{"id":28460,"date":"2014-10-29T09:25:35","date_gmt":"2014-10-29T13:25:35","guid":{"rendered":"http:\/\/www.technologyinvestor.com\/?p=28460"},"modified":"2014-10-29T09:25:35","modified_gmt":"2014-10-29T13:25:35","slug":"the-frustrating-art-of-security-analysis","status":"publish","type":"post","link":"https:\/\/www.technologyinvestor.com\/?p=28460","title":{"rendered":"The frustrating art of security analysis"},"content":{"rendered":"<p style=\"text-align: left;\">My friend is in real estate. He looks at 100 properties. He bids on ten. He bids low. Ends up buying one.<\/p>\n<p style=\"text-align: left;\">Why should it be any different with picking stocks? It isn&#8217;t.<\/p>\n<p style=\"text-align: left;\">So Cramer, who has ideas, pounds the table for Verifone (PAY). I file PAY away in my mind&#8217;s recesses. I read Apple Pay is booming. (See yesterday&#8217;s column.) Last night I&#8217;m in Whole Foods buying organic apples (the only kind). Whole Foods has Verifone credit card machines. &#8220;Does this work with Apple Pay?&#8221; I ask the tattooed, ear-plugged checkout clerk? Yes, it does. &#8220;Are many people using it?&#8221; I ask. Yes, many.<\/p>\n<p style=\"text-align: left;\">I&#8217;m psyched.<\/p>\n<p style=\"text-align: left;\">This is an opportunity. Spelled with a capital O. The chart is nice. Sort of.<\/p>\n<p style=\"text-align: left;\"><a href=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/PayVerifone.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28472\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/PayVerifone.jpg\" alt=\"PayVerifone\" width=\"589\" height=\"330\" srcset=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/PayVerifone.jpg 589w, https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/PayVerifone-300x168.jpg 300w\" sizes=\"auto, (max-width: 589px) 100vw, 589px\" \/><\/a><\/p>\n<p style=\"text-align: left;\">The pretty pictures on their web site are pretty. This is the terminal I saw at Whole Foods last night:<\/p>\n<p style=\"text-align: left;\"><a href=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/VerifoneTerminal.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28477\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/VerifoneTerminal.jpg\" alt=\"VerifoneTerminal\" width=\"786\" height=\"234\" srcset=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/VerifoneTerminal.jpg 786w, https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/VerifoneTerminal-300x89.jpg 300w\" sizes=\"auto, (max-width: 786px) 100vw, 786px\" \/><\/a><\/p>\n<p style=\"text-align: left;\">This should be Verifone&#8217;s BIG Opportunity. Their day in the sun!<\/p>\n<p style=\"text-align: left;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28481\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/VerifoneOpportunity.jpg\" alt=\"VerifoneOpportunity\" width=\"370\" height=\"222\" srcset=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/VerifoneOpportunity.jpg 370w, https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/VerifoneOpportunity-300x180.jpg 300w\" sizes=\"auto, (max-width: 370px) 100vw, 370px\" \/><\/p>\n<p style=\"text-align: left;\">Then I read their Investor presentation. I can&#8217;t understand a single word. See if you can. Click here:<strong> <a href=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/IR-Presentation-September-2014-final-2014-10-16.pdf\">IR Presentation September 2014 final 2014-10-16<\/a><\/strong><\/p>\n<p style=\"text-align: left;\">Then I look\u00a0 at their financials. They stink big-time. From the <em>Wall Street Journal&#8217;s <\/em>site<em>:<\/em><\/p>\n<p style=\"text-align: left;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28480\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/VerifoneAnnual.jpg\" alt=\"VerifoneAnnual\" width=\"647\" height=\"294\" srcset=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/VerifoneAnnual.jpg 647w, https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/VerifoneAnnual-300x136.jpg 300w\" sizes=\"auto, (max-width: 647px) 100vw, 647px\" \/><\/p>\n<p style=\"text-align: left;\">Good news, here are the quarterly numbers. They&#8217;re losing less money.<\/p>\n<p style=\"text-align: left;\"><a href=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/VerifoneQuarterly.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28479\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/VerifoneQuarterly.jpg\" alt=\"VerifoneQuarterly\" width=\"640\" height=\"261\" srcset=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/VerifoneQuarterly.jpg 640w, https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/VerifoneQuarterly-300x122.