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NCR Corp. (NCR-NYSE,$34.76) was added to the Padlock portfolios several months ago. The stock has performed very well since then and this week’s Barron’s provided a little icing on the cake by featuring its president, Bill Nuti, in its CEO profile. The article details NCR’s transformation from a cash register company to an electronic services provider and Mr. Nuti’s role in that transformation. Here’s the article: Saturday, July 13, 2013 (c) 2013, Dow Jones & Company, Inc. All Rights Reserved Barron's Online Restoring NCR's Ka-ching! By Dyan Machan Even by the rough-and-tumble standards of the Bronx, William Nuti was a clever and resourceful kid. As a nine-year-old newspaper boy in New York City's northernmost borough, Nuti would work his way up an apartment building until he got to the roof. Then he would leap to the roof of the adjacent building, and work his way down again. Nuti's Batman-like days might be over, but the same problem-solving instincts...

The most recent issue of Forbes magazine (June 24th issue) featured its 2013 Investment Guide.  As with most publications of investment guides there are any number of well-presented ideas of both a bullish and bearish nature.  One of the articles was titled “Money Magic – Top Secrets from 20 Wealth Wizards”.  The article contained insights and advice from investment “wizards”, financial planning “wizards”, economic “wizards” and others. I won’t go through them all but I did want to quote some words of wisdom from a few of them (in order of appearance in the article). The words of wisdom cover varied subjects from investing to saving and so can be heeded by both current investors and future investors.  Some names might be familiar and others will not. Warren Buffett (no introduction needed) on investing: “Don’t let the mood swings of Mr. Market coax you into speculating, selling in panic or trying to time...

There are many adages thrown around the investment industry. One is constantly in the press these days and the other should bring warning signs when it is uttered. The first adage that I am sure you have heard many times recently is “Sell in May and go away”. I will ignore the warning that I mentioned above and use the other adage to make the following utterance, “it’s different this time”. Unlike 2010, 2011 and 2012, I do believe that this May is different. I will highlight some of the points made last week by Thomas Lee, the JP Morgan equity strategist on this subject, in his weekly piece. Lee wrote that there is a significant difference among what investors are being offered by stocks, high grade bonds and high yield (junk) bonds. The comparative measure that was used was the Price/Earnings (P/E) of each category. To better understand this comparison, let...

Now that the Apple numbers are out, here’s a review of the numbers and my thoughts on the good and the bad from them. Some of the numbers that the market will be focusing on in the release for the 2nd quarter and the 3rd quarter are: On the good side, Apple did surpass both its own guidance and the latest analyst guidance for the 2nd Quarter. The balance sheet cash also increased by $7.5B in the quarter bringing the cash per share to $154. Apple will use that cash to increase the annual dividend to $12.20, which based on last night’s close is a yield of 3.0%. Most importantly, Apple increased their stock buy-back, as I had hoped for, to $60.0B over the next 2 ½ years. This buy-back is the largest buyback ever announced by any company and returns the cash that Apple expects to generate over that period to shareholders. David...

I appeared on Headline with Howard Green on BNN earlier this afternoon, prior to the release of Apple's 2nd Quarter earnings release after the close today. If you missed the show, here is the link to BNN’s website. Some of the numbers that the market will be focusing on in the release for the 2nd quarter and the 3rd quarter are: I believe that the decline in Apple since the last earnings report has been discounted into the current stock price, unless there is a huge disappointment in the 2Q results (earnings below the low end of Apple’s guidance). The key for the short term direction of the stock will be the 3Q guidance. In the short term, any disappointment from the current consensus could lead to further declines. Longer term, however, the sentiment on Apple has become so negative that any positive catalyst over the next several weeks could have a dramatic impact...

sure don’t mean to keep beating a dead horse, but maybe the horse is rising. With apologies to my friends at BNN, here’s a CNBC clip from this morning of Bill Miller of Legg Mason and his take on the markets and on Apple. Enjoy. This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change without notice. To receive The Lato Letter by email from now on, please click here....

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