Hi. I'm really sorry if this topic is going off the road :) If possible, would you tell me where can i find a download-able book about macro economy please? Am a foreign student in China, hence need a book about it. Thanks a lot before hand :) As I often see you know a lot where to find a good book :)
--- In obrolan-bandar@yahoogroups.com, "kang_ocoy_maen_saham" <[EMAIL PROTECTED]> wrote: > > Suggestion For Some Nice Further Reading Regarding the Topic, > > http://ebooks.ebookmall.com/ebook/174561-ebook.htm > > > > > Nah Kalo Donlot Gratisnya > > > http://rs42.rapidshare.com/files/4345471/Gerald_A_Benjamin_-_Angel_Capital.pdf > > > Cheers > > --- In obrolan-bandar@yahoogroups.com, Hanif Mantiq <hanif_mantiq@> > wrote: > > > > *kalo market bearish, mungkin artikel dibawah ini bisa > > menambah keyakinan untuk masuk ke market* > > > > How Angel Investors Get Their Wings > > Backing entrepreneurs with good ideas can be a > > moneymaker for these daring > > investors who go where venture capitalists fear to > > tread > > > > by Chris Farrell > > BusinessWeek Magazine > > > > Not only can John Reid claim to have been visited by > > angels, he is one. The > > 61-year-old entrepreneur founded his Parkers Prairie > > (Minn.) medical-device > > company, AbbeyMoor Medical, in 1997 with seed money > > from so-called angel > > investors. Such people invest in promising startups > > too young and raw to > > attract the attention and money of professional > > venture capitalists. Reid > > has also helped fund several early-stage ventures, on > > his own and with > > fellow angels. > > > > The credit crunch and economic downturn have some > > angels feeling skittish. > > But others see opportunity: Studies show that the best > > time to start a > > business is when the economy is down. That's because > > entrepreneurs with good > > ideas will find cheaper land, labor, supplier > > contracts, and other > > ingredients that go into starting a business. Angels > > that back such ventures > > can earn impressive long-term returnsone study cites > > a rate of return of > > about 27%, on average, or 2.6 times the investment in > > 3.5 years. The risks, > > of course, are steep. Still, 258,200 angels pumped $26 > > billion into 57,120 > > ventures last year, according to the University of New > > Hampshire's Center > > for Venture Research. > > > > Any angel will tell you there's a significant learning > > curve. But a big > > transformation in angel investing is making it easier > > to move up that curve: > > the rise of more formal angel investing groups. It > > wasn't all that long ago > > that angels largely hooked up with entrepreneurs > > through ad-hoc social > > networks, friendships created over the years, perhaps > > at the country club or > > local philanthropic events. Since the latter part of > > the 1990s there has > > been a proliferation of more professionally organized > > groupsusually with a > > Web sitethat screen investments and pool money on a > > local and regional > > level. Estimates of the number of angel groups in the > > U.S. and Canada go as > > high as 275. The groups even have their own > > trade-and-education association > > in Washington, the Angel Capital Assn. > > > > While many angels are current or former entrepreneurs, > > and that background > > can prove invaluable, they also need to develop > > investing skills. The > > successful angel adheres to the same disciplines that > > make for a good > > investor, from Berkshire Hathaway's ("BRK-A") Warren > > Buffett to Yale > > University's David Swensen. Understand the risks. > > Follow an intellectual > > framework. Have a well-thought- out methodology for > > buying and selling. Do > > due diligence. Diversify. "Angel investing isn't easy, > > and it's very high > > risk," says Tony Stanco, executive director of both > > the National Council of > > Entrepreneurial Tech Transfer and of Angel Investors > > of Greater Washington. > > "But it's high reward." > > > > Experienced angels recommend that investors create a > > diverse portfolio as a > > buttress against inevitable failures. After all, these > > are companies with > > little cash flow and no operating history. Angel > > groups funded, on average, > > about seven companies in 2007. Only a small percentage > > of an angel's capital > > should be at riskno more than 10% of investable > > wealth, counsels Susan > > Preston, currently general partner of the California > > Clean Energy Fund's > > Angel Fund, a public investment fund that takes equity > > stakes in alternative > > energy ventures. Longtime angel Richard Holdren, a > > Houston-based serial > > entrepreneur who has founded or invested in over 26 > > health-care startups, > > adds that it's critical to keep emotions in check. > > "You make money in angel > > investing by killing off your losses early, as quickly > > as possible," he > > says. "The entrepreneur really believes that success > > is just around the > > corner, and you'll quickly go broke investing for > > 'just-around- the-corner. '" > > > > Angels rightly tend to focus their efforts in the > > industry they know. > > Stanco, for example, was formerly an attorney at the > > Securities & Exchange > > Commission working with the software and computer > > group. His investments are > > concentrated in software. Reid is well-schooled in the > > medical technology > > business. > > > > But to get a wider range of perspectives and deals, > > and to pool resources, > > many angelsincluding Reid, who lives in a largely > > agricultural community > > with a population of 1,032join angel groups. > > > > THE "REAL DEAL" > > Reid belongs to a group of 26 angels affiliated with a > > larger umbrella > > network, RAIN Source Capital, based in St. Paul, Minn. > > RAIN organizes small > > groups of angels in mainly Midwestern states into a > > network of some 400 > > members. That makes it easier to develop a deal flow, > > pool money, and share > > expertise. Angels living in Grand Rapids, Mankato, St. > > Cloud, and similar > > Minnesota towns have invested some $7 million in > > Reid's company. "We get > > prospects in front of the network to find the members > > who will say: 'I used > > to be in that business' and to tell us whether it's a > > real deal," Reid says. > > There could be a deal coming in Mankato, he says, that > > "we never would have > > seen without the RAIN network." > > > > The level of professionalism at angel groups is all > > over the map. Some mimic > > professional venture funds, a number have forged close > > ties to universities, > > and others are more like social clubs engaged in > > for-profit philanthropy. A > > common mantra among angels and angel groups is the > > importance of due > > diligence. That means pursuing questions like: What is > > the market > > opportunity, barriers to entry, and business model? > > What's the company's > > competitive edge? Is there an exit strategy? What is > > the entrepreneur' s > > background? "The biggest fallacy is that 98% of people > > think if they have a > > wonderful technology the business will take care of > > itself," says Holdren. > > "But the character of the entrepreneur is more > > important than the > > technology." > > > > What sort of return can an angel expect? There's that > > rate of return of > > about 27%, on average, a result reached by professor > > Robert Wiltbank of > > Willamette University and Warren Boeker of the > > University of Washington in a > > study of 539 angels from 86 groups in North America > > from 1990 to 2007. The > > return figure comes from 1,137 "exits" during this > > time period through > > mergers and acquisitions, initial public offerings, > > bankruptcies, and shut > > doors. > > > > Of course, averages can be a bit misleading. Remember, > > on average Lake Erie > > never freezes, and the stock market returns, on > > average, some 11% a year. > > With the return number for angel investing, keep in > > mind that 7% of the > > venture exits that the professors studied had returns > > of 10 times investment > > while 39% had a multiple of less than one times > > investment. The Center for > > Venture Research estimates that angels enjoyed a rate > > of return in 2007 > > between 20% and 40%. "Invest what you could lose > > without changing your > > lifestyle," advises Jeffrey Sohl, director of the > > Center. Inevitably, part > > of the reward will be psychic. But it's fun to > > remember the outcome of a > > $100,000 investment that Sun Microsystems co-founder > > Andrew Bechtolsheim > > made to two Stanford University graduate students. The > > check allowed the > > students to move out of dorm rooms and start marketing > > their revolutionary > > idea. The result: Google. > > > > Farrell is contributing economics editor for > > BusinessWeek. You can also hear > > him on American Public Media's nationally syndicated > > finance program, > > Marketplace Money, as well as on public radio's > > business program > > Marketplace. His Sound Money column appears on > > BusinessWeek. com. > > >
