Ridout Barrett CPAs Tony Ridout has visited and addressed our students many times. We have placed graduates with Ridout for several years.
Financial Consulting Firms
Aventine Hill Partners, Inc. Beth Hair CEO founded Aventine in San Antonio in 2009. The firm now has offices in Dallas, Austin, San Antonio, and Houston. She formerly was with RGP.
Resource Global Professionals Susan Hough has been to campus and spoken to our students. She is the San Antonio Manager of RGP. RGP and Aventine are not CPA firms. Instead they offer contract specialists for firms needing specific tasks such as compliance or Controllerships.
Acounting Today This is an independent site for accounting news regarding firms and current issues.
Certified Information Systems Auditor CISA Now that everything is literally on the computer and cyber security becomes a prominent issue, I see more and more accounting professionals with this designation. Previously known as the Information Systems and Audit Control Association, it now goes by the acronym ISACA.
Institute for the Study of War The Institute for the Study of War advances an informed understanding of military affairs through reliable research, trusted analysis, and innovative education. We are committed to improving the nation’s ability to execute military operations and respond to emerging threats in order to achieve U.S. strategic objectives. ISW is a non-partisan, non-profit, public policy research organization.
Stratfor This Austin, TX based site was begun by an ex Texas State Professor.
Here is an interesting analysis of three coffees. I aksed Whataburger why they were not in the upscale coffee business at a recent gathering. Oddly the lady cited the high price of coffee makers. Coffee of course carreis a far higher contribution margin than food.
This is another example of why we study the reporting of per share earnings in ACCT 3312. As nervousness rises, investors react quickly to bad news. IBM is still making lots of money, just not as fast as investors would wish, and so the stock price falls.
Lesson, stock prices can and will fall as they did in 1973-74 evenwhen companies are making good money.
Yahoo;s Mayer goes to Plan B. The new female CEO for Yahoo is now looking to invest money frrom the sale of assets. The idea is to latch onto a growth vehicle. Hmm, how many times did Dell and MSFT try this and fail? With the stock market prospects down, this looks even more challenging.
In the past we have had cheap labor and monetary capital. Now Smith suggests that innovation, robotics, and creating value will be the new capital. Thegarage door opener is a good example. Low research and development costs coupled with low interest rates to finance it in an environment of high regulation and taxes is a job killer to be sure. And that is where we are with this administration.
We he the highest corporate tax rate in the world. No wonder companies are fleeing the USA.
An alert accounting student sends this article about jobs and pay. NOtice that a accounting first appears mid pack salary wise. But it continues to appear all the way to the top, the 99th percentile rank.
So what is the difference? The top two ranks have obtained accounting certifications which put them in an altogether difference income strata.
As I remind students, certifications are a gateway to success.
The Bike Waiter is featured in a story in the SA Express News today. The young lady in the article has ridden 2700 miles the last few months and I would guess is in great shape. I would recommend more protective gear than shorts and a sleeveless top as I suspect would their workman comp carrier.
At any rate, presumably one has to be within a close enough distance to a restaurant for bike delivery to be reasonable. This business exists in St. Louis and San Antonio. This is an outgrowth of the pizza delivery business of course, Pizza is relatively hardy substance and packs well into flat containers.
I looked at the restaurants available in my zip code and some are actually downtown, I live between Wurzbach and Huebner. Surely one would need a motorized vehicle for that distance. Hmm, time to bring back the three wheeled Cushman, or perhaps a Fiat 500 with th passenger seat removed would be the right urban traffic warrior.
It's only October and already half the class has given up. The rest of the class is divided. The second group hangs back. The first engages Professor Kingsfield. I don't think the first group is really any smarter but theyhave more courage. On Monday I am moving to the first group.
James Hart in The Paper Chase, 1973
: to spend time doing things that are not useful or serious : to fool around and waste time
Unit cohesion is a military concept, defined by one former United StatesChief of staff in the early 1980s as "the bonding together of soldiers in such a way as to sustain their will and commitment to each other, the unit, and mission accomplishment, despite combat or mission stress".
It's only October and already only half the class is checking in either on line or in person. About one third of the classes are completing the weekend quiz after the posted deadline.
Quiz Deadlines are posted Sunday Night at 10 PM. Extentions will not be granted unless you show up for class in a very large plaster cast. Plan to start and finish well before Sunday night.
And I am receiving requests
-that I post all the answers to every homework problem
-that I extend time to take exams for all sorts of varied reasons, pick one,
The Paper Chase, quoted above, is a movie about first year Harvard Law students. They are enrolled in Professor Kingsfield's contract law class. He is brutal in his questioning and not the least empathetic as students squirm under his socratic method of questioning.
