Mon07282014

News

Downtown green park pops up again in August

Downtown green park pops up again in August


Ellie Van Houtte/Town Crier
The Third Street Green debuts Aug. 3 on the 300 block of State Street in downtown Los Altos.

Another temporary park is poised to pop up in downtown Los Altos this summer.

According to Brooke Ray Smith, community devel...

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Schools

MVLA rolls out laptop integration this fall

MVLA rolls out laptop integration this fall


Town Crier File Photo
Starting in the fall, daily use of laptops in the classroom will be standard operating procedure for students at Los Altos and Mountain View high schools as the Mountain View Los Altos Union High School District launches a pil...

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Community

Generations blend behind the scenes at 'Wizard of Oz'

Generations blend behind the scenes at 'Wizard of Oz'


Altos Youth Theatre and Los Altos Stage Company rehearse a scene from “The Wizard of Oz.” ELIZA RIDGEWAY/ TOWN CRIER

A massive troupe of young people and grownups gathered in Los Altos this summer to stage the latest iteration of a childhood sta...

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Sports

Football in July

Football in July


Town Crier file photo
Mountain View High’s Anthony Avery is among the nine local players slated to play in tonight’s Silicon Valley Youth Classic.

Tonight’s 40th annual Silicon Valley Youth Classic – also known as the Charlie...

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Comment

Pools should be included: Editorial

Los Altos residents should be receiving calls this week from city representatives conducting a survey to determine priorities for a revamped Hillview Community Center.

Notice that we did not say “civic center” – chastened by a lack of public support...

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Special Sections

Looking for life without lows, local diabetic tests artificial pancreas

Looking for life without lows, local diabetic tests artificial pancreas


Photo by Ellie Van Houtte/Town Crier
Dr. Trang Ly, left, reviews blood sugar readings on a smartphone with Los Altos resident Tia Geri, right, and fellow participant Noa Simon during a closed-loop artificial pancreas study for Type 1 diabetics.
...

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Business

Palo Alto law firm coming to 400 Main

Palo Alto law firm coming to 400 Main


Ellie Van Houtte/ Town Crier
Longtime Palo Alto law firm Thoits, Love, Hershberger & McClean plans to open an office at 400 Main St. in Los Altos after construction is complete in November.

A longtime Palo Alto law firm plans to expand int...

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Books

"Frozen in Time" chronicles harrowing WWII rescue attempts


Many readers can’t resist a true-life adventure story, especially those that shine a spotlight on people who exhibit supreme courage in the face of adversity and end up surviving – or not – against the odds.

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People

RICHARD PATRICK BRENNAN

RICHARD PATRICK BRENNAN

Resident of Palo Alto

Richard Patrick Brennan, journalist, editor, author, adventurer, died at his Palo Alto home on July 4, 2014 at age 92. He led a full life, professionally and personally. He was born and raised in San Francisco, joined the Arm...

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Travel

Travel Tidbit: Ritz-Carlton, Lake Tahoe offers spa getaway

Travel Tidbit: Ritz-Carlton, Lake Tahoe offers spa getaway


Courtesy of Ritz-Carlton
The Ritz-Carlton in Lake Tahoe offers fall getaway packages that include spa treatments and yoga classes.

Fall in North Lake Tahoe boasts crisp mornings and opportunities to spend quality time in the mountains. Specially ...

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Stepping Out

PYT stages 'Shrek'

PYT stages 'Shrek'


Lyn Healy/Spotlight Moments Photography
Dana Cullinane plays Fiona in Peninsula Youth Theatre’s “Shrek The Musical.”

Peninsula Youth Theatre presents “Shrek The Musical” Saturday through Aug. 3 at the Mountain View Center for the Performing Arts...

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Spiritual Life

Foothills Congregational: 100 years and counting

Foothills Congregational: 100 years and counting


Courtesy of Carolyn Barnes
The newly built Los Altos church in 1914 featured a bell tower and an arched front window. Both continue as elements of the building as it stands today.

Foothills Congregational Church – the oldest church building in L...

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Magazine

Festival features fun for everyone

Festival features fun for everyone


TOWN CRIER FILE PHOTO
The Los Altos Arts & Wine Festival boasts more than 375 craft and arts booths.

This weekend’s 35th annual Los Altos Arts & Wine Festival promises to be jam-packed with fun activities for just about everyone. The eve...

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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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