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Strategies & Market Trends : Buffettology
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To: Freedom Fighter who wrote (2615)7/20/2000 12:08:01 PM
From: Michael Burry1 Recommendation  Read Replies (2) of 4690
 
The thing about Buffett and ServiceMaster is that it IS a different company now. It was a partnership when he was known to have liked it and owned it. Now it is a corporation. No doubt so that the company could better fund its acquisitions. But taxes take a much bigger bite and have severely affected the resulting cash flows. The issue now is, now that they have acquired their way into being a bigger company, can we get some organic growth please? Without additional capital requirements? So I don't think it is near the company it was when Buffett liked it. BUT I do like the business economics pre-tax, and would like to invest in them again at some point. To understand it, though, requires more than a quick once-over, because once-over it is not too attractive.

Horace Mann was almost bought/sold less than a year ago for more than twice the current price. It's a steal. Just how low can it go? I'm watching it carefully right now.

Mike
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