Three former officials at the Securities and Exchange Commission, two Democrats and one Republican, filed an amicus brief in the case Stoneridge Investment Partners v. Scientific-Atlanta, Inc., in what is apparently a very important case dealing with shareholder lawsuits. From what I can tell, shareholders of Charter Communications are suing Motorola and Scientific Atlanta for misleading them on how they chose satelite and cable providers. I am not smart enough nor informed enough on the subject to offer a assertive opinion on the case or the issue at hand, but the subject interests me greatly. It has been my experience that the layman fails to grasp the true essence of a market, and just sees it as a place to gamble with money. The most underappreciated aspect of financial markets is the reliance on the ability to process information quickly. "An efficient market is one where information is quickly interpreted and is evident in the asset price".
I do not profess to be an expert, but from my experience, it seems to me that a shareholder's ability to sue the majority owners and/or board of directors for withholding information is a pivotal aspect of a market. During the Clinton years, there was a much stronger push towards individual stock ownership. This likely had little to do with Clinton, and was a more a result of the advent of the internet and new waves for individuals to own stocks. That phenomenon seems to have waned (probably in large part to the recession after the tech bubble burst). It my opinion and preference that the courts' emphasize shareholder rights in lawsuits to try and maintain as fair a market as possible. Institutional investors will always exist, but individual investors may not. For their part, it is up to individual investors to gain a better understanding of the rights and duties associated with owning stock, and take a more proactive role in ownership of the company.
Saturday, September 1, 2007
Tuesday, August 7, 2007
Why NBA GMs Should be Racist
When I own an NBA team, I will institute a policy that all drafting of white American basketball players must be done on a narrowly tailored basis to further the compelling interest of us winning games. Its no secret that the NBA and the sport of basketball is overwhelmingly dominated by black players. Yet, given how few white American players are actually in the league, it is amazing that most of them were still drafted higher than they should have been. Now, that is not to say that black players cannot be collossal flops (Stromile Swift #2 pick in 2000). Nor does it mean that a black player should always be picked ahead of a white player. However, when evaluating a player, I do believe it is necessary to take his race into account. For example, if you are evaluating talent based on strengths and weaknesses, I thnk it would have been perfectly reasonable to list "white" under Spencer Hawes' weaknesses.
To prove that white American players suck at basketball, I have gone over the past 15 NBA drafts and listed almost all white American players (I decided not to list a few losers that everyone knew would suck, like Casey Jacobsen and Bryce Drew). I then listed black players that the teams could've taken had they taken race into account. Again, I am not saying race should be the ultimate deciding factor. Hhowever, after shooting ability, passing ability, and driblling ability, I think skin color is the greatest indicator of whether someone will succeed at the next level.
1992 Draft
This was the Shaq draft. Christian Laettner was selected #3 overrall by the Minnessota Timberwolves (Kevin McHale was not the GM at the time, although it would have made a lot of sense had he been). Jim Jackson and Robert Horry were still on the board. Tom Gugliotta was selected #6 overall, with Horry still on the board. Then Adam Keefe (remember that disgustingly dirty white guy on the Jazz that Jordan embarassed numerous times?) was selected #10 overall with Horry, Doug Christie and Latrell Sprewell still on the board.
1993 Draft
Maybe the biggest bust of all time, Shawn Bradley was selected #2 overrall by the 76ers. Penny Hardaway would get picked #3 by the Magic. Seriously! How could anyone other than the KKK or Mitt Romney think that Shawn Bradley would make a good professional basketball player. Ahead of Penny Hardaway! Imagine how different the 1990's decade would have been had the 76ers taken Penny. Does Shaq leave Orlando for LA? Does Penny become a more likable Kobe Bryant? GOD, I hate freaking Shawn Bradley!. Bobby Hurley was selected #7 overrall by the Kings, ahead of Gin and Tonic (Vin Baker for you non-TSG readers) and Allan Houston.
1994 Draft
A weak year for anglo-saxons, but Eric Montross did his best to keep up the stiff legacy. He was drafted #9 with Eddie Jones and Jalen Rose still on the board.
1995 Draft
Another pick that just makes you cringe. With their inaugural selection, the Vancouver Grizzlies selected Bryant Reeves with the #6 pick. In fairness, this was a rather weak draft. However, the Raptors picked seventh, and they took Damon Stoudamire. The Raptors are still in Toronto. The Grizzlies are no longer in Vancouver. It is not a coincidence. Trust me. In addition, Cherokee Parks was selected #12 with Corliss Williamson, Theo Ratliff, Travis Best and Michael Finley still on the board. Bob Sura was chosen #17 ahead of Best and Finley.
