Simple Way to Format Flash on Mac

June 5, 2020

If you want to be confident about the compatibility of a new hard drive or flashdrive with your Mac, you should do the format according to the Mac OS filesystem. This is important, especially when you buy a generic PC drive, which is almost certainly formatted to be compatible with Windows and not Mac OS X.

Connecting an external hard drive or flash disk to your MAC is indeed successful and can be used properly as Macs can easily read other filesystem formats, including Windows MSDOS, FAT, FAT32, ExFat, and NTFS. But if you do not plan on using these drives or flashdrives on two different operating systems, it is better to do the format for Mac OS.

Sometimes also your flash shows that available memory is not as much as it is written, even though you already deleted everything in it. This issue can also be solved by means of a flashdisk format.

Making the format as per Mac OS will make the hard drive or flash bootable. If you’ve never formatted a drive on your Mac, don’t worry because the steps are very easy. This article will guide you until it succeeds.

About the File system

Mac OS X and Windows have different file systems. The main file system on Mac OS X is HFS +. The system was developed by Apple and first introduced in 1998 as a better version of HFS, supporting the presence of larger files and Unicode encoding.

Microsoft also developed their own file system for Windows, namely NTFS. The system was introduced in 1993, supporting high-level metadata and data structures to improve performance, additional extensions for security, and file system journals.

Unfortunately, these two file systems are not suitable for flashdisks due to limited support. The most excellent file system for modern flashdisks is FAT32. Although FAT32 does not support long filenames and only stores the greatest files of 4GB, this system is supported almost all operating systems so it is suitable for use on the flash.

Flash Format steps on Mac

This is a simple procedure and can be done for all types of drives and connections, be it USB, Firewire, or Thunderbolt. Remember that formatting will erase all data and folders on your pendrive.

  • Connect the flash drive to your MAC.
  • Launch the disk utility located in the > Utilities Applications.
  • Find your flash name from the left side of the disk utility, then click it.
  • Click the “Erase” menu located above.
  • Next to the “Format” menu, click the menu that appears and select “Mac OS Extended (Journaled)”.
  • Give the drive a name if you want. This name can be changed again at any time.
  • Click the “Erase” button and confirm again in the next popup window.
  • Your Drive will be formatted and all files or folders inside it will be erased. Smaller Hard drives, SSDS, and Flashdisks will have a faster format, and larger ones will take longer. When the format process is complete, your pendrive will be formatted to a MAC OS X-compatible HFS + system.

What if I accidentally formatted on a MAC?

You are not the first to do the flash format accidentally. But there is a solution, namely Disk Drill. This is a premium data recovery app for Mac OS X that can be used in almost any file format and storage tool including a flash drive. Disk Drill’s data recovery algorithm can find deleted files, even after the total format.

DeskFlex capacity planning software helps you proactively plan and optimise your resources.

Vista System Requirements, Upgrade Advisor

May 29, 2020

Many people ask about how much the minimum space Hardisk when installing this windows, that’s it, then what is the minimum Processor speed, or RAM Many people ask about how much the minimum space Hardisk when installing this windows, that’s it, then what is the minimum Processor speed, or RAM (Read Only Memory), and also VGA. On this occasion I summarize about how much minimum spec when installing Windows?

Actually a lot of Windows, not just Windows 8, Windows 7, or the most we know is Windows XP, but there are still some types of Windows again, here are some Windows with its System Requirements:

1. Windows 1.0

System Requirements:
– CGA/Hercules/EGA (or compatible)
– MS-DOS 2.0
– 2 double-sided disk drives or hard drives
– 256 KB Ram

2. Windows 2.0

System Requirements:
– Graphics Adapter card
– One floppy-disk and one hard disk
– Microsoft Mouse is optional
– MS-DOS version 3.0 or earlier
– 512 K RAM

3. Windows 3.1

System Requirements:
– Intel 80286 (or higher) processor
– MS-DOS 3.1 or greater
– 1 MB or more (640K conventional and 256K extended)
– 6.5 MB space hard drive (9 MB recommended)

4. Windows 95

System Requirements:
– Intel 80386 DX CPU
– 4 MB RAM
– 50 MB space hard disk

5. Windows 98

System Requirements:
– 486DX-2/66 MHz or higher processor. (Pentium processor recommended)
– 16 MB of RAM (24MB recommended)
– 500 MB space hard disk
– VGA with or higher resolution
– Microsoft Mouse or pointing device
– CD-ROM or DVD-Rom drive

6. Windows 2000

System Requirements (Windows 2000 Professional):
– 133 MHz or Pentium higher-compatible CPU
– 32 MB RAM (recommended 64 MB)
– 700 megabytes hard disk space (2 GB recommended)
System Requirements (Windows 2000 Server/Advanced Server):
– 133 MHz CPU
– 256 MB RAM (minimum)
– 2 GB hard disk space

