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Exam Code: MB-330 Practice test 2022 by Killexams.com team
MB-330 Microsoft Dynamics 365 for Finance and Operations, Supply Chain Management

Implement product information management (25-30%)
Create and manage products
• create a product and product variants
• create Bill of materials (BOMs)
• identify the purpose and capabilities of the Product Configuration models
• create and configure category hierarchies
• create product attributes

Configure products for supply chain management
• create and manage inventory dimensions
• create Item groups and Item model groups
• create and print product labels
• create and assign bar codes
• configure Item coverage
• configure product compliance processes

Manage inventory pricing and costing
• configure inventory costing
• configure costing versions
• configure and manage commodity pricing
• create purchase, sales, and trade agreements
• create smart rounding rules

Implement inventory management (20-25%)
Configure inventory management
• identify the purpose of inventory forecasting
• set up inventory and warehouse parameters
• configure and perform Quality control and Quality management processes
• configure inventory valuation reports
• configure ABC classification
• configure inventory closing components
• implement inventory breakdowns

Manage and process inventory activities
• create and process inventory and warehouse journals
• create and process transfer orders
• create and process chain orders
• manage direct delivery orders
• process quarantine orders
• process quality orders
• perform inventory closing and adjustments
• apply inventory blocking

Implement and manage supply chain processes (25-30%)
Implement procurement and sourcing
• create and manage purchase requisitions, requests for quotes (RFQs), and purchase orders (POs)
• create and manage vendor catalogs
• configure Purchase Order change management
• configure and apply vendor rebates
• implement and manage consignment inventory
• configure and test Vendor collaboration portal
• manage over and under deliveries and delivery schedules

Implement common sales and marketing features
• configure quotations, sales orders, and return orders
• configure sales groups and commissions
• configure and manage up-sell, cross-sell, discounts, and price groups
• configure customer and prospect searches
• implement and manage leads and prospects
• configure inter-company Trade relations

Implement advanced sales and marketing features
• configure brokers and royalties
• configure trade allowances and customer rebates
• implement and process foreign trade
• configure and process Vendor 1099

Implement warehouse management and transportation management and perform business processes (25-30%)
Configure warehouse management
• implement components for warehouse management
• implement location directives
• implement Inventory Statuses
• implement Waves
• implement Loads
• implement shipments
• implement Work
• implement mobile devices

Perform warehouse management processes
• identify inventory movement processes
• perform cycle counting
• use mobile devices for inbound and outbound processes
• implement containerization and packaging
• process inbound orders
• process outbound orders
• perform cluster picking
• process shipments
• identify and apply the replenishment process

Implement transportation management and perform business processes
• configure container management
• configure and manage transportation management
• perform planning and executing of loads and shipments
• configure and generate freight bills and invoices
• identify and configure route and rate engines
• configure and use dock appointment scheduling
• perform transportation processes by using the load planning workbench

Microsoft Dynamics 365 for Finance and Operations, Supply Chain Management
Microsoft Operations, test Questions
Killexams : Microsoft Operations, test Questions - BingNews https://killexams.com/pass4sure/exam-detail/MB-330 Search results Killexams : Microsoft Operations, test Questions - BingNews https://killexams.com/pass4sure/exam-detail/MB-330 https://killexams.com/exam_list/Microsoft Killexams : How I Cracked the FAANG Interview

Abhinav Mishra’s resume betrays a life of ease. He was part of IIT Kanpur’s accelerator programme, studied MS in operations research at Columbia University and landed a job at Amazon as a senior product manager. In a chat with Analytics India Magazine, Mishra speaks about what it takes to crack a FAANG interview, the pragmatism behind tech and the art of ‘failing up’.

AIM: What does your role at Amazon entail? 

Abhinav: I work as a senior product manager at the L6 level in Amazon’s Seattle office which is the company base, which means I own a considerable portion of the products and lead a critical role. I work on productivity tools for the vendors, which uses data to recommend how they could Improve their offering. Essentially, my current product helps find the proverbial needle in the haystack and tell the vendor how they can fix it and what the impact might be money-wise. In my role, I work as both a technical product manager and a business manager in consultation with engineers and vendors on a daily basis.  

AIM: What pushed you to pursue data science as a career? 

Abhinav: When I was at IIT Kanpur for a year, at the age of 22, I started building a supply chain management SaaS tool. I started working on projects and doing pilots for startups and also companies like Titan. I went to Columbia in the middle of the pandemic and enrolled in a combination of courses from both the engineering and the business school, like data visualisation, design thinking and product management. 

I was very active as an undergrad student. You wouldn’t find me partying on a Saturday night. I was attending events and writing research papers, three of which were published in the IEEE. But the IIM accelerator was my first brush with the real world. That’s when I realised that I needed to know about both tech and business to make it. One person there said something witty that has still stayed with me. They asked me how I reached college? I said, “in an auto”, to which they replied, “exactly, you didn’t come here on a combustion engine. Stop talking about tech, AI/ML only and focus on the problem and the solution instead”. 

AIM: There’s so much hype about being able to crack a FAANG. Can you share any tips from your Amazon interview? 

Abhinav: The common perception is that Columbia is what led me here, but the reality is very different. In the US, you are on your own. Someone graduating from Columbia has to put in the same effort as anyone else. If people think I was offered the job on a platter because of the ‘pedigree’, that is not the case. It was a crushing feeling, having to reach out to 20-25 people every day. I remember sitting for around 60 interviews, of which, only ten reached the final round. I appeared for Microsoft first, and then eventually sat for the Amazon interview which I got through. 

