Starbucks Asks Customers to Leave Guns at Home

Brent Lewin/Bloomberg via Getty Images Coffee chain Starbucks has asked U.S. customers to leave their guns at home after being dragged into an increasingly fractious debate over U.S. gun rights in the wake of multiple mass shootings. While many U.S. restaurant chains and retailers don't allow firearms on their properties, Starbucks' policy had been to default to local gun laws, including "open carry" regulations in many U.S. states that allow people to bring guns into stores. In August, this led gun-rights advocates to hold a national "Starbucks Appreciation Day" to thank the firm for its stance, pulling the company deeper into the fierce political fight. Locations for Starbucks Appreciation Day events included Newtown, Conn., where 20 children and six adults were shot dead in an elementary school in December. Starbucks (SBUX) closed that shop before the event was scheduled to begin. Chief executive Howard Schultz said in an open letter to customers late Tuesday that Starbucks Appreciation Day events "disingenuously portray Starbucks as a champion of 'open carry.' To be clear: we do not want these events in our stores." The coffee chain didn't, however, issue an outright ban on guns in its nearly 7,000 company-owned cafes, saying this would potentially require staff to confront armed customers. The Seattle-based company hoped to give "responsible gun owners a chance to respect its request," Schultz said. The CEO told Reuters the policy change wasn't the result of the Newtown Starbucks Appreciation Day event, which prompted the Newtown Action Alliance to call on the company to ban guns at all of its U.S. stores. Nor was it in response to the mass shootings this week at the Washington Navy Yard. "We've seen the 'open carry' debate become increasingly uncivil and, in some cases, even threatening," Schultz wrote, noting that "some anti-gun activists have also played a role in ratcheting up the rhetoric and friction," at times soliciting and confronting employees and patrons. "We found ourselves in a position where advocates on both sides of the issue were using Starbucks as a staging ground for their own political position," said Schultz, who in the past has willingly waded into the public debate over the U.S. national debt and gay marriage. Schultz said more people had been bringing guns into Starbucks shops over the last six months, prompting confusion and dismay among some customers and employees. "I'm not worried we're going to lose customers over this," he told Reuters. "I feel like I've made the best decision in the interest of our company."

Find out: Which investor you shouldn't be

Your investment style is an extension of your own personality. A calmer demeanour would most probably have a conservative approach to investing and would choose safer deposits over riskier returns. Their approach would be in stark contrast to the route adopted by the hyper lot who take risks hoping it results in higher returns. And there are also those that are comfortable with striking a balance between risk and return: the moderates.

No matter which style of investing you choose for yourself, there are a few personality traits that are best kept away when managing your money. So, while it is very interesting to note the kind of investor that you are (or could be), it is probably more enlightening to realize the kind of investor that you should never turn into. Here are three types of investors that you should be wary of: (We hope they don�t seem familiar to you!)

The Hoarder

Its one thing to stock up on the best sales in town, but it�s really quite another to pack your house with so much that you probably have to sleep on the porch! That�s precisely the problem with the Hoarder.

Characteristic: He is so carried away with accumulating all possible investment avenues that he simply doesn�t have the time to focus on reviewing his portfolio and is most often stuck with funds that he could do without. His portfolio would probably resemble a sort of supermarket of funds, complete with a section on new launches (NFOs) and cash-backs (Dividend paying funds). On the face of it, the Hoarder might seem like the eternal optimist, clinging on to a fund even when it has repeatedly disappointed over the years. However, do not confuse his lack of reviewing to be optimism. The only real reason that the Hoarder stays with a poor performing fund is because he is too busy adding some more to his portfolio.

Word of Advice: Dear Hoarder, don�t make your investment strategy an end-of-season sale. Remember, the only things that can grow in a hoarded space are Cobwebs. May be its time for you to clean out the closet!

The Bundle of Nerves

The Bundle of Nerves is always looking for the slightest movement in the market to drive him into action, either to add a new fund or to let go of an old one. Keeping his portfolio constant is not his style. And, yes, he keeps his financial advisor on his speed dial.

Characteristic: The Bundle of Nerves doesn�t need caffeine to stimulate him; a minor market fluctuation should do the trick. He believes that �Change� (or rather Churn) is the key to having a successful portfolio. An avid follower of investment shows, stock market predictions and financial channels� minute-by-minute update, the Bundle of Nerves needs to see constant movement in his investments to feel at ease � either by increasing or reducing the number of his funds. The Bundle of Nerves lacks the most important skill in investing: Patience!

Word of Advice: Dear Bundle of Nerves, that uncomfortable, edgy feeling that you go through every time the markets move isn't going anywhere -- until you do something about it. It's time to figure out if the constant changes are worth keeping you up and pacing the floor at all hours. May be it�s time to slow down a little. The next time you think of a portfolio shuffle, count to three. Thousand.

The Sitting Duck

The Sitting Duck is just plain nice! Financial jargon does not make sense to him, and write-ups in financial dailies appear alien, and none of the financial expert columns he wrote to relevantly answered his query, yet he is more worried about not doing enough to be an ideal investor to an omnipotent and benevolent advisor.

Characteristic: The Sitting Duck is excited about investing, and he trusts blindly. Most first time investors believe that their financial advisor or investment guru will have an answer for absolutely everything related to investments. It takes them a while to understand that their advisor too is human, and that it is only human to err. It helps to note that the part in the discussion where the investor is asked for his views on the proposed �get-rich-quick� plan also offers scope for refusal. The Sitting Duck fails to see that a proposal proposes, and that he has the absolute right to dispose of it.

Word of Advice: Dear Sitting Duck, if it feels like you're being cheated and looks like you're being cheated, take it for granted. You are being cheated. Don't let it continue. The next time you sit with your advisor to discuss a new plan, keep your cell phone handy, and have a friend call you. It's up to you to decide whether it's an 'emergency' or 'a wrong number.'

While every individual has different objectives, beliefs and level of knowledge, whatever type of investor you are, we hope you are not a hoarder, a bundle of nerves or a sitting duck. We�ve told you about what type of an investor you should not be, so let�s focus on traits you can follow to become an ideal investor:

- Adopt a long-term perspective when it comes to investing your hard earned savings. Assess your income and the financial goals you would like to achieve, also understand the level of risk you are willing to take.

- Once you have decided the amount you want to invest, and calculated the risk you can take, choose the investment product carefully. Click this link to learn how you can choose a mutual fund.

- If you are investing through an advisor, ensure that he is focused on your financial objectives, and is not trying to work on his goals at your expense. Before you sign the dotted line, make sure to ask your financial advisor some important questions.

- As a long-term investor, you shouldn't panic when your investments experience short-term movements. When tracking the activities of your investments, you should look at the big picture instead of small hurdles.

- And most importantly, remember that there are many ways to be successful and no one strategy is inherently better than any other. However, once you find your style, stick with it.

There are exceptions to every rule, but we hope that these tips and common-sense principles we've discussed do benefit you. We�ll cover more on how you can become an ideal investor in our upcoming articles. Remember, just as your personality reflects in your investment style, the success of your investments would reflect in your lifestyle. Be a confident, sensible and long term investor.

Happy Investing!

Disclaimer: The data/information in this article is meant for general reading purpose only and not meant to serve as a professional guide / investment advice for readers. This article has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Whilst no action has been suggested or offered based upon the information provided herein, due care has been taken to endeavor that the facts are accurate and reasonable as on date. Readers are advised to seek independent professional advice and arrive at an informed investment decision before making any investments. None of The Sponsor, The Investment Manager, The Trustee, their respective directors, employees, affiliates or representatives shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits in any way from the data / information / opinions contained in this article.

Mutual Fund investments are subjected to market risk. Please read the Scheme information document and Statement of Additional Information carefully before investing.

SEI Investments Held at Outperform - Analyst Blog

On Jul 3, 2013, we reiterated our long-term recommendation on SEI Investments Co. (SEIC) at Outperform based on its encouraging capital deployment activities and robust asset inflows. Additionally, significant improvement in its organic revenue generation capacity over the past several quarters is expected to act as a positive catalyst.

Why Outperform?

SEI Investments is a sound asset for yield-seeking investors. Over the past several years, the company has been increasing its dividend every year. In May 2013, the company hiked its semi-annual dividend by 25% to 20 cents per share. It also extended the share repurchase program by $100 million, which increased the total shares to be repurchased to $139 million.

Apart from broad diversification and organic growth prospects, SEI Investments has a strong presence across the globe mainly in North America and Europe. Moreover, the company's diversified products and revenue mix is expected to enable it to adapt easily to the changing needs of the clients and continue to boost its top line.

SEI Investments maintains a robust asset inflow. In the past several years, the company recorded a rising trend in its assets under management and administration. Moreover, due to the current stabilization of the equity markets, asset inflows are expected to significantly contribute to its earnings growth.

Moreover, SEI Investments' first-quarter 2013 earnings surpassed the Zacks Consensus Estimate. Results benefited from top-line growth, partially offset by higher expenses.

For SEI Investments, the Zacks Consensus Estimate for 2013 remained unchanged at $1.44 per share over the last 60 days. For 2014, the Zacks Consensus Estimate advanced 0.6% to $1.75 per share over the same time frame. This company currently carries a Zacks Rank #2 (Buy).

Other Stocks to Consider

Some other banks that are worth considering include Noah Holdings Limited (NOAH) with a Zacks Rank #1 (Strong Buy) and Ameriprise Financial, Inc. (! AMP) and Artisan Partners Asset Management Inc. (APAM) with a Zacks Rank #2 (Buy).