1996 Draft
The Golden State Warriors selected Todd Fuller with the #11 overrall pick. He was picked ahead of Kobe Bryant, Jermaine O'neal and Jerome Williams. If you google Todd Fuller, this is the picture that comes up. It is absolutely pathetic.
1997 Draft
The biggest loser on the face of the planet, Keith Van Horn, was the #2 overrall pick by the New Jersey Nets. He was picked before Tim Thomas and Tracy McGrady. Seriously, why would Keith Van Horn ever fit in with John Calipari? Van Horn is the only white player Calipari has ever coached. Not a coincidence. Austin Croshere was picked #12 with Maurice Taylor and Bobby Jackson still available. One of the true finds in this draft was actually Scott Pollard at #19, although Jackson was still on the board.
1998 Draft
Another god-awful pick. Raef LaFrentz gets picked #3 by the Nuggets with Antawn Jamison, Vince Carter, Larry Hughes, Paul Pierce and Bonzi Wells still on the board. Getting picked #7 was Jason Williams. Every rule has its exception and Jason Williams is most definitely it. Larry Hughes, Paul Pierce and Bonzi Wells were still on the board, but this was definitely a good pick by the Kings. Of all the setbacks that Jason Williams had, none of them were due to his skin color. Michael Doleac (notice how many terrible Mormons get picked?) went #12 with Ricky Davis still on the board. Matt Harpring was a steal at #15, although Ricky Davis was still on the board as well.
1999 Draft
Wally Szczerbiak gets picked #6 by the Timberwolves with Richard Hamilton, Shawn Marion, Corey Maggette and Jason Terry still on the board. Szczerbiak has had a solid career, but you can't help but think that if he were black, he'd be a lot better.
2000 Draft
In arguably the worst draft class in NBA history, Mike Miller took home rookie of the year honors after getting picked #5 by the Orlando Magic. The only possible alternatives would have been Jamal Crawford and Quentin Richardson. I think most would agree that Miller was the right choice at this spot (especially considering DerMarr Johnson was selected at #6 YIKES). Chris Mihm continued the big-white-stiff legacy after getting picked #7 overrall by the Cavaliers (I actually remember watching him play in college, and Dickie V saying that he thought Mihm should be the #1 overrall pick). In addition, Joel Przybilla got picked #9 ahead of Etan Thomas, Quentin Richardson, Desmond Mason and Jammal Magloire. Again, its a weak class, but the white guys didn't help out at all.
2001 Draft
The legendary three-man combination of white stiffs with Troy Murphy, Kirk Haston and Michael Bradley going #'s 14, 16 and 17 respectively, all ahead of Zach Randolph, Gerald Wallace, Samuel Dalembert and Tony Parker. Inexcusable.
2002 Draft
Quite possibly the worst pick of the decade, the Warriors drafted Mike Dunleavy at #3 with Chris Wilcox, Nene, Amare Stoudamire and Caron Butler still available. Seriously, how could you ever think that Dunleavy would be better than Caron Butler? Later in the draft, the Utah Jazz took Curtis Borchardt at #18 ahead of Tayshaun Prince.
2003 Draft
The Clippers displayed their overt racism by taking Chris Kaman at #6 and thereby stranding Wilcox on the bench. Kaman was picked ahead of David West, Josh Howard and Leandro Barbosa. Kirk Hinrich was selected at #7. A very solid choice, although Barbosa was still on the board. Nick Collison was selected at #12 by Seattle, who also delighted their fans by taking Luke Ridnour at #14. Barbosa and Howard were both still available, but, it was all part of the plan to get Kevin Durant four years later.
2004 Draft
Rafael Araujo (another mormon) was selected #8 by the Raptors with Andre Iguodala, Al Jefferson, Josh Smith, Delonte West and Tony Allen still available. Danny Ferry thought Luke Jackson would make a great running mate to LeBron James at pick #10, even though Jefferson, Smith, West and Allen were all still available. Robert Swift was picked #12 by Seattle with all the aformentioned players still available (again, all part of the plan to get Kevin Durant). Kris Humphries was selected by the Jazz at #14 with all the aforementioned players still available. It is also interesting to note that Araujo and Humphries were traded for each other last summer, and it had absolutely no effect on anything that happened this year in the NBA.