7. Windows ME (Millenium Edition)

System Requirements:
– 150 MHz Pentium Processor
– 320 MB Hard drive space
– 32 MB RAM

8. Windows XP

System Requirements:
– Pentium 233 megahertz (MHz) processor or faster (recommended 300 MHz)
– 64 megabytes (MB) (recommended 128 MB)
– Video adapters and monitors with Super VGA (800 x 600) or higher resolutions
– 1.5 gigabytes (GB) of space available on the hard drive
– CD-ROM drive or DVD Drive

9. Windows Vista

System requirements (Vista Capable):
– 800 MHz Processor
– 512 MB RAM
– 32 MB Graphics Memory
– 20 GB Hard disk
– 15 GB free hard disk space

System requirements (Vista Premium Ready):
– 1.0 GHz Processor
– 1 GB RAM
– 128 MB Graphics memory
– 40 GB hard disk
– 15 GB free hard disk space

System requirements (Windows Vista Home Basic)
– 800-megahertz (MHz) 32-bit (x86) processor or 800-MHz 64-bit (x64) processor
– 512 megabytes (MB) of system memory
– DirectX 9-Class graphics card
– 32 MB Graphics memory
– 20-gigabyte (GB) hard disk and 15 GB free space hard drive
– Internal or external DVD drive
– Internet Access capability
– Audio output capability

System requirements (Windows Vista Home Premium, Windows Vista Business,
Windows Vista Enterprise, and Windows Vista Ultimate):
– 1 gigahertz (GHz) 32-bit (x86) processor or 1-GHz 64-bit (x64) processor
– 1 GB RAM
– Windows Aero-capable graphics card
– 128 MB Graphics memory (minimum)
– 40 GB hard disk and has 15 GB free space hard drive
– Internal or external DVD drive
– Internet Access
– Audio Output

10. Windows 7

System Requirements:
– 1 gigahertz (GHz) or faster 32-bit (x86) or 64-bit (x64) processor
– 1 gigabyte (GB) RAM (32-bit) or 2 GB RAM (64-bit)
– 16 GB available hard disk space (32-bit) or 20 GB (64-bit)
– DirectX 9 Graphics device with WDDM 1.0 tau higher driver

11. Windows 8
System Requirements:
– Processor 1 gigahertz (GHz) or faster support for PAE, NX, and SSE2
– 1 gigabyte (GB) (32-bit) or 2 GB (64-bit) RAM

– 16 GB (32-bit) or 20 GB (64-bit) available hard drive space
– Microsoft DirectX 9 Graphics device with WDDM driver graphic card

The explanation above is some of my knowledge of the Windows system requirements, it’s really amazing to go back and see how the system requirements have evolved over time. To think that Windows 1.0 only needed 256 KB RAM while the latest operating system, Windows 8 x64, requires 2 GB of crazy RAM! This makes us wonder, what will be the system requirements for the next Windows operating system?

A few of me for this time, hopefully useful and add to your knowledge.

Microsoft Reveals Their Vision of the Future

May 25, 2020

Since long ago, man’s fantasy of the future has drifted away. As technology was not yet able to do what was imagined, humans shed the imagination into works of fiction and art. But for technology companies like Microsoft, the vision of the future is an essential factor, encouraging them to continue to make innovations.

In October 2011, Microsoft revealed their shadows about the future device and how the device affects human life. Over the last three years, Microsoft has already taken a lot off a wide range of cutting-edge products and services, but the momentum is getting faster after HoloLens was introduced in the official Windows 10 announcement event.

HoloLens is the top Microsoft answer from the popularity of augmented reality utilization. But in the moan, Microsoft formulated HoloLens as the latest in hologram technology. Interestingly, HoloLens is just one of many ways of bringing humans to the ideal future. Not so long ago, Microsoft published a new version of Productivity Future Vision video, showing what kind of human life five to ten years ahead.

One of the most prominent factors there is how augmented reality becomes its foundation. AR provides a very high level of interactivity. He is useful in exploration and research, education, news and information publications, expert talent, health, presentation and others. Microsoft also pointed out that while the usage and device types are different, each device and individual can connect to each other and affect one another.

With these future technologies, we can collaborate more optimally, either directly or in separate distances. Advanced devices will support your activities intelligently and intuitively: tailor schedules and prepare materials through simple body gestures. Feedback and updates from others will also be easier until. Everything is smarter, faster, and more accurate.

This freedom is sure to open up a wide path for creativity. The idea is easier to collect, and the process of delivery and realization is easier. Imagine if voice, gesture, ink and gaze can be put together. Creative power will be very productive. And of course not the future without high mobility: information can be presented in any medium, then we can interact with each other anywhere, anytime.

Everything you see above is just a concept, however they are very interesting. From that video, what about your favorite technology?

IPO Hardball!

