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Strategies & Market Trends : Value Investing
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To: Madharry who wrote (9880)2/5/2000 1:10:00 AM
From: Bob Rudd   of 78728
 
Armin: MAT - the broker reports didn't specifically discuss channel-stuffing, but indicated considerable uncertainty going forward regarding TLC. MAT had indicated last reporting period that it was pretty much in the rear view mirror - clearly that was not the case. My sell reflected a combination of uncertainties - not just TLC. Barad didn't get to be CB/CEO by being a control buyer - she was put there by the board - this board. A leader will always have strengths and weaknesses. As a marketing person, one would expect Barad to be optimistic and enthusiastic about concepts and strategies - like buying TLC to offset electronics invasion of traditional toy biz. It was up to the board to rein in the enthusiasm and make sure DD was done and price was right. So they not only 'Peter Principled' Barad to the level of incompetence, but failed to recognize and offset her weaknesses and weakness of her purchase strategy. These are the same Bozo's holders are hoping are going find a new Moses to lead Mattel back to the Promised Land - color me skeptical.
I'm sure a big reason Mattel didn't totally collapse on the earnings news is the near universal glee over Barad's departure. But I suspect she'll be missed operationally within the company as she probably was top notch traditional [especially dolls] toy marketer - too bad the board put her in a position beyond her capabilities.
Beyond that Mattel is having problems with international business - not as critical as leadership or TLC, but an additional challenge nonetheless.

bob
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