Futures Rise On China Data, Initial Jobless Claims At Five-Year Low

Stocks looked poised to open higher on Thursday, snapping their recent losing streak, on the back of a strong jobs report and upbeat data from China.

The Dow Jones Industrial Average, the Nasdaq, and the S&P 500 were all ahead 0.4% at recent check.

The Labor Department said that initial jobless claims increased 5,000 to 333,000 in the week ending August 3, better than the 339,000 economists were expecting.

Moreover, the four-week moving average, a measure that smooths out the volatility of weekly reports, fell by 6,250 to 335,500, the lowest level since November 2007.

"With jobless claims hovering near multi-year lows, there is reason for workers to feel more confident in their prospects for continued employment," writes Plante Moran Financial Advisors' Chief Investment Officer Jim Baird. "Having said that, with the economy still mired in a sub-2% growth trend, the potential for job creation to meaningfully accelerate is limited."

"Overall, recent economic data has been somewhat mixed, but the trend is generally a positive one in several areas of the economy.  Consumers have proven their resilience throughout the first half of the year, housing remains solidly in recovery, and the manufacturing sector appears to be emerging from its funk.  The next several months may provide the key to whether or not growth accelerates heading into year-end as widely anticipated, or whether that surge will fail to materialize."

China trade data was also surprisingly strong, showing both imports and exports rose last month, whereas both had fallen in June. Imports jumped 10.9% in July after a 0.7% drop the month before, while exports rose 5.1% following a 3.1% fall in June.

Economists were expecting the figures to reverse June's slides, but the results still beat their expectations.

In corporate news, Tesla (TSLA) was surging nearly 15%, following on Wednesday night's gains, after reporting a surprise second-quarter profit.

Green Mountain Coffee Roasters (GMCR) was falling nearly 6% as investors digested its mixed after hours third-quarter report.

Mondelez International (MDLZ) climbed 2.4% on its better-than-expected second-quarter earnings.

McDonald's (MCD) was edging ahead 0.4% as same-store sales were up 0.7% in July.

Dean Foods (DF) fell 4% as it swung to a second-quarter loss and narrowed its guidance.

Does Facebook Want to Know If You "Like" Its Executive Pay?

If Facebook (NASDAQ: FB  ) shareholders want to give their two cents on executive pay packages, they're going to have to wait three more years to do it.

According to proxy vote results filed in an 8-K on Thursday, the vast majority of votes cast at Facebook's annual shareholder meeting indicated a preference to hold a "say on pay" vote only every three years.

But do these results indicate the preferences of average outside shareholders? I think not.

Final tallies
Facebook reports that the voting tallies on its "say on frequency" votes were as follows:

One Year: 533,816,915 Two Years: 14,888,902 Three Years: 5,558,676,699 Abstentions: 6,553,502 Broker Non-Votes: 653,253,525

A closer look
It's clear that the vast majority of votes cast indicated a preference for holding a "say on pay" vote only every three years. However, a closer look suggests that average outside shareholders prefer to have an annual say.

According to the 8-K filing, there were 536,654,614 B shares present at Facebook's meeting in person or by proxy. Now, recall that Facebook's dual-class voting structure dictates that B shares get 10 votes per share, while A shares – of which there were1,400,635,758 present -- only get one vote per share.

Given that most B shares are owned by management (and all are owned by insiders), I believe we can assume that they were all cast according to management's recommendation for a three-year "say on pay." If this is indeed the case, then only 192,130,559 A shares -- about 13.7% -- were cast in favor of a triennial "say on pay" vote.

Certainly not a ringing endorsement.

Management's flawed argument
In its 2013 proxy statement, Facebook's board argues, "a triennial vote complements our goal of creating a compensation program that enhances long-term stockholder value" and that "[t]riennial votes will allow our stockholders to evaluate the effectiveness of [our] long-term compensation strategies and related business outcomes of our company for the corresponding period, while avoiding over-emphasis on short-term variations in compensation and business results."

Here's why I think that line of thought is particularly flawed in Facebook's case.

The voice of average outside shareholders is already dramatically diluted by its dual-class voting structure, which I believe already makes for proxy voting results that favor management. Reducing the "say on pay' vote to every three years further dilutes the voice of shareholders. When shareholders are dissatisfied with their executive pay strategies, their disapproval becomes more compelling if it is reiterated on a yearly basis.

Consider Nabors Industries, where a majority of shareholders voted against the company's executive compensation packages for the third year in a row. I believe their message is all the more powerful given its repetition. By only allowing a triennial vote, Facebook is narrowing shareholders' opportunities to express their dissatisfaction, making it all the more difficult for them to put constant pressure on management to better represent shareholders.

Warning to investors
I believe investors should always be wary of businesses with a dual-class voting structure -- even at companies like Google, which gave its shareholders much better returns after its first year as a public company than Facebook did. At these companies, there's always a risk that those who control the vote will see the company as belonging to them rather than to shareholders as a whole.

On the other hand, there is some merit to the argument that shareholders with a short-term mentality can push management to do things that compromise long-term returns. This is one reason I actually embrace the dual-class voting structure at Berkshire Hathaway -- especially given that Berkshire doesn't give insiders exclusive access to the shares with the most voting power. Also, Warren Buffett doesn't just inspire confidence with his track record of building strong gains for investors. His notorious candor with his investors and his willingness to solicit public  challenges to his leadership and to offer thoughtful answers to those challenges give me confidence in the company's future performance, even though my B shares don't give me the same voting power as those with A shares.

When evaluating potential investments with a dual-class voting structure, I urge investors to pay particular attention to management's attitude toward shareholders. If management ignores dissenting views and tries to limit opportunities to present them (as Facebook has done by limiting the "say on pay" vote to once every three years), I believe investors should be reluctant to invest.

Why Lloyds Banking, TUI Travel, and Smiths Group Should Lag the FTSE 100 Today

LONDON -- After finishing above the 6,600 level for 14 days in a row, the FTSE 100 (FTSEINDICES: ^FTSE  ) finally fell below it today, dropping 59 points, or 0.89%, to 6,597 by mid-morning. But even if it should close today at that level, it would still end the month 165 points up on its April 30 close to complete 12 consecutive monthly gains.

But which companies are holding back the FTSE 100 today? We look at three that are slipping.

Lloyds
Shares in Lloyds Banking Group have slipped 0.2% to 62 pence this morning after the bank announced the sale of a portfolio of U.S. residential mortgage-backed securities for £3.3 billion. The sale, to a number of institutions, will bring Lloyds a pre-tax gain of £540 million, with the assets having had a book value of £2.7 billion.

The sale will boost the bank's common-equity tier 1 capital ratio by 47 basis points to a £1.4 billion capital equivalent, and it will also lift its core tier 1 ratio by 33 points to a £950 million equivalent. But even after today's small fall, the Lloyds share price is still up about 140% over the past 12 months.

TUI Travel
TUI Travel shares have dropped 1% to 359 pence on the announcement of a proposed purchase of new aircraft. Subject to shareholder approval, the firm has committed to buying 60 new Boeing 737 MAX planes, with options on a further 90. The price tag for the committed 60 planes comes to £4 billion, with delivery scheduled for January 2018 until March 2023.

TUI owns and operates six European airlines with a total of 141 aircraft, and its existing narrow-bodied planes will need to be replaced over the next decade. The new fleet will be significantly more fuel-efficient and environmentally friendly.

Smiths Group (LSE: SMIN  )
The Smiths Group share price has had a good year, gaining about 35% over the past 12 months, but it took a 1% dip today after the engineering group responded to press speculation concerning Smiths Medical.

The firm confirmed that it has received a preliminary approach for the division, but at this early stage there is nothing more to add; the approach "may or may not lead to a transaction." The Medical division accounts for nearly 30% of Smiths' turnover, so it would be a significant deal.

Finally, reliable dividends can more than compensate for the day-to-day ups and downs of share prices. So how about a company that's offering a 5% yield and could be set for some nice share-price appreciation, too? It's the subject of our brand-new report "The Motley Fool's Top Income Share For 2013," which you can get completely free of charge -- but it will only be available for a limited period, so click here to get your copy today.

Google Kicks Microsoft While It's Down

Earlier this month, Apple kicked Microsoft (NASDAQ: MSFT  ) while it was down, opting not to develop a version of iTunes optimized for Microsoft's ambitious new "Metro" interface. The Mac maker likely felt that it wouldn't be missing out on much, especially since the desktop version of iTunes could still be used in Windows 8, while Windows RT was the platform really getting left out in the cold.

Now Google's (NASDAQ: GOOG  )  taking a shot at Microsoft by hindering the software giant's app availability, except this time we're talking about Windows Phone 8 as opposed to Windows 8. The search giant has been subtly trying to sabotage Windows Phone in various ways, including the refusal to make a native YouTube app for its rival's platform. As one of the most popular video content sources on the Internet, YouTube's official absence is a blow, even though there are unofficial and third-party apps available.

That's also in stark contrast to Google's stance with Apple, since it promptly released an official YouTube app for iOS shortly after Apple removed its own pre-installed version last year. It's a good thing for iOS users too, since Google's versions of its apps are actually better than the Apple-made ones anyway, including Google Maps.

Microsoft decided to take matters into its own hands and made its own unofficial version, tapping into available YouTube application programming interfaces, or APIs. Perhaps out of spite, Microsoft also went ahead and blocked all ads, which is YouTube's primary revenue source in the first place. Needless to say, Google was not impressed.

