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BULLS & BEARS: Wise investors analyze businesses, not market

For my midyear column, I’ve decided to run Warren Buffett’s discussion of Benjamin Graham’s classic allegory on the stock market called “Mr. Market.” Note that Buffett wrote the words below soon after the 1987 market crash. “Whenever Charlie [Munger] and I buy common stocks … we approach the transaction as if we were buying into a private business. We look at the economic prospects of the business, the people in charge of running it, and the price we must pay….

Black Expo CEO seeks ‘next level’: Rogers hopes to build on Williams’ legacy The Summer Celebration schedule appears in our Diversity in Business Focus. PAGES 15A-19A

The Summer Celebration schedule appears in our Diversity in Business Focus. PAGES 15A-19A The title of Indiana Black Expo Inc.’s 2005 annual report couldn’t be more fitting: “Con tinuing the Legacy.” It’s an apt description for both the organization’s recent history and its goals for the future. As Black Expo prepares to kick off its second Summer Celebration without its longtime leader, Rev. Charles Williams, CEO Joyce Q. Rogers is abuzz with ideas to make the nation’s largest black heritage…

TAWN PARENT Commentary: Take 2 aspirin and a few months off

Maybe what you need is a sabbatical. The term comes from ancient Judea, where it described the year of rest given to land every seventh year to keep it from becoming depleted. Today, “sabbatical” conjures up images of ivory towers and a practice out of step with the breakneck pace of modern business. A perk that seems at best a luxury and at worst a waste of time and money for the employer. Tell that to Intel, Xerox Corp. and…

SPORTS: Another victory for Indy-at Chicago’s expense

First the Big Ten basketball tournaments. Now the Western Open. Maybe those broad shoulders are beginning to sag a bit. The news that Chicago-longtime host of the prestigious Western Open-is now going to share its PGA Tour stop with Indianapolis/Carmel (Crooked Stick), St. Louis (Bellerive) and quite likely Minneapolis (Hazeltine National) was another blow that sucked some of the air out of the Windy City. Chicago Tribune golf writer Ed Sherman called it “the worst deal for Chicago golf fans…

Doctor takes on state over Medicaid payments: Psychiatrist claims he’s being forced out of business

A Franklin psychiatrist has accused the state agency that runs Medicaid of suffocating his practice in a reimbursement dispute that dates back more than a year. Dr. John Lewis said the weekly Medicaid checks that keep his Harmony Center open dwindled to nothing for four straight weeks after he filed a lawsuit in April against the state Family and Social Services Administration over a payment review it imposed. The psychiatrist believes his center may survive only another month, a closing…

Patient safety center steers clear of the blame game: New approach modeled after aviation industry

Indiana hospitals are drawing inspiration from the aviation industry for their latest push to reduce medical errors. The Indiana Patient Safety Center, which opened July 1, will foster a blamefree approach to reporting errors, much like the environment promoted by the Federal Aviation Administration. The result will be a culture that encourages system analysis to fix flaws that lead to an error, rather than one that merely heaps blame on the person who committed it, said Bob Morr, vice president…

INVESTING: Time to ditch widely touted-but wrong-investing rules

We love a good conspiracy in America. The FBI just spent millions of dollars looking for Jimmy Hoffa again, and again came up empty. We’ll be talking about who killed JFK until our grandkids are gone. Today, I am going to start a new one, and when you read this you are going to want your finance professor’s head on a platter. There is a conspiracy to keep you from making money. I can’t pinpoint the exact beginning of the…

Local equestrian show jumps into limelight: Only 2 years old, competition has grown into major event

In only its second year, a unique Indianapolis equestrian competition is gaining a following among equine enthusiasts well beyond Indiana. And organizers already are planning to expand the event into one of the nation’s largest hunter/jumper competitions. Craig Dobbs attracted nearly 400 horses to the inaugural Circle City Equestrian 500 last year, even though he began preparations only five months beforehand and had no marketing budget. This year, Dobbs said, more than 600 horses will compete at the show at…

EYE ON THE PIE: Tattoos aren’t only things we hide

I admit I don’t understand the world in which I live. For example, a study in the Journal of the American Academy of Dermatology reports that 24 percent of Americans age 18 to 50 have one or more tattoos. That rises to 36 percent when we look at just those 18 to 29. I don’t get it. Is this body art, a message to the world, a commitment to oneself or someone else? Tattoos do fill in all that empty…

Leader tapped to make the IMA a ‘must see’: New director to focus on art and nature park

The Indianapolis Museum of Art’s new director isn’t afraid to ruffle feathers. During his five years as director of the Whitney Museum of American Art, he reportedly butted heads with the board over programming and oversaw a staff reorganization that triggered the departure of several curators. He also resigned after the board rejected a $200 million expansion he pushed. But Maxwell Anderson, who started at the IMA June 19, dismisses that reputation. “The Whitney is a very unusual place,” said…

