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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: gdichaz who wrote (20957)	3/21/2000 10:19:00 PM
From: Rick	Read Replies (2) of 54805

Old vs New economy: page 90 Fortune March 13th, 2000 edition "Value Driven. How to Fix GM: Sell it to Toyota." by Geoffrey Colvin To: The General Motors Board Re: Best Choices for GM's Future ... "You can do the math in different ways, but the equation takes you to the same place, and its shocking: The market figures your auto operations are worth little or nothing. I've seen models that put the value at zero (excluding GMAC, the finance arm) to $17 billion (including it). How can this be for an operation that will report an estimated $4 Billion profit for 1999? Simple. That reported profit doesn't account for the cost of the stupendous sums of capital tied up in GM facilities around the world. Investors don't believe you'll earn more than the cost of capital anytime soon, maybe ever, and you can't blame them, because you didn't earn it for many, many years...." - Fred

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