JJC -- Scrutinizing the Value Managers (2/11/00):
thestreet.com
"...Case in point to all of you value managers holding Philip Morris (MO:NYSE - news). I don't think it could have been spelled out more clearly in these cyberpages what would happen to this stock. For a year now, I have been telling every manager everywhere, this stock is just a goner. But the value guys out there keep flogging it. I have to tell you that if you had warned me substantively about a Legato (LGTO:Nasdaq - news) or a Western Digital (WDC:NYSE - news), I would be shaking. But not these arrogant sons of guns.
I have said repeatedly that management of Philip Morris is going to lose it all to these mass tort plaintiffs' lawyers. I said it in New York Magazine in 1995, and I have said it here at least a dozen times. The managers who are long it still should have to answer to their dereliction of duty.
They can't claim they didn't know this could happen. They can't claim that they didn't see it coming. I don't even think they can claim they were responsible fiduciaries.
The arrogance of these value mutual fund managers! Case in point to all of you value managers holding Philip Morris (MO:NYSE - news). I don't think it could have been spelled out more clearly in these cyberpages what would happen to this stock. For a year now, I have been telling every manager everywhere, this stock is just a goner. But the value guys out there keep flogging it. I have to tell you that if you had warned me substantively about a Legato (LGTO:Nasdaq - news) or a Western Digital (WDC:NYSE - news), I would be shaking. But not these arrogant sons of guns.
I have said repeatedly that management of Philip Morris is going to lose it all to these mass tort plaintiffs' lawyers. I said it in New York Magazine in 1995, and I have said it here at least a dozen times. The managers who are long it still should have to answer to their dereliction of duty. They can't claim they didn't know this could happen. They can't claim that they didn't see it coming. I don't even think they can claim they were responsible fiduciaries.
Take control. Fire these guys..."
Price Range of MO on Feb-11-2000
19.9375 20.25 19.0625 19.0625 15,365,000 19.0625 |