Billing survey puts WellPoint in last: Insurer calls ‘pain in the butt’ index flawed, but some doctors say findings aren’t surprising

A physician-billing service recently gave WellPoint Inc. a virtual spanking over its sometimesstrained relationship with doctors. M a s s a c h u s e t t s – b a s e d Athenahealth Inc. rated the Indianapolis insurer last out of seven national payers in its so-called “pain in the butt” index posted online late last month. The unusual index aims to tell doctors how easy-or difficult-it is to work with each insurer by using data the…

Market Square project in doubt: Two months before deadline, condo developer won’t talk, scales back its sales effort

The city of Indianapolis already has twice pushed back the deadline for closing a deal with the developer of a high-rise condo project slated for the former Market Square Arena site. Now, with the latest deadline of Aug. 31 looming, officials with developer Market Square Partners LP are incommunicado amid signs they’re struggling to find enough buyers to get the project off the ground. The sales office, once staffed daily, now apparently operates on an appointment-only basis. The developer hasn’t…

LEGAL: Know the difference between knowledge and wisdom

The role of knowledge in business is familiar to all of us. Wisdom, however, is more elusive and its usefulness less wellknown. Knowledge can best be defined as “acquired facts.” Wisdom, however, is a way of seeing reality. To “the best knowledge of seller” is a familiar term in business transactions, referring to what the seller knows-sometimes after diligent inquiry. Then there’s “knowledge of the law,” something lawyers specialize in. Or knowledge of numbers, which is accountants’ expertise. The list…

Artist out to protect her images: Noel sues Texas distributor for copyright infringement

Zionsville artist Nancy Noel’s original work can be seen in the homes of Mikhail Gorbachev, Robert Redford, Denzel Washington and Oprah Winfrey. Noel prides herself on its originality and authenticity. And she said she’ll “go after anyone” who threatens that. This spring, Noel filed a federal lawsuit against Texas-based art distributor Martha Ewell, alleging she made unauthorized copies of Noel’s images-including her popular Amish and angel collections-and sold them on the Internet. She is asking to be paid $30,000 for…

New law puts brakes on nursing home construction: State pushing other forms of long-term health care

Families want more long-term-care options for their elderly loved ones these days, and Indiana officials are trying to lend a hand. The state will begin a year-long moratorium on nursing home construction July 1, shortly after the Indiana Family and Social Services Administration starts a marketing campaign called Options to let Hoosiers know they have choices outside of stashing Grandma at Shady Acres for a couple of years. Indiana also will boost Medicaid reimbursement for these options, which include assisted…

CHRIS KATTERJOHN Commentary: Reflections on DST, Governmentium

I love it. It makes summer even better than it already was. I don’t believe, as a friend of mine recently suggested, that DST is a plot by Republican businessmen to play more golf in the summer. No, it was a sound economic development move, and I’m glad the Legislature wised up and made it happen. Big picture, it’s good for business. Speaking of which, I haven’t talked to a single businessperson who’s seriously complaining about the time change. If…

SPORTS: From ticket manager to ‘Mr. Baseball’ in 50 years

Not surprisingly, Indianapolis Indians President Max Schumacher and Victory Field, his own field of dreams, have something in common. Neither Max nor the ballpark looks anywhere close to their age. And by the happy coincidence of timing, there will be a double celebration at that downtown beauty of a ballpark July 16. Recognition will be made of Victory Field’s 10th anniversary. Hard to believe, but it’s been a decade since that pristine night, July 11, 1996, when the gates flew…

INVESTING: You weathered market storm; don’t make it worse now

When an unexpected disaster strikes, people look for answers. They want to know how much of what they had before is left. It takes a while for the shock to wear off, but as heads slowly clear up, a lot of reassessment takes place. The global meltdown in May in securities markets apparently hit most investors, retail and professional alike, like a misguided sledgehammer to the back of the head. Readers of this column were kept wellinformed of the approaching…

Pact with automakers puts firm in fast lane: Battery pioneer signs deal with big three alliance, hopes to push technology for hybrid cars to market

A deal with the big-three U.S. automakers has positioned an Indianapolis manufacturer to be one of the leading battery providers for domestically made hybrid vehicles. EnerDel Inc., which employs 35 at its 8740 Hague Road headquarters, recently signed a deal to provide technology for hybrid-vehicle batteries to a consortium formed by DaimlerChrysler Corp., Ford Motor Corp. and General Motors Corp. EnerDel is a joint venture between two publicly traded firms, F l o r i d a – b a…

FINANCE: How will higher interest rates affect my loan?

Every time the Q: Fe d e ra l Reserve raises rates, I expect to pay my bank more for financing. I guess I understand the reason for this-the government says it wants to guard against inflation-but the Fed’s actions still make it hard for the small-business owner who needs to borrow money. How can I get the lowest possible rates? And what will my bank require of me that they don’t now? Or is there any way around this…