Big G has now sent a cease-and-desist letter to the Redmond giant, which The Verge got a hold of, requesting that Microsoft take down the app and disable existing installs. The ad revenue helps content owners monetize their content, so blocking ads hurts the entire YouTube ecosystem. Without a vibrant community of content creators posting videos, viewers and the world at large could be deprived of discovering the next Justin Bieber. That would be a tragedy.

In response, Microsoft has said it would be "more than happy" to include said ads if Google provides it with the necessary APIs. It seems that Google could theoretically continue blocking a Microsoft-made YouTube app by withholding these APIs, but Larry Page did call for the industry to stop being so negative toward each other, saying that's now how progress is made.

With Microsoft's YouTube app for Windows Phone, the ball is now in Google's court.

It's been a frustrating path for Microsoft investors, who've watched the company fail to capitalize on the incredible growth in mobile over the past decade. However, with the release of its own tablet, along with the widely anticipated Windows 8 operating system, the company is looking to make a splash in this booming market. In a new premium report on Microsoft, a Motley Fool analyst explains that while the opportunity is huge, so are the challenges. The report includes regular updates as key events occur, so make sure to claim a copy of this report now by clicking here.

Raytheon Delivers 2nd Australian Phalanx System

Waltham, Mass.-based Raytheon (NYSE: RTN  ) has made the second installment on a three-part contract to protect the Royal Australian Navy from bad guys with cruise missiles.

On Friday, Raytheon announced the delivery of its second of three ordered Phalanx Block 1B Close-In Weapon Systems to Australia. The first gun was delivered for installation aboard the new Air Warfare Destroyer (AWD) Hobart last year. This current gun will be installed aboard the AWD Brisbane. The third and final gun will be delivered for installation aboard the RAN's third AWD, the Sydney, next year.

For Raytheon, that will mark completion of its contract to supply the RAN with three Phalanxes for a total purchase price of $35 million -- a little under $12 million apiece. That's a better price than Raytheon gets when it sells the system to U.S. buyers. In 2007, for example, the U.S. Navy and Army ordered up 46 Phalanxes at an average purchase price of about $5 million per gun. On the other hand, last year, the United Kingdom had to pay closer to $13 million apiece when it ordered five Phalanxes.

Raytheon describes the Phalanx as a "rapid-fire, computer-controlled radar, and 20 mm gun system that automatically acquires, tracks, and destroys enemy threats that have penetrated all other ship defense systems." Thus, Raytheon's gun system constitutes the last line of defense between a missile and its prey. More than 890 Phalanx systems have been built and deployed in the navies of 25 nations around the globe.

More Expert Advice from The Motley Fool

The Motley Fool's chief investment officer has selected his No. 1 stock for the next year. Find out which stock in our brand-new free report: "The Motley Fool's Top Stock for 2013." I invite you to take a copy, free for a limited time. Just click here to access the report and find out the name of this under-the-radar company.

3 FTSE Shares Hitting New Highs

LONDON -- The FTSE 100 (FTSEINDICES: ^FTSE  ) has been off its highs for a few weeks now after reaching a five-year top of 6,534 on March 12. The index of top U.K. stocks has been shaken of late by the Cyprus crisis and some weakness in the mining sector, but hovering around 6,400 points today, it's not far off its peak.

But plenty of the index's constituents have been flying in recent months and breaking their own new ground. Here are three setting new records.

GlaxoSmithKline (LSE: GSK  ) (NYSE: GSK  )
We're in unusual times when some of the biggest companies in the FTSE 100 are galloping like small-cap growth shares. But that's what's been happening with GlaxoSmithKline, the fifth-largest company in the U.K.'s top index: GSK's shares have powered up 17% in just three months to hit a new 52-week record of 1,557 pence yesterday.

Even after that, the shares are still only on a forward price-to-earnings ratio of 13 based on December 2013 forecasts, in line with the FTSE 100's long-term average of about 14. And there's an above-average dividend yield of 5% currently expected by City analysts.

Diageo (LSE: DGE  )
The eighth-largest top-flight company, drinks maker Diageo, also broke its 52-week record yesterday, reaching 2,115 pence. And that follows an impressive spell that has taken the share price all the way from 733 pence in March 2009 -- pretty much in a straight line, too.

Who really expects to see a near-three-bagger in just four years from a company reaching a valuation in excess of 50 billion pounds? It doesn't happen often, but it does come at a higher price than average. As a reward for Diageo's steady year-on-year increases in earnings and dividends, the market has valued its shares on a P/E of 20 based on June 2013 forecasts.

Centrica (LSE: CNA  )
At 27th place, the smaller (but still valued at 19 billion pounds) Centrica also set a new 52-week high yesterday and has already beaten it in today, reaching 379 pence per share in early trading. That represents a 24% rise since June last year for the owner of the domestic British Gas brand.

But what makes Centrica's rise even more special is the extra bonus of its dividends. The utilities supplier is one of the FTSE 100's best payers, regularly dishing out yields of 4% to 5% per year, with 4.7% forecast for this year and 5% next.

Finally, if you're looking for high-performing top-drawer shares that should take you all the way to a comfortable retirement, I recommend the Fool's special new report detailing five blue-chip shares. They'll be familiar names to many, and they've already provided investors with decades of profits. But the report will only be available for a limited period, so click here to get your hands on these great ideas -- they could set you on the road to long-term riches.

Even decades of legal protection don't create diversity

(iStock)

Fifty years after the Civil Rights Act mandated equality under the law, the ethnic diversity of the nation's financial advisory business pales in comparison to the demographics of the population.

About 64% of Americans are white, according to the 2010 Census; about 92% of advisers are white, according to the Securities Industry and Financial Markets Association.

Some might argue that the population of wealth managers is white because that's where the wealth resides. But even on that measure, the proportion of minority advisers lags wealth demographics.

Non-white Americans hold 12% of the wealth in this country, according to a Demos analysis of Federal Reserve data. Only 8% of advisers are ethnic minorities — and in most firms it's likely less.

Few of the major financial firms break down their adviser populations by ethnicity. One that has been more visible is Edward Jones, and it estimates that it has about 6% minority advisers among its ranks.

Many industry leaders agree that there is a diversity issue, even a considerable problem.

Bernie Clark, head of Schwab Advisor Services, told me last week that he believes the industry needs more diversity among its ranks, especially looking out a decade or two.

The great transfer of wealth that's expected in the coming years from men to women also will extend to ethnicity, he said. The number of minority advisers needs to increase because the client base will become more diverse.

“The reality is the diversification of the pools of assets are going to change dynamically over the next tens of years,” Mr. Clark said. “Then diversity of the advisory industry will become even more important.”

He believes “infiltrating the university structure” and educating more minorities about the financial advice industry and trying to get people accredited earlier will help.

Some think the education should come earlier.

Mac Gardner, a Raymond James adviser in Houston who is a Caribbean-American, blames the national lack of financial literacy and education for keeping most Americans ignorant about financial planning as a whole.

Most people who get exposure to financial concepts and advice when they are young get it through family and those networks, he said. His own father was a bank executive.

Those without a financially literate role model are lost.

“The overarching issue is that the education system is not teaching about finances,” Mr. Gardner said. “You need to hear the story of investing and saving from somewhere or someone.”! ;

More minorities would naturally be led to the financial planning profession if they were taught the fundamentals of finance, he said.

Other than a lack of adequate education, which could be argued is a national issue, not an racial or ethnic one, most people don't point to distinct barriers that keep minorities from the profession. It's not an issue that the 50-year-old Civil Rights Act can address alone. But it is one that needs further examination.

Look for InvestmentNews stories overs the coming months that probe the reasons why minority graduates aren't going into financial planning and whether firm efforts to boost diversity are having an impact. Please share your thoughts on these issues by commenting here or to me privately at lskinner@investmentnews.com.

It's a 401(k), Not a Piggy Bank ... So Don't Treat It Like One

Getty Images One of the joys we have as parents is teaching our three kids about money. With the oldest being just 6, a big part of that revolves around her piggy bank. Whenever she gets a small amount of money, it goes in there, and we talk with her about the importance of saving, giving, and having some to spend on things she wants, which is usually along the lines of a gumball. With a piggy bank, you put money in and take it out. It's a fairly simple tool, and it's great for what it's used for. A 401(k), on the other hand, is a great tool to save for retirement. But increasingly, 401(k)s are being used as something they aren't -– piggy banks. Startling Statistics Recent studies show that Americans are increasingly pilfering from their 401(k) accounts. With the economy being the way it has been since the financial crisis, that's understandable on one level, but the choice can put your retirement plans on a slippery slope. According to the IRS, $57 billion was withdrawn prematurely from 401(k) accounts in 2011 -- up 37 percent in inflation-adjusted dollars from 2003. You could argue that if a person needed the money to survive, then an early withdrawal from a 401(k), even with the tax penalty, is better than other options. That would be right -- to a point. The most disconcerting number, in my opinion, is that younger individuals are withdrawing the most. According to a Fidelity (FNF) study, nearly 40 percent of workers between 20 and 39 are cashing out their 401(k) plans when they change jobs. There could be many reasons for this, but the Fidelity study points out that many don't see the need to roll over their old 401(k)s when the amount being considered is "only" several thousand dollars or a little more. Add that to those people who take out 401(k) loans to fund such things as real estate purchases, and it paints a worrisome picture. The Real Purpose of a 401(k) To a degree that it hasn't for decades, the burden of retirement planning now falls on individuals. Only about 30 percent of companies still provide pensions, and even among those, more firms are freezing them. In light of that, your 401(k), with its tax-advantaged status, is likely going to be one of your best options for putting aside money for retirement. While there may be times where you need to take out loans for different purposes, simply cashing out a 401(k) should be avoided at all possible. This is especially the case if you switch jobs: When that happens, you will want to either roll over your 401(k) into your new plan or into a rollover IRA. Not only will this allow you to avoid losing money due to early withdrawal penalties, but it will also keep the power of compound growth on your side as you build up your retirement nest egg. Saving for Retirement Is a Long Game The rise in early 401(k) withdrawals reveals a broad lack of understanding about retirement planning. Saving for your old age is is a marathon, not a sprint -- one that takes decades to complete. By raiding your 401(k), you're only harming your future. Unless you plan on working until you're 80, it behooves you to leave your savings untouched so you can reach retirement relatively close to when you plan to. When we're talking about amounts under $10,000, it can be easy to think that they'll mean nothing in the long run. But if you invest it wisely and let it stay in the market long-term, it can build on itself to and turn into serious money each month for you in retirement. (Don't believe it? Check out the first two slides in this article. The math is clear: Small Money + Time to Compound = Big Money) Part of saving for retirement is making sure we're doing what's best with our 401(k) funds. If you're tempted to withdraw money from it early, ask yourself if raiding your savings now is the best decision for your long-term wealth. In most cases, it's not.

