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Technology Stocks : Network Associates (NET)

NET 196.43

-2.9%

3:59 PM EST

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To: Edwarda who wrote (5383)	6/20/1999 1:29:00 PM
From: Chuzzlewit	Read Replies (2) of 6021

You raise a fascinating question, and one that I must confess that I have not considered. Offhand, I would have to revise my opinion in the case of a cyclical company during periods of business downturns. My reasoning is that a share repurchase makes sense during a down cycle because there is no opportunity for economic investment and the share repurchase can be viewed as a return of capital. But I am not sure that the trigger ought to be the price of the shares. My assessment is subject to immediate revision because I haven't thought of this until you brought it up <VBG>. I don't mean to imply that managements are necessarily smarter than investors -- often they are not. But certainly they are privy to information to which we, as outsiders, have no access. For example, I recall my frustration at attempting to get information concerning board minutes at the time that McAffee was attempting to merge with Network General. Management stonewalled me in spite of the fact that they presumably are my employees. TTFN, CTC

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