denali investors - columbia business school presentation 2008 fall v3 (1)
TRANSCRIPT
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GFKTIJN@ JTWNEDWW WGBFFK L@KK :==2
W]DGN@K WNXT@XNFEW NE\DWXNEC
HDE@KN NE\DWXFZW, KKG
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G`sd Wtuhy #0Sb`t b`ppdes wbde tbd lfkkfwnec cdt tfcdtbdr6
Bujrns
D`sy G`pnt`k
Dcf]d`onec Lueh`idet`ks
]d`onec Wtfgo ]rngds
Jnc Hd`k Ldds
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@eswdr1 LNEK/CGF/TJW
0. Wuiidr :==3
:. L`kk :==3
7. Snetdr :==3
TJW LNEKCGF
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Hd`k J`gocrfuehH`vnh (LNEK) vs. Cfkn`tb (CGF)
Ne H`vnh vs. Cfkn`tb sgde`rnf, LNEKwfe tbdjnhhnec gfetdst ne Aued :==3 `c`nest LK (` iugbk`rcdr gfipdtntfr) tf purgb`sd CGF (` iugb k`rcdrgfip`ey jy i`rodt g`p).
Xbd tdris wdrd lfr $0.4j ne g`sb, fr $48.4= pdr sb`rd,
wntb luehnec prfvnhdh jy TJW. @ vdry fvdrv`kudhhd`k. X`nk deh fl tbd KJF i`en`.
Jy Wdptdijdr :==3, ne gfijne`tnfe wntb tbd edws`eh tbd gfesuidr `eh rdt`nk sdgtfr jdnec bnt b`rh,LNEK tr`hdh hfwe lrfi $00 - $04 pdr sb`rd tf `jfut$4 pdr sb`rd. CGF w`s tr`hnec `t $84 pdr sb`rd.
Jd g`rdluk wb`t yfu wnsb lfr
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\`ku`tnfe
:.48x=.44x]J
::.:x0=.x4.8xD\/DJNX
(tti)
2.=x:.4xD\/DJNXH@
(tti)
=.3
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]fssnjkd FutgfidsFutgfid J`eh negkuhds1
Xbd hd`k gkfsds (LNEK juys CGF) Xbd hd`k jrd`os (LNEK hfds eft juy
CGF)
Wfidtbnec ne jdtwdde
Dijdhhdh kdc`k uegdrt`nety (I@G, sfkvdegy
gdrtnlng`td, auhcd, aurnshngtnfe)
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S`ys tf ]k`gd `e NevdstidetGfiife `pprf`gbds
Kfec/Wbfrt LNEK, fr Kfec/Wbfrt CGF
Sb`t ns tbd rnso*/rdw`rh6LNEK1 `ppr. 0/4 tf 0/0=
CGF1 `ppr. 0/0 tf0/:
*Znso 9 pdri`edet kfss fl g`pnt`k, eft jdt`
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S`ys tf ]k`gd `e Nevdstidet #0@ jdttdr `pprf`gb #0
Kfec jftb LNEK `eh CGF
Sby jftb6
Gfuetdrnetuntnvd...
Wt`eh`rh idrcdr `rj `e`kysns fe CGF `kfed ns knintdhNesur`egd/bdhcd gfst
Xr`esldr fl v`kud gfegdpt
Gfijne`tnfe negrd`sds s`ldtyXbd Z`tnf 0/4 rnso/rdw`rh r`tnf fr =/8.46
Fr nestd`h fed g`e snipky
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S`ys tf ]k`gd `e Nevdstidet #:@ jdttdr `pprf`gb #:
Aust S`nt
Sby6
Ir. I`rodt cnvds knttkd grdhnt tbdsd h`ys tnid tf `gt
@kw`ys jd `jkd tf w`ko `w`y
@kk s`nh, tbd tbdsns jfnks hfwe tf
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Bd`hs N Sne, X`nks N Hfet KfsdJy cfnec kfec jftb LNEK `eh CGF1
Nevdstidet jfnks hfwe tf bd`hs N wne (knodky `kft), t`nks N jrd`o dvde (prdtty iugb).
Xbdrd ns ` ed`r-tdri g`t`kyst tb`t grd`tds v`kud
tbd I&@ hd`k jdtwdde LNEK `eh CGF wnkkdntbdr gkfsd fr jrd`o.
Xbd futgfid hfds eft i`ttdr1 ne tbd lfridr,wd kfsd eftbnec? ne tbd k`ttdr, pftdetn`k lfr 0==%
tf 8==% upsnhd. S`ntnec lfr pfssnjky uedeguijdrdh LNEK ns
aust `s v`knh.
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Wf Sb`t B`ppdedh6- Gfidhy fl drrfrs- LNEK jdttdr kugoy tb`e cffh
- Kned`r tbneonec `t tbd pd`o- Xbd hd`k ldd ifestdr
Dvdets
G`t`kystsNesur`egd `t wfro
0
:
7
7
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ZdvndwWpdgn`k sntu`tnfe
Fptnfe`knty tb`ts lrdd\`ku`tnfe
Bdhcnec (Nesur`egd)
Xbd Z`tnf
Hnscruetkdh idrcdr `rj bdhcd luehs sunec
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@i`znec L`gts (@prnk :==2)0) LNEK GDF stnkk b`s ` afj.
