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 This is a series of my thoughts that the author in me pens out via keyboard !!!

You may follow me all over the Internet because that's where I LIVE  !!!

Radio URL: https://radiopanipoori.com/chart/archives-rjn/

YouTube URL: https://www.youtube.com/channel/UCnbtyCzVZsFcgG2LJbXFXzg

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Blog URL: http://smartsitesh.blogspot.com/

Website: www.smartsitesh.com

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समय की बात

समय समय की बात है

क्या समय ही जज़्बात है ?

 

समय का सच या सच का समय

कब होता है – कब नहीं होता

किसे पता है – जब होता है

 

संसार समय का सार है

आज ख़ास जो कल बेकार है

इस दिव्य रूप में तुम्हारा होना

शाश्वत, प्रतिदिन मेरा साक्षात्कार है

 

एक मिलन से शुरू ज़िन्दगी

प्रत्येक मिलन की श्रृंखला है

कितनो से मिला और मिलना है

खुद से मिलना याद रखना है

 

तुम हो तो हम हैं

हम हैं तो हम सब

ख़ुशी का सबब है एक साथ

हम सब के होने का मतलब

  

चार में बटी या चार में जुडी

चार से छह और दस होंगे

हथकड़ी बन जाएगी कड़ी

जब सीने में अपने होंगे

 

समय समय की बात है

क्या समय ही जज़्बात है ?

 

साजन जो सज्जन मिले

k

प्रीत को रखियो संभाल

अंखियों की गर्माहट से

दिल रोज़ टटोल डाल

 

दिन कोई कैसा भी हो

रात सोई हो सवेरा हो

रात दिन हम लड़ जुडें

मन में ना अँधेरा हो

 

मार्च – २०१४ प्रतिलिप्याधिकार

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Ruk Jana Nahin - Don’t you Stop

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कविता / Poem : साल दर साल
    (2014, बंगलोर, भारत)
ओस की बूंद ज्यों घास पर उग आती है
हर सुबह ज्यों कानों में चहचहाती है...
भोर की ठंडी गर्माहट यूं दिल टटोल जाती है
सूर्य किरण ज्यों बादलों से भी दिन छान लाती है
पंद्रह जाड़ों में मेरे तुमने यूँ गर्मियां मिलाई हैं

दिन चढता, बढता, बनता, ढल जाता है
शाम संगीन, रंगीन, हसीन, बढ जाती है
रात स्याह, चाह, विवाह में सिमट जाती है
भोर फिर प्यार को पूजा में बदल देता है
तेरह वसंतो में मेरे तुमने यूँ गीत गाये हैं



नीले आकाश में जैसे सजता पीला सूरज
नील गगन में वैसे ही सर्द चांद जड़ता है
बादल आसमान के नग बन फिरते इतराते
उडती चिड़िया ज्यूं आंखों को भाती है
तेरह होलियो में मेरे तुमने यूँ
दीवालियाँ मिलाई हैं



उन तारों का कहना ही क्या जो
उन दूरियों को दर्शनीय दिखलाते हैं
पर प्रकाश की किरन वह कृपा है
जो हीरों, तारों को, मन में सजाती है
दसियों साल तुमने मेरे प्रकाश छांटे हैं

                            - सीतेश श्रीवास्तव
प्रतिलिप्याधिकार © / प्रकाशनाधिकार © / copyright ©

कविता / Poem

 

जीवन का उत्तरार्ध और दक्षिणी गोलार्ध

        (जनवरी 2015, जोहानसबर्ग, साउथ अफ्रीका)
 

जीवन का उत्तरार्ध और दक्षिणी गोलार्ध 

जुड़ाव है समन्दरों का ज़मीनों का 

हवा की कड़ी जुडी  बहती सभी धराओं पर 

चाँद सूरज सबके बराबर के हिस्से हैं 

ह्रदय को दूरी फिर क्यूँ कचोटती है 

दिल दहलीज़ फिर फिर क्यूँ देखता है 

जीवन का उत्तरार्ध और दक्षिणी गोलार्ध

दक्षिण से उत्तर निगाह तक नहीं जाती 

उत्तर से उत्तर  क्या कर आ पायेगा ?