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><\/p>\n<p style=\"text-align: left;\">In short, the opportunity is there: EMV and Apple Pay will increase the demand for these type of terminals. But Verifone makes too many things and delivers too many &#8220;services.&#8221; Maybe one day Verifone will figure its place in the sun. The company needs a Steve Jobs.\u00a0 Kill the bad products. Focus on the ones that make sense.<\/p>\n<p style=\"text-align: left;\">Back to checking out 99 other companies.<\/p>\n<p style=\"text-align: left;\">This is hard work.<\/p>\n<p style=\"text-align: left;\"><span style=\"color: #0000ff;\"><strong>My favorite traveling monitor: <\/strong><span style=\"color: #000000;\">It&#8217;s the ASUS MB168B+ 15.6-Inch Screen LED Monitor. It&#8217;s wafer thin. Slides easily into a backpack or a roll-on. Lights up into a glorious second monitor to a laptop. With many pixels &#8212; 1920 x 1080. The thing is completely powered and driven by one USB cable. No power supply. Nothing extra to carry, except the small cable and it also fits into the flat &#8220;pleather&#8221; case.<strong><br \/>\n<\/strong><\/span><\/span><\/p>\n<p style=\"text-align: left;\"><a href=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/AsusMonitor2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28465\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/AsusMonitor2.jpg\" alt=\"AsusMonitor2\" width=\"396\" height=\"136\" srcset=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/AsusMonitor2.jpg 396w, https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/AsusMonitor2-300x103.jpg 300w\" sizes=\"auto, (max-width: 396px) 100vw, 396px\" \/><\/a><\/p>\n<p style=\"text-align: left;\"><a href=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/AsusMonitor1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28466\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/AsusMonitor1.jpg\" alt=\"AsusMonitor1\" width=\"387\" height=\"261\" srcset=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/AsusMonitor1.jpg 387w, https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/AsusMonitor1-300x202.jpg 300w\" sizes=\"auto, (max-width: 387px) 100vw, 387px\" \/><\/a><\/p>\n<p style=\"text-align: left;\">Having two monitors when you travel is a huge productivity boost. The monitor is now available, finally. Click <a title=\"Asus 1920 x 1080 pixel monitor\" href=\"http:\/\/www.amazon.com\/MB168B-15-6-Inch-Screen-LED-Lit-Monitor\/dp\/B00H0FK2A6\/ref=sr_1_21?s=pc&amp;ie=UTF8&amp;qid=1414583393&amp;sr=1-21&amp;keywords=asus+monitor\" target=\"_blank\"><strong>here.<\/strong><\/a><\/p>\n<p style=\"text-align: left;\"><span style=\"color: #0000ff;\"><strong>Useful Stuff:<\/strong> <\/span><\/p>\n<p style=\"padding-left: 30px; text-align: left;\">+ WAZE gets better every day. I&#8217;m finding my way around Portland with WAZE. It&#8217;s a no-brainer.\u00a0 Best turn-by-turn directions of them all. When you get to your destination, WAZE now offers to remember where you parked your car. For alta kakas like me, that&#8217;s huge.<\/p>\n<p style=\"padding-left: 30px; text-align: left;\">+ Susan used her iPhone, the hotel&#8217;s WiFi and <strong><em>WhatsApp<\/em><\/strong> to text me from Rabat, Morocco that she had landed safely. A reader suggests we download Viber which lets us text and make free phone calls &#8212; so long as both of us have Viber.<\/p>\n<p style=\"padding-left: 30px; text-align: left;\">+ Public WiFi is dangerous, slow and unreliable. I use <em>Personal HotSpot<\/em> on my iPhone. You have to tell your carrier to turn it on.<\/p>\n<p style=\"padding-left: 30px; text-align: left;\">+ If you get a SIM card for your travel phone, please remember to set up voice mail.<\/p>\n<p style=\"text-align: left;\">\u00a0<span style=\"color: #0000ff;\"><strong>Everybody and their uncle is targeting mobile users.<\/strong> <\/span>Facebook, Netflix, Amazon, Salesforce&#8230; except IBM. Who knows why?<\/p>\n<p style=\"text-align: left;\"><a href=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/MobileTechnology.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28463\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/MobileTechnology.png\" alt=\"MobileTechnology\" width=\"450\" height=\"305\" srcset=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/MobileTechnology.png 450w, https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/MobileTechnology-300x203.png 300w\" sizes=\"auto, (max-width: 450px) 100vw, 450px\" \/><\/a><\/p>\n<p style=\"text-align: left;\">Saves him wearing ear buds? Will it fit the bigger iPhone 6, or the iPhone 6 Plus?