Coca-Cola Profits Slips Even as Consumers Sip More Drinks

Daniel Acker/Bloomberg via Getty Images NEW YORK -- Coca-Cola's first-quarter profit fell nearly 8 percent as the world's biggest beverage maker faced a stronger dollar and sold less soda. But the company sold more of its noncarbonated drinks worldwide, and its earnings matched expectations. The Atlanta-based company says global sales volume rose 2 percent. In its flagship North American market, soda volume slipped 1 percent as the company raised prices. Coca-Cola (KO), which also makes drinks including Sprite, Powerade and Dasani, has been under pressure to deliver stronger results, particularly back at home where Americans have been cutting back on soda for years. The company isn't alone in its struggles to boost soda sales. PepsiCo (PEP), which reports its earnings Thursday, has seen even steeper declines in its soda business despite stepped-up marketing, including sponsorship of the Super Bowl halftime show. Both companies sell a wide array of beverages, including sports drinks, bottled water and orange juice. But sodas remain a big part of their businesses, and they're scrambling to figure out ways to stop the declines. "Look, we have Coca-Cola, and we have another 500 brands. The key is to offer a wide variety of choices," CEO Muhtar Kent said in an interview on CNBC regarding the concerns about soda. To boost sales, the company plans slash costs and put the savings into marketing in the year ahead. It also introduced a version of its namesake soda sweetened with a mix of stevia and sugar in Argentina, with plans to eventually introduce the drink elsewhere. For the quarter ended March 28, net income fell to $1.62 billion, or 36 cents a share. That compares with net income of $1.77 billion, or 39 cents a share a year ago. Excluding one-time items, net income totaled 44 cents a share, matching analyst expectations. Revenue fell 4 percent to $10.58 billion. Analysts expected $10.5 billion. Companies like Coca-Cola that do a large portion of their business overseas take a hit to revenue when the dollar is strong, because foreign currencies convert back into fewer dollars. Why is the battle between Coke and Pepsi -- two ultimately similar types of sugar water -- the most important struggle in the history of capitalism? Simply put, their rivalry transcends time, distance, and culture. It has divided restaurants, presidents, and nations. It has been waged in supermarkets, stadiums, and courtrooms. Its many foot soldiers include Santa Claus, Cindy Crawford, Michael Jackson, Max Headroom, Bill Gates, and Bill Cosby. In 1886 an Atlanta chemist introduced Coca-Cola, a tasty "potion for mental and physical disorders." Pepsi-Cola followed seven years later, though it would be decades (and two bankruptcies) before Coke acknowledged the company in the way it had other competitive threats: lawsuits. Pepsi-Cola had made hay during the Depression. Like Coke, the drink cost a nickel, but it came in a 12-ounce bottle nearly twice the size of Coke's dainty, wasp-waisted one. But by the 1950s, Pepsi was still a distant No. 2. It nabbed Alfred Steele, a former Coke adman, who arrived embittered and ambitious. His motto: "Beat Coke." Coca-Cola refused to call Pepsi by name -- the drink was "the Imitator," "the Enemy," or, generously, "the Competition" -- but it began tinkering with its business (and imitating Pepsi) to stay ahead. In 1979, for the first time in the rivalry's history, Pepsi overtook Coke's sales in supermarkets. It didn't last, and by 1996, declared that the cola wars had ended. Since then Pepsi, with its increasing focus on health and snacks, has as good as surrendered. America's favorite two soft drinks? Coke and Diet Coke. Winner: Coke 1. Coke vs. Pepsi Ford, founded in 1903, and GM, which came along nine years later, have been warring for 101 years. The epitome of crosstown rivals -- their headquarters are just 11.5 miles apart -- they face off every day on dealer lots and in motor sports. Both maintain operations to scour the other's new products. In 2011, Ford marketing chief Jim Farley was quoted as having said, "I hate them and what they stand for." Meanwhile, GM chairman and CEO Dan Akerson recommended sprinkling holy water on ailing Ford luxury brand Lincoln. "It's over!"

Apple Acting More Like Microsoft Than Facebook And Google

The technology sector has had an incredible multi-year run with a string of hot IPOs and the Nasdaq climbing back over 4,000. And yet the advance has come with barely any participation from the sector's single biggest company by market capitalization, Apple Apple.

Thursday, in a session that saw the Nasdaq and S&P 500 up 0.7% apiece, shares of Apple fell more than 1% to $531.38. In 2014 the stock is trailing broader benchmarks with a 5% decline.

New product categories were the proverbial light at the end of the tunnel for Apple investors who stayed bullish as the stock tumbled from its September 2012 peak. Even after the stock stabilized – helped along by the billions in cash the tech giant has redistributed to shareholders – the expectation of new wearable devices or a forthcoming television kept Apple optimists happy. But the argument that such products will restore Apple to its former growth trajectory has dulled and now another voice has left the chorus.

Barclays Capital analyst Ben Reitzes cut his rating on Apple to neutral from overweight Thursday, warning investors that the stuck may be locked into a trading range for the next year. More importantly, Reitzes admits that the prospect of a new category entrance from the Cupertino, Calif.-based company isn't enough to justify his formerly bullish stance.

"Frankly, we just couldn't quite bring ourselves to use smart watches or TVs as a reason to raise numbers – nor were we fully convinced that these products could move the needle like new categories did in the old days," Reitzes wrote.

Needle-moving developments in Apple's biggest business, the iPhone, have also been hard to come by. A long-awaited partnership with China Mobile China Mobile has finally arrived, but Barclays thinks "it will ramp gradually and its high price may limit adoption."

New developments in the payments space, location-based services and wearables or TV may have greater upside, but none, writes Reitzes, "seems as revoluationary as the iPhone or iPad." Despite repeated promises from Apple chief Tim Cook that more devices are coming, Steve Jobs' successor has clearly lost the benefit of the doubt from some former bulls.

Apple's sheer size (market cap: $474 billion) means that it is still a major holding for many investors and a sizable component of countless indexes. It also routinely shows up among the most widely-held names by retail investors and institutions, but it is rarely a highlight in conversations about exciting tech investments from either a growth or value perspective.

Not only has Apple been slow to enter new categories with in-house products, it has also been beaten out for acquisitions by rivals like Facebook and Google Google. Whether or not Apple bid for assets like smart appliance maker Nest Labs, which Google picked up for $3.2 billion in January, or messaging service WhatsApp, which Facebook bought in deal worth up to $19 billion Wednesday, is not the point. There is a perception that Apple is being outmaneuvered for the next batch of up-and-coming tech assets, and it's a perception the company does not seem to have much interest in dispelling.

In fact, thanks to the pestering of billionaire investors David Einhorn and Carl Icahn over the last year, the focus on Apple's cash hoard has centered on just how much it should be returning to shareholders in dividends and buybacks, rather than whether it should hunt for bigger game on the takeover trail.

Still, the "Apple as a value stock" line of thinking has many skeptics. Wally Weitz, a value investor who manages $5 billion at Weitz Investments, hasn't been tempted to add Apple to his flagship fund.

Apple's iPhone business "is great now, but it won't be that way forever [and] maybe the 'cheaper, not as good' competition gets good enough," Weitz told Forbes last month, which may signal that the stock still has a ways to go before it's irresistible to value investors.

That's a possibility that Reitzes touches on his note, comparing Apple to a stock that has been something of a punching bag for years: Microsoft Microsoft.

"We believe the valuation argument is becoming less and less helpful," he writes, noting that Microsoft's stretch from 2000 (shortly after it became the most valuable company by market cap) through 2010 is a troubling forebear that sharpens the doubts that Apple can get right back to its winning ways. Barclays Capital's analysts "see no precedent that large-size tech companies simply start to broadly outperform again after a tough year or two if the law of large numbers is catching up to them and margins have peaked."

Reitzes isn't necessarily calling for another big slide for Apple, and thinks its accelerated buyback program puts a floor under the stock at $500, but his voice is part of a chorus that has grown in volume wondering whether the upside in Apple shares is severely limited.

Can Harley-Davidson Truly Afford Its Dividend Hike and Buyback?