पश्चिम से पूरब सोच भी डगमगाती 

पूरब से पूर्वा क्या बह आ पाएगी ?

ह्रदय की पहुँच को आँखों का वास्ता 

पैरों की बेड़ी पर फिर यादों को रास्ता 

जीवन का उत्तरार्ध और दक्षिणी गोलार्ध

बादल मिलते मिलते से लगते हैं

हवा जब नाराज़ हो हो बहती है 

चाँद चेहरे की रंगत पढ़ लेता है 

झनक पटक वर्षा फिर मान जाती है 

खेल जब होता यही  हर  कहीं

मेल नहीं होता क्यूँ कहीं कहीं 

जीवन का उत्तरार्ध और दक्षिणी गोलार्ध

                  -  सीतेश श्रीवास्तव 

प्रतिलिप्याधिकार © / प्रकाशनाधिकार © / copyright ©

Event Report - Chalo India Art show Tokyo 2008

Chalo India Art show Tokyo 2008
(The article was first published in JapanHopper, a social media site in Tokyo, in 2008)

I grew up in a middle class middle environment family in India where everything a human life needs, was available in small controlled quantities in nineteen seventies and eighties.

I was educated with texts that India is a great nation with a great accomodating history. It had great wealth in ancient times, and in modern times, which started during 16th century it became a pauper at the world stage with nothing to showcase except utterly poor masses, turbaned people doing street tricks, hermits, villages, cows and later British dominion.

I was fed with nationalist rhetorics of my political and social leaders of my time and previous times especially the leaders who had a brush with British administration. I believed I belong to a great nation.

Then I saw television in India for the first time in eighties and got to see my country from the lens of world.
I realised that all that was fed in me through my education system and the rhetorics of my political leaders and all the greatness of India was all about its internal media created by political system and people who dreamed of the state which Mahatma Gandhi had envisioned. It was not the international view of India which I received as part of my education but only the national view which was highly skewed.

I kept frowning about it all the years that my country which had everything from land to resources lacked collective will, outgrown legends and individualistic attitude. As I went to college and subsequently to job I found out many things which were fed into me in the name of nationalism was fake and made of mediocre principles of community leaders and torchbearers.

I was sad but I realized then that given all the negations, there were few things which kept me close to my nation despite camouflaged nationalism, rhetorics, crime, grime and a failed socialism. These were:

1. Land
2. Democracy
3. Government
4. Currency

I will explain them a bit to come to my point:

Land is a lifeless entity on this earth but has mysterious connection with its people who are born on it. Though land is not biologically connected with its people but who knows it may have a connection, otherwise how do you explain the deep affinity people have for the land where they were born and raised. So it helps to ask that if I have any affinity for the land I was born and brought up, don't I have any level of morals to defend it and work towards its improvisation? I will cover Land - Native people connection in detail in my another article.

Natives of the Land could be humans or animals or the natural resources and we are bound by our deep yet again mysterious connection with them though once again we are not biologically connected with them. How else do you explain of our longing for the forest which used to be covering our native village, the river nearby and our soujourns into it, or our wandering around our land and feel its greatness, vastness or emptiness, all with a feeling of "mine". You do not have such feeling when you go abroad destinations (other than your country[land /land of your forefathers and yourself]). Shouldn't then you have some, even lowly moral obligation to defend your land, work towards its improvement, spread the gospel of best practices from other parts of the world and bring in global solutions to solve the local problems?

Democracy is the highest and best form of governance I am given to understand. I agree to it with disclaimers. I agree to it with conditions.
But as they say in Indian wisdom 'Excess of anything is wrong and goes wrong', Indian democracy is practised with utopian state and its subjects in mind where both state and its subjects coexist without contributing to each other's growth as long as it permits.

