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Strategies & Market Trends : Value Investing

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Glenn Petersen

To: Glenn Petersen who wrote (56038)	9/17/2015 8:40:18 PM
From: Graham Osborn	1 Recommendation of 78638

Liked the piece Glenn. If anything the very moniker "boomerang CEO" implies 2 recent management changes - likely a poor harbinger of things to come. I'm also reminded of Buffett's saying something to the effect "if good management and poor business economics are combined, it's usually the character of the business that emerges unscathed." I honestly don't know what I would do if I were made CEO of PG - despite some decent brands they are an increasingly commoditized conglomerate that has struggled with real FCF (as measured by ability to build tangible book for investors) since the mid 2000s. Changing direction in a commodity business which is throwing off minimal excess cash has got to be near impossible, hence the strategy of selling yourself off in pieces.

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