Harley-Davidson, Inc. (NYSE: HOG) is one of those truly iconic American brands. It was iconic enough that Warren Buffett even did a preferred financing deal with the company during the recession. The company has now announced a big dividend hike, and a huge stock buyback program. Despite its growth, there could be some issues that investors will take with the company’s latest efforts.

The motorcycle maker raised its quarterly dividend of $0.275 per share, up 31% from the prior dividend of $0.21. This dividend is payable March 7, 2014 to the holders of record on February 19, 2014. On top of the dividend hike, the company’s board of directors authorized the repurchase of up to 20 million shares of Harley-Davidson common stock. Where this gets interesting is that the buyback authorization is in addition to existing share repurchase authorizations – and some 8.6 million shares remained on prior board-approved share repurchase authorizations.

Brad Lamensdorf, of the Ranger Equity Bear ETF (NYSE Arca: HDGE), told us,

“Buybacks and dividends are a way to get investors excited in a stock when there’s very little reason otherwise to buy up shares. Buybacks are a low quality source of generating earnings per share. Historically, returns are much higher for dividend initiators and growers of dividends compared with buybacks.”

The Ranger Equity Bear ETF is currently short shares of Harley-Davidson, based upon inventory builds and based upon the new Indian competition that is at close to a 40% discount from its Harley-Davidson rival.

So, Harley-Davidson really has 28.6 million shares eligible to be repurchased. This came to almost $1.8 billion based upon Wednesday’s closing price. The company’s market value at the time was $13.7 billion. in short, the company wants to repurchase 13% of its common stock.

The company had cash and marketable securities of $1.17 billion at year-end 2013, plus long-term investments which offset its long-term debt. Keep in mind that the company did repurchase some 2.7 million shares in the last quarter, so the total buyback could  last ten quarters or so at the current pace.

Can Harley-Davidson afford this? When you add up the money from the higher dividend with a 1.8% yield after the hike, this is close to $250 million per year for a dividend. That comes to over $2 billion in needed cash (at static market conditions that is) for this plan.

Mr. Lamensdorf also said,

“HOG has been active on the buyback front. They have plenty of cash and cash flow to put to use. The question is are they better off managing the stock price through buybacks or using their cash in alternative ways to accelerate their business?

In HOG’s case, U.S. and international retail sales were well below some Wall Street expectations. Average selling price was below expectations as were total shipments in Q4. Furthermore, guidance was essentially in-line with expectations modeled into many Wall Street estimates.”

In order to be fair on both sides here, Harley-Davidson has managed to grow sales and earnings annually. Another boost is that earnings growth and sales growth are expected to be seen in 2014 and 2015 as well.

Thomson Reuters has earnings estimates of $3.88 per share in 2014, up from $3.28 in 2013, and sees $4.49 per share in 2015. Revenue growth is expected to be 10% in 2014 to $5.78 billion, followed by revenue growth 8.2% to $6.26 billion in 2015.

Shares of Harley-Davidson were up 3.1% at $64.13 on the news, against a 52-week range of $49.15 to $70.04. Maybe this is just the business cycle that Harley-Davidson is in. Maybe acquiring new lines or branching out into new products is simply off-base from the core of the company. After all, it would be hard to imagine Harley-Davidson SUVs, boats, or small airplanes.

December Auto Sales Disappoint; 2013 Still Best in 6 Years

David Zalubowski/AP DETROIT -- Automakers are going to have to work a little harder for your business in 2014. After four years of strong sales increases -- and few discounts -- as the economy improved, U.S. demand for new cars and trucks is expected to slow this year. That could mean better deals for buyers as car companies fight to increase their share of the market. The industry got a taste of what's to come in December, when General Motors (GM), Toyota (TM) and Volkswagen all saw their sales fall from a year ago. One reason: Competitors such as Ford (F) and Honda (HMC) increased their incentive spending on hot sellers like pickup trucks and midsize cars, according to TrueCar.com, which tracks car prices. Cold weather and strong sales over Black Friday in November also pinched December sales, automakers said. This year's slowdown is inevitable, analysts say. Many people who held on to their cars through the recession have now bought new ones. Those who haven't may not be in any rush, because cars are lasting longer than ever before. And unless there's a strong uptick in the economy, families aren't likely to buy a third car. Alec Gutierrez, senior analyst for Kelley Blue Book, expects U.S. sales to increase by around 700,000 to 16.3 million in 2014. That compares to increases of more than 1 million each year since 2009, when U.S. sales bottomed out at 10.4 million. "Sales are approaching an equilibrium level of demand based on the needs of population and the number of licensed drivers in the country," he said. So 2013 could be remembered as the last of the boom years. As automakers reported full year sales Friday, analysts were expecting an increase of more than 1.2 million -- or 8 percent -- to around 15.6 million. It would be the best performance since 2007, when 16.1 million new cars and trucks were sold. Ford led all major automakers in 2013 with an 11 percent gain to almost 2.5 million vehicles. Chrysler and Nissan posted 9 percent gains. GM, Toyota and Honda each posted 7 percent gains. GM sold 2.8 million cars and trucks in the U.S., compared to just over 2.2 million for Toyota. Hyundai's sales rose 2.5 percent. Among major automakers, only Volkswagen struggled, with sales falling 7 percent as its vehicles aged compared with rivals. Gutierrez said Honda offered $3,000 in bonus cash to dealers in December for every vehicle they sold beyond their 2012 numbers. And Ford said it spent $600 more per vehicle on incentives in December, likely taking aim at GM's new pickup trucks. Those are the kinds of tricks buyers can expect to see more of this year. "We think there's going to definitely be more competition," said Larry Dominique, president of Automotive Lease Guide, a company that tracks lease costs and car prices. On a conference call to discuss December results, General Motors executives made several references to competitors raising discounts to boost sales, especially on full-size pickup trucks. While they pledged to stick to their strategy of selling on value rather than price, U.S. sales chief Kurt McNeil said GM also has to respond to the market. Industrywide inventory is rising, and that could also increase discounts because carmakers will have to sell off excess vehicles. But McNeil said prices likely won't come down too much because the underlying economy is strong. Also, carmakers closed plants and got leaner during the recession, so the country is no longer seeing the kind of overproduction it saw a decade ago. The average price of a new vehicle in December was $32,890, which was about the same as a year ago, according to Kelley Blue Book.

By Michael Zak | AOL Autos

A recent Interest.com study looked at the 25 largest metropolitan areas in the United States to see which median-income households in those respective areas can afford to purchase a new car, the average price of which was $30,550 in 2012, according to TrueCar. The study found that in only one city can residents actually afford a car with this sticker price -- Washington, D.C. Households with an average income in Washington, D.C. can afford a payment of up to $628, which would allow for purchase of a $31,940 vehicle. The next closest city, San Francisco, can only afford $537 per month, equating to a $26,786. While it's not news that Americans like to buy things that they can't afford, the data is a little surprising given how many great cars there are out there for well under $30,000. Solid hybrids, CUVs, sedans and sports cars can all be had for less than this.

Wii U sales sluggish as new video game consoles…

While Microsoft and Sony celebrate early sales victories for their Xbox One and PlayStation 4 video game consoles, the forecast for Nintendo and its Wii U looks grim.

Last Thursday, Nintendo said sales of its Wii U console surged 340% in the U.S. last month, following a price drop to $299 instituted in September and the long-awaited arrival of fresh games, notably the critical darling Super Mario 3D World.

That more than three-fold increase sounds great. However, the Wii U has "really struggled," says David Cole of DFC Intelligence. He says that by the end of November both the just launched PS4 and Xbox One had surpassed the Wii U's total sales in 2013.

The Wii U is looking more like Nintendo's GameCube launched in 2001, "with a very small user base," says Cole. "It will appeal mainly to fans of Nintendo's first party brands."

The rocky start for Wii U — available since November of last year — is a far cry from the success of its predecessor, the Nintendo Wii. Global sales for the Wii U reached 3.91 million as of September, compared with 13 million for the Wii during the same time frame after its 2006 debut.

Although Nintendo did not disclose how many Wii U consoles have been sold this holiday season, Nintendo of America President Reggie Fils-Aime says holiday sales have been "very strong."

"A number of key games we hoped to launch very early in the system's life were delayed and launched later," says Fils-Aime. "We're seeing the positive impact now."

Among the games recently released: Super Mario 3D World, which sold 215,000 physical and digital copies in the U.S. in its first eight days, and the remake of role-playing adventure The Legend of Zelda: Wind Waker. New titles from key franchises such as Mario Kart and fighting game Super Smash Bros. arrive next year.

Despite the infusion of new games, DFC forecasts sales of the Wii U will approach only a quarter of the Wii's tally, which topped 100 million as of September. Meanwhile, rival consoles PS4 an! d Xbox One continue to gain momentum, each topping 2 million in sales.

Even with the PS4 and Xbox One still in short supply, the Wii U's technical shortcomings — and lack of an eye-popping feature like the Wii's motion controls — may limit its viability as an alternative to either Sony or Microsoft's consoles.

"Nintendo is not really well-positioned as a fallback (option)," says Wedbush Securities analyst Michael Pachter. "A PlayStation is not considerably more expensive and it feels like you're getting a lot more."

The holiday often brings a spike in all video game sales, and Wii U could benefit. EEDAR analyst Jesse Divnich says the console carries several advantages, including a lower price and "more games that target that family friendly audience."

However, the future prospects for Wii U appear challenging. "They are definitely in a difficult spot right now," says Divnich.

Follow Brett Molina on Twitter: @bam923.