<\/p>\n<p style=\"text-align: left;\"><span style=\"color: #0000ff;\"><strong>Friends visited Australia. <\/strong><\/span>Australians take their humor and their signs seriously:<\/p>\n<p style=\"text-align: left;\"><a href=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/YardSaleAustralia.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28461\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/YardSaleAustralia.png\" alt=\"YardSaleAustralia\" width=\"600\" height=\"338\" srcset=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/YardSaleAustralia.png 600w, https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/YardSaleAustralia-300x169.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p style=\"text-align: left;\"><a href=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/AustralianRoadSign.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28462\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/AustralianRoadSign.jpg\" alt=\"AustralianRoadSign\" width=\"547\" height=\"377\" srcset=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/AustralianRoadSign.jpg 547w, https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/AustralianRoadSign-300x206.jpg 300w\" sizes=\"auto, (max-width: 547px) 100vw, 547px\" \/><\/a><\/p>\n<p style=\"text-align: left;\"><span style=\"color: #0000ff;\"><strong>Favorite Dorothy Parker quote:<\/strong><\/span><\/p>\n<p style=\"text-align: left; padding-left: 30px;\">\u201cIf you want to know what God thinks of money, just look at the people he gave it to.\u201d<\/p>\n<p style=\"text-align: left;\"><a href=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2013\/07\/HarryNewton.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-21218\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2013\/07\/HarryNewton.jpg\" alt=\"HarryNewton\" width=\"200\" height=\"199\" srcset=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2013\/07\/HarryNewton.jpg 200w, https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2013\/07\/HarryNewton-150x150.jpg 150w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><\/a><br \/>\nHarry Newton who&#8217;s visiting Portland, Oregon to see granddaughter, Eleanor.<\/p>\n<p style=\"text-align: left;\"><a href=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/eleanor.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28469\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/eleanor.jpg\" alt=\"eleanor\" width=\"450\" height=\"338\" srcset=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/eleanor.jpg 450w, https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/eleanor-300x225.jpg 300w\" sizes=\"auto, (max-width: 450px) 100vw, 450px\" \/><\/a><\/p>\n<p style=\"text-align: left;\">Portland has two huge charms:<\/p>\n<p style=\"padding-left: 30px; text-align: left;\">1. Roses seem to bloom all year long.I photographed this one yesterday, October 28, on a suburban Portland street.<\/p>\n<p style=\"padding-left: 30px; text-align: left;\"><a href=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/PortlandRose.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28467\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/PortlandRose.jpg\" alt=\"PortlandRose\" width=\"422\" height=\"338\" srcset=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/PortlandRose.jpg 422w, https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2014\/10\/PortlandRose-300x240.jpg 300w\" sizes=\"auto, (max-width: 422px) 100vw, 422px\" \/><\/a><\/p>\n<p style=\"padding-left: 30px; text-align: left;\">2. Portland has nice blue skies and warmth in the summer. The rest of the year, it drizzles and the skies are grey, like yesterday. The moving mist in the mountains is beautiful to a city boy like me.<\/p>\n<p><script>\/\/ <![CDATA[\n(function(i,s,o,g,r,a,m){i['GoogleAnalyticsObject']=r;i[r]=i[r]||function(){\n  (i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o),\n  m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m)\n  })(window,document,'script','\/\/www.google-analytics.com\/analytics.js','ga');\n\n  ga('create', 'UA-45200733-1', 'technologyinvestor.com');\n  ga('send', 'pageview');\n\/\/ ]]><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>My friend is in real estate. He looks at 100 properties. He bids on ten. He bids low. Ends up buying one. Why should it be any different with picking stocks? It isn&#8217;t. So Cramer, who has ideas, pounds the table for Verifone (PAY). I file PAY away in my mind&#8217;s recesses. I read Apple [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-28460","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=\/wp\/v2\/posts\/28460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28460"}],"version-history":[{"count":0,"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=\/wp\/v2\/posts\/28460\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}