2005 Draft
Only one white American player, and it was actually great pick. Isiah Thomas picked David Lee with the last pick of the 1st round (#30).
2006 Draft
MJ picked Adam Morrison at #3. Its too early to tell, but Brandon Roye, Tyrus Thomas and Randy Foye were all picked after him and all had superior rookie seasons. JJ Redick was picked #11. Again, too early to tell, but Thabo Sefolosha and Renaldo Balkman were still on the board and have shown more promise than Redick.
So, that is 37 white American basketball players drafted in the first round between 1992 and 2006. Of those 37 players, only Jason Williams in 1998, Mike Miller in 2000, Kirk Hinrich in 2003 and David Lee in 2005 were "good picks". A case can be made for both Keith Van Horn and Wally Szczerbiak. Van Horn actually had a few really good seasons for the Nets, but he is just such a giant loser I cannot call him a good pick. Szczerbiak was always a more appealing player than Van Horn, but given the fact that Richard Hamilton, Shawn Marion, Corey Maguette and Jason Terry were still on the board, the selection of Szczerbiak does not make the cut.
That means of 37 white American players, only five of them were the right selections. So, if you are an NBA GM, and you choose a white American player, you only have a 5/37, or 13.5% chance of being happy with your selection. This brings me back to Spencer Hawes, the #10 pick of the 2007 NBA Draft by the Sacramento Kings. Who knows? Maybe he becomes great. Maybe ten years from now the league will have as many white American players as black players. Who knows? But all I'm saying is that if you owned a team, and you cared about winning, and you believe in statistics and percentages, then you would at least take Spencer Hawes skin color into consideration prior to making the selection. I know I would.
To prove that white American players suck at basketball, I have gone over the past 15 NBA drafts and listed almost all white American players (I decided not to list a few losers that everyone knew would suck, like Casey Jacobsen and Bryce Drew). I then listed black players that the teams could've taken had they taken race into account. Again, I am not saying race should be the ultimate deciding factor. Hhowever, after shooting ability, passing ability, and driblling ability, I think skin color is the greatest indicator of whether someone will succeed at the next level.
1992 Draft
This was the Shaq draft. Christian Laettner was selected #3 overrall by the Minnessota Timberwolves (Kevin McHale was not the GM at the time, although it would have made a lot of sense had he been). Jim Jackson and Robert Horry were still on the board. Tom Gugliotta was selected #6 overall, with Horry still on the board. Then Adam Keefe (remember that disgustingly dirty white guy on the Jazz that Jordan embarassed numerous times?) was selected #10 overall with Horry, Doug Christie and Latrell Sprewell still on the board.
1993 Draft
Maybe the biggest bust of all time, Shawn Bradley was selected #2 overrall by the 76ers. Penny Hardaway would get picked #3 by the Magic. Seriously! How could anyone other than the KKK or Mitt Romney think that Shawn Bradley would make a good professional basketball player. Ahead of Penny Hardaway! Imagine how different the 1990's decade would have been had the 76ers taken Penny. Does Shaq leave Orlando for LA? Does Penny become a more likable Kobe Bryant? GOD, I hate freaking Shawn Bradley!. Bobby Hurley was selected #7 overrall by the Kings, ahead of Gin and Tonic (Vin Baker for you non-TSG readers) and Allan Houston.
1994 Draft
A weak year for anglo-saxons, but Eric Montross did his best to keep up the stiff legacy. He was drafted #9 with Eddie Jones and Jalen Rose still on the board.
1995 Draft
Another pick that just makes you cringe. With their inaugural selection, the Vancouver Grizzlies selected Bryant Reeves with the #6 pick. In fairness, this was a rather weak draft. However, the Raptors picked seventh, and they took Damon Stoudamire. The Raptors are still in Toronto. The Grizzlies are no longer in Vancouver. It is not a coincidence. Trust me. In addition, Cherokee Parks was selected #12 with Corliss Williamson, Theo Ratliff, Travis Best and Michael Finley still on the board. Bob Sura was chosen #17 ahead of Best and Finley.
1996 Draft
The Golden State Warriors selected Todd Fuller with the #11 overrall pick. He was picked ahead of Kobe Bryant, Jermaine O'neal and Jerome Williams. If you google Todd Fuller, this is the picture that comes up. It is absolutely pathetic.