There are many fancy tips available outside which don’t really work. Candidates need to work hard on their resumes and focus only on what is relevant. I run a Facebook group with around 15k students where I help them out and give them career advice. I am often asked to review resumes where I see a bunch of unrelated stuff. Secondly, talk to people who work in these FAANG companies because they can tell you best about the work culture there. 

I didn’t focus on Columbia or Amazon specifically but rather worked on building my resume. So, I would advise people to start working on things that are relevant to the job they are applying for. Look for projects online that are suitable to you, like I worked on open-source projects. So, these three are the main factors for me – resume, people and razor-sharp focus on your skills. 

AIM: How was the difficulty level in the technical test? 

Abhinav: Technical questions were aplenty in the interview for the role of a product manager. I didn’t get any questions on coding. For my Microsoft interview, there were definitely more technical questions. For a product manager, you should at least know the data part of coding which is SQL. This is the main requisite for anybody who wants to break into product management. I appeared for TikTok, which isn’t FAANG but pretty close, where they asked me to code. They might even ask you to explain a code. There are not many direct technical questions but more practical questions about how I would behave in a certain situation or solve a specific problem in a real business scenario. A lot of the times there were questions around things you have worked on in the past. 

For those who are appearing for the technical product management interview, there will be coding questions and it is more likely they will ask you to code. Besides, there is a book called ‘Cracking the PM Interview’ by Gayle Laakmann McDowell which is the holy grail for aspiring product managers. She herself was an engineer with Google, and has written an entire section in the book just for the type of technical questions that may be asked in FAANG interviews. They might ask questions like, “Can you explain the concept of cloud to a kid?” 

AIM: What clicked between the Microsoft interview and the Amazon interview? Or do you think it is easier to get into Amazon? 

Abhinav: It’s definitely not that Amazon is easier to get into. And my preparation for both was equal. In fact a smaller company that I appeared for had a harder test than my Amazon interview. Between Microsoft and Amazon, Amazon is probably harder to crack because they have a ‘bar raiser’ measure according to which a candidate has to be better than 50% of their employees. You need to have genuine skills over experience to impress them. Infact, to crack a FAANG interview is relatively easier today probably because of the online resources available on the subject. There are courses on Coursera now worth USD 400 that will tell you exactly what to do. The harder part is to get a FAANG interview because the competition is higher and the intake far lower. There are studies which show that it is harder to get into FAANG companies than MIT or Harvard. 

AIM: What are the biggest lessons that you’ve learned in the data science industry? 

Abhinav: I have had three major takeaways along the way. I think my journey has been about failing to succeed. I have learned things from failing and succeeded better than my failures. I haven’t sat through a placement ever. Once the IIM program ended, I didn’t have my own money and didn’t want to ask my parents. I stayed away from home so that put me in a tight spot. The job didn’t come easy to me, I worked at it for a year. 

I took calculated risks and failed a lot until I succeeded. 

I also have a motto which is ‘Give to succeed’ which is why I run the Facebook group. I get hundreds of DMs of people asking me to look at their SOP or asking how they can get through XYZ college. I always taught my friends. I volunteer at the University of Washington for a product management course where I mentor students. The third thing is having a habit to understand. Everything has a framework in life — you cannot operate on autopilot. It’s just that we need to understand the framework of solving a problem. 

Wed, 12 Oct 2022 20:42:00 -0500 en-US text/html https://analyticsindiamag.com/how-i-cracked-the-faang-interview/
Killexams : Want To Rapidly Scale Up Your Operations? Ask Yourself These 3 Questions First.

Rapid growth isn’t all it’s cracked up to be. But try telling that to ambitious small business owners. According to 2022 Guidant research, leaders at small companies have scaling on their minds. This year, 51% of small business owners want to add more employees, and 41% are aiming to expand or remodel. The problem is that bigger isn’t always better for businesses. Sometimes, it’s best to take the more stable, scenic route to the top.

What are the risks of expanding rapidly before you have a strong foundation in place? One major issue is the burden it puts on your staff members. Employees often feel the stress when their companies go into overdrive mode. This leaves them facing potential burnout—and maybe more eager to join the Great Resignation.

Another problem with too-fast growth can be a decrease in customer service. Let’s say you go from 100 to 200 clients in three months. On paper, that seems exciting. But what does doubling your client base look like in real life? Do you have the tools, processes, and people to maintain world-class support for each client? Or will your reputation take a turn for the worse as your service falls apart?

A final—and financial—conundrum many leaders don’t anticipate is how costly expanding operations can be. It can take a lot of upfront cash to accelerate growth. Frequently, leaders end up having to make sudden fiscal decisions that leave their funds depleted. For instance, rapid expansion could necessitate totally new expenses. Those expenses could cause profit margins to evaporate.

This doesn’t mean you shouldn’t consider going big. You just need to ask yourself the following questions to ensure that it’s your best move:

1. Will you and your team feel comfortable taking on more work?

There’s a lot to be said for being pragmatic in terms of feeling safe to scale up. Staying small for a while longer could be a wiser strategy, particularly if everyone on your team is overextended. Until you get more help from new employees or contractors, you might want to stay the course instead of stepping on the gas.