China Vanke grabs largest stake in Huishang's IPO

HONG KONG -- China Vanke Co., China's largest property developer by market value, is set to be the single largest shareholder in Huishang Bank Corp. after it signed on as a cornerstone investor in the Chinese lender's Hong Kong initial public offering.

Huishang, which will begin taking orders from investors Tuesday, has secured about US$510 million of investment, or about 40% of the total offering, which could be up to US$1.3 billion, from five cornerstone investors, people familiar with the situation said Monday.

China Vanke has committed to US$400 million of the shares, which will be the biggest stake once the bank is listed, the people said. Vanke didn't immediately provide a comment.

Huishang, based in Hefei, Anhui province, is planning to sell 2.61 billion shares at between 3.47 Hong Kong dollars and HK$3.88. Cornerstone investors are usually guaranteed large allotments in IPOs in exchange for agreeing to hold the shares for a certain length of time. The price range represents 1.01-1.12 times of Huishang's 2013 first-half book value and 0.93-1.01 times of its full-year forecast book value, one of the people said.

Huishang is seeking to list on the Hong Kong Stock Exchange on Nov. 12. The bank couldn't immediately be reached for comment.

Property developers and banks typically have close relationships, because banks have historically lent money to such firms for land purchases and property development and always are involved in property launches, issuing mortgages to developers' customers. In recent years, however, as part of the government's campaign to rein in sky-high home prices, it has clamped down on credit for property developers.

Chow Tai Fook Nominee Ltd., an investment-holding firm controlled by business tycoon Cheng Yu-Tung, is another of the cornerstone investors, the people said. Mr. Cheng controls property developer New World Development Co. and jewelry retailer Chow Tai Fook Jewellery Group Ltd. Chow Tai Fook couldn't immediately be reached for comment.

Huishang has 199 outlets in 16 cities in Anhui province and in Nanjing, Jiangsu province. The bank reported 2012 net profit of 4.3 billion yuan (US$707.2 million), a 23% increase from 3.5 billion yuan a year earlier, according to investment banks' research reports.

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Slowly But Surely, the Tide's Turning For Vringo (VRNG)

Just for the record, I can't stand Vringo, Inc. (NASDAQ:VRNG). I've never agreed with its business model - litigation of patents that in retrospect probably shouldn't have been granted in the first place - and the investor hype that VRNG has surrounded itself with has largely obscured the truth and reality of its pivotal court case with Google (NASDAQ:GOOG).... a case that is now in post-verdict review, as the judge decides just how much money should be awarded. Yet, despite the fact that I'm anything but a fan of the company, I've got a funny feeling the stock's just a few days away from a major rally.

As those who've been following the Vringo story know all too well, though, there's more to it than just that, and "due process" has become something of a gray area as the matter finds itself in the middle of the court system, the U.S. patent office, and common sense. With all three forces already being blurred about where they stand, being caught in the middle of all three has just been absolutely maddening for Vringo, Inc.

Unlike most of the amateur journalists - and also probably shareholders - I don't come here to preach the merits of Vringo. Like I said above, I've found myself in the anti-Vringo camp more often than not. BUT, also like a said above, I've got a sneaking suspicion VRNG shares are on the verge of a monster-sized bullish move.

It's the shape of the chart that leads me to that conclusion. Slowly but surely, the post-verdict lull [the verdict from the suit against Google was handed down in October] has quietly been building into an uptrend. Actually, scratch that last statement. It's not an uptrend yet. I think it's going to be one soon, though. Here's why.

As you can see, since April, VRNG has made a string of higher lows. As you can also see, since March, Vringo shares have tested the 200-day moving average line (green) several times. Each brush of the 200-day average has promptly pushed the stock lower again. Additionally, as of this month, the stock's 20-day moving average line (blue) has crossed back above the 100-day (gray) and 50-day (purple). In fact - and this is the clincher - it looks like the stock is now, finally, finding support at those shorter-term moving average lines. The final clue we need is a move above the 200-day moving average line at $3.22, but given several months' worth of build-up, I'm pretty certain we'll get it. And once we do, it's off-to-the-races. Take a look.

Critics will be quick to point out that charts don't matter - fundamentals do. And in the case of Vringo, it's not even like the fundamentals matter, since there are none. The only thing really driving this stock is the promise of future settlements, or jury-awarded cash. I'll just say this - Vringo Inc. is one of those cases where the hype and buzz and speculation surrounding the stock has become far bigger than the company itself. In those rare cases, the chart reflects the ever-changing opinion of the stock's potential. Since it's opinion that's ultimately driving the stock's price, though, the chart suggests how public opinion is taking shape.... and will take shape in the future. (Sadly, human behavior is pretty predictable. This chart just puts that opinion on an X and Y axis, and shows us the brewing trend.)

Bottom line? If you wanted to take a swing on a long VRNG position, the odds are looking in your favor right now. If you wanted to wait until Vringo Inc. shares crossed above the 200-day moving average line - a reasonable reassurance - that would leave a little money on the table, but would reduce your risk quite a bit. Either way, the breakout's been brewing for a while, and I've got a feeling it's going to boil over soon... bullishly.

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Why You Can't Count On the Plastic Bag Anymore

BOSTON (TheStreet) -- They can be found everywhere: in the hands of shoppers, blowing down the streets, entangled in trees and even congregating as part of massive makeshift islands floating around our oceans. They are the single-use plastic bags offered to us with every purchase, which we often take and discard without a second thought. The plastic bag is so prevalent it was even named "most ubiquitous consumer product" by Guinness World Records in 2009.

There is an indication the decades-long popularity of the plastic bag here may be waning, though.

This past summer Los Angeles, the second-most-populous U.S. city, became the largest municipality in the country to pass a ban on plastic bags, of which it reportedly uses and disposes of 2 billion annually. The ban will go into effect early next year for stores larger than 10,000 square feet and in June for smaller stores. The ban is a follow-up to a 2010 ordinance in Los Angeles County banning plastic bags in unincorporated areas with more than 1 million residents and requiring stores to charge 10 cents per paper bag. The American Progressive Bag Alliance, the lobbying arm of the plastic-bag industry, is fighting the ban.

Large cities such as Chicago and New York City are considering measures to restrict or ban plastic bags. New York City, for instance, is considering a measure that if passed would mandate that retail stores charge a dime per disposable bag (whether paper or plastic) distributed. About 100,000 tons of plastic bags are transferred from the city to landfills in other states annually, costing the city $10 million a year. New York City might be hoping to achieve what Dublin, Ireland, did when it implemented a tax on plastic bags in 2002: reduce plastic bags in the city by 94%, to the ultimate approval by retailers and their patrons. Many other towns and cities in the U.S. have outright banned plastic bags in the past several years, including San Francisco, Seattle, Aspen, Colorado, Southampton, New York and Brookline, Mass. (Nantucket, Mass., was the first town to ban plastic bags, back in 1990.)
 Also see: Why It Makes More Sense to Dump Your Fossil Fuel Stocks>> This momentum on the municipal level has translated to six states -- California, Massachusetts, New Jersey, Oregon, Rhode Island and Washington -- that are considering full-on bans. Another eight states - Hawaii, Louisiana, Maine, New Jersey, New York, Rhode Island, Vermont and Washington -- are considering more moderate legislation to charge for bags. In Massachusetts, state Rep. Lori Ehrlich sponsored a bill that would effectively ban disposable plastic bags in large retail shops and grocery stores statewide but allow business to use compostable bags instead. If it makes it out of Ways and Means, it could come to the floor for a vote this year.

Many store chains have taken initiative. In 2007, Ikea introduced its "bag the plastic bag" program to the U.S., charging a nickel for plastic bags and offering an alternative reusable bag for 59 cents. In 2008, after a 92% reduction in use, Ikea stopped offering plastic bags altogether. Likewise, organic food behemoth Whole Foods Market (WFM) banned plastic bags in 2008 and offers only paper bags made from 100% post-consumer content or a reusable bag for 99 cents.

Whatever one's opinion is on formal bans, it cannot be denied that plastic bags cause significant harm to wildlife and the environment.

Each year, between 500 billion to 1 trillion plastic bags are consumed worldwide, with billions winding up in landfills. We throw away almost 100 billion plastic bags in the U.S. every year.

Plastic bags can take up to 1,000 years to degrade, while plastic waste kills an estimated 100,000 marine creatures (including dolphins, sea turtles, seals and whales) and 1 million sea birds annually. These animals often are strangled or choke on the plastic when they ingest it, mistaking it for jellyfish or other food. Also see: How to Stop Spending $2B a Year Killing the Pets We Love>> Plastic bags also can contribute to carbon emissions, since they are petroleum products that require intensive energy to make and transport. It is estimated that 12 million barrels of oil are needed to make 30 billion plastic bags. Thrown-away plastic bags often wind up airborne and washing into waterways. The prevalence of plastic has led to two large islands of garbage in our oceans, known as the Great Pacific and the North Atlantic garbage patch, respectively. The Great Pacific garbage patch is twice the size of Texas; the North Atlantic garbage patch has at times waxed to a maximum length of 990 miles. It is estimated that we successfully recover and recycle only 1% to 3% of the plastic bags we use in the U.S. In those cases where plastic bags are "recycled," they are often done so improperly by people tossing them carelessly in with recyclables on trash pickup days, where they go on to jam and damage expensive sorting machines. Studies show that people often do not take the initiative to return plastic bags to stores for recycling even when the option is available, and even when plastic bags are returned to stores for recycling they are actually downcycled -- that is, converted to a product of much lower quality than its original form. So what's a good alternative? In addition to refusing plastic shopping bags for single items that can easily be carried by hand, consumers should buy and make use of reusable cloth shopping bags. Canvas bags are 14 times better than plastic bags and 39 times better than paper bags from an energy standpoint, and can be used up to 500 times during their life cycle, according to a study by Australia's government.