1997 Draft
The biggest loser on the face of the planet, Keith Van Horn, was the #2 overrall pick by the New Jersey Nets. He was picked before Tim Thomas and Tracy McGrady. Seriously, why would Keith Van Horn ever fit in with John Calipari? Van Horn is the only white player Calipari has ever coached. Not a coincidence. Austin Croshere was picked #12 with Maurice Taylor and Bobby Jackson still available. One of the true finds in this draft was actually Scott Pollard at #19, although Jackson was still on the board.
1998 Draft
Another god-awful pick. Raef LaFrentz gets picked #3 by the Nuggets with Antawn Jamison, Vince Carter, Larry Hughes, Paul Pierce and Bonzi Wells still on the board. Getting picked #7 was Jason Williams. Every rule has its exception and Jason Williams is most definitely it. Larry Hughes, Paul Pierce and Bonzi Wells were still on the board, but this was definitely a good pick by the Kings. Of all the setbacks that Jason Williams had, none of them were due to his skin color. Michael Doleac (notice how many terrible Mormons get picked?) went #12 with Ricky Davis still on the board. Matt Harpring was a steal at #15, although Ricky Davis was still on the board as well.
1999 Draft
Wally Szczerbiak gets picked #6 by the Timberwolves with Richard Hamilton, Shawn Marion, Corey Maggette and Jason Terry still on the board. Szczerbiak has had a solid career, but you can't help but think that if he were black, he'd be a lot better.
2000 Draft
In arguably the worst draft class in NBA history, Mike Miller took home rookie of the year honors after getting picked #5 by the Orlando Magic. The only possible alternatives would have been Jamal Crawford and Quentin Richardson. I think most would agree that Miller was the right choice at this spot (especially considering DerMarr Johnson was selected at #6 YIKES). Chris Mihm continued the big-white-stiff legacy after getting picked #7 overrall by the Cavaliers (I actually remember watching him play in college, and Dickie V saying that he thought Mihm should be the #1 overrall pick). In addition, Joel Przybilla got picked #9 ahead of Etan Thomas, Quentin Richardson, Desmond Mason and Jammal Magloire. Again, its a weak class, but the white guys didn't help out at all.
2001 Draft
The legendary three-man combination of white stiffs with Troy Murphy, Kirk Haston and Michael Bradley going #'s 14, 16 and 17 respectively, all ahead of Zach Randolph, Gerald Wallace, Samuel Dalembert and Tony Parker. Inexcusable.
2002 Draft
Quite possibly the worst pick of the decade, the Warriors drafted Mike Dunleavy at #3 with Chris Wilcox, Nene, Amare Stoudamire and Caron Butler still available. Seriously, how could you ever think that Dunleavy would be better than Caron Butler? Later in the draft, the Utah Jazz took Curtis Borchardt at #18 ahead of Tayshaun Prince.
2003 Draft
The Clippers displayed their overt racism by taking Chris Kaman at #6 and thereby stranding Wilcox on the bench. Kaman was picked ahead of David West, Josh Howard and Leandro Barbosa. Kirk Hinrich was selected at #7. A very solid choice, although Barbosa was still on the board. Nick Collison was selected at #12 by Seattle, who also delighted their fans by taking Luke Ridnour at #14. Barbosa and Howard were both still available, but, it was all part of the plan to get Kevin Durant four years later.
2004 Draft
Rafael Araujo (another mormon) was selected #8 by the Raptors with Andre Iguodala, Al Jefferson, Josh Smith, Delonte West and Tony Allen still available. Danny Ferry thought Luke Jackson would make a great running mate to LeBron James at pick #10, even though Jefferson, Smith, West and Allen were all still available. Robert Swift was picked #12 by Seattle with all the aformentioned players still available (again, all part of the plan to get Kevin Durant). Kris Humphries was selected by the Jazz at #14 with all the aforementioned players still available. It is also interesting to note that Araujo and Humphries were traded for each other last summer, and it had absolutely no effect on anything that happened this year in the NBA.
2005 Draft
Only one white American player, and it was actually great pick. Isiah Thomas picked David Lee with the last pick of the 1st round (#30).
2006 Draft
MJ picked Adam Morrison at #3. Its too early to tell, but Brandon Roye, Tyrus Thomas and Randy Foye were all picked after him and all had superior rookie seasons. JJ Redick was picked #11. Again, too early to tell, but Thabo Sefolosha and Renaldo Balkman were still on the board and have shown more promise than Redick.