May 23, 2020

This last week, buyers were back. On Tuesday, the Nasdaq had its biggest one-day point gain, 254 points. For the week, there was positive gain. Even the Queen of the Net, Mary Meeker, has proclaimed that the worst is over. Let’s hope so.

Shortened due to Good Friday, last week most investors could have gotten all the IPO stock they wanted at the IPO price. Here are last week’s IPOs, ranked by % change from the IPO price.

Embarcadero Tech, +60% to $16 from IPO price The San Francisco-based Embarcadero Technologies (EMBT) got the best reception. They lowered their initial price to $10 to raise $42 million. In the immediate aftermarket EMBT traded at $10 3/8, then moved up to close at $16.

Embarcadero Technologies helps companies with their enterprise and e-commerce databases. Its primary product, DBArtisan, works across multiple operating and hardware systems. Customers includ GTE, AT&T Wireless Services, Bank of America, and Universal Studios.

The lead underwriter was Donaldson, Lufkin & Jenrette.

360networks, +36% to $19 from IPO price On Thursday, 360networks (TSIX), a fiber-optic network builder, priced their IPO at $14, which was under the proposed $16 to $18 range. This was a shrewd move as 360networks rose 36% to 19 by the end of trading. In the New Net reality, such a rate of return is consider very good.

360networks is quite the fiber-optic builder. They project that by the end of 2001, their overall network will be approximately 56,300 route miles, mainly in North America and Europe. They are also building two fully protected undersea cables. One is a 7,600 route mile cable between America and Europe, and the other, a 14,000 route mile cable between South America and North America. Seems like there is lots of this cable already – but investors nonetheless are interested.

The co-Lead Managers were Goldman, Sachs and Donaldson, and Lufkin & Jenrette.

QS Communcations, +16% to $28 1/8 from the offering price QS Communications (QSCG) gave it a try on Wednesday. QS Communications rose 26 percent to 30 1/8 from its opening of $24.64. It was down to 28 ½ on Thursday.

QS Communications is a German provider of high-speed DSL Internet access for small and midsized businesses in Germany. QSC is constructing a network linking 40 German major cities. They project that by next year, they will serve over 20 million customers with full broadband service nation-wide.

The lead underwriter was Morgan Stanley Dean Witter.

Packard Biosciences, +1/8 to $9 1/8
Packard Biosciences (PBSC) priced at $9 Wednesday evening for Thursday trading.
The original filing price range was 16 to 18, so PBSC effectively cut in half its hoped-for IPO price.

Based in Meriden, CT, Packard Biosciences has a split personality, with 60% of its business life sciences research instrumentation and 40% in nuclear industry instrumentation.

Merrill Lynch was the lead underwriter

Rockford Corp, no change at $11
Rockford Corp (ROFO) priced Wednesday evening at $11, the bottom of its price range, for trading on Thursday and closed unchanged at $11.

Based in Tempe, Arizona Rockford designs, manufactures and distributes high-performance aftermarket car audio systems. ROFO is profitable, although on a quarter-to-quarter based sales and profits are declining.

Dain Rauscher was the lead underwriter.

PEC Solutions, -4% from IPO price to $9
PEC Solutions (PECS) just was not buff enough. Facing little investor interest, it had dropped its opening price. It wasn’t enough. It opened at 9 ½ and staggered to 9 by the end of the trading.

The Fairfax, Va., PEC Solutions provides Internet and security technology services mainly to government, often building their applications from the ground up, as well as integrating with legacy systems. They provide encryption programs to protect sensitive information, including biometric authentication, a process that identifies people by their physical characteristics. Definitely cool stuff. But it was not what investors wanted.

Donaldson, Lufkin & Jenrette was the lead underwriter.

Of the 19 companies ranked Sunday 4/16 by Gaskins IPO Desktop, five of the top six successfully completed IPOs last week. The six successful companies, discussed above, are identified with an asterisk (*) before their name (below).
The rest were rescheduled, postponed or withdrawn.

Pre-IPOs ranked by Price-to-Earnings (Loss) ratios
Posted Sunday 4/16 by Gaskins IPO Desktop Recent qtr’s
IPO Price
(Mrkt Cap
to Profit
/ qtr profit
(Loss) Ratio
‘*’ = successful IPO the week of 4/17
LowerPrice/Earnings ratio is better
Four profitable companies 
*Rockford (ROFO)
Qualstar (QBAK)
*Embarcadero (EMBT)
*Pec Solutions (PECS)
One breakeven company
*Packard Bio (PBSC)
14 unprofitable companies
Lower ratio of Market Cap to Loss Rate (Price/Loss ) is better
…for example -149 is lower & better than -6
*360networks (TSIX)
ParadigmGen (PDGM)
Software Tech (STCS)
BirchTelecom (BRCH)
Virologic Inc (VLGC)
Digitalwork (DWRK)
-19 (NTJ)
Yupi Internet (YUPI)
Coolsavings (CSAV)
Inventa Tech (INVA)
Crown Media (CRWN)
Genomic Slns (GNSL)
OneSoft Corp (ONSF)
-7 (TCHS)
*excl non-cash chrg
Two non-edgar filings
Camtek (CAMT)
non-Edgar filing
*Qs Comm (QSCG)
non-Edgar filing
‘*’ = successful IPO the week of 4/17
IPO Price to profit (loss) ratio = Market Cap / most recent quarter’s profit (loss) * 4
Business Model Rating Criteria…
A = high growth market, potential leader; B = more competitive market;
C = ‘public venture capital’

