March 8, 2012
Trabajando en una empresa de tecnologia, me siento uno de los privilegiados en tener acceso a lo ultimo en materia de nuevas tecnologias. Una de ellas es el caso del Exadata.
Oracle Exadata Database Machine es la única máquina que brinda el rendimiento más alto tanto para data warehousing como para las aplicaciones con procesamiento de transacciones online (OLTP), lo cual la convierte en la plataforma ideal para consolidarse en grids o nubes privadas.
Que quiere decir esto? Basicamente consiste en un paquete completo de servidores, almacenamiento, redes y software que puede escalarse masivamente de manera segura.
Con Oracle Exadata Database Machine, las empresas pueden reducir los costos de TI mediante la consolidación, administrar más datos en varios niveles de compresión, mejorar el desempeño de todas las aplicaciones y tomar mejores decisiones de negocios en tiempo real.
Ventajas frente a otras tecnologias: software y hardware integrados, lo que hace del Exadata una solucion realmente completa (la única?) en el mercado tecnológico.
December 16, 2009
In times where leverage has become the must do for all companies going serious, one must ask when this now universal truth should be put at test. Is it always wise to take debt? Is debt cheaper in all cases? Well, in most cases for public companies it might be and nobody can argue with the fact that cost of opportunity for shareholders would in 99% of cases more expensive that debt rates.
However, it is important to dig in and cross the simple rule of checking the debt rates against the equity requirement. If a project generates negative Free Cash Flow, in other words NOPAT is lower than Net Investment, would you be willing to take debt? Well, you could possible go to the market and take debt at low rates by showing banks your company’s overall profit, but the truth is that you will be fooling yourself. It is simply a bad combination of operative and financial risk: your profit is far from being stable, and you would be adding financial risk to something that is more of a bet so far. So face it, you would certainly be better by facing that this project is not part of the cash cow pillars of your company. Thus, you should isolate it from the rest and put the correct amount of financial risk to this type of project with high operational risk profile.
Bottom line, negative Free Cash Flow projects have higher operational risk and should be financed with Equity, and positive Free Cash Flow projects have a more stable NOPAT projection so you can go ahead and take more debt. Tip of advise? Be agressive! Please just know when.
September 18, 2009
A long time has passed since Tobin created a revolutionary model by putting up a portfolio with shares and free risk bonds together. Back in 1958 the world was smaller and still was when Sharpe developped the model that gave place to CAPM by correlating the profits from shares with a general index. Few would imagine that a crisis such as the 29 crash could take place again 80 years later. Now it looks like the worst has passed and the world finally begins to see the light. But can we rest assure that the latest crisis that shook our financial believes did not affect the theoretical models and that these are still valid? If the risk prime fluctuates based on the beta behaviour all investments should be placed on the Securities Market Line. CAPM tells us that if investors can invest part of their money in the market, take debt and/or lend the difference they can put themselves over the SML eliminating arbitrage possibilities. Can we still affirm this in a more complex, regulatory and imperfect market such as the one that allowed derivatives to give place to unprecedented chaos and uncertainty about the dimension of the risks involved and how much profit could be lost? it is increasingly proving to be more dificult to private investors to really move in the market in perfect conditions, and with the pressing controls the reality could be far from laissez-faire as never before. On the other hand, in emerging markets the access to market had never been near from perfect, the information had been hardly applicable to all companies and lots of turn arounds had been necessary to make realistic analisys. As a consequence, professionals from the Finance area have learned to come up with clever solutions based on comparables from different sources, add ins to the traditional formulas, etc. It might come the time where it would be necessary to start applying these local innovations to more developped markets, and probably this time financial experts from these regions would be of invaluable support to implement these instruments.
September 18, 2009
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