Of course, as a leader, you might be nagged by the notion that you have to constantly strive to do more and be better. Alison Gutterman, CEO of Jelmar, the family-owned cleaning products manufacturer of CLR and Tarn-X products, talks about the need to keep it real when determining the limitations of your reach.

At the same time, she advises not underestimating what’s possible even if you don’t take on more staff. “Whenever I speak in public, whether in focus groups, at leadership conferences, or in front of students, I explain where I sell our products and who our competitors are,” she says. “I then ask the audience to guess how many people work at the company. I always get a wide variety of answers, from a million people (a fourth grade student) to hundreds or thousands of people. People are shocked to know we are a staff of 20 people, which we just reached this year. Whether it’s customers we sell to for retail, an industrial customer, or an real user of our products, people are impressed we can do so much with a small team.”

Contemplate what “enough” looks like for your company. What’s reasonable? How much room do your team members have to push at the edges of opportunities? You might find that eating the pie one bite at a time allows you to scale steadily without unnecessary growing pains.

2. What does your budget look like?

As mentioned before, you can’t grow fast if you don’t have a good handle on your budget. Tripling your workforce won’t necessarily triple your revenue, for example. It’ll give you more people on the payroll but not necessarily do anything good for your bottom line.

Explore your budget carefully. Streamlining before you enact a growth strategy gets everyone into a lean working mindset. Lean growth is more sustainable in the long run because it values keeping your finances in check every step of the way.

Your finance department is a great area to start if you’re trying to get lean ahead of planned growth. Garter research estimates that businesses can save thousands of hours annually by automating some of their finance-related practices and tasks. One bot can displace up to 30 times the work of one human full-time equivalent employee. And that’s just the beginning. Automated systems can shave time and reduce human error in almost every area of your business.

In time, you might discover that adopting lean principles could increase your profits without growth. In that case, you might still get more without having to incur additional costs.

3. Do you see your future as the forever leader of a startup culture?

Many businesses that keep scaling year after year take on startup cultures. Employees are constantly striving toward the next best thing, and disruption is the norm. It’s fast-paced and can seem attractive—unless consistency is what you’re after.

Picture yourself and your employees in the next year or so. Would you be happier in an environment that’s forever reshaping itself? Or would you appreciate the chance to know that your company is doing well and humming along effectively?

Traditionally, founders put in far more hours each week than other business leaders. One-third of small business owners report working more than 50 hours per week, while one-quarter work more than 60 hours. Maybe that’s fine for you. If it’s not, though, you might want to opt for slower growth.

Spend time mapping out the future for you and your business. Be thorough. Unless you want to dominate your industry as soon as possible or sell the company within a year or two, you might prefer the security that comes when your growth is slower and steadier.

Small companies that rapidly zoom to the top of the charts might seem great on paper. However, they risk burning out like hot stars. Often, it’s more prudent and profitable to eschew fast flash in favor of thoughtful expansion.

Sun, 09 Oct 2022 00:15:00 -0500 Rhett Power en text/html https://www.forbes.com/sites/rhettpower/2022/10/09/want-to-rapidly-scale-up-your-operations-ask-yourself-these-3-questions-first/
Killexams : Microsoft Looks to Enable Practical Zero-Trust Security With Windows 11

Organizations aiming to boost their security with zero-trust initiatives got some help from Microsoft this week, when the computing giant announced that a slew of zero-trust features are now available in its Windows 11 operating system.

The zero-trust approach to security aims to secure workers' access to sensitive systems, network, and data by using additional context, analysis, and security controls. The goal is to give "the right people the right access at the right time," Microsoft stated in the Windows 11 Security Book, a 74-page report on Windows 11's security architecture.

The model checks a user's identity and location, as well as their device's security status, and only allows access to the appropriate resources, according to the Windows 11 Security Book. In addition, zero-trust capabilities include continuous visibility and analysis to catch threats and Improve defenses.

The latest version of the operating system and software platform adds a variety of features, from support for the Pluton security processor and trusted platform modules (TPMs) to comprehensive features around Trusted Boot, cryptography, and code-signing certificates, says David Weston, vice president of enterprise and OS security at Microsoft.

"Organizations worldwide are adopting a zero-trust security model based on the premise that no person or device anywhere can have access until safety and integrity is proven," he says. "We know that our customers need modern security solutions with tightly integrated hardware and software that protects from entire classes of attack."

The Zero-Trust Buzz Gets a Boost

The zero-trust concept has been knocking around for years, with technologists and government agencies first discussing it for security with the dawning realization that network perimeters were rapidly disappearing. Then, the work-from-home surge caused by the coronavirus pandemic injected more urgency into the movement. Now, three-quarters of security decision-makers (75%) believe that the increase in hybrid work creates vulnerabilities at their organization, leaving them more open to attacks.

"When employees are given the freedom to choose their work location, device, tools, and/or software, it becomes a challenge to establish trust based on static attributes," says Ben Herzberg, chief scientist at Satori. "As the competitive pressure pushes companies to democratize data and release new customer value faster, employees will be provided more flexibility, and zero trust will be the go-to approach for enabling that flexibility while ensuring security."

That said, implementing zero trust is a complex endeavor, as evidenced by the list of aspects that Microsoft has now built in:

Microsoft's Windows 11 security architecture
Microsoft's Windows 11 security architecture. Source: Microsoft's Windows 11 Security Book.