Investors Become Complacent; Volatility Drops

Volatility in bond and equity markets is back down to levels that would have been familiar to investors back in 2007. Bond and share prices have all moved relentlessly higher, often into uncharted territory.

The only things that have changed for the worse are economic fundamentals.

Growth across developed economies remains subdued and though forecasters are hopeful next year turns out better than this one, that’s still a long way short of the unshakeable optimism most observers felt in the year or two before the financial crisis.

Economic gloom might support high sovereign debt prices, but it’s not so good for equities and corporate bonds. And yes it’s true that a greater share of GDP is accruing to companies than to workers, which at first light is supportive of both corporate debt and share prices. But ultimately the less money people earn the less there is to be recycled into demand, which is bad for firms generally.

Central banks are clearly stitching the whole web together. Weak economies mean central bank liquidity, which supports asset prices, fundamentals notwithstanding.

The problem is that investors have grown convinced nothing can possibly go wrong for them. The VIX, which measures S&P 500 volatility and is popularly called a fear index, is broadly back down to where it was during the boom years–if not quite to those lows. Ditto for the VStoxx volatility index which measures European equity market volatility.

The MOVE index, which measures bond market volatility, has dropped back from the summer’s highs when debt markets were rocked by fears the Federal Reserve would start trimming its bond purchase program by the autumn, and isn’t far off 2007 levels again.

To judge from central banks’ reaction functions, maybe investors have a point. The Fed relented on tapering when equities and bonds wobbled. In effect, the central bank was saying that it is putting a floor under asset prices. As long as investors believe this can be achieved, asset prices will keep climbing.

The key question then is to what degree can central banks achieve this promise? Eventually there will be enough growth to dictate higher interest rates for fear of inflationary consequences. Central banks have to consider where asset prices might be at that point if they maintain their current asymmetric response. Will they abandon price stability for fear of upsetting asset markets? Or will they accept another collapse on the assumption that it won’t be as catastrophic?

Recent history suggests that when asset markets spin out of control–in either direction–central banks find it hard to control them. What investors now have to consider is what might cause asset markets to lose control. Economic fundamentals might yet trump central banking liquidity and government interventions in pricing assets. As they’ve regularly done in Japan over the past two decades.

Better to buy gold coins, do investments through Gold ETF

Purely from investment angle it  makes no sense to invest in gold  jewellery  for use at a future point of time. Generally, it is seen that people buy jewellery specially during festive season specially when there is no making charges. This jewellery is being purchased for let us say the marriage of your  dear daughter which however is to take place a decade later. Hence, it is recommended that in the year 2013 do buy  jewellery when the purpose  is to buy for your own use and wear but abstain  from investing in jewellry in case you plan to use the jewellery for marriage in the family which will take place after a long interval because  the jewellery would become outdated. It will however be better to go in for buying  gold coins and investments through Gold ETF.

The author is Tax and Investment Consultant at New Delhi for last 40 years.  He is also Director of M/s R.N. Lakhotia & Associates LLP & The Strategy Group.E-mail : slakhotia@airtelmail.in

Mylan Notches Patent Court Fight Win - Analyst Blog

Mylan Inc. (MYL) recently announced that the US district court for the southern district of N.Y. has issued a favorable final judgment in a patent infringement case with Sunovion Pharmaceuticals.

The final verdict was in line with the decision issued by the Court of Appeals for the Federal Circuit. According to the order issued by the court, Mylan's five patents related to its chronic obstructive pulmonary disease drug Perforomist stand as valid and enforceable and are infringed by Sunovion's Brovana. Brovana is approved for controlling the symptoms of COPD, including chronic bronchitis and emphysema. Both Brovana and Perforomist are long-acting beta-2 agonists.

In 2012, Mylan settled its patent dispute with Sunovion Pharma pertaining to Brovana. Sunovion recognized that Brovana infringed two of Mylan's patents, which are valid till Jun 22, 2021.

Following the currently issued favorable ruling, Mylan's seven patents pertaining to Perforomist stand as valid and enforceable and are infringed by Sunovion's Brovana.

We note that the Perforomist inhalation solution is marketed by the Mylan Specialty segment. The drug performed well in the first quarter of 2013. The most significant product in this segment is EpiPen auto-injector, which is used to treat severe allergic reactions.

The bulk of the revenues come from the company's generic division. The generics business has been consistently performing well. Mylan's generic unit has seen quite a few launches over the past few months. One of the important recent launches includes the company's generic version of Pfizer Inc.'s (PFE) erectile dysfunction drug Viagra. Dr. Reddy's Laboratories Ltd. (RDY) too has been making multiple generic launches over the past few months.

Mylan carries a Zacks Rank #2 (Buy). Simcere Pharmaceutical Group (SCR) appears to be equally attractive.

Wall Street Largely Shrugs Off Weak Refining At Exxon Mobil

Not many companies can miss their quarterly EPS target by 15% and not pay a pretty steep price in the market, but then Exxon Mobil (NYSE:XOM) isn't just any company. With the downside in the second quarter coming almost entirely from the refining business, it seems like investors remain focused on the far larger (and in line) upstream exploration and production operations. Although I don't see any particular risks to the thesis that Exxon will remain an income-producing conduit for investors who want exposure to the energy space, I think a little shopping around can turn up better alternatives.

E&P Carries On
Exxon reported a 2% yoy decline in E&P production this quarter (down 7% sequentially), with liquids production basically flat. That was by and large on target versus Wall Street expectations. Operating costs continue to rise, though, and the 12% drop in unit earnings brought operating profits about 3% below sell-side estimates. On a per-barrel basis, Exxon's unit profits fell 11% to $17/boe, which continues to be better than BP (NYSE:BP), but inferior to Hess (NYSE: HES). Likewise, Exxon has running below Chevron (NYSE:CVX) of late in unit profitability, and that will likely continue this quarter.

SEE: Oil And Gas Industry Primer

If the upstream business was basically okay, the downstream operations were a total mess. Although Valero (NYSE:VLO) and Phillips 66 (NYSE:PSX) primed investors to expect more challenging conditions in refining, the 71% drop in refining profits led to a result that was only about one-quarter of the estimate. Even if you add back one-time issues like a refinery writedown, it was still a sizable and disappointing miss. Performance in the chemicals business wasn't robust either, as profits declined 8% from last year's level.

It's A Long-Term Capital Return Story
I'm not too surprised that the market is not reacting all that badly to Exxon's reported results. If anything, I would have thought the guidance for a slowdown in share repurchase activity (from about $4 billion in the second quarter and $5 billion for many quarters before that to $3 billion) would have been the bigger worry.

Be that as it may, Exxon isn't a stock to own for quarter-to-quarter wiggles. The basic thesis here remains the idea that Exxon can cost-effectively boost production by 2% to 3% across the next five years, with a variety of projects including major offshore gas developments, unconventional crude reservoirs, and various other global projects. Rising production costs are a concern, of course, but it looks like the major oil and gas companies are being much more conservative with their capital spending in this cycle – to the detriment of companies like National Oilwell Varco (NYSE:NOV).

Will Exxon's Advantages Remain So?
Exxon may boast that it thinks in decades, but the reality is that the company cannot control all of the factors that will drive its performance over the next decade. To that end, consider the refining business – although Exxon should have a relatively "advantaged" position in U.S. refining given its exposure to areas like the Mid-Continent (along with Marathon Petroleum (NYSE:MPC)), that didn't spare the company this quarter.

Likewise, being the largest North American producer of natural gas isn't so advantageous when gas prices are so low and the company can't offset it with better earnings through the chemicals business. Last and not least, it's worth remembering that while Exxon's reserve base is about 51% liquids, close to half of that is in bitumen and syncrude assets – a business that has been generating an increased negative focus in the press.

The Bottom Line
Frankly, these negatives don't strike me as serious long-term issues for Exxon. Bitumen/syncrude/tar sands may not be popular, but people want sub-$4/gallon gasoline. Likewise, I think the long-term outlook for natural gas prices is still pretty positive.

The bigger issue I have with Exxon is that I just don't think its all that cheap right now. Exxon has long enjoyed a premium multiple in the sector, but even with that factored in I think the shares are about 5% above fair value, while alternatives like Chevron and BP look considerably cheaper. If you regard Exxon as a long-term cornerstone of your portfolio, I see no reason to do anything about it, but if you're looking to add new money to the mega-cap energy space, I'd suggest Exxon may not be the best destination.

Disclosure: At the time of writing, the author did not own shares of any company mentioned in this article.

8 Fascinating Reads

Happy Saturday! There are more good news articles, commentaries, and analyst reports on the Web every week than anyone could read in a month. Here are eight fascinating ones I read this week.

How to read smarter
Reading is a skill. The blog Farnam Street shares a tip from the book The Little Book of Talent: 52 Tips for Improving Your Skills on how to become a better reader: 

Research shows that people who follow strategy B [read ten pages at once, then close the book and write a one page summary] remember 50 percent more material over the long term than people who follow strategy A [read ten pages four times in a row and try to memorize them]. This is because of one of deep practice's most fundamental rules: Learning is reaching. Passively reading a book -- a relatively effortless process, letting the words wash over you like a warm bath -- doesn't put you in the sweet spot. Less reaching equals less learning.