OpenTable ‘over the top’

May 10, 2020

OpenTable (OPEN)
+60% close = at this stage ‘over the top’
. IPO Priced at $20
. 54% more than the original range mid-point of last week
. raised $60mm
. trading Thursday, May 21
. Current price OPEN

IPO report updated with 1st day’s close IPO report

> either the below or it’s such a small offering ($60mm) that the trading is/could be about over enthusiastic ‘diner-investors’ getting nailed by funds who are bailing out of the IPO.
Or perhaps
> It’s about defining & leading a growing market in the US at least, and about recurring revenue. On a comparative basis (CRM) is the best-known recurring revenue high multiple Internet model. It’s a mature company with a trailing 12 months P/E of 113 or so.

but OPEN is defining a growing emerging market, has no apparent competitors that are at the same scale at least in the US, and has constructed some formidable entry barriers to competition such as 10,000 restaurant clients & 3mm reservations for the March 09 quarter.

And once the economy levels & and starts to grow, then OPEN’s growth rate should pick up. In climate of very visible restaurant closings, it’s surprising that OPEN generated a 5 quarters of sequential growth in top line revenue.

What happened here is they picked up market share and may have emerged as the major leader to whomever is second in their marketplace.

Investors are very much attracted to the recurring top line revenue growth generated by OpenTable. Recurring revenues are like the IPO ‘mother lode’ or ‘holy grail’ sought after by investors.


Recurring reservation revenues increased to 43% of revenue for the March quarter, up from 41% in the December quarter — during a time of many restaurant closings, suggesting that OPEN’s client base is includes mostly established, healthy restaurants.


In spite of the economic distress of the past year, OPEN has generated nice sequential growth in top line revenue for each of the past five quarters.



May 5, 2020

The Start Menu is one aspect that has improved in the Windows 10 operating system. Windows 10 will display a Start Menu that adjusts to the device running the operating system.

This article is intended to introduce the new Windows 10 interface for Tablets, which also applies to Desktops. Windows 10 has not been released to the public, but those who have signed up for special programs can get it, and the version used for this article is Windows 10 technical preview 10074.

This is a new feature that is very useful in Windows 10. Virtual desktop allows users to add several new desktops, and can easily add several new windows on a new desktop that has been added. That way, user productivity will increase. This article will explain the functions of virtual desktops, and things that can make it easier for you to use them.

Get to know Task View

Virtual desktop can be seen in Task View. Press the Task View button in the taskbar. By default, the button is next to Cortana.

This is like the Windows + Tab Logo feature that was previously found in Windows 8.1 and earlier versions of Windows; but has more functions with virtual desktops. Of course, you can also use the button as a shortcut key to open Task View faster.

Initially, you will see a thumbnail of each window that is being used.

Add a new virtual desktop

To add a new virtual desktop, just click “New desktop”.

Then select the thumbnail of the new virtual desktop to open it.

To delete a desktop, simply click the “X” Close button on its thumbnail, then automatically, the windows that are currently open on the deleted virtual desktop will immediately move to the desktop that is still available.

Manage Windows between Virtual Desktops

Still in Task View. Here there are thumbnails of all windows of all available virtual desktops. Users can see the desired window by clicking on the thumbnail. In addition, using the keyboard (Windows Logo + Tab & Arrow) can speed up access.

To view windows on another desktop, just click the next desktop thumbnail, sorted by number.

For faster access, use Alt + Tab. This method has been around for a long time. When pressing both together, release your pressure on the Tab without taking Alt off. Then press Tab again to hover the thumbnail you want. When you release pressure on both, the selected window will open. But this method is only for desktop that is being used.

Users can also move windows to other desktops in a fast way, by pressing and holding the thumbnail of the window that you want to move, then sliding it and releasing it on the desired desktop thumbnail. This method is done when Task View opens.

In addition to holding down, the user can also move the window to another desktop by right-clicking on the thumbnail: Move to> (desired desktop) or “New desktop” to move it to the new desktop to be created. This method might be very useful for users who often use a lot of virtual desktops.

Shortcuts with keyboard and swiping with keyboard

  • Add a new virtual desktop: Windows Logo + Ctrl + D
  • Switch desktop to previous desktop: Windows Logo + Ctrl + Left Arrow
  • Switch desktop to the next desktop: Windows Logo + Ctrl + Right Arrow
  • Close the virtual desktop currently in use: Windows logo + Ctrl + F4
  • Open Taskview: Windows Logo + Tab

With swiping

In addition to using a combination of two or more keyboards as shortcuts, there are several shortcuts for faster and easier use of virtual desktops. The trick is to use a touchpad, which is swipe.

