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SL, from what you gave as ownership figures, I assume you meant to say CompuCom, correct? If so, technically, neutral. As you know, every attempt at a sustained breakout has failed. Not likely to make a sustained move until they report numbers indicating the turnaround is at last succeeding. Such a lousy industry that they are swimming against a strong current. I've been hanging in longer than I should have believing that SFE will make the changes necessary to bring it back. They are trying, but it is a slow tough job, with no easy payoff. I think Safeguard is fully aware and more than frustrated that if CMPC was just back to the modest high of a couple years ago, it would be an extra $7.50 to SFEs NAV. As much as I admire Safeguard and management [a lot], it has been personally frustrating to watch them hold/add to the downers, and sell winners, specifically Tellabs. The exception being last fall when they astutely purchased non-troubled SFE companies like DTPI that were down only because of market turmoil. As stated before, a policy of culling losers and adding to winners has worked well for individual investors this decade, and it should be only slightly different for Safeguard. The only difference is their inside knowledge and ability to make management changes in significant holdings. So far though, the results of those efforts are not showing up in better stock prices. Maybe in time that will change. Mike |