But in the end, Hart and another student persevere and pass with an A. The movie profiles the various student types as they form a study group. The group finally breaks down as students fail to complete their share of the outline or the lack of 'unit cohesion' splits them apart.
Where am I going with this? One learns by doing, not by simply listening. The learning process can only proceed if first you and then I understand what you do not know. That only happens if students attempt the problems before coming to class. Then ask questions on what you do not understand.
Learning does not take place by simply staring at the answer to a problem. This is overwhelming. This does not stimulate critical thinking or questioning.
Now stop and think. How many questions do I get in class? How many questions are registered by those at home? The answer is few to none. No doubt everyone is of the opinion that they can simply open the book during the timed exams at home and locate teh answer. The too high grades suggest this is the case. But that will be of little help after graduation whe you are facing a real exam on a computer at a test center under highly regulated and monitored conditions.
Not so long ago the CPA exam was the last of the professional exams (law, medicine, architecture) still given on paper. One had to literally write out some of the answers or problems. The same exam was given to the entire nation and only twice a year. And in Texas in only four cities, Dallas, Houston, San Antonio, and Lubbock. And of course one had to qualify and register months in advance.
The result was the formation of cohort study review groups via universiites or private providers like Becker. It afforded one the opportunity to observe others in stressful conditions. Liasons were formed, and as time went on it became clear who was really serious. Then as now the pass rate was lower than it is now, then about 35% on any one part.
I have concluded that one reason so few of our graduates take any certified exams is the lack of unit cohesion. Unit cohesion, remember the Three Musketeers, one for all and all for one, results in if she can do it I can do it attitude. This is precisely why the military so values this concept. But our commuter campus does not lend itself so much to the sort of intense competitive spirit one might encounter at a residential university. To wit, UT Austin and College Station typically score the highest pass rates andd they have the highest admission standards.
An Officer and a Gentleman-= the story of how the military basic training can change an otherwise rebellious individual has been told many times but never better than when Louis Gossett Jr. is the Marine Drill Sgt. A different setting but the same basic theme as Paper Chase.
It's Tuesday which is the day for Brett Stephens Global View column in the WSJ. For a look at what the nest two years may hold, I highly recommend today's column. His title is
Obama Survival Manual, Intl Edition in which he describes POTUS as
a self-infatuated weakling
Now before you accuse me of being politically negative, after all this is Brett's column, I return to my 1973-74 analogy. Markets love alternation and that is what we have.
In 1973-74 we had Republican Nixon in the White House, despised by the Press. After losing the race for President in 1960 and then Governor of California in 1962, Nixon angrily told the hostile press, at least you won't have Nixon to kick around any more. And then Phoenix like,he returned, the worst nightmare for the liberal press.
Now we have alternation. A Democrat is in the White House with as Bernie Goldberg puts it, A Slobbering Love Affair with the media. This time the internet has given rise to the cirticism of the President.
But the point as Stephens says, is that q world of rambunctious rogues have two years to be assured the US will do nothing to stop them.
From that standpoint the mid East becomes Viet Nam with refugees clinging to helicoptors fleeing the US Embassay rooftop. Come to think of it, we have already had an ambassador and his guards killed in Benghazzi.
Yesterday we speculated on the possibility of a crash. Yet crashses alwyas come at the end of a move, just as parabolic upmoves, like TSLA come at the end of a bull market.
But a crash does not have to occur. Like our frog in slowly hotter water, investors can experience a slow or fast boil. The 1973-74 meltdown never saw a genuine crash. The moves down were interrupted with occasional bursts back to the upside. The same thing occurred in the 1930-32 meltdown. It was a stair step decline with investors becoming enthused by the occcasional bounce.
A Diamond Shaped Top in the Russell 2000
RUT exhibits a diamond shaped topping pattern. We have distinct downtrend channels.
On the fourth move down this year suport gave way. Expect this to begin occurring among all the different indexes at different times. Yes the daily stochastic is over done and that led to rallies. But this time the support has given way.
There it goes, we have a crossover on the weekly 13-34 EMAs. John Murphy notes this is particularly noteworthy. The 13 and 34 are Fibonacci related numbers. And weekly charts trump daily charts.
What we see is extraordinary risk-taking in the financial markets while in the real economy risk-taking has taken a holiday,” said Claudio Borio, a senior economist at the Bank for International Settlements, a clearinghouse for global central banks.
Mr. Borio is of course exactly correct. Hedge funds are now leveraged eight to one at the top of the stock market frenzy. Yet employers are reluctant to hire. There is an op ed in the WSJ today suggesting too much regulation has too much regulation has choked off job creation..