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Strategies & Market Trends : Value Investing

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To: Madharry who wrote (50118)	11/21/2012 11:22:10 PM
From: Spekulatius	2 Recommendations Read Replies (3) of 78751

Re HPQ - I think you need to draw your own conclusions. We had quite a few discussion about HPQ, Leo Apotheker and their outlook at that time. HPQ may have many resources but have they used them wisely? The accountants can do only so much, my guess is that Autonomy's product was not as good as thought, and their accounting was probably very aggressive, but i am not sure it was outright fraud. I am working for a company that was very acquisitive years ago and now less so. You would be surprised what top execs buy on the seat if their pants apparently. Also, once a deal is in the works , it becomes pretty much an ego thing to close it, based on my observations. The technical and organizational folks running ops almost never get consulted until the deal is closed (probably to keep secrecy). Also, forget the "fairness opinion" of the investment banker, they always come up with reasons why the price that management is paying is fair. I have never heard of a deal that failed because the investment bankers working on it considered the price paid not fair. It is just not going to happen, the incentives are not stacked that way.

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