it might make sense for ACCY to own SSVE as it will reduce costs for
customer service, technical support and back-office  work with its
centers in the Philippines. I bought a few shares of SSVE just in
case, it seems very undervalued. What do you guys think about the
potential for a deal?

Global Fund Guide - Pension Portfolio (PP) - Economic Time Package

Endowment Management – An Investment Adviser’s Perspective

The endowment fiduciary’s primary task, in my judgement, is the
establishment of a charitable corporation’s total financial policy
insofar as it relates to the endowment. So, my first goal will be to
set forth a personal catechism for how I belive fiduciaries should
discharge their responsibility in this regard. Second, I will attempt
to provide a ‘tour’d horizon’ of the capital markets in terms of the
available and accepted investment media through which that financial
policy should be executed.

I. Financial Policy ² – An endowment’s financial policy is essentially
a set of internal imperatives (external imperatives, in the form of
‘legal lists’ or donative restrictions, for example, may impact as
well). However a given endowment resolves the various issues discussed
in this essay, it is imperative that the results be embodied in a
formal, written record. This document is generally known as an
investment policy statement’ and bears periodic revisit and occational
revision for any endowment. While this essay does not address the
legal context affecting endowments as they construct and implement
overall financial policy, it should be noted that most states have
enacted two so-called uniform acts (one for endowments organized as
corporations and the other for those as trusts) that are directly
applicable. Each contain a version of the ancient ‘prudent man rule,’
and both have fairly specific prescriptions and proscriptions about
investment policy. Private foundations are also subject prescriptions
and proscriptions about investment policy. Private foundations are
also subject to certain provisions of the Internal Revenue Code that
speak to these matters. Every endowment, large or small, should
consult with councel to determine its precise legal context. Two are
statistic in nature, in the sense that they do not require frequent
review and modification. The first of these is the determination of
what I would call an endowed institution’s terminal goal – its
expected life. The range of choised runs from perpetuity to, I
suppose, ‘as long as the money lasts.’ For most, the answer is self-
evident – perpetuity is a demanding goal. Indeed, in my own
experience, I have watched a large endowment lose more than three-
quarters of its net asset value as a result of overspending during a
period of poor performance in the capital markets, yet all the while
it maintained an explicit policy of an ‘aspiration to perpetuity.’ The
contradiction at least raises a presumption of imprudence, in my view.
A second static issue is the creation of an appropriate structure for
the management of an endowment. Fundamentally, this is a question of
delegation (and accountability) – where will operational
responsibility be lodged? A range of choises presents itself: the full
board or a subcommittee may retain authority for the investment of the
endowment, initiating or at least approving every transaction, or more
likely it may delegate the perpetuity. Endowments must also consider
other ways of achieving their asset allocation objectives, depending
on their circumstances. Unlike pension plans, however, insurance-based
approaches offer no promise because in general endowments have no
long- term liabilities and therefore no actuarial reason to pay for
this means of balancing (or form of intermediation between) asset and
liability. For small endowments, mutual funds bring a very sensible
way of achieving all of liquidity, diversification and professional
management. There really is no better way to put ‘non-institutional’
money to work – the principal reason, I might add, that my own firms
uses mutual funds as the sole means for managing clients assets. At
the other end of the spectrum lies passive management or indexation.
Large pension funds(which are many times the size of large endowments)
have increasingly recognized that in various respects they are the
market. Therefore, many have elected simply to ‘buy’ the market by
allocating most if not all of their equity assets to index funds.
Whether or not a large pension fund’s fiduciaries subscribe to the so-
called Efficient Market Hypotesis and therefore no longer belive it
possible to ‘beat the market,’ transaction costs, which go well beyond
commissions, alone make this choice compelling if not imperative. Few
endowments suffer from this compulsion, but some have elected to
pursue indexation. The Efficient Market Hypothesis(the‘EMH’) states
that assuming normally functioning markets, security prices at any
given time reflect all known information and thus are, in colloquial
terms, fair and accurate. It assumes or implies that investors are
rational economic beings. Portfolio Theory in general and its
corollary (or predicate), the EMH, in particular have become the
prevailing orthodoxy over the last 30 years or so after successfully
challenging more conventional, ‘practice’ – based thinking about the
capital markets, but recently they have witnessed the arrival of a new
heterodoxy called behavioural finance. If Portfolio Theory sprang from
the academic field of statistics, behavioural finance comes from the
school of social psychology. To explore behavioural finance in this
essay would take us too far afield, but suffice it to say that its
theorists and practioners say that security prices simply are and
never represent some pure standard of accuracy or fairness. To them
value is in the eye of the beholder, and since that beholder is
generally human and therefore fundamentally irrational, security
prices will only coincidentally and occationally represent ‘fair
value.’ They point to all of the manias of the last 300 years – from
tulips to tech stocks – and say simply, QED. Today, many larger
endowments implicity embrace behavioural finance especially in their
use of private equity and hedge funds since both presume that
securities are systematically misprized. To our network for individual
pension plan assets, please have a analysis for you. Further
information below.