Government in any country should be a legitimate government, recognized by world governments and should strive to be 'by its people for its people'. In democracy this is a tricky proposition and is exploited by statesmen and its subjects every day.
 
Currency is the national identity of a citizen. Currency weighs in the citizen and citizen weighs in his currency!
 
I am a middle class non resident Indian living in Tokyo and have a taste for art and artforms. I have visited several art exhibitions while in India and had never visited one abroad before "Chalo India art show" in Tokyo. The exhibition in India all were and have been bold messages; from the current state of nation gripped with north and south poles of economics to natural beauty and beasts of the country. But none of the exhibitions I witnessed in India were so brazen what I have seen at "Chalo India (translation:Lets go to India)  art show (ongoing till march 2009)" at prestigious Mori Art Museum at famed Roppongi Hills building in Tokyo.
 
To the uninitiated in Tokyo life - Roppongi Hills is a landmark building in the world famous romantic district 'Roppongi' in Tokyo. Roppongi area shares its destiny with world class night clubs and cream financial banks and institutions. As a traveler if you miss witnessing Roppongi district bloom while in Tokyo, you will miss a beat of Japan! The area is infested with rich and superfluous from every walk of life and these are the very people who make or break impressions, set trends and don the hat of cultural ambassadors which is nothing but a garb but an influential and far-reaching, far-fetching garb.
 
As I started my journey through the art-show, I had expected the same bold messages in the form of paintings, displays and collages as I had seen back in India but soon my steps trembled as I watched the botched images of India through the twenty five or so current ambassadors of Indian art. I realised how tough it is to become an artist and not become financially successful when you are trained at top colleges in India and tutored by some great masters in the chosen art-form. I realised that the only formula is "selling is success". If you are not 'selling', you are not 'success'.
In the art world, everyone dreams to become a Picasso, Monet, Van Gogh, Raja Ravi Varma, Tyeb Mehta or MF Husain. But it appeared to me that most current artists have taken the extreme route of success shown to them by celebrated MF Husain (MFH). Though there is no art of MFH being showcased in "Chalo India", but his impressions seems to have impregnated almost all artists showcased here. Put your wild imaginations into the garb of art and give it an unfitting name with a derogatory remark and sensationalise it -and succeed.
 
For world of art - India has remained a loose nation with loosest democracy, poor with abject poverty and beauty with dirty embedded. From the time I remember, India's images appearing in world publications has mostly been 'sadhus', turbaned laborers and workers and people highlighting poverty in the backdrop of all the vices of socio-capitalism which is not unique to the country.  That how it has been and that is what has been sold profitably over the years and no artist has the courage or inclination to break the 'milking cow model' of business - Indian art!
 
Though I wandered lonely under the prying and pinning eyes of japanese and other nationals, I could muster no solace in the exhibition.
I would like to mention few displaysists whose painting drew large crowds of amazed onlookers which would certainly make them feel proud but I and my fellow indian friends felt deeply ashamed of.
 
Ashim Purkayastha
 
"Gandhi/Man without specs" series of collage. I doubt whether this has ever been showcased in India. It is so easy to point fingers to a dead man who happens to be 'father of a nation'. Special scornful mention goes to the display of Indian currency bills on which Gandhi is shown as a funny man adorning hats of a comedian, hunter, man with beard and the other portion of the currency bill showing nudity at its dirtiest. Go and see it to interpret it yourself.
 
Justin Ponmay
 
"The Blind". This display shows the desperation of Indian faces which have joined fates of each other. A disgusting show of India when it is riding the economic boom and favored even at wall street as world economic superpower in a decade.
 
Jitish Kallat
 
"Death of Distance". It seems that the artist does not earn the same Indian currency and earns in some other currency! He might not even be living in India. And if he does live in India then he must be using the same currency he has scorned in this dispay. This is what I call 'licking and kicking the same ass'. I cannot imagine some japanese citizen mocking the japanese currency this way or the "Gandhi/Man without specs" display as I have mentioned above. Not today, not before when Japan was rubbing its way from world war's ashes, not in future.
 
