After axing Mr. Woodford, senior Olympus executives explained that the Briton did not understand the Japanese business culture and the value of respect and consensus-building.
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The value of a currency may loosely reflect a country's economic fundamentals, but ultimately its value reflects the majority consensus about the government's ability to manage the economy and the nation.
In our core thesis, we expect value to be realized on consensus earnings beats followed by upward revisions of later 2013 consensus estimates.
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We have big companies and although we have massively fewer lobbyists and political donations, we do have honesty, credibility, a history of being right about technology and its value, and a bipartisan consensus that fostering innovation must be a national strategy.
Yet despite the gains, the stock still offers excellent value with BZ selling at just 8 times the consensus earnings estimate for 2010 of 93 cents per share.
With an enterprise value of 5.2 times this fiscal year's consensus Ebitda, it's priced cheaply enough for investors to read on.
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Another survey revealed that 78 percent of managers would reject an NPV (net present value)-positive project if it would lower quarterly earnings below consensus expectations, and 80 percent would focus on this short-term metric at the expense of building long-term shareholder value.
The consensus view, expressed by either buying or selling the stock determines the market value of the security through a supply-demand equilibrium.
With its consensus metric back to its usual low variability, another surprise crisis could scatter its value scores and potentially impact its ROE, especially since it enjoys such a high reputation premium.
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Whilst many will argue with many aspects of the Thatcher legacy - and some will, no doubt, protest about it today - that is an analysis which few will contest - though, of course, any consensus can be broken and re-made just as privatisation did to the previously widespread belief in the value of nationalisation.
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