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Goldman Sachs Paid More Tax Than Ever But Obama Does Not Get It

Government is not a solution to our problem, government is the problem – Ronald Reagan

President Obama just does not get it. Does he know that Goldman Sach’s (GS) provision for income taxes in 2009 was the most that company ever recorded!


Here is the tax provision for GS retrieved from its financial statements (in $ millions):

2009:      6,444
2008           14
2007       6,005
2006       5,023
2005       2,647

Government’s view of the economy could be summed up in a few short phrases. If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.  – Ronald Reagan

How many other companies pay as much income tax? There is always Exxon (XOM) but the administration loves to hate XOM as well. It certainly is not the Government Sponsored entities, AIG, Chrysler or General Motors. All of those companies are sucking the life out of successful and profitable corporations.

We need true tax reform that will at least make a start toward restoring for our children the American Dream that wealth is denied to no one, that each individual has the right to fly as high as his strength and ability will take him. . . . But we cannot have such reform while our tax policy is engineered by people who view the tax as a means of achieving changes in our social structure. – Ronald Reagan

Martin Luther King started a social dream. Ronald Reagan started an economic dream. Obama is destroying both. 

At the time of this Blog entry Scott Rothbort, his family and or clients of LakeView Asset Management, LLC was long shares of GS --- although positions can change at any time.

For more information on investing with LakeView Asset Management, LLC please visit the company's website
     



Posted By Scott Rothbort at January 21, 2010

Dick's Sporting Goods Tees Off On 2009 Guidance

Dick’s Sporting Goods increased it guidance for the 4th quarter and FY09. The company jacked up EPS guidance to AT LEAST 54 cents from a previous estimate of 41 to 46 cents. This would bring FY09 EPS to at least $1.17 versus $1.19 last year. Given the fact that the golf business is in a cyclical recession, these are excellent results. I would not that DKS has bettered analysts’ estimates for the past 4 quarters. With this announcement we have to consider it a 5th consecutive beat.


Furthermore, same store sales are expected to decline only 2% rather than a 3 to 4% drop that was previously expected.
The company’s FY10 should return the company to the double digit growth that we were accustomed to prior to the Great Recession. DKS is the dominant independent sporting goods and apparel retailer in the country. There is still plenty of geography into which DKS can continue to expand for several years. 


I began purchasing DKS upon its IPO several years ago. I constantly add to DKS upon receiving new client assets for our accounts at LakeView Asset Management, LLC. DKS might not be as exciting as a fast growing teen retailer but it is also far more stable.


I would also point out that sales of Jets merchandise soared as the football team made its run to the AFC championship. The company has 19 stores in the states of Indiana (17) and Louisiana (2) which houses the teams participating in the Super Bowl. The company currently operated 420 stores in 40 states.


Currently, I am valuing DKS at $28.5 or 22 times my expected FY10 EPS of $1.30.

At the time of this Blog entry Scott Rothbort, his family and or clients of LakeView Asset Management, LLC was long shares of DKS --- although positions can change at any time.

For more information on investing with LakeView Asset Management, LLC please visit the company's website



Posted By Scott Rothbort at January 27, 2010

Scott Rothbort

About Me :

SCOTT ROTHBORT

THE FINANCE PROFESSOR

 

Scott Rothbort has over 20 years of experience in the financial services industry. In 2002, Rothbort founded LakeView Asset Management, LLC, a registered investment advisor based in Millburn, N.J., which offers customized individually managed separate accounts, including proprietary long/short strategies to its high net worth clientele. He also is the founder and manager of the social networking educational website TheFinanceProfessor.com and a frequent contributor the TheStreet.com where he also writes a weekly article as The Finance Professor

Immediately prior to that, Rothbort worked at Merrill Lynch for 10 years, where he was instrumental in building the global equity derivative business and managed the global equity swap business from its inception. Rothbort previously held international assignments in Tokyo, Hong Kong and London while working for Morgan Stanley and County NatWest Securities.

Rothbort holds an MBA in finance and international business from the Stern School of Business of New York University and a BS in economics and accounting from the Wharton School of Business of the University of Pennsylvania. He is a Term Professor of Finance and the Chief Market Strategist for the Stillman School of Business of Seton Hall University.

For more information about Scott Rothbort and LakeView Asset Management, LLC, visit the company's Web site at www.lakeviewasset.com.

 


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