Swipe can be done using the touchpad on a laptop. The swipe function on the touchpad certainly requires more than one finger gesture. For this reason, this swipe method requires a dual-gesture touchpad and a touchpad type on it. Not all laptops have a touchpad with gestures that support more than one finger.

Open Task View: Press the touchpad with three fingers then swipe up.
Closing Task View: Press the touchpad with three fingers then swipe down.
Swapping open windows (like Alt + Tab): Press the touchpad with three fingers then swipe left or right.

IPO Year In Review: Mkt Disappoints Despite Strong 4Q

May 2, 2020

IPO Year In Review: Mkt Disappoints Despite Strong 4Q
By Brian Coyle

WASHINGTON (Dow Jones), Jan 3 –The U.S. initial public offeringaftermarket closed out 2001 with a bang, as 32 offerings were priced in the fourthquarter, raising $11.06 billion.

This compares with 50 IPOs priced in the fourth quarter of 2000, raising $5.31 billion, according to Thomson Financial.

After closing out 2001 on a positive note, the potential IPOaftermarket for 2002 looks healthy, as spin-offs from establishedcompanies such as Verizon Communication’s (VZ) wireless unit, Citigroup Inc.’s(C) Travelers Property Casualty Corp. and Continental Airlines Inc.’s (CAL)ExpressJet Holdings Inc. prepare to come to market.

While the fourth quarter finished up with solid results, theoverall IPO market in 2001 was a disappointment. For the year, 98 IPOs werepriced, raising an estimated $36.05 billion in proceeds, according to ThomsonFinancial. For 2000, 384 IPOs came to market, raising roughly $58.89 billion.

Overall results for 2001 were down significantly from the pastfew years. IPOs in 2001 checked in with the lowest year for proceeds since1995, when 574 IPOs raised $32.6 billion. The year also marked the firsttime there weren’t at least a hundred IPOs in a year since 1979, when 62IPOs were priced.

In 2001, no IPO doubled its offering price in its first day oftrading. The nearest in 2001 was Simplex Solutions Inc. (SPLX), whichmakes software for integrated circuits, which rose 77% in early May. Theyear marked the first time since 1995, that there wasn’t a first-day doublefor an IPO, according to Thomson Financial.

Technology issues are expected to regain some momentum in 2002
after finishing up with solid returns at the end of 2001.

Francis Gaskins, Editor of, said he believes the
market is back on track for a “normal IPO market” in 2002, with neither
the “excesses of the bubble nor the doldrums that followed.”

Gaskins also noted that “some companies are whizzing through
the IPO process in less than 60 days, so the backlog of IPOs is less of an
indicator of future activity than it once was when companies spent more time in
the pipeline.”

There are 31 IPOs on backlog for 2002, seeking to raise an estimated $8.2 billion
in proceeds, according data from Dealogic CommScan. This compares with 154
IPOs that were waiting to go public at the beginning of 2001. Of the 154 IPOs
planned for 2001, only 91 made it to market last year amid turbulent market conditions.

In mid-January, look for several health-related issues to kick-off aftermarket
pricing as Alliance Medical Corp. and Ribapharm Inc. plan to sell their initial shares.

Alliance Medical plans to sell 4 million shares at $14 to $16 a
share, while Ribapharm plans to offer 18 million shares at $13 to $15 a
share. Both deals will be done through lead underwriter UBS Warburg.

After a somewhat lackluster year for IPOs in 2000, the market
for new company listings in 2001 once again mirrored the overall stock
market’s poor performance.

For the year, the Dow Jones Industrial Average (DJIA) dropped
7% to close at 10021.50, marking the second consecutive year in which the
indicator fell. In 2000, the DJIA gave up 6.2%, compared with gains of 25% in
1999 and 16% in 1998.

Other stock market barometers also recorded significant losses
in 2001, with the tech-laden Nasdaq Composite Index falling 21% to close
at 1951.02, after plummeting more than 39% in 2000. The Standard & Poor’s
500 Stock Index declined 13% to close at 1148.16 for 2001.

IPOs Rebound In 4th Quarter
Despite lackluster performance in the IPO aftermarket throughout the year,
the fourth quarter finished up strongly, with several large offerings.

The year-end resurgence in offerings came as the IPO market had a
revival in performance in the wake of the September 11 terrorist attacks.

The September 11 attacks, combined with unpredictable market
conditions, caused a more than month-long drought in IPO pricings, the
longest such period in the last 25 years. When the IPO market returned
in October, however, the offerings began to outperform those deals priced
before September 11.

