Farmhand - Stanford GSB 2008

An insiders view of the Stanford GSB class of 2008

Location: Stanford, United States

hitching a ride across the galaxy with my towel

Sunday, May 25, 2008

Corporate finance learnings

I wrote this at the end of my corporate finance class.......

1. Basics matter - cash management, solvency, inventory turns matter.
Understand operating leverage. What domension of your business is
important. Basics drive value. If you change a business, understand how
the basics get impacted.

2. Value is in the eye of the beholder - buyers set the value, not the
seller. Proxy ratios can be measured and track today, can be turned to
the DCF of tomorrow. Understand the factors and try to maximize the
value based on those drivers. Eg. Initial cable company valuation was
based on number of doors passed. However, remember as an investor
fundamentals matter, and the market will not be fooled for too long.

3- markets and businesses have cycles - these things have happened abd
will continue to happen. Acknowledge them and tough it out. Focus on
things that drive true value. Ensure that your business has adequate
degrees of freedom.

4. Truth matters - it is easy to fudge the numbers. All these things
start with perfectly acceptable reason and lead to bad results. Be

Monday, May 05, 2008

a must use for Outlook users....awesome product

Thank you for your patience during Xobni's invite-only beta
period. We're pleased to announce that beginning today everyone
can instantly download Xobni to organize and search their Outlook

Download Xobni for FREE here:

You can read more about Xobni's public launch in today's
New York Times here:

We look forward to receiving your feedback as we continue to work
to improve Xobni and the overall Outlook experience.


Matt Brezina