For fun, my friendly gloaters, you might read the postings from the last quarter when the company reported a dismal loss. Everyone, everyone expected the stock to crash. I did not. I knew that it would remain stable, in spite of my short position.
Now, earnings are double expectations. And you are gloating now. Good for you. For perhaps, tomorrow shall reward you for your patience. However, were I a Wall Street Analyst, I would value the numbers as a grain of sand in Arabia. This company is run by thieves, cheats, and liars, among whom John Young is the most salient.
Has it not occurred to anyone that Novell is not entirely honest in its financial dealings? Has it not occurred to anyone that they might have fabricated numbers to meet expectations and that they are not afraid to cook the books? Do you trust this management more than shareholders trusted Informix management?
As for me and my house, these numbers are delusional and misrepresentative of the troubles that Novell is really facing. They will be restated to more accurately reflect reality in 1998 … la Phil White. But, if you feel better, take comfort in your dreams. As Spanish poets wrote during Spain's Golden Age: La vida es sue¤o. Enjoy yours.
Short and proud.
AV
Oh, and who audits these numbers anyway? |