Vivan Sundaram
 
"Metal Box". This display makes me feel my country is made of metal junk. This might be true but I am not ashamed of it. May be the artist is and found a selling proposition in it. This is the moment of India and countries like it who have got a lifetime chance to participate in the modern economy and metal junk is one of the price to pay for it. All developed countries have been junk metal box in one point in time when they were on their path to economic glories, including Japan.
 
There is one another display for which I do not remember the artist name. The display shows a microphone blurting out the audio of the famous speech of Jawaharlal Nehru, India's first prime minister and architect. The audio is distorted to give you a feel as if the man was hopeless while he was giving that famous 'tryst of destiny' speech in August 1947.
 
There was no display which showed India in even negligible bright light. The last straw was an big collage on which these big art illuminati sugar coated, philosophical yet no-logic-vague statements about India seemed like an epitaph on the grave of a country which is believed to have cradle of civiliations and its gurus have mesmerised the world with their finesse.
 
To conclude it all, I have decided not to visit any "Indian art show" while out of India as I feel the business model the so called artists have chosen in the name of it, is just a profitable proven venture. Selling India the poorest way is the surest way for these artists to survive in this capitalist society. The interesting assumptions here:
 
1. The artists are not earning Indian currency anymore.
2. They have not made any financial success with Indian currency in India.
3. Artists are the only super-exposers of India and all hard working middle class Indians, Indian IT successes, Indian entrepreners, people who hobnob with wall street giants are all fakes.
 
 
I have visited couple of art exhibitions in Tokyo by Japanese artists but I have never seen such hate in their works for their country in the name of 'artistic freedom'. I had similar experience in London. Both Japan and England went through super poverty to super fluous over last couple of centuries but in their transformation was deep nationalism which was not forced but was adopted by individuals as their ultimate identity which should not be lost at any cost. Every home has some dark secrets which family members try to hide and rectify before neighbors know it. Same is with nations. It is all about perceptions in todays world. It takes so much blood and sweat to make a nation's perception internationally and obviously no time in maligning it using the powerful media we all own.
Artists are one such breed who can think and imagine where average people can never ever dream to think. This is the very reason that artists are best suited to make or break perceptions of a community because they rule on our unconscious consciousness.
I have been keen observer of works of "Leonard Tsuguharu Foujita ", "Kaii Higashiyama" and "Takashi Murakami" and never I have seen anything which makes be sad about Japan. Why can't Indian artists achieve the same?
 
It is OK to showcase reality (which in India's case is always poverty and mockery of the democratic systems as per these art-mavericks) but at the same time you should do something to showcase the reality where the hard work put up by millions of workers within and outside India is indirectly trying to raise the perception about India as preferred destination either to park international money via business or for livelihood. The artists ignore the vibrancy of India knowingly and think great of themselves when their extreme-exposure displays/paintings/murals are sold at sotheby's and christie's of this world. To my knowlege, most of the paintings/displays which I have mentioned above are never showcased in India as it needs real courage and not just reel courage that these artists draw upon. Most of the paintings showcased in the exhibitions are already adorning the halls of famous art houses and drawing rooms of art lovers (read filthy rich people!). These art houses and art lovers are the people who make the most impact in making or breaking the perception of nations as they control vital and far-reaching media houses. Switzerland and Singapore are one of the tiniest yet so tenacious countries because of not only the hard work of their citizens but smart work of their politicians, media managers, system promoters and artists. "Artists impression" is a strong corner in a design magazine yet our contemporary Indian artists have been selling superbly "poor and pathetic India impression" to world over. 
 
Forget the hardest work put over by Indian immigrants all over the world and being one of the few highly regarded asian communities by the rest of the world. Forget the young political and academic masters who could muster great show of courage to get our freedom from British in the aftermath of WWII and great depression which gave hope to many other colonies. Forget homegrown leaders who brought up India from economic zero to modern world hero nation. Even forget the classic clash of India and China where China could grab much bigger pie of Industrial revolution of this century to which India befitted its reply by best of the class service industry backyard of the world. How can one forget the nation where he/she was born and brought up.
How could it be raped so blatantly without anyone coming forward to throw even a small piece of towel to hide its private parts?
 
