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Technology Stocks : Network Associates (NET)
NET 184.79-10.3%Jan 28 3:59 PM EST
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To: Susan Saline who wrote (5412)6/24/1999 6:10:00 PM
From: Chuzzlewit  Read Replies (1) of 6021
 
Susan, I am not knocking it. I am simply bemused by this massive vote of confidence by insiders.

I think that NETA has been playing fast and loose with the sales numbers. How else do you explain the increase in DSO or the expected massive decrease in cash flow? Unfortunately, I still own several hundred shares of NETA, but I think that any real turnaround will require Larson's departure.

At the very least, his tactic of purchasing growth at any cost was wrong-headed. As some of the older posters to this thread can attest, I have been critical of the price of the deals that Larson has struck (but not the underlying strategy), and have questioned his statements about non-dilutive acquisitions. When I tried to obtain additional information from the company I was stone-walled by Hohnstein.

I think that the results clearly indicate that I was correct in my misgivings about the wisdom of the deals.

If what we have been hearing from posters here and on the Yahoo! thread about gutting the R&D staff is true, the rebuilding effort may take some time. Biting the bullet on the amount of inventory in the reseller pipeline is a necessary first step, but it won't solve the problem.

TTFN,
CTC
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