The new Windows 11 features include Smart App Control, which uses machine learning, AI modeling, and Microsoft's vast telemetry network of 43 trillion daily signals to determine if an application is safe. Other features also determine whether driver code and virtual-machine code have signs of maliciousness. Additional improvements include credential checks in Windows Defender, password-less support with Windows Hello for Business, and protection against credential-harvesting websites, the company stated.

Complexity has hampered zero-trust rollouts, but adding these feature directly into Windows 11 makes it more likely that companies can easily deploy zero-trust capabilities, says Microsoft's Weston.

"Building in instead of bolting on makes deployment and management of zero-trust capabilities much simpler and efficient," he says. "In addition, having these [features] directly integrated in the OS enables Windows to provide key measurements in hardware increasing the trust and validity of measurements."

He adds, "The minute zero-trust capabilities are embedded into enterprise infrastructure, it becomes accessible for many companies that would otherwise have a hard time getting access to this technology. ... An integrated client environment for zero trust will make the transition for employees much smoother and internal change management simpler."

Microsoft throwing its considerable weight behind zero trust should indeed move the needle on adoption and overall security: Microsoft sees 2.5 billion endpoint queries and 80 million password attacks on a daily basis, the firm stated in a blog post published this week.

Zero Trust Is Still Hard

Even with the Windows 11 updates, companies should expect implementing zero trust to be a process. Building a zero-trust framework requires deep technical integrations, and the organizations that do that best are the ones most likely to be successful in their implementation, says Satori's Herzberg.

To start off, companies should identify a group of users, devices, applications, and workflows that could benefit from zero trust; create a zero-trust architecture to protect those components; and then choose and implement the proper technologies, he says.

An incremental rollout works, given that zero trust is more of a journey than a destination, says Jason Floyd, chief technology officer at Ascent Solutions.

"Zero trust was never about solving a technology problem — it’s a strategic tool directing how to use the technology already in place," he says. "Building additional zero-trust features into Windows does encourage enterprises to adopt a healthy security mindset, but not for the one-size-fits all solution some executives might be expecting."

Overall, Windows 11 adds "chip-to-cloud security," establishing trusted processes starting with firmware and reaching out to workloads running in the cloud, Microsoft's publication stated. This support aids zero-trust architectures by minimizing the work required to prove a user's identity and check system health, says Microsoft's Weston.

"This inverts the previous paradigm of systems security where a user or device was assumed healthy until proven guilty," he says. "Microsoft's view is that the zero-trust philosophy and architecture addresses many of the current and future security challenges for customers and thus Microsoft and most of our customers believe this will be the dominant approach to security."

Sun, 25 Sep 2022 03:03:00 -0500 en text/html https://www.darkreading.com/operations/microsoft-practical-zero-trust-security-windows-11
Killexams : Microsoft is scaling down operations in Russia, 400 employees impacted0 0

A Microsoft logo in front of a flag of Russia

Back in March, Microsoft announced that it is halting all new sales of its products in Russia following the country's invasion of Ukraine. This meant that the company would no longer sell Xbox consoles, Windows, Microsoft 365, or Azure to new customers in Russia. The move followed Microsoft banning state-sponsored media outlets such as Russia Today (RT) and Sputnik from the Microsoft Store, reducing the visibility of their content on Bing, and blocking them from Microsoft's ad network, among other things.

Today, the Redmond tech giant has announced that it is significantly downsizing its operations in Russia, with over 400 employees being affected. In a statement to Bloomberg, Microsoft noted that:

As a result of the changes to the economic outlook and the impact on our business in Russia, we have made the decision to significantly scale down our operations in Russia. We will continue to fulfill our existing contractual obligations with Russian customers while the suspension of new sales remains in effect.

We are working closely with impacted employees to ensure they are treated with respect and have our full support during this difficult time.

Given that Microsoft already halted new sales of services and products in Russia in March, it's natural - but unfortunate for affected employees - that the company is downscaling its operations in the country in terms of headcount too. While existing contractual obligations will be honored, its clear that the firm does not want to invest its efforts in Russia until political and economic stability is reached.

Source: Bloomberg

Wed, 08 Jun 2022 00:43:00 -0500 Usama Jawad en text/html https://www.neowin.net/news/microsoft-is-scaling-down-operations-in-russia-400-employees-impacted/
Killexams : Microsoft open-sources AI algorithms for optimizing farm operations

Microsoft Corp. today open-sourced FarmVibes.AI, a collection of artificial intelligence models that farm operators can use to perform tasks such as planting crops more efficiently.

FarmVibes.AI is one of several technologies that Microsoft has developed as part of an initiative dubbed Project FarmVibes. According to the company, the initiative seeks to use software and connected devices such as sensors to enable more efficient farming. Microsoft eventually plans to open-source all the technologies it has developed as part of Project FarmVibes.

The newly released FarmVibes.AI toolkit includes four AI algorithms. The algorithms are designed to help farm operators collect data about their crops and use it to optimize day-to-day work. 

The first algorithm, Async Fusion, is capable of combining data from farm sensors with satellite and drone imagery. The algorithm facilitates the creation of farm maps that can be used to identify the optimal way of carrying out agricultural tasks. A farm operator could, for example, create a map that points out the best way of planting seeds in a given parcel and highlights farm sections that can’t be easily navigated by a tractor.

