS), Motola says he's making the infrequent exception of paying up for an expensive inventory: The casino operator sells at 55 times estimated 2007 earnings. Motola anticipates a rising tsunami of profits and money movement starting in 2008. "The value is wrapped up in licenses and in Sands' capability to execute," he says.

Sands' founder and controlling shareholder, Sheldon Adelson, is correctly exporting his manufacturer and potential to Asia, Motola says. The septuagenarian hit the jackpot with Sands Macau. Las Vegas Sands will personal or operate seven of ten new houses on the Cotai Strip, a Macau landfill mission beneath building. "chinese language have a high propensity to gamble," says Motola, who calculates that a thousand million americans live inside three hours' flying time of Macau.

Motola additionally likes the international footprint and robust manufacturer awareness of Western Union (WU), the venerable cash-switch outfit. A fresh spinoff from First facts, Western Union has an unmatched network of 260,000 agents everywhere and management in a tremendously fragmented trade. Motola says the business is a play on immigration and the increasing world migration of labor; Mexican immigrants use the community to send money returned home, Filipinos working in the Persian Gulf send discounts again to the Philippines, and so on. a strong money generator, Western Union trades for 19 times this yr's anticipated income.

[page break]

overseas stock consumer

If Alex Motola is one of the superior younger boom managers in the mutual fund business, David Winters is among the accurate younger price-investing practitioners. Winters realized his craft at Mutual sequence, at the ft of a master, Michael fee. a couple of years lower back, Winters left his put up as chief funding officer of Mutual sequence to birth his own fund, Wintergreen. during the last yr, Wintergreen returned 20%.

Winters says he is on a "international shopping expedition" and is discovering the most beneficial deals overseas. one of his favorites is U.okay.-based Anglo-American (AAUK), "an incredible treasure trove of assets that can not be duplicated." Winters enthuses over Anglo-American's rich diamond and platinum deposits. The metals-and-minerals huge holds a 45% stake in privately held DeBeers, which "has executed a mind-blowing job convincing ladies, and the guys who love them, that they need diamonds," he quips. Winters figures that a whole bunch of thousands and thousands of aspirational chinese language ladies, buying and selling up from jade earrings, are abilities diamond purchasers.

An adept numbers-cruncher, Winters appears for undervalued property and an desirable bargain to his evaluation of a corporation's real cost earlier than he purchases a stock. however he also zeros in on great of administration. "individuals be counted," he says. "In customary, the greatest investments and worst investments are on account of individuals." Winters appears for executives who center of attention on building a enterprise's value.

Winters loves the administration of Canadian natural substances (CNQ), a petroleum company with a huge stake within the oil sands of Alberta. Led by way of Murray Edwards, a group of managers has acquired big oil reserves cheaply. If oil fees don't budge, Winters figures Canadian herbal will nonetheless do nice. Plus, managers own $1 billion of business inventory. "they are within the boat pulling the oars in the identical direction as shareholders," notes Winters.

He additionally admires the managers of Imperial Tobacco (ITY), which has "completed a remarkable job for shareholders." a by-product in 1996 from Hanson, a British conglomerate, Imperial has made intelligent acquisitions of cigarette brands and consistently lower back capital to shareholders via larger dividends and share repurchases. Winters doesn't smoke, however he seems to have an dependancy to tobacco shares, which accounted for 21% of Wintergreen's portfolio at the end of 2006.

Pleasure Picker

Sector cash tend to be streaky and unstable. Mark Greenberg's aim amusement is an exception. over the last decade, it returned more than 15% annualized, basically double the market's return, with unbelievable consistency. Greenberg, who started following the amusement company -- what he calls "all of the fun stuff in existence" -- in 1983, picked an alluring sector. in the U.S., Europe and Asia, client spending on such non-needs as commute, alcoholic beverages and films routinely grows quicker than the ordinary economic climate.

one of Greenberg's favorite stocks is Diageo (DEO), the largest proprietor of liquor brands, including Smirnoff and Tanqueray. "in the event you're on the bar, you say 'Captain Morgan,' no longer rum; 'Johnnie Walker,' now not Scotch," says Greenberg, who worked as a lodge bartender while in school in Milwaukee. "When liquor is combined, you cannot even inform what you're consuming." It would not charge a lot extra to distill branded liquor than general, however Diageo can promote Johnnie Walker for a number of greenbacks more per bottle. The difference indicates up in Diageo's powerful money flow and steadily rising dividends.

No remember what you suppose of Rupert Murdoch's politics, there is no denying that he runs a amazing media store in information Corp. (NWS) Greenberg says Murdoch has been peculiarly adept at seizing international opportunities and harnessing the information superhighway (MySpace changed into a clever acquisition) for move-marketing functions. Fox has the optimum income margins of any Hollywood studio, says Greenberg, and the Fox community churns out time-honored tv hits with international enchantment, such as the Simpsons and American Idol. Shares of news Corp., which has disclosed that it wants to purchase Dow Jones, lately traded at 17 times Greenberg's forecast for 2008 profits.

His closing pick exemplifies the discretionary spending of a entertainment society: the quickly-starting to be pet-keep chain PetSmart (PETM). "it be staggering how a whole lot people love their dogs and cats," says Greenberg. The pet industry is growing to be twice as quickly as the financial system, and americans pamper their little chums (dog-and-cat lodges are one in all PetSmart's expanding agencies). PetSmart and privately owned Petco are the class-killers during this business, elbowing apart tiny regional pet shops.




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