Interestingly the sponsors of "Chalo India" show are some respectable companies from Indian industry as well. These companies are projected as bellwethers of the industry. I could hear the bells which are weathered by "blindness of money" which these companies are ready to accept. Call it 'opportunity cost', in finacial terms.
 
Re-published for posterity!

English Poem - A Runaway Soul

A Runaway Soul

Far somewhere a dense forest

Where day could not reach

And night ruled;

A SOUL LIVED

In a dark cave

In a world of its own

With darkest stories sown

In its life...

ENTER A FAIRY

With a ray of light

And Herculean might

THE FOREST LIT UP

The night trembled

The cave dawned and

The soul saw all

In the sparkle of

Doll's gleaming eyes

LAY THERE, WAS LIFE !

As a Bee, she

Hummed around

And the forest turns garden

The night recedes,

The cave enlightens,

and the soul sees-

Plants of hope

NOW AND EVER.

God bless you, Angel

For it was you who dared

And with passion, you shared

Soul's 'boring' story with you

Gems are there, but few

Match your -

Purity-Transparence

Exuberance-Tolerance

and BRILLIANCE !

Deprive me never

For a friend in deed,

Is a friend you need.

Through whose eyes

I see green pastures

On whose shoulders

I can rest forever

For whom 

I MAY LAY MY LIFE

Lord, do not take away my friend

For without whom..

I die unnoticed

I live exiled

I hate genuine

I love wrong

I AM ORPHAN

FOREVER.

/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/

Book Notes - VAULT CAREER GUIDE TO INVESTMENT BANKING

VAULT CAREER GUIDE TO INVESTMENT BANKING

Chapter 1

1. What is investment banking? Is it banking? Is it investing? Really, it is neither. Investment banking, or I-banking, as it is often called, is the term used to describe the business of raising capital for companies and advising them on financing and merger alternatives.

2. Generally, the breakdown of an investment bank includes the following areas;
a) Corporate Finance (equity)
b) Corporate Finance (debt)
c) Mergers & Acquisitions (M&A)
d) Equity Sales
e) Fixed Income Sales
f) Syndicate (equity)
g) Syndicate (debt)
h) Equity Trading
i) Fixed Income Trading
j) Equity Research
h) Fixed Income Research

3. The bread and butter of a traditional investment bank, corporate finance generally performs two different functions: 1) Mergers and acquisitions advisory and 2) Underwriting.
On the M&A advising side of corporate finance, bankers assist in negotiating and structuring a merger between two companies. The underwriting function within corporate finance involves shepherding the process of raising capital for a company. In the investment banking world, capital can be raised by selling either stocks or bonds (as well as some more exotic securities) to investors.

4. Sales is another core component of any investment bank. Salespeople take the form of:
a) the classic retail broker
b) the institutional salesperson, or
c) the private client service representative

5. A trader plays two distinct roles for an investment bank:
a) Providing liquidity
b) Proprietary trading

6. Research analysts follow stocks and bonds and make recommendations on whether to buy, sell, or hold those securities.They also forecast companies’ future earnings.

7. Syndicate - the hub of the investment banking wheel, the  syndicate group provides a vital link.

between salespeople and corporate finance.
Syndicate exists to facilitate the placing of securities in a public offering, a knock-down drag out affair between and among buyers of offerings and the investment banks managing the process.

Chapter 2

1. Commercial Banking vs. Investment Banking - A commercial bank takes deposits checking and savings accounts from consumers while an investment bank does not.  

2. A commercial bank may legally take deposits for checking and savings accounts from consumers. The federal government provides insurance guarantees on these deposits through the FDIC.

3. Commercial banks make money by taking advantage of the large spread between their cost of funds and their return on funds loaned.