The FarmVibes.AI toolkit also includes a second algorithm, SpaceEye, that makes it easier to process the satellite data used in farm maps. Up-to-date satellite imagery often isn’t available when there are clouds above a farm. Microsoft’s SpaceEye algorithm substitutes the imagery with measurements from satellite-based radar instruments, which can operate even when there is cloud cover.

A third algorithm called DeepMC helps farm operators predict temperatures and wind speeds. DeepMC draws on weather station forecasts, as well as data from internet-connected farm sensors. According to Microsoft, the algorithm makes it possible to identify the best time to carry out farming tasks that can only be performed in specific weather conditions.

The fourth software tool included in FarmVibes.AI helps farm operators with sustainability initiatives. According to Microsoft, it can estimate how different farming practices would affect the amount of carbon sequestered in a farm’s soil. The tool also lends itself to other tasks, such as identifying ways of improving crop yields.  

“At Microsoft, we are working to empower growers with data and AI to augment their knowledge about farming and help them grow nutritious food in a sustainable way,” stated Ranveer Chandra, Microsoft’s managing director of research for industry.

Project FarmVibes, the Microsoft initiative through which FarmVibes.AI was developed, also includes several other technologies.  

FarmVibes.Connect is a collection of hardware and software tools for providing internet connectivity in farms. According to Microsoft, the toolkit leverages unused parts of the radio spectrum to establish wireless connections. FarmVibes.Edge, another technology developed as part of Project FarmVibes, compresses farm and crop data, which eases the task of uploading the data to the cloud for analysis.

Photo: Pixabay

Show your support for our mission by joining our Cube Club and Cube Event Community of experts. Join the community that includes Amazon Web Services and Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger and many more luminaries and experts.

Tue, 11 Oct 2022 23:31:00 -0500 en-US text/html https://siliconangle.com/2022/10/06/microsoft-open-sources-ai-algorithms-optimizing-farm-operations/
Killexams : Frequently Asked Questions

If a cardholder simply forgot to inform the merchant of the tax exemption, then the cardholder should seek a credit from the merchant.

Because UTSA is a state institution of higher education, official in‐state university purchases are exempt from state sales tax. Texas sales tax is not to be charged or paid for any official university purchases. Present the appropriate tax exemption certificate. This certificate may be retained by the vendor.

Purchases exempt from state sales tax include, but are not limited to:

  • In‐state official meals.
    • Texas Sales Tax Exemption Certificate must be presented at the restaurant.
  • In‐state lodging.
    • UTSA pays local and county taxes, but not Texas state taxes.
    • Hotel Tax Exemption Certificate must be presented at check‐in.
    • If you are using paid parking at the hotel, an additional Sales Tax Exemption Certificate must be presented to the hotel at the time of check‐in to ensure sales tax is not charged for parking fees.
  • Purchases of goods and services of any kind in Texas.
    • Vehicle rentals.
    • Other services.

It is the purchaser’s responsibility to enforce the tax exemption status with all in‐state transactions. Failure to comply will result in the purchaser not receiving reimbursement for the sales tax charges.

Purchases, meals, lodging, etc., outside of Texas are subject to all taxes.

Mon, 08 Aug 2022 03:30:00 -0500 en text/html https://www.utsa.edu/ba-administration-operations/services/business-service-center/faqs.html
Killexams : What is the order of operations?

From left to right, start with division and multiplication and continue with addition and subtraction.

Don't forget, if a calculation has division and multiplication in it, do them left to right. It doesn't matter which order they are in. The same applies to addition and subtraction.

Fri, 22 Apr 2022 22:31:00 -0500 en-GB text/html https://www.bbc.co.uk/bitesize/topics/z69k7ty/articles/z24ctv4
Killexams : Apple Vs. Microsoft Vs. Treasury Bonds: The Battle Of Safe Havens Round-3
Padlock on hundred dollar bill

Aslan Alphan

Introduction

Since my last update on the "Battle of Safe Havens" on 25th August 2022, Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), and Treasury bonds have experienced a swift decline in price due to rapidly rising interest rates and a worsening macroeconomic environment.

Here's our past coverage of this intriguing battle:

Apple Microsoft performance

YCharts

Treasury rates

YCharts

In my previous note, I highlighted how slowing revenue growth and contracting margins at BigTech companies were making their valuations untenable in a rising interest rate environment. With the risk-free treasury rate (of 3.5-4%) higher than the free cash flow yield offered by so-called safe haven stocks like Apple and Microsoft, there is a lack of equity risk premium. This is a breach of the immutable laws of money.

With the 10-yr treasury at 4%, one could argue that high-quality businesses like Apple and Microsoft deserve a Price-to-Earnings multiple of ~20-25x (equity risk premium of 0-1%). And by this logic, Apple and Microsoft seem fairly valued right now.

Apple vs Microsoft Earning multiples

YCharts

However, evidence suggests that the 'E' (earning) could be about to contract in upcoming quarters. Last Friday, Advanced Micro Devices (AMD) pre-announced its Q3 results, and it was an absolute shocker for investors. AMD is gaining share in the PC market, and still, its PC revenues (distributed across Client and Gaming business lines) are down significantly in Q3. Now, some customers might be waiting for AMD's upcoming Zen4 devices, but the slowdown in PC markets is pronounced.

