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Strategies & Market Trends : Disciplined Investing, especially the NAIC way
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To: - with a K who wrote (365)1/28/2003 8:56:16 AM
From: Mark Marcellus  Read Replies (1) of 469
 
Re HD, on the SSG I get a buy range up to around $30. Beyond that, it becomes a judgment call on whether Nardelli is saving or destroying the company, and there are strong opinions on both sides of the argument. There is no question that he has strengthened the company financially, but a lot of veteran HD employees (and customers) are saying that he ruined the company's culture in the process.

My own opinion is that the company's culture HAD to change. The decentralized entrepreneurial model that worked so well in earlier years was choking HD at their current size. They would have been in trouble regardless, but the looming threat from Lowe's would have made it happen a lot faster. Nardelli has made some mistakes, most notably the excessive cut back of full-timers and overreliance on part-timers, but overall I think he's done an excellent job. As with any company in transition, plenty of uncertainties remain, but IMO HD is an excellent buy at current prices.

Unfortunately, my club bought in the mid 30's. I bought a little at about $25, bought a lot more around $22 right after their recent miss, and plan to add another chunk if we get down to the $17-18 range.
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