4. An investment bank does not have an inventory of cash deposits to lend as a commercial bank does. In essence, an investment bank acts as an intermediary, and matches sellers of stocks and bonds with buyers of stocks and bonds. Note, however, that companies use investment banks toward the same end as they use commercial banks. If a company needs capital, it may get a loan from a bank, or it may ask an investment bank to sell equity or debt (stocks or bonds). Because commercial banks already have funds available from their depositors and an investment bank typically does not, an I-bank must spend considerable time finding investors in order to obtain capital for its client.

5. Private Debt vs Bonds - ...in a bond offering, while the money is still loaned...it is actually loaned by numerous investors, rather than from a single bank. Because the investment bank involved in the offering does not own the bonds but merely placed them with investors at the outset, it earns no interest - the bondholders earn this interest in the form of regular coupon payments. The investment bank makes money by charging the client a small percentage of the transaction upon its completion. Investment banks call this upfront fee the ‘underwriting discount.’ In contrast, a commercial bank making a loan actually receives the interest and simultaneously owns the debt.

6. Legally, most bonds must first be approved by the Securities and Exchange Commission (SEC). The investment bankers guide the company throughout the SEC approval process, and then market the offering utilizing a written prospectus, its sales force and a roadshow to find investors.

7. Investment banks underwrite stock offerings just as they do bond offerings. In the stock offering process, a company sells a portion of the equity (or ownership) of itself to the investing public. The very first time a company chooses to sell equity, this offering of equity is transacted through a process called an IPO of stock. Through the IPO process, stock in a company is created and sold to the public.

8. Glass-Steagall Reform - The famous Glass-Steagall Act, enacted in 1934, erected barriers between commercial banking and the securities industry. A piece of Depression-Era  legislation, Glass-Steagall was created in the aftermath of the stock market crash of 1929 and the subsequent collapse of many commercial banks. At the time, many blamed the securities activities of commercial banks for their instability.

9. The framers of Glass-Steagall argued that a conflict of interest existed between commercial and investment banks. The conflict of interest argument ran something like this: a) A bank that made a bad loan to a corporation might try to reduce its risk of the company defaulting by underwriting a public offering and selling off the bad loan.

Chapter 3

1. Almost everyone loves a bull market.

2. A bull market occurs when stock prices move up. A bear market occurs when stocks fall. More specifically, a bear markets generally occur when the market has fallen by greater than 20 percent from its highs, and a correction occurs when the market has fallen by more than 10 percent but less than 20 percent.

3. The most widely publicized, most widely traded, and most widely tracked stock index in the world is the DOW JONES INDUSTRIAL AVERAGE. The Dow was created in 1896 as a yardstick to measure the performance of the US stock market in general. Today the Dow is made up of 30 large companies in a variety of industries and is measured in the thousands of points.


Chapter 6

1. An IPO is the process by which a private company transforms itself into a public company. The company offers, for the first time, shares of its equity (ownership) to the investing public.
2. The primary reason for going through the rigors of an IPO is to raise cash to fund the growth of a company and to increase the company’s ability to make acquisitions using stock.
3. From an investment banking perspective, the IPO process consists of these three major phases: hiring the managers, due diligence, and marketing.
1. Hiring the managers

                                                              i.      The first step for a company wishing to go public is to hire managers for its offering. This choosing of an investment bank is often referred to as a ‘beauty contest’. The primary manager is known as the ‘lead manager’, while additional banks are known as ‘co-managers’.

1. Due diligence and drafting
2. Marketing

                                                              i.      Investment banks earn fees by taking a percentage commission (called the ‘underwriting discount’, usually around 8% for an IPO) on the proceeds of the offering.

1. A company that is already publicly traded will sometimes sell stock to the public again. This type of offering is called a ‘follow-on offering’, or a secondary offering. Another reason that a company would issue a follow-on offering is similar to the cashing out scenario in the IPO.
2. When a company requires capital, it sometimes chooses to issue ‘public debt’ instead of equity. Almost always, however, a firm undergoing a public bond deal will already have stock trading in the market. (It is relatively rare for a private company to issue bonds before its IPO.)