Prudential Financial Inc. (PRU) checked in with the largest
offering of the fourth quarter and the third-largest of the year, raising more
than $3 billion in proceeds through Goldman Sachs & Co. and Prudential Securities.

Other significant offerings in the fourth quarter included
insurance company Principal Financial Group Inc. (PFG), which raised $1.85
billion, reinsurance company Converium Holding AG (CHR), which raised $1.84
billion, and managed care provider Anthem Inc. (ATH), which raised $1.73 billion.

IPO Calendar Pre-IPO Ratings

April 23, 2020

. Diabetes is the sixth leading casue of death by disease in the U.S.
. Blood glucose self-monitoring market is the largest medical self-test monitoring market
in the world…projected to grow from $3.5 billion in 2000 to $9 billion world-wide in 2005
. The U.S. market size in 2000 was $2 billion
. The current world-wide market is 90% controlled by four companies
. THER’s product is called a ‘FreeStyle System’ kit that retails for a list price of $75
and includes a meter for reading test results, 10 lancets and 10 test strips
. The product is FDA cleared to be used on the thigh, upper arm & hand, and represents the
broadest array of off-finger sites cleared by the FDA
. A primary selling claim is that THER’s product is ‘painless’ relative to the competition
. THER’s product is distributed in the U.S by nine of the ten largest retailers, including Walgreens,
Wal-Mart & CVS through wholesalers including McKesson, Cardinal Health & Bergen Brunswig
. THER’s product is in the process of being distributed in the Europe & Japan by the leading
distributors of insulin pumps…Disetronic in Europe & Nipro in Japan
. Diabetics who use insulin pumps are top prospects for the FreeStyle System
Direct to the consumer sales
. During the month of June end-users through telephone & web orders received $12.9 million
in product (all with a 30 day money-back guarantee), not recorded as sales until returns
are counted…we think only a small fraction were returned from June shipments
. On an annualized basis, June end-user gross sales were $155 million (not counting returns),
indicating a very healthy consumer product response
. Four companies control 90% of the worldwide market for blood glucose self-monitoring systems:
Roche Diagnostics, LifeScan (Johnson & Johnson), Bayer, MediSense (Abbot Labs)
Two products from competing companies are approved by the FDA for continous monitoring
. A physician (not consumer product like Freestyle) product from MiniMed. MiniMed is in the
process of being acquired by Medtronic
. A prescription product from Cygnus, for adults over 18, which is not yet commercially viable
. A successful continuous glucose monitoring system could impact THER’s FreeStyle product
. THER is also developing a continuous glucose monitoring system
. THER is 65% owned by venture capitalists pre-IPO
. THER has licenses but no patents, and is not currently involved in any litigation
. Use of proceeds: $50 million for sales & marketing, $10 million for R&D, $10 million for
manufacturing expansion, balance for working capital

IPO price change as of 10/26/01
Week of October 1
-38% Given Imaging 
products for non-invasive analysis of the gastrointestinal tract
Yoqneam, Israel
1999 yr
2000 yr
June 6 mos
June Qtr Est
IPO Mrkt
Revenue (mm)
Cap (mm)
ized rev.
Gross Profit %
Profit (loss)
Profit (loss) margin %
. R&D
. Marketing
. General & Admin
Price /
Price /
Price /
Price /
% offered
Given Imaging (GIVN)
Cap (mm)
in IPO
no sales
Market Do-
1-5, 5 is high
20 is perfect
Management — no sales yet — 1
Market Growth — non-invasive analysis of the gastrointestinal tract — 3
Market Domination — no sales yet — 1
Proprietary — application of wireless & software technology to non-invasive analytical procedures — 2

. Development stage (no sales) company incorporated in January, 1998
The Given System
. Disposal imaging capsule that is swallowed by the patient at an out-patient clinic
. Wireless data is transmitted to a portable data recorder the patient carries during the next
seven hours
. Upon return of the portable data recorder, color imaging data is analyzed by proprietary software
on a computer workstation by the physician
Product focus
. Initial focus is on the analysis of the small intestinal tract
. Future gastgrointestinal tract diagnostic areas can include the esophagus,
the stomach and the colon (colonoscopy)
Installation & Payment Challenge
. GIVN’s expected profit is in the sale of disposable capsules
. Therefore, GIVN must widely install its computers & software, plus portable data recorders so that
it can sell disposable capsules (which transmit color images wirelessly to a portable data recorder)
Payment Challenge
. GIVN needs attract ‘early adopter’ physicians who can recommend the new approach
. GIVN also needs to convince third-party payors to pay, including government payors
such as Medicare and Medicaid, HMOs and other private insurers
. The SMG Marketing Group estimates that more than one million procedures to examine
the small intestine will be performed in the U.S. in 2001 utilizing current diagnostic methods
. GIVN plans initially to sell in the U.S., Australia, New Zealand, Germany, France, Spain,
Portugal, Utaly& Belgium
FDA clearance
. In August 2001 GIVN received clearance from the FDA to market the Given System in the U.S.
as an additional tool (“adjunctive use”) in the detection of abnormalities of the small intestine
. GIVN will need to obtain additional FDA clearance before commercially distributing the Given
System for other intended users or for any other new products
. The current worldwide gastrointestinal endoscopy market is controlled by three companies:
Olympus, Asahi Optical (owner of the Pentax brand), and Fujinon
. GIVN is aware of R&D efforts by some of the above and other companies & individuals
to develo imaging capsules that may be competive to GIVN
Use of proceeds: inventory, R&D, manufacturing operations, capital expenditures, working capital

