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Strategies & Market Trends : Value Investing

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To: LauA who wrote (9533)	1/6/2000 11:49:00 AM
From: Bob Rudd	Read Replies (1) of 78622

SK Ready, Aim, Fired - Closed position with modest loss early today on expectation of more bad news ahead and probable significantly lower share prices. Some of the stuff that concerned me: Sales push with rising AR's indicate they got as close to 'channel stuffing' as a service co can this quarter Seasonality - current quarter is usually weaker Cyclicality - Activity begets waste as higher rates raise concerns this co would have a bit of a headwind Unconfirmed indication that market is shrinking by 5% annually due to conservation waste prevention methods - maybe customers are recycling thier own stuff - oil, dry-cleaning etc History - Red ink for several years and reverse split indicate all is not well Morale - employees seem dispirited, defensive, internal competition, little faith in upper management [Small sample but fits with other info] No strategic buyer and financial buyer won't want to play problem-solving role unless it's dirt cheap - [as Lau pointed out, Laidlaw is pushing for a sale] But most important - they don't seem to have a handle on systems - not quite sure of numbers as result - So PE may not mean much if E=? bob

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