AMD Q3 Preliminary Results

AMD Investor Relations

As you may know, Apple and Microsoft have significant exposure to PC markets, and the pull forward from COVID could result in a sizeable hit to their topline in upcoming quarters. Before AMD, Micron (MU) and Nike (NKE) announced decent quarterly numbers, but an inventory problem is set to hurt margins in Q4 for both companies. With the Fed hellbent on fighting inflation, the threat of recession looms large. An earnings recession is coming, and even the likes of Apple and Microsoft are not immune to the broader economy. If (more like when) earnings estimates for Q4 and 2023 are revised lower, we will see another leg down in BigTech stocks (and, by extension, broader equity markets).

Despite significant valuation moderation, the near to medium-term risk/reward for Apple and Microsoft is still unfavorable for investors. Here are TQI's fair value estimates and projected returns for Apple and Microsoft:

Stock Price TQI Fair Value Estimate Next 5-yr CAGR Return (%)
Apple $140 $105.98 13.26%
Microsoft $234 $156.27 10.34%

Now, many DGI investors would happily accept double-digit CAGR returns, and if you are such an investor, buying Apple and Microsoft here is fine. At TQI, our investment hurdle rate is 15%, and since we are not getting that (just yet), I am still 'Neutral' on Apple and Microsoft.

What Do The Charts Tell Us?

Since Fed's hawkish pivot in Nov-21, broad market indices have entered a correction. In a rising interest rate environment, high-flying tech stocks have come under immense selling pressure. The Nasdaq-100 index [tracked by QQQ ETF (QQQ)] is re-testing June lows, and a breakdown of these lows could result in a decline to the pre-COVID range of $215-235 (for QQQ).

Nasdaq-100 index Moving Average

WeBull Desktop

Microsoft is a significant component of broad market indices like the QQQ and SPY, which means its price action tends to be similar to what we see in the broad market. Unfortunately, Microsoft has already broken below its June lows and is now looking nailed on to test the pre-COVID level of $210. My fair value estimate for Microsoft is only $156, and so, I am unlikely to turn into a buyer at $210, either. For now, Microsoft's stock is firmly entrenched in a downward falling wedge pattern, and I won't rule out a decline to the mid-100s. And that's where I would like to buy more MSFT shares.

MSFT moving average

WeBull Desktop

Apple is a bellwether stock, and while most tech stocks are falling in downward wedge patterns, Apple's stock chart is looking like a descending broadening wedge, which is a bullish continuation pattern.

AAPL moving average

WeBull Desktop

Technically, Apple is experiencing a correction, and it will likely move higher in the long term. However, in the near term, Apple looks set to re-test its June lows of $130, and if it breaks this key level, Apple could be headed down to its fair value of ~$105 (which is also the 200DMA level).

Considering the medium-term risk/reward [25-40% downside risk vs. 10-13% CAGR returns] for Apple and Microsoft, I rate both of them 'Neutral or Avoid or Hold' at current levels.

Bonds Are Now Looking Attractive

In order to fight persistently-high inflation, central banks across the globe have adopted quantitative tightening programs, which include interest rate hikes and liquidity withdrawal through balance sheet roll-off. The risk-free treasury rates in the US are now in the 3.5-4% range, and if the Fed sticks to its rate hike path, we could be headed even higher in 2023. After more than a decade, bonds are a real alternative to equities.

In the past, treasury yields have risen beyond the CPI inflation rate during periods of high inflation; however, this ongoing rate hike cycle may be close to peaking out as concerns around financial stability are growing and assets are deflating across the board.

Holding cash is not ideal if you plan to deploy this cash at a certain time in the future. And so parking it in highly-liquid, risk-free assets is a smart move. For those looking to invest in bonds, I want to share a Cash or Treasury management strategy.

A bond ladder is a collection of bonds with different maturities. Such an investment strategy is devised to get assured periodic cash flows. For example, we can invest in ten US treasury notes/bonds with a term length of 1, 2, 3, ... 10 years. Every year one bond matures, and that cash flow can be used as per need. For our investing operations at TQI, we are using T-bills such that one matures each month. In the case of our GARP portfolio, we had $45K (~43% of AUM) in cash that we planned to deploy over the next nine months. Here, we bought T-bills of $5K each with maturity/term lengths of 1 to 9 months. So, instead of $5K, we will have a somewhat greater amount to invest at the time of our planned bi-weekly capital deployments.

Building a bond ladder is simple, but if you have any questions, please share them in the comments section below.

Final Thoughts

We concluded our last update on "The Battle of Safe Havens" in the following manner:

According to the definition, a bear market ends with a 20% bounce off of lows, and we got this in latest weeks. Hence, by definition, the bear market is over, and a new bull market has started. However, I think it is still too early to call a bottom. A tighter monetary policy could lead to a growth slowdown and cause a recession. Despite the growing clamor for a Fed pivot, I still think inflation is too high, and the Fed will need to keep going for some time to come. The markets may go up with rates (as this has happened in the past), but these tightening cycles often lead to something breaking in the economy and eventually a crash in the stock market. Will this time be any different? I don't know.

I don't know where the market is headed next; nobody else knows either. The macro-environment remains challenging, and the Fed's QT [quantitative tightening] program is just getting started. With Apple and Microsoft trading at lofty valuations despite an evident slowdown in revenue growth and significant moderation in operating margins, I think the near to medium-term risk/reward from current levels is unfavorable for bulls. Yes, there are tons of opportunities in beaten-down growth stocks, but if the large caps get hit (in an earnings recession), the smaller cap stocks will likely continue to remain under pressure. Hence, I plan to stick with The Quantamental Investor's playbook for a bear market environment -

"Build long positions slowly using DCA plans, and manage risk proactively."