BloombergTV interview — Skype-hype from eBAY & the IPO Market

April 22, 2020

BloombertTV Interview

based on this blog
Skype-hype from eBAY & the IPO Market
(1) EBAY’s Skype-hype, not seen since Google
Skype-hype message to Wall Street – eBay focuses on core business
. Top line revenue — because of encroachment by Amazon & others.
. Balance sheet — to convert a soft asset into hard dollars
eBay is pre-conditioning the IPO market, very much pre-IPO. Similar to what Google did. That ploy only works for large, heavily branded companies, who can get away with it, not smaller emerging companies.

When a well-known force (eBay) starts to pre-condition the IPO market for a division spin-off — in what is basically an IPO vacuum — then that’s a sign of an expected much stronger IPO market.

(2) Three successful IPOs this month, and all are up
. Popped 40% yesterday, up again today
. Generates good cash flow, public market segment leader
. Understandable growth plan includes overseas expansion – 95% of sales now are in the US
. High branded consumer awareness

. 30% haircut in IPO price, rose a little from reduced IPO price
. Lots of sector headwinds in the post-secondary online education market segment
. Questions about the market leader Apollo (APOL) accounting practices sunk the segment since Feb 1
. APOL itself touched almost $90 in early Feb then sank to almost $60 this month.
. The bloom is off the rose in the online post secondary education sector

One trick gaming pony from China
Underpriced IPO at 7 times earnings

(3) IPO SIMILARITIES – all three are
. Profitable
. Generate positive cash flow, which means they are not crippled by too much interest and/or overhanging debt re-financing problems
. Computer-related
. Have high gross margins: Changyou (93%), Rosetta Stone (87%), Bridgepoint Education (71%)

Investors are now very much aware of IPOs, especially because of Rosetta Stone’s success and because of eBay’s ‘Skype-hype”

Up until sometime in March many investors simply did not want to hear about IPOs. But if investors think they can look forward to getting in on a potentially ‘in demand’ (hot) IPO from Skype then they will also look at other IPOS in the meantime.

Right now (and this applies to Skype, also) a successful IPO appears to need
. High gross margins
. Top line revenue increases going into the IPO, with a believable growth plan for top line revenue
. Profits
. Positive cash flow
. Very little overhanging debt

In other words, back to basic investing principles. Because ‘pie in the sky’ dreamy prognostications.have no credibility in this market.

. Not too much in the pipeline right now
. However, there are many companies standing outside & looking into the IPO window. Those that have a good March quarter and meet the above criteria (#5 above) may be able to step through the window and actually IPO
. If their March quarter numbers good and if they push it, it is possible qualified companies can IPO by the end of the second quarter, June 30, 2009 or shortly thereafter.
. The summer IPO season ends the second week in August, so I expect to see some interesting IPO filings in the next month or so.

Disclosure: no positions


IP Telephony Profits Under Fire

April 15, 2020

IDC (International Data Corp), based in Framingham, MA, says that broadband demand is increasing at 1000% per year (broadband carries video, voice, data, fax).
Yankee Group, based in Boston, believes that “the (fiber-optic backbone for the) carrier business is an extremely viable, lucrative business. The scarcity of fiber in the backbone is making this business very attractive,” according to Sanjay Mewada, a telecommunications analyst.

Although fiber-optic cables currently carry less than 1% of total voice traffic, in four years market researchers believe that fiber could carry 13% of total voice traffic.
Fiber-optic growth “really challenges the fundamental foundation of the industry. By the beginning of the year 2000, value-added services on top of voice-over-IP will be the new battleground, with multimedia and universal messaging functions coming into play as priorities to customers,” said Mark Winther, International Data Corp.’s group vice-president for worldwide telecom.

“Today {data} is about a twelfth of the size of the voice market, in five years it will be half the size of the voice market,” said Matthew Kovar, senior analyst at the Yankee Group.

Estimated to be worth almost $30 billion in revenues by 2000, broadband data transmission, including video, voice, text, and Internet, is the fastest growing portion of the telecommunications market.

But is Level 3 worth 1/3 the value of Sprint, or 1/10 the value at AT&T? Around Thanksgiving Level 3 was selling at $20, cash value. Four months later it’s around $75 (4/1/98).