:) CGF GDF stnkk b`s ` afj.
7) TJW j`eodrs `i gurnfus iysdkl.
Xbd stfry ns eft fvdr `s LNEK _ns stnkk gbd`pY
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Knvd Wntu`tnfe #0@ Wpnefll
Xbdsns1
Juy ]`rdetGf, `eh cdt WpneGf lfr lrdd.
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Knvd Wntu`tnfe #0Jrneos (tngodr JGF) Wpnefll fl Jrneos Bfid
Wdgurnty (tngodr GLK)
JGF GLK
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Jrneos ]`rdetJGF p`rdet ns ` hfine`et nehustry kd`hdr wntb tbd strfecdst
j`k`egd sbddt (edt g`sb fl $
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Jrneos Bfid Wdgurnty (GLK)GLK ns `eftbdr nehustry kd`hdr (#: `ltdr @HX) wntb `
sfknh j`k`egd sbddt (edt g`sb fl $48i) `ehkd`hnec idtrngs `eh i`rcnes.
JBW ns gfesnhdrdh tbd ifst hnsgnpknedh pk`ydr ne tbdnehustry.
Xbd nehustry b`s ` kfec ruew`y `eh ns vdry lr`cidetdh`eh uehdr pdedtr`tdh.
Xbd i`e`cdidet b`s st`tdh tbdy `rd kffonec tf i`net`netbdnr hnsgnpkned fe tbd rdsnhdetn`k snhd `eh
gfetneud tf crfw frc`eng`kky.GLK b`s tbd pdrdeen`kky kfwdst gbure/`ttrntnfe jy ` wnhd
i`rcne. Gbure ns `e nipfrt`et nssud - gurrdetky`jfut 3%
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Hd`k J`gocrfuehJGF w`s `eh ns ` bdhcd lueh stfipnec crfueh
lfr ]nr`td, IIN, `eh Wtddk.
Ne`hvdrtdet jdedlngn`ry fl `gtnvnsi wntb J@Rs`kd, edt g`sb pfsntnfe `eh rdg`p
Tetnk inh Wdptdijdr :==2, JGF w`s tr`hnec `t $3= pdr sb`rd, iugbgkfsdr tf tbd netrnesng v`kud j`sdh fe tbd dxpdgt`tnfe fl tbd spne.
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\`ku`tnfe - JGFGfips tr`hd `rfueh .
@t
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\`ku`tnfe - GLKGLK sbfukh ongo fut fvdr $:==i ne prflfri` DJNXH@ =>.
Gfips tr`hd `rfueh >x 0:x DJNXH@. @t
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\`ku`tnfe JGF & GLK
:.8x0.4x]J
04.=iD\1
$0,04=i$0,=0=iIG1
$0
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Wpnefll Gbdgoknst\`ku`tnfe
G`pnt`k strugturd
Frpb`e jusnedss/stfgo
Nestntutnfe`k fwedrsbnp/prdssurdsI`e`cdidet negdetnvds/fwedrsbnp
Lueh`idet`ks
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S`ys tf ]k`gd `e Nevdstidet]rd-spne
]k`y tbd jrd`o up v`kud- \n` dqunty fr fptnfes
]fst-spneJuy JGF fe tbd gbd`p
Juy GLK fe tbd gbd`p
- \n` dqunty fr fptnfes (tnid `rjntr`cd/KD@]s)
Fptnfes/\fk`tnknty grd`td vdry `ttr`gtnvd rnso/rdw`rh
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Ftbdr L`gtfrs/LfrgdsGygkng`k gb`r`gtdrnstngs (grdhnt, gbure)
Gfuetdrgygkng`k gb`r`gtdrnstngs (cues,s`ldty)
Netdre`tnfe`k dxpfsurdDxgb`ecd r`tds
GLK rdjr`ehnec
Zfy`ktnds wneh hfwe jdedlnt
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ZdvndwWpnefll
Nedllngndegy junkt netf tbd systdi
\`ku`tnfe
FptnfesXbd Z`tnf
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Knvd Wntu`tnfe #:@ Xdehdr Flldr
BKXB BKXB Gfrp. ($2.0=)
- Tp tf 2=i sb`rds (fl 024i futst`ehnec), ef ineniui- $2.2= g`sb pdr sb`rd tdehdr (luehdh vn` $0j edt g`sb)- >% rdture ne fed wddo- Dxpnr`tnfe 00/:4/=2 (edxt Xudsh`y)
- I`e`cdidet fe jf`rh `eh b`vd tdehdrdh (tbneoiftnv`tnfes & justdh idrcdr)- Teknodky tf rd`gb 2=i sb`rd i`x- Hfet lfrcdt1 pfst tdehdr pftdetn`k
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Knvd Wntu`tnfe #7@ Idrcdr @rj
F\DE XurjfGbdl ($0.= pdr sb`rd gfesnhdr`tnfe1 $7.
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Hde`kn NevdstfrsB. Odvne Jyue
ojyueMHde`knNevdstfrs.gfi