Source: Apple Vs. Microsoft Vs. Treasury Bonds: The Battle Of Safe Havens Round-2

How Are We Investing In These Uncertain Markets At The Quantamental Investor?

As we have seen in the "Battle of Safe Havens" series, traditional safe-haven stocks like Apple and Microsoft are not so safe for the near to medium term.

As of today, the entire June-August rally has been reversed, and it is fair to say this move was just another bear market rally. I have no idea where the market is headed next. So far, in this bear market, the selling has been very much measured. We haven't seen capitulation. Will the market (SPX) crash to $3,000 by year-end? I don't know. What I learned from Micron and Nike's results is that corporate earnings will come under severe pressure in upcoming quarters. Honestly, I think earnings will drive markets going forward because the multiple contraction is more or less complete (except for a few large-cap tech names like Apple, Microsoft, and Tesla (TSLA)). The top 10 S&P 500 companies are trading at 21-22x+ PE, whereas the remaining 490 are already at 13-14x PE.

Author's investment mandates

The Quantamental Investor

This is a very tricky market, but there are tons of incredible opportunities for individual stock investing. In all three of TQI's core portfolios [GARP, Buyback-Dividend, and Moonshot Growth], we are ready with cash (roughly 50% of AUM) if the opportunities improve. Our playbook for this bear market is simple - "Build long positions slowly using DCA plans, and manage risk proactively."

In the "Battle of Safe Havens", cash has been the winner so far; however, surging treasury rates are making treasury bonds a viable alternative to equities. If I had to choose between Apple, Microsoft, and the 2-yr treasury bond, I would go with the 2-yr treasury bond for the medium term.

Key Takeaway: I rate both Apple and Microsoft 'Neutral/Avoid/Hold' at current levels.

Thanks for reading, and happy investing. Please share your thoughts, questions, and/or concerns in the comments section below.

Mon, 10 Oct 2022 01:30:00 -0500 en text/html https://seekingalpha.com/article/4545593-apple-microsoft-treasury-bonds-safe-havens
Killexams : What’s the plan for Miggy in 2023? Plus 5 more big questions facing new Tigers boss

DETROIT -- New Detroit Tigers president of baseball operations Scott Harris was short on specifics during his his introductory press conference on Tuesday. No one could blame him.

It was Day 1 of his new job, he was still learning the Tigers’ roster and he had yet to get much input from many of his new colleagues.

It would have been premature to answer questions about simple roster decisions, not to mention massive diplomatic landmines like the future of designated hitter Miguel Cabrera.

Harris will spend the next two weeks getting up to speed on his new organization before formally assuming day-to-day decision-making responsibilities on Oct. 6, the day after the Tigers play their final game of the regular season in Seattle.

“I intend to try to do as much listening as possible to all of the people who have been here for a long time,” Harris said. “One thing you realize in this sport is you never know players as well as you do when they’re in your organization. And so I’m going to reserve judgement on all players and all staff in this organization because I just don’t know them as well as the people in this organization.”

Here are the some of the questions he might be asking, as they’re questions he’ll have to answer in the very near future.

Miguel Cabrera

Detroit Tigers designated hitter Miguel Cabrera watches his foul popout fly ball that was caught by Texas Rangers catcher Jonah Heim during the second inning of a baseball game in Arlington, Texas, Friday, Aug. 26, 2022. (AP Photo/LM Otero)AP

1. What about Miggy?

Let’s start with the biggest and most delicate question: Will Cabrera be with the Tigers in 2023, the final year of his contract.

Earlier this summer, Cabrera briefly mused about the possibility of retiring before the expiration of his contract. He then slammed that door shut the very next day.

This has been a frustrating season for Cabrera after a strong start. He reached 3,000 hits in April and was one of the club’s most productive hitters up until the All-Star Break. But a balky knee has taken its toll and he spent time on the injured list with a biceps strain.

Cabrera is due $32 million next year no matter what happens. If the Tigers don’t think they’re going to be playoff contenders, the easiest path may be to let him play out the final year of his contract in whatever capacity he is able to do so.

But if Harris has bigger aspirations for 2023, the offense must be upgraded. That means a DH with an 83 OPS+ and virtually no power isn’t going to work.

Harris probably doesn’t want to be the villain that shoves aside a franchise legend. But he was hired to make tough decisions. This will be one of the toughest.

Tigers

Detroit Tigers third baseman Jeimer Candelario chases but is unable to field the foul hit by Seattle Mariners' J.P. Crawford during the first inning of a baseball game, Thursday, Sept. 1, 2022, in Detroit. (AP Photo/Carlos Osorio)AP

2. Who makes the 40-man roster after the season?

Although the Miggy decision can be deferred, maybe even until next spring, Harris has to start thinking right now about the 40-man roster will be structured going into the offseason.

These are routine moves that every team does every October and November, but they’ll be more intriguing for the Tigers because every player in the organization is now being evaluated with a fresh set of eyes.

Take one example: Outfielder Daz Cameron was one of three players acquired from the Houston Astros in the Justin Verlander trade in 2017. That meant former GM Al Avila was heavily invested in Cameron’s success. The new regime will have no such loyalty. Those dynamics will play out across the board.

In addition to evaluating younger or less established players, the Tigers will also have to decide which veterans under team control will be tendered contracts for 2023. Third baseman Jeimer Candelario and reliever Jose Cisnero are likely to be vulnerable.

