Zachary-An investor with common sense

When companies report financial results, they use a calendar year or decide their own "fiscal year." Apple, for example, uses a fiscal year starting in September and ending in September next year since they usually release new iPhones or have Apple meetings in September.  It is essential to make sure the data matches in valuation for consistency. To see how significant the differences can be, I will use part of my Oracle valuation to illustrate.  When valuing Oracle stock, I found that the company will have high growth whenever it has significant acquisitions and flat operating income when it does not. My judegemg is that this company growing mainly with M&A no matter how they advertise their technology. So you cannot do Oracle valuation without valuing each acquisition and calculating the return on capital.  Figure 1 and 2 below shows Oracle's M&A cost and my adjusted annual operating income. But as you can see, the M&A cost does not match the active gro...

  GE pension fund (This is part of my GE stock valuation)         Pension funds are pools of money contributed by employers or both employers and employees to provide retirement income. The major types of pension funds are Defined Benefit Plans and Defined contribution plans. Employers promise to pay employees a specific amount of retirement income in the Defined benefit plans. Companies contribute assets to pension funds during employees' working time, expecting the fund to generate returns to cover pension payments after they retire. In Defined Contributions Plan like 401k, employees decide how much income to contribute(with a limit), and the employers will match it.      Estimating pension funds requires us to evaluate the company's business nature, stage of life cycles, and management. Young losing money startups or high growth companies will have lower pension income rates. These companies usually keep employees with stock options to use...