Tue09012015

News

Enchanté plaza remains open to the public

Enchanté plaza remains open to the public

Alicia Castro/Town Crier
The plaza area at Enchanté Boutique Hotel now serves drinks and small plates.

The Los Altos City Council Aug. 25 voted unanimously in favor of Enchanté Boutique Hotel serving beverages and small plates to the public on t...

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Schools

Mountain View High launches Bring Your Own Device program

Mountain View High launches Bring Your Own Device program


Megan V. Winslow/Town Crier
Mountain View High School staff distribute Chromebooks to students last week. The school is rolling out the Bring Your Own Device program this year, which gives students and teachers around-the-clock access to laptops.

Mo...

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Community

'Rock Back the Clock': End of an era, beginning of new one

'Rock Back the Clock': End of an era, beginning of new one


Town Crier File Photo
Time has run out for “Rock Back the Clock,” the 1950s-themed dance party at Rancho Shopping Center.

After 25 successful years, the “Rock Back the Clock” Committee has decided to end the annual 1950s-themed event held at R...

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Sports

Dean of the badminton court

Dean of the badminton court


Courtesy of the Tan family
Los Altos resident Dean Tan and mixed- doubles partner Jenny Gai stand on the podium shortly after winning the gold at the 2015 Pan Am Junior Badminton Championships earlier this month in Tijuana, Mexico.

Dean Tan began pl...

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Comment

Warning: Useless flood basin ahead

Our water and fire agencies receive much attention (and scrutiny) during the hot, dry days of summer – water for the lack of it and fire for its widespread destruction. During this extreme drought year, we are deluged with water conservation ma...

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Special Sections

A tale of two Los Altos love stories: Country club classic


Photos Courtesy of Kelly Boitano Photography
Lindsey Murray and Christof Wessbecher tie the knot in Los Altos.

Lindsey Murray and Christof Wessbecher grew up in parallel Los Altos orbits, never meeting – he went to St. Francis High School, sh...

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Business

Five thoughts on the current market correction

The 531-point drop in the Dow Jones industrial average Friday (Aug. 21) was certainly headline grabbing in its magnitude. It represented a one-day 3.1 percent drop in the index and resulted in a 10 percent correction from its high in May.

It’s compl...

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People

BRUCE CHARLES MEYER

BRUCE CHARLES MEYER

Bruce Charles Meyer, 81, died Wednesday, August 5th at his home in Carmel, California. He leaves his wife Valda Cotsworth and her daughter Katie Roos; his sons, Bruce and Joseph Meyer from his first marriage and his brother Gordon Meyer; four grand...

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Travel

Carmel Valley Ranch unveils upgrades

Carmel Valley Ranch unveils upgrades


Courtesy of Carmel Valley Ranch
Carmel Valley Ranch recently upgraded its Vineyard Oak suites, which feature sweeping views, rocking chairs and private outdoor tubs for soaking under the stars.

Things are heating up at Carmel Valley Ranch, with 30 n...

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Stepping Out

Open 'House'

Open 'House'


Kevin Berne/Special to the Town Crier
Anna Patterson (played by Kimberly King) accepts a drink from Michael Astor (Jason Kuykendall) in “The Country House.”

TheaterWorks Silicon Valley’s regional premiere of “The Country House” is scheduled to r...

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Spiritual Life

Los Altos native combines Judaism, social justice, advocacy

Los Altos native combines Judaism, social justice, advocacy


Los Altos native Gabriel Lehrman’s passion for Judaism, social justice and advocacy brought him to Washington, D.C., this summer for the Machon Kaplan Summer Social Action Internship program at the Religious Action Center of Reform Judaism.

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Inside Mountain View

MV actress/playwright Garvin wins NY festival award for

MV actress/playwright Garvin wins NY festival award for "Corners Grove"


Courtesy of Undiscovered Countries
Kaela Mei-Shing Garvin received a New York arts festival award for a featured role in “Corners Grove,” a play she wrote.

New York recognized that one of Mountain View’s own can “make it there” when the Planet C...

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Stock Report

The view from Omaha - Warren Buffett style

With the Dow Jones industrial and the Nasdaq composite experiencing huge daily volatility, this column will attempt to explain the philosophy of Warren Buffett and his investor theory on stock valuation.

Berkshire Hathaway's annual report arrived at the house the other day. What Warren Buffett has to say about the current stock market and its valuation is interesting.

Despite the carnage in the market over the past several months, Buffett feels the long-term prospect for equities is "far from exciting." Even his own holdings are mildly attractive and fully priced.

Berkshire's holdings consist of more than $1 billion in each of the following stocks: American Express, Coca-Cola, Gillette, Washington Post and Wells Fargo. (Note: no high-tech equities in his portfolio.)

The per share book value of Berkshire Hathaway outpaced the performance of the S&P 500 in 2000, and the book value has increased from $19 to $40,442 over the years.

Buffett has not invested in high-tech industry because the valuation is not there. Dividend yield, price-earnings ratios, and growth rates have nothing to do with valuation except in providing clues to the timing and amount of cash flow.

Buffett points out that for all the talk of "creating value" during the Internet boom, much of the activity was just transferring value on a massive scale. "By shameless merchandising, promoters moved billions of dollars from the pockets of the public to their own purses and now the company value is in shambles."

Buffett, even before the bubble collapsed, pointed out how silly valuations were becoming. However, most investors, deep down, probably knew this as well, but couldn't force themselves to leave the party. The unrealistic expectation - the apex of greed - should have been a clear sign of trouble.

After being scorned by investors as a doddering old-timer who didn't understand the new investing paradigm, Warren Buffett has reclaimed his title of "Investing Legend."

He regards a strong cash flow, a dominant market share and a superb return on equity as being vital. He cautions investors to ignore the daily - even month ly - price blips of a stock and try to determine if management is building value for the long haul. Finally, he urges investors to seek top-quality management and pay attention to the price of the stock.

As a suggestion, Buffett should look at Washington Mutual because it meets his criteria. Originally Palo Alto Savings and Loan, then Northern California Savings, Great Western Savings and now, the company is Washington Mutual (WM).

WM, the nation's largest savings-and-loan institution and the second-largest mortgage originator, has a branch office at Third and Main streets in Los Altos.

Each time the Federal Reserve lowers interest rates, mortgage rates fall leading to refinancing activity. Two-thirds of WM's revenue is generated from the net interest margin.

Priced at 52 with a 2.53 percent yield, WM is attractively priced for purchase and unless the California real estate market collapses, is a defensive equity most investors could like.

Noel, a seasoned investor, covers the stock market for the Town Crier.

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