Yes, younger companies have high sales multiples because they are blazing new ground. Bigger companies, however, are very much aware of the looming opportunities.


Level 3(LVLT)
Plans to lease, construct and own both long distance fiber-optic backbones and metropolitan fiber systems, to provide end-to-end fiber-optic, converged IP packet services to businesses.

Recently leased an 8500 mile network from Frontier to resell capacity while building its own fiber-optic network.

Also provides web/Internet-related consulting to businesses and generates about $100 million per year from consulting.
$3 billion in cash. Management team considered very strong.

Metromedia Fiber (MFNX)

Development stage company. Constructs and owns fiber networks in metropolitan areas. 26 employees when it filed for IPO in August 1997. IPOed October 29, 1997.
Qwest/Lci (QWST & LCI – companies are merging)

After the merger, the fourth largest long distance company in the U.S., after AT&T, Worldcom/MCI and Sprint. Also building a nationwide fiber-optic system for IP packet switching.

Ahead of Level 3 in long distance fiber-optic construction and implementation. Increases business and retail revenue through acquisitions. Qwest IPOed June 24, 1997.

Sprint (FON)

“We’ve been migrating toward packet technology and asynchronous transfer mode [ATM] switching for some time now.

“We’ve been building a long-distance backbone network that is both more survivable and more robust than the others. For instance, our entire network as of early next year will all be Sonets: synchronous optical network,” the company says.

Worldcom/MCI (WCOM & MCIC – merging)

“WorldCom’s recent series of acquisitions combined with its expanding network of fiber across the U.S. and Europe make it one of the largest providers of network infrastructure in the world,”said John Sidgmore, WorldCom’s chief operating officer.

“They (Qwest, Level 3) haven’t created the formula for cold fusion. They can’t buy equipment we can’t buy,” says Brian A. Brewer, senior vice-president at MCI Communications Corp.

AT&T (T)

AT&T plans to offer a version of IP voice through its WorldNet Internet-access business this spring. By year end, the company expects to complete a new network of 55 fiber-optic rings throughout the country. While the rings carry mostly traditional voice traffic now, they will be able to carry data packets with the installation of new electronics and photonics. Advances in technology will exponential and the capacity of those rings should grow fivefold by next year, the company says.

Baby Bells

The Baby Bells think the technology could jump-start their push into the long-distance business and several, including U S West Communications Group and SBC Communications Inc., are asking the Federal Communications Commission for the right to build converged networks.

News: April 1, 1998: Bell Atlantic Plans $1.5 Billion Upgrade.

In one of its largest phone system upgrades ever, Bell Atlantic plans to pay $1.5 billion for high-capacity fiber-optic switching equipment and software to sell business users more data and Internet services.


GTE thinks it’s inevitable that all the traffic eventually will flow over a converged network. ”We’re not upgrading–we’re putting in brand-new technology from the get-go,” says George H. Conrades, executive vice-president at GTE.
GTE is reportedly the largest customer for “dark fiber” provided by Qwest (see definitions below).


Copper Wire: old, slow (unless enhanced with xDSL), provides the famous “last mile” from the local telco Central Office to your computer/telephone.
Fiber-Optic Cable: newer, much faster, supports voice, data, fax, video (converged broadband) applications. Used for long distance backbones, “rings” around metropolitan areas and cable TV/Internet to the home.

“Dark” versus “Lit” Fiber
Dark Fiber: is installed but not equipped with transceivers at either end and can’t carry traffic. It’s often deployed for future use or expansion.
Lit Fiber: has transceivers at either end, carries traffic and often refers to a building that has a fiber optic connection for tenant use.
Because fiber optics utilize light as the transmission vehicle, the terms “dark” and “lit” are appropriate.


Circuit Switching: old, supports voice. Like reserving for the entire trip… a freeway lane from San Francisco to Los Angeles. High quality voice and doesn’t require compression.

Packet Switching: Each packet is a like a car on the freeway. Each car zips along with a piece of data or voice or fax or video. Pieces are reassembled at the destination. It’s a more efficient, less costly system than old-fashioned circuit switching.

Packet switching (Internet Protocol, IP) over fiber-optic cable: can provide broadband end-to-end service at perhaps 3% the cost of old fashioned circuit switching.
IP Telephony: voice over the public Internet and over private broadband networks that use Internet Protocols.

A “converged” IP packet switched network can carry voice, video, data, fax traffic, is considered a data network and is not subject to the 4 cents per minute local access fee.
In other words, voice over converged (data) networks enjoys an automatic 4 cents per minute cost advantage over circuit-switched long distance calls.

Tiered Pricing:
Because of the access fee differential, there is “rate arbitrage” in the current market between circuit-switched voice and IP telephony (voice over the Internet).
Old-fashioned circuit switching:
10-15 cents plus per minute
Voice over IP (Internet Protocol packet switched data networks):
5-8 cents per minute
Voice over the Internet:
5 cents and less