Mike: I am sorry that you did not fully read my post. My first sentence to you was:
<<Mike: I agree with you on the very long term on this one.>>
Therefore, may I assume that your following post to me is rhetorical?
<<So what's the fear, that NY will shut Oxford down? Who here thinks that will happen? Can NY do it? No.>>
I know in the midst of change there is fear. But rather than lash out, it might be wise to consider the implications of what I have termed a public arm twisting by NYS. I do not consider serious legal repercussions over the long term other than the cache of shareholder lawsuits which will be more of a drain on legal expenses.
But I DO expect the arm-twisting to come in the form of further writedowns whether management feels comfortable to date or not in this area. Further writedowns will, IMHO, bring the analysts back to their drawing boards and earnings adjustments come down, time horizons move out, the stock moves down (yes, short term).
As I've said before, I think the risk/reward ratio is unsatisfactory at this level with such further financial disclosures being very possible.
Mike, I have respected your opinion in the past and enjoy reading the value thread which you have started. But my comments have been prompted by your disclosure that you have gone beyond the normal level of investing within your own porfolio for this one issue. I believe that emotion has entered the picture for you and it may be clouding the picture. (And, I know, it is none of my business:-) end of speech; not to be brought up again)
I, of course, speak as an authority in the area of losing money by overly aggressive investing in situations as these. ;-)
Graham's theory didn't hold for Buffett in the Buff Eve News and, as I said, doesn't hold here. All IMHO. |