Options Considered: http://tinyurl.co.uk/f033  ('cwmtrader')
CWM Network – For clients assets
Pension Plan Adviser
Mr Roger K. Olsson

Securities (SEC), Institute Securities, Industrial Securities, Bank
Jobs, Financial Sector Jobs, Insurance Company Jobs, Mutual Assets.

Another thing is, there was a report that they received up to $4.5
million line of credit, but now the link doesn't open the article
anymore. Did they ever have it, and how will they do if it was
revoked? If their next earnings report shows as little detail as their
1st quarter, we're not going to learn a lot.

i dont know but i was unhappy about the fact that the sec's website
does not recognize the ticker accy. so i'm watching this for awhile
until the sec has some sort of knowledge the company exists. not
saying it doesn't but that fact alone seperates it from every other
speculative stock on my watch list

Is there a balance sheet available anywhere?

Friday's volume was low, but the stock opened already at .87...so the
big move must have been late in the day Thursday.  Volume on 7/31 is
listed as 8,384 which is relatively high compared to average.  I
grudgingly bought some more shares Thursday morning think this slide
has to stop sometime.  I am still in ACCY at a loss but it was nice to
get a bump.

volume was only 500, can this really pop that much on a 500 volume day

if anyone digs up a date for them to file their earnings please post
it, thanks

this is starting to get so ridiculous that it feels like something is
wrong. is it worth playing earnings which were solid last time and
should be no different right now, they're still preparing for
hurricanes in florida bc that is technically saving money for them in
this tough environment. it feels like a solid trade and i'd be
interested in some opinions

...also it is a particularly bad economic environment for micro-caps
right now.  If the doller strengthen credit loosens up, that should
change.

There are other young small-caps companies with stock prices that can
reach 0 because they never make a profit, but what puzzles me is that
ACCY is a company that posts actual earnings (small as they may be).
So I am confused about the absurdly low PE...maybe there is some
unpublicized problem with their business.  If not, you would think
there has to be limit that even the manipulators can't lower.
Unfortunately I already started a position @ $1.20 but listen up
shorters-- I AM NOT SELLING TO YOU!

so what does anyone think the bottom can be here, it seems like it
shouldnt have gone lower numerous times but it continues to do so. i
wanna get in but if the stock is being manipulated and driven down, i
don't know if getting in now is a good idea.

I read all about NITE's shorting of this stock, but does anyone feel
like it is due for a turnaround?  There is over 10K volume already
today, which is heavy for what I have seen from this stock (someone
correct me if I'm wrong), and it hasn't dropped in price at all.  That
combined with a low RSI of 28 seems like a bottom to me.  I'd like to
hear some other people's thoughts on this.

wow, thanks a lot for that info because i have wondered all the way
from in the $4's why this stock has been dropping. i've almost bought
in numerous times but it just kept going down so fast. I was thinking
about going in at 1.05 but it's not impossible to think this could go
down to the .70's or even .50's

where does one go to find out more about NITE and what they are
currently shorting? thanks.