Professor Elam

House Comm. Okays Bill Prohibiting Mandatory Auditor Rotation

Friday June 21 2013

The House Rinancial Services Committee  approved a bill prohibiting mandatory auditor rotation. 

Here is an example of companies beating the PCAOB at its political game. Companies and certainly not the external audit firm did not want mandatory five year rotation of audit firms. 

The Lone Ranger / Professor Elam Version

friday June 21, 2013

Hollywood will bring a new version of The Lone Ranger complete with a war painted Johnny Depp as Tonto (don't we have any North Americans Native actors?)  But Professor Elam  as per usual is out front of the crowd on this one too. Several years back we submitted this parody  to Lew Rockwell, it is still up.

Read and enjoy. 

Deflation Ahead

Thursday June 20 2013

Here is an example of what students can learn from reading

http://www.themarketperspective.com

Markets were down around the world after the FED remarks yesterday.Bernanke struggled for clarity. But the direction of the markets was pretty clear, this was just the news event the media will hang its hat on. Rather than change policy direction with less regulation and taxation, the solution is to fire Bernanke. The list of replacements suggests more of the same. This is typical era of stagnation thinking. It is as though we are re living the Carter years all over again. 

A reader asked for less anecdotal evidence and we showed the clear stair step down pattern of GLD. 

The truth of the matter is all the FED can do is attempt to raise or lower interest rates. But that does not force anyone to invest. And hiring has clearly not picked up amid massive regulation and tax initiatives from the government. Lower unemployment has simply meant more on food stamps and giving up looking for work.  All that happened was a cheap money fueled speculation in stocks and commodities around the world. 

Social mood has turned fearful. Just scan the headlines in the WSJ as we have shown, there is repression from Moscow to Istanbul to Cairo to Washington DC. The Administration turns the IRS attack dogs on their enemies. And no one is punished for it. Okay enough of that. 

it seems clear that our suggestion of May 22 as being a significant top was correct. I note that gold has rebounded a bit from below 1300 last night to above 1300 today. 

Our comment was that the best place to be was sidelined. Gambling on the outcome of stocks or gold at such a juncture is a high risk proposition. It appears the better idea for longer term investors is to prepare for ways to take advantage of coming higher interest rates. 

Our idea of closed end municipal bond funds was interesting. While other asset classes collapsed, those funds experienced little to no volatility on the sell off yesterday.

Stocks remain at a 13 year high with the potential to fall much further. Note our graph in a previous post  showing the NYSE stil way aove the collapsing summation index. The NYSE needs a much larger fall to catch up with the declining summation index. 

Our view has been that a top of some significance was at hand and defensive action was the best idea. had I recommended buying 100 puts on GLD no doubt the readership on this blog would be up. But we made the direction of the markets clear. 

Oil also fell last night but has not decisively turned down yet. The turmoil in the mid East is apparently keeping it high. It is highly correlated with the stock market. 

More to follow. 

 

 

Quantum Trial for ACCT 3314 Student this Summer

Wednesday June 19 2013

The folks at Quantum have graciously allowed you a  free look at Quantum this summer. I believe this is an excellent self tutoring product at a reasonable price. I have posted a spot for you to comment on Blackboard. You will earn a 5 point quiz grade for a well done evaluation of Quantum.

Professor Elam

STUDENT ACCESS INSTRUCTIONS

Quantum’s adaptive learning and assessment software will help you master core accounting topics and skills needed to be successful in the course.  With Quantum, you can:

• Receive personal, step-by-step feedback on your own work
• Target key topics and concepts where you need the most help and practice
• Ask questions when the instructor isn’t available or the tutoring lab is closed
• See what you’ve mastered with “How Am I Doing?” reports

GETTING STARTED

1. Review the Getting Started Guide.

2. Go to www.quantumhelps.com and click “New Student? Register Here” and enter the following access code after registering:

pc50171652

3. Launch the software and master topics as required by your instructor.

4. When directed by your instructor, take 5 minutes to complete the Spring2013 Student Survey.

QUESTIONS?

Watch the Virtual Tour

Contact Quantum Support

ENJOY YOUR LEARNING EXPERIENCE!

The Debate on Apple Continues

ruesday June 18 2013

Here is a vigorous debate on Apple's future. Three reasons why Apple has seen its best days versus this is just a normal consolidation.

Earnings matter and the period of giant earnings growth appears to have ended. Is Apple an dor Rackspace  now where MSFT was in Year 2000?  Please sound off.

