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Technology Stocks : Safeguard Scientifics SFE
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To: michael r potter who wrote (3375)8/23/1999 11:24:00 AM
From: Katherine Derbyshire  Read Replies (1) of 4467
 
Re: holding or selling TLAB, I think the argument is really a debate about SFE's corporate mission. As a closed end mutual fund, they should probably hold TLAB. It's a strong company with lots of growth ahead of it. That's why I own some directly.

But SFE is not a closed end mutual fund. It's a VC. VCs continue to grow by growing companies to the TLAB stage, then selling them and investing the money in other young companies. Lots of those young companies will die, but some will become the next CSCOs and MSFTs and INTCs. That's why VC is a high risk, high reward business.

By holding TLAB, SFE management does nothing for my portfolio that I couldn't do myself. Instead, I want them to enhance my shareholder value by finding the *next* TLAB, and buying me a piece of it. To do that, they have to be free to invest in companies that are not yet recognizable as winners.

Katherine
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