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Politics : High Tolerance Plasticity
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To: William JH who wrote (19078)3/6/2003 2:18:02 PM
From: Steven C. Vartan  Read Replies (2) of 23153
 
If you look at the stock market in an objective manner it is a pretty slimy business.

If I own a neighborhood fruit market and generate positive cash flow I can borrow money from my friendly banker at reasonable rates and very low transaction costs.

The fruit market that goes public through those wonderful folks on wall street ends up paying about 10 points for the money. All he has to sell the public and his hired sharks have to sell is "promises". When the promises become lies and self dealing plus all the "professionals" (lawyers, accountants, government watchdogs, etc) are on the take the promises get the hell discounted out of them.

Most astute investors on the long side are now focusing on low debt, free cash flow growth, return on equity and the quality of the managers.

Now I feel better, rant, rant, rant.
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