Then the Tigers which youngsters to add to the 40-man for the first time. There are at least half a dozen plausible candidates, including outfielder Parker Meadows (Austin’s younger brother), infielder Andre Lipcius and pitcher Reese Olson.

Tigers

Detroit Tigers starting pitcher Matt Manning throws during the first inning of a baseball game against the Kansas City Royals Saturday, April 16, 2022, in Kansas City, Mo. (AP Photo/Charlie Riedel)AP

3. What assets are Tigers willing to deal?

Harris sounded like he was preparing for a winter of wheeling and dealing. His commitment to be bold is good news for those who found the former GM too hesitant to make deals or unwilling to negotiate creative trades.

But in order to trade, you must have stuff that other teams are willing to buy.

The Tigers are not overflowing with such assets, so if they are truly planning on being active on the trade market, they must be willing to talk about players the old regime considered nearly untouchable.

No, we’re probably not talking about Riley Greene. But we are talking about nearly everybody else in the organization.

With Tarik Skubal and Casey Mize injured, Spencer Turnbull coming off injury and Eduardo Rodriguez weighed down by a big contract, Matt Manning might be the Tigers’ most valuable trade chip not named Riley Greene.

Spencer Torkelson, Martin Maldonado

Detroit Tigers' Spencer Torkelson scores as Houston Astros catcher Martin Maldonado (15) tries to apply a tag at home plate in the second inning of a baseball game in Detroit, Tuesday, Sept. 13, 2022. (AP Photo/Paul Sancya)AP

4. What about Tork?

There’s still two weeks of baseball left, and Spencer Torkelson has shown signs of life at the plate since his return. But he has only six home runs in 360 big-league plate appearances and is not delivering a lot of offensive value at a position that demands it.

Do the Tigers hunt for a first baseman this winter who can handle the role in 2023 while Tork gets more seasoning in Toledo? Or do they trust that Torkelson will continue to grow into the job in Year 2?

Al Avila

In this Saturday, Feb. 15, 2020 file photo, Detroit Tigers general manager Al Avila watches batting practice during a spring training baseball workout in Lakeland, Fla. The Detroit Tigers fired general manager Al Avila on Wednesday, Aug. 10, 2022 ending a seven-year tenure with no playoff appearances.Frank Franklin II, The Associated Press

5. How much money is there to spend? And will Harris decide it’s wise to spend it?

As Al Avila can attest, an owner’s patience diminishes rapidly when you start throwing around tens of millions of his dollars. Avila survived some lean years with a lean payroll. But when he decided to make a big splash on the free-agent market this winter, it was time to win. When the Tigers didn’t deliver, he was out of job.

Will this year’s disaster make Christopher Ilitch more hesitant to open his wallet?

Here’s what Harris said when asked about the payroll outlook for 2023 and beyond: “We talked about resources. This ownership group has a long history of supporting the baseball operation. It’s on me to come up with compelling opportunities and to pitch those opportunities to Chris. And I know that if I do, I’ll have his full support.”

Sam Menzin

Tigers assistant general manager Sam Menzin in the dugout at Comerica Park. (Courtesy photo used with permission of Detroit Tigers)

6. Who will be the Tigers’ new general manager?

This can be a little confusing if you’re not up to speed on modern baseball front office configurations.

Avila’s title was executive vice president and general manager. Harris’ new title will be president of baseball operations.

Whereas Avila’s top advisers were his assistant general managers, Harris’ closest confidante will be whoever he hires to be new the general manager.

Harris will have day-to-day control of all decision-making and so this is, to a certain extent, a discussion that impacts LinkedIn profiles and little else.

But the title -- inflated or not -- does give Harris the ability to select an internal candidate like Sam Menzin to be his right-hand man or hire a talented executive from outside the organization.

“These jobs are increasingly large and complicated,” he said. “Every single year, they get more complex. Having another bright and talented person to partner with in these jobs is critically important. If you look around the game, there are a lot of very successful organizations over the last handful of years that have adopted this approach.”

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Thu, 22 Sep 2022 04:00:00 -0500 en text/html https://www.mlive.com/tigers/2022/09/whats-the-plan-for-miggy-in-2023-plus-5-more-big-questions-facing-new-tigers-boss.html
Killexams : Frequently Asked Questions

First, you should contact your healthcare provider. If you are a student and you are currently living on-campus, call Wellness 360 at 210-458-4142, menu option 3, Monday - Friday, 9 a.m. - 5 p.m. You can also visit the Wellness 360 MyHealth portal to schedule a Telemedicine appointment online.

Then, you should visit Report an Adverse Event on the Vaccine Adverse Event Reporting System (VAERS) website and follow the instructions to fill out the VAERS online form or downloadable PDF.

You may also report your reaction through V-safe. V-safe is a smartphone-based tool created by the Centers for Disease Control and Prevention (CDC) that uses text messaging and web surveys to provide personalized health check-ins after you receive a COVID-19 vaccination. Through v-safe, you can quickly tell CDC if you have any side effects after getting the COVID-19 vaccine. Information on how to register for V-safe can be found here.

You should also notify the clinic which administered the vaccine about your adverse reaction, as it is recommended that they also submit a report to VAERS.

Mon, 19 Apr 2021 05:40:00 -0500 en text/html https://www.utsa.edu/ba-administration-operations/services/recovery-operations/faqs.html
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