Chapter 8

GOING PUBLIC

1. Phase 1 – Hiring the Managers
1. Pitching / Beauty Contests
2. Selecting the Managers in the Deal
2. Phase 2 – Due Diligence & Drafting
1. Organizational Meeting with All Parties
2. Due Diligence
3. Drafting the Prospectus
4. Meeting at the Printer and Filing the Prospectus
3. Phase 3 – Marketing
1. Designing the Roadshow – Slides & Presentation
2. Amend the Prospectus – Per Comments from the SEC
3. Managers Set Up Roadshow Meetings
4. Roadshow Begins
5. Roadshow Ends & Stock is Priced
6. Stock Begins Trading the Next Day
4. COMMONLY USED RATIOS
1. SOLVENCY RATIOS

   Quick Ratio = Cash + Accts Rec / Total Current Liabilities	Shows the dollars of liquid assets (convertible into cash within 30 days) available to cover each dollar of current debt.
   Current Ratio = Total Current Assets / Total Current Liabilities	Measures the margins of safety present to cover any possible reduction of current assets
   Current Liabilities to Net Worth = Total Current Liabilities / Net Worth	Contrasts the amounts due creditors within a year with the funds permanently invested by owners. The smaller the net worth and the larger the liabilities, the greater the risk.
   Current Liabilities to Inventory = Total Liabilities / Net Worth	Compares the company’s total indebtedness to the venture capital invested by the owners. High debt levels can indicate greater risk.
   Fixed Assets to Net Worth = Fixed Assets / Net Worth	Reflects the portion of net worth that consists of fixed assets. Generally a smaller ratio is desired.
   EFFICIENCY RATIOS
   Collection Period = Accounts Receivable X 365 / Sales	Reflects the average number of days it takes to collect receivables
   Inventory Turnover = Sales / Inventory	Determine the rate at which merchandise is being moved and the effect of the flow of funds into a business
   Assets to Sales = Total Assets / Sales	This rate ties in sales and the total investment in assets that is used to generate those sales
   Sales to Net Working Capital = Sales / Net Working Capital	Measures the efficiency of management to use its short-term assets and liabilities to generate revenues
   Net Working Capital = Current Assets – Current Liabilities
   Accounts Payable to Sales = Accounts Payable / Sales	Measure the extent to which the supplier’s money is being used to generate sales. When this ratio is multiplied by 365 days, it reflects the average number of days it takes the company to repay its suppliers.
   PROBABILITY RATIOS
   Return on Sales (Profit Margin) = Net Profit After Taxes / Sales	Reveals profits earned per dollar of sales and measures the efficiency of the operations.
   Return on Assets = Net Profit After Taxes / Total Assets	This is the key indicator of probability for a firm. It matches net profits with the assets available to earn a return
   Return on Net Worth (Return on Equity) = Net Profit after Taxes / Net Worth	Analyzes the ability of the firm’s management to realize an adequate return on the capital invested by the owners of the firm.

   
   
   
   Glossary
   
   Consumer Price Index (CPI) – The CPI measures the percentage increases in a standard basket of goods and services. The CPI is a measure of inflation for consumers.
   
   Convertible bonds – Bonds that can be converted into a specified number of shares of stock.
   
   Derivatives – An asset whose value is derived from the price of another asset. Examples include call options, put options, futures and interest rate swaps.
   
   Dividend – A payment by a company to shareholders of its stock, usually as a way to distribute profits.
   
   Equity – In short, stock. Equity means ownership in a company that is usually represented by stock.
   
   Leveraged buyout (LBO) – The buyout of a company with borrowed money, often using that company’s own assets as collateral.
   
   Mutual Fund – An investment vehicle that collects funds from investors (both individual and institutional) and invests in a variety of securities, including stocks and bonds. MFs make money by charging a percentage of assets in the fund. 

Notes: These are my notes from the book that have been shared. This is not a book review.