So, that is 37 white American basketball players drafted in the first round between 1992 and 2006. Of those 37 players, only Jason Williams in 1998, Mike Miller in 2000, Kirk Hinrich in 2003 and David Lee in 2005 were "good picks". A case can be made for both Keith Van Horn and Wally Szczerbiak. Van Horn actually had a few really good seasons for the Nets, but he is just such a giant loser I cannot call him a good pick. Szczerbiak was always a more appealing player than Van Horn, but given the fact that Richard Hamilton, Shawn Marion, Corey Maguette and Jason Terry were still on the board, the selection of Szczerbiak does not make the cut.
That means of 37 white American players, only five of them were the right selections. So, if you are an NBA GM, and you choose a white American player, you only have a 5/37, or 13.5% chance of being happy with your selection. This brings me back to Spencer Hawes, the #10 pick of the 2007 NBA Draft by the Sacramento Kings. Who knows? Maybe he becomes great. Maybe ten years from now the league will have as many white American players as black players. Who knows? But all I'm saying is that if you owned a team, and you cared about winning, and you believe in statistics and percentages, then you would at least take Spencer Hawes skin color into consideration prior to making the selection. I know I would.
Wednesday, July 25, 2007
Thank You Tim Donaghy
There is not much in this world I love more than The League. I like the fact that I can breathe, that I live in America, that I have an amazing dog, that whenever I walk into a room I immediately become the smartest person in that room, and I love pizza. But more than all those things, I love the NBA. My childhood consists of Michael Jordan, NBA on NBC and Ahmad Rashad. I am by no means a perfectionist nor do I consider myself a critical person, but when something that I love so dear has such egregious flaws, I can't help but feel frustrated. I do not understand the blind worship that people with access and a voice have given David Stern since MJ retired from the Bulls. The league I love so dear is still great, but the thing is, it could be so much better. When running for president in 2000, Bill Bradley had a great saying that "You need to fix the roof when it is sunny outside". David Stern could have fixed his league back during the Jordan years, or even during the Lakers' run, but he didn't. Instead, he sat idly by and watched as the Spurs and Pistons became the dominant franchises, and no one cares. Now, the League is in crises mode. And I thank Tim Donaghy because maybe, just maybe, he persuades Stern to wake up and either step down, or, recognize that the League has tremendous problems which need to be solved.
If I were advising the Commissioner, this is what I would propose:
*(Captain Obvious) improve the refereeing; contract outside help via other leagues, consultants, even fans. Stern became so obsessed with Cuban that he failed to recognize that Cuban spoke for many hardcore fans, not just in the city of Dallas. Dwyane Wade in the 2006 Finals was one of the most despicable performances in sports history. You should not/cannot be rewarded for jumping in the air, flayling your arms, and then falling down.
*fine players for flopping. People often argue for technical fouls to be called when a player flops. However, this is ridiculous, as referees have proven that they cannot distinguish between flop and legitimate contact, and therefore, the game stinks. Also, there should not be rules against flopping, as, in theory, if a player flops, and does not get bailed out, all he is doing is hurting his team by putting himself out of position. Flops are insanely easy to distinguish when viewed in slow motion. Every game, the League should review the tape, and then fine certain players for flopping. This way, the refs would not get blamed, and eventually, players would care to much about their lighter wallet to ever pull the stunt again.
If I were advising the Commissioner, this is what I would propose:
*(Captain Obvious) improve the refereeing; contract outside help via other leagues, consultants, even fans. Stern became so obsessed with Cuban that he failed to recognize that Cuban spoke for many hardcore fans, not just in the city of Dallas. Dwyane Wade in the 2006 Finals was one of the most despicable performances in sports history. You should not/cannot be rewarded for jumping in the air, flayling your arms, and then falling down.
*fine players for flopping. People often argue for technical fouls to be called when a player flops. However, this is ridiculous, as referees have proven that they cannot distinguish between flop and legitimate contact, and therefore, the game stinks. Also, there should not be rules against flopping, as, in theory, if a player flops, and does not get bailed out, all he is doing is hurting his team by putting himself out of position. Flops are insanely easy to distinguish when viewed in slow motion. Every game, the League should review the tape, and then fine certain players for flopping. This way, the refs would not get blamed, and eventually, players would care to much about their lighter wallet to ever pull the stunt again.
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