Hi all - not sure. While VARL weeps and drips, so it looks like a long squeeze to me, like the the rest of the market, volume is still very much MIA. I'd think that some active money managers see the difference between a single digit and a twenty something. It is a matter of unlocking share values. Or, rather, maximizing shareholder's value. I really don't mind mgt be in the position of "have the cake and eat it too," so long as it doesn't happen at shareholder's expense :). I ve invested in enough lousy companies. Of all the salient features, mgt is #1. In fact, counter intuitively, usually they have great products. On the flip side, one looks at some of the great cos, they don't necessarily start out with great products, but they have great mgt.
Back to VARL mgt, I tend to think it is not all that bad. I ve friends who are in financial areas, many of them got cultural shock when they worked for the 1st tech shop. A lot of them simply don't know how to count. In a way, that is a prerequisite. Bean counters probably don't do startups well, b/c they are too concerned with #s. That said, there comes a time financial discipline should be introduced. I believe VARL is at that stage and mgt should stop thinking of the company as a cookie jar, even though they deserve a lot of credit to make it what it is
best, Bosco |
