Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: MythMan who wrote (178046)	7/8/2002 3:00:32 PM
From: reaper	Read Replies (3) of 436258

<<F has never had any problems selling large amounts of paper. >> Worldcom never had any problems selling large amounts of paper either. In fact I think they did the largest bond deal on record (before the recent GE sale) little over a year ago. I frankly fail to see anything in the Ford financial statements that leads me to believe the equity is worth any more than Worldcom. <<You are dwelling on many sins of the past>> I "dwell" on sins of the past because they tend to be indicative of the quality of the business and of the management team. Companies are like baseball players: the best predictor of their future performance is their past performance. Baseball players with long records of mediocre accomplishment rarely suddenly turn into stars, and the same is true of companies. I would say that Ford's record of mediocre accomplishment dates back to the early 1970's or so. I'm still waiting for them to generate a dollar of free cash flow. <<It's called a cyclical business, remember? >> And we're at the top of the cycle right now. Ford ain't gonna make it through the bottom, IMO. To get from A to Z you gotta get through all the points in between. Anyway, good luck with it. Cheers

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