CMA Review Class

6/18/2013

 

Pass the CMA Exam! Gleim Publications; Dallas-Fort Worth Area IMA; and Ronald Schmidt, CMA, CFM, have partnered to provide CMAPrepCourse, a live CMA review course with web delivery options, in the Dallas-Fort Worth area. This comprehensive CMA review course is specifically designed to help you pass the CMA exam in 2013.

This review course will be held live at the University of Dallas in Irving, TX and is also available online to students from the region. The CMAPrepCourse consists of eight sessions and includes an additional final cram session, which will take place live in multiple major metropolitan areas within the region, at the end of the course. Part 2 begins on June 29, 2013, with classes on Saturdays from 8:00a.m.-12:00p.m.

The course is designed to give candidates the tools, information, and knowledge necessary to pass the CMA exam the first time. This course is unique to the area in terms of its affordability, flexibility, and the one-on-one attention that participants will receive from instructors with a proven track record of success.

If you are a candidate who wants to pass the CMA exam quickly and appreciates the added value of a live instructor, go to http://cmaprepcourse.com/enroll/ and register now.

For more information, call Ronald Schmidt at 855.PASS.CMA (855.727.7262) or email [email protected].

Already certified? Forward this opportunity to your noncertified peers, as we want to help them get certified in 2013 as well.

Thank you, and have a great day!

Texas Sales Tax Holiday

Tuesday June 18 2013

The Texas Comptroller has announced the Sales Tax Holiday is moved back a week. Notice the emphasis this gets. Now if repealing sales taxes for a few days stimulates, sales, imagine how much a general tax reduction would increase sales!  Why not less government, less taxes, more sales?  Hello Milton Friedman

 

August 9-11: New 2013 Sales Tax Holiday Dates

The recent passage of Senate Bill 485 (83rd Regular Legislative Session, 2013)changes the dates of this year's annual Sales Tax Holiday to Aug. 9-11, a week earlier than previously scheduled. The law became effective immediately.

The Sales Tax Holiday gives Texas shoppers a break from state and local sales taxes on most clothing, footwear, school supplies and backpacks priced under $100. Shoppers can save up to $8.25 for every $100 they spend.

Publication 98-490, Sales Tax Holiday/Tax-Free Weekend and Rule 3.365, Sales Tax Holiday - Clothing, Shoes and School Supplies tell you what you need to know.

 

The Ten Worst Majors

Tuesday June 18, 2013

Here is a short article on the ten worst majors in trems of finding a job. 

At most colleges of business 50% or more of the enrollment is in management or marketing. This is a really a moniker for psychology, understanding why people do what they do and trying to persuade them to do what you want. Nothing wrong with that but Dale Carnegie wrote the seminal book on that in How to Win Friends and Influence People back in the 1930s. 

What one needs are specific skills, note  the word quantitative. And nothing speaks to skills accomplishment more than a certification in field. This is why we have that assignment for Blackboard. 

I will say that a bit os exposure is these fields is excellent. I have advocaated a business history class but no luck. I learned a great deal in my Psy 301 class but I read the entire 800 page book, attended every lecture n the class of  400 and made an A. Ditto my class in Diplomatic History Since 1890. You get out of it what you put in. 

It is not too early to pick your certification preference and start studying. We have review books for 

CPA

CIA

CMA

 

www.manrepeller.com

Weekend June 16 2013

I am not sure why so many magazines are obsessed with lists. I stopped reading Forbes when they became the never ending list of 100/400/etc. This month Fast Company has its 100 Most Creative People in Business. I don't know that I agree with their findings but I did spot one who I think just picked a blog name to attract attention, yep it's Leandra Medine's Man Repeller.com. Asserting that it's a site about trends women love and men hate, since 2010 the sote has taken off to attract six figure readership. Meandra rates 92 on the high end out of 100. 

Frankly the styles look about like what one would see in any fashion magazine. That's a $390 Givenchy Blazer at right, no price on the cut offs. But then the gal did spend four hours on the computer to find it, no bargain comes without sacrifice I guess. 

At any rate Meandra has a book deal coming in September and a staff that helps write the blog now. Clearly I am way too mainstream with my  blogs....So ladies, whaddya think?

Nate Silver who specizlizes in prediction polling is number one, Karl Rove and Dick Morris might consider giving him a call. 

Update on Toastmaster Locations

Weekend June 14 2013

Ruben Medrano posted this comment in regard to meeting locations for Toastmasters. 

The meetings on main campus are currently just planning sessions, however we welcome everyone to come join us. There will be meetings scheduled at both campuses once we officially begin, especially since there has been expressed interest from other business college departments. Summer 2 planning sessions will be held at Brooks City Base.