One way to get it done 
Charlie Munger grew a publishing company with his investing chops: 

Daily Journal Corp., the California publisher that counts Charles Munger as its chairman, more than tripled in value since 2008 after the company jumped into stocks during the financial crisis.

Best known as Warren Buffett's longtime business partner, Munger began accumulating equities in early 2009 at the Daily Journal. The portfolio was worth $112.3 million as of March 31, or about 65 percent of the Los Angeles-based publisher's current market value ...

Munger's investments were disclosed in a May 2009 filing under the headline, "Liquidity and Capital Resources." The section outlined how the publisher was sitting on about $9 million in gains after spending $15.5 million on common stocks.

The results kept getting better. Three months later, the Daily Journal said the holdings were valued at more than $41 million. By the end of September of that year, they appreciated to almost $48 million.

Had enough 
From CNet, Facebook (NASDAQ: FB  ) is having a harder time holding down talent: 

Facebook executives and senior staffers have been saying goodbye to the social network at a speedy rate ever since its May 2012 initial public offering.

In the past few days alone, head U.S. sales guy Tom Arrix and Gowalla co-founder Josh Williams have said they're headed for the exits. Sure, Facebook, with 4,900 employees, should be forgiven for some expected turnover, but when the top brass bow out in successive fashion, some without rhyme or reason, you can safely bet that it's not all sunshine and rainbows inside the world's largest social network.

Human nature
Yale economist Robert Shiller says bubbles are here to stay: 

Because bubbles are essentially social-psychological phenomena, they are, by their very nature, difficult to control. Regulatory action since the financial crisis might diminish bubbles in the future. But public fear of bubbles may also enhance psychological contagion, fueling even more self-fulfilling prophecies.

One problem with the word bubble is that it creates a mental picture of an expanding soap bubble, which is destined to pop suddenly and irrevocably. But speculative bubbles are not so easily ended; indeed, they may deflate somewhat, as the story changes, and then reflate.

Up-to-the-minute
Mark Schneider in Financial Times has an idea: No more quarterly reports from companies. Instead, financial results should be presented continuously, in real time: 

Increasing the speed of reporting can deliver other benefits to both investors and companies. Businesses would benefit from improved internal financial controls as a result of a streamlined reporting structure. The timeliness of operating decisions would improve with more frequent disclosures. Investors would benefit from tighter financial management.

Gone would be some of the accounting games of the past -- such as the loading of sales into the last business days of a quarter. Yes, commercial practices vary between industries, but still a company with a steeper sales incline at quarter-end than its peers would have some explaining to do. The overall financial industry would also ultimately benefit from a smoother process of sharing information and building expectations.

Overexposed
TD AMERITRADE  (NYSE: AMTD  ) clients had a big exposure to Apple (NASDAQ: AAPL  ) stock on margin: 

One-third of the multi-billion dollar margin balances at TD Ameritrade are in accounts that have more than 25 percent market exposure to Apple.

"Our most widely held stock, our most actively traded stock and our most margined stock is Apple," TD Ameritrade Chief Executive Fred Tomczyk said on a conference call to discuss the firm's quarterly earnings report.

"A very large company that makes up a big part of our margin book has not participated in this rally over the last year."

Bucking the trend
The newspaper industry has tried to stay alive by slashing costs. The Orange County Register did the opposite, and it's thriving:

Conventional media wisdom posits several ways for a newspaper to commit suicide. It can drive up costs by multiplying staff and pagination. It can prioritise print over digital. It can erect a hard paywall to seal itself from the Internet.

Or, if you are the Orange County Register, you can do all three. The California daily did so almost exactly a year ago, prompting astonishment and morbid curiosity. How long would it last? In a crisis-stricken industry more accustomed to death by a thousand cuts, the Register, which dates back a century, at least promised a dramatic and original demise.

But this week, as the paper prepares to celebrate the experiment's first anniversary, it appears to be thriving. "It's working," marvelled the editor, Ken Brusic. "We believe that this will work."

Innovation 
Watch this fascinating video about a new high-speed engine technology:

Enjoy your weekend. 

For more big picture content, check out my report, "Everything You Need to Know About the National Debt." It walks you through step-by-step explanations about how the government spends your money, where it gets tax revenue from, the future of spending, and what a $16 trillion debt means for our future. Click here to read it. 

The King Is Dead: HP Loses the PC Crown to Lenovo

It's that time of year again. With June now in the rearview mirror, market researchers Gartner and IDC have now released their respective estimates on PC unit shipments in the second quarter, which will subsequently be followed by their digits on the smartphone and tablet markets.

The two companies may use different methodologies and have slightly different figures, but they agree on one thing: Hewlett-Packard (NYSE: HPQ  ) is no longer the top PC vendor in the world by unit volumes. That title has now been transferred to Chinese OEM Lenovo. All 5 of the top vendors declined; Lenovo just declined the least.

Dell (NASDAQ: DELL  ) remains the No. 3 player, but still lags its domestic rival by a fair amount. IDC says Dell's enterprise PC segment performed well, thanks in part to a transition within the enterprise from Windows XP to Windows 7. That's a shift that HP is looking forward to as well.

Vendor

Q2 2013 Shipments

Q2 2013 Market Share

Growth (YOY)

Lenovo	12.6 million	16.7%	(1.4%)
HP	12.4 million	16.4%	(7.7%)
Dell	9.2 million	12.2%	(4.2%)
Acer	6.2 million	8.2%	(32.6%)
ASUS	4.6 million	6.1%	(21.1%)
Total Market	75.6 million	100%	(11.4%)

Source: IDC. YOY = year over year.

Acer and ASUS got hit particularly hard, with year-over-year drops well into the double digits. Both OEMs have historically enjoyed strong positions in the low end, which is being eaten alive by tablets. Their high-end Ultrabooks aren't picking up the slack.

The overall market remains soft, with worldwide shipments falling 11.4% to 75.6 million, according to IDC. That's a sequential improvement from the 14% drop that the market saw in the first quarter. IDC was quick to blame Microsoft (NASDAQ: MSFT  ) Windows 8 for the weakness in Q1, saying it was "clear" that the new platform "slowed the market." IDC still thinks that the market is "struggling with the transition," but a wider range of Windows 8 models in the U.S. definitely helped this time around as OEMs test different form factors.

Gartner, on the other hand, disagrees. The researcher thinks blaming Windows 8 is "unfounded," since it doesn't properly explain the PC's sustained decline, nor does it explain Apple's performance.

This actually isn't the first time that HP has lost the crown to Lenovo. In Q3 2012, Gartner said Lenovo had come out on top, but IDC still pegged HP as the No. 1 vendor, as the two researchers had slightly different estimates. This time, there's now consensus that HP is no longer the PC king.

It's incredible to think just how much of our digital and technological lives are almost entirely shaped and molded by just a handful of companies. Find out "Who Will Win the War Between the 5 Biggest Tech Stocks?" in The Motley Fool's latest free report, which details the knock-down, drag-out battle being waged by the five kings of tech. Click here to keep reading.

Facebook Wants to Become Zynga

Considering Zynga's (NASDAQ: ZNGA  ) expeditious fall from grace, it's hard to imagine any company looking on enviously -- especially one that has a unique insight to Zynga's business: Facebook (NASDAQ: FB  ) .

For years, Facebook and Zynga have been two peas in a social pod. Last quarter, 76% of Zynga's bookings were generated through Facebook. Last fiscal year, Zynga comprised 9% of Facebook's total revenue. The social network noted that Zynga's contribution to its payments business continues to fall, and Zynga wan't mentioned in the most recent 10-Q as a 10% customer.

As part of Zynga's turnaround efforts -- before yesterday's announcement that Don Mattrick would be leaving Microsoft to become Zynga CEO -- Zynga had begun to explore game publishing as a way to diversify away from casual gaming toward the "mid-core" segment. The company tapped developer Phosphor Games to release Horn last year, which earned strong reviews and climbed the charts.

TechCrunch is reporting that Facebook may be looking to also enter the game publishing business now. The company is supposedly partnering with smaller independent developers, cutting distribution deals with ads in exchange for a percentage of sales. Facebook is more concerned with distribution and isn't influencing the content of the games, which other publishers tend to do.

Facebook's gaming platform, which drives the vast majority of its payments revenue, was once soaring but has cooled over the past couple of years. Instead, users are shifting to mobile gaming platforms where Facebook doesn't get a cut.

Source: SEC filings.

Some of the growth has been a function of Facebook's growing user base. Isolating average revenue per user within the payments segment, the payments business has regressed further in this respect with payments ARPU actually lower than it was in late 2011.

Source: SEC filings and author's calculations.

The North American market is where Facebook enjoys the highest payments ARPU, which is more than three times as high as in Europe. Facebook doesn't disclose these figures specifically, so some manual calculations are required.

Geographical Segment

Payments ARPU (MRQ)

US & Canada	$0.65
Europe	$0.21
Asia	$0.07
Rest of World	$0.03
Worldwide	$0.20

Source: SEC filings and author's calculations. MRQ = most recent quarter.

With that in mind, Facebook is likely going after domestic game makers with its publishing forays. With the payments business beginning to slow, the social network is hoping some direct intervention can reinvigorate gamer interest.

It's incredible to think just how much of our digital and technological lives are almost entirely shaped and molded by just a handful of companies. Find out "Who Will Win the War Between the 5 Biggest Tech Stocks?" in The Motley Fool's latest free report, which details the knock-down, drag-out battle being waged by the five kings of tech. Click here to keep reading.