Michael and et al,
Before I say anything, I remind you that I'm long in FNTN and plan on staying that way.
Reluctantly, I'm in agreement with you Michael. However, to express my thoughts, please allow me to use an analogy: I grew up in Iowa and, my interest in cars started in the 50's. I remember each September was very special for one reason - the new cars were shown in the car dealership. For weeks prior to the showing, if you drove past the dealer, all of the windows were covered with brown paper. Then, one night you would see spot lights sweeping through the sky and you knew the time had arrived, The New Model Cars Were On Display. To see them, we would drive the eight miles to Perry. Boy, was that a sight! In one night, you saw the new Chevy's, Ford's, and Pontiac's. We had enough to talk about for weeks.
To attract interests and generate sales, Detroit knew the new model had to look different from last years model. Perhaps being an old farm boy spoiled me. Or, perhaps it didn't take that much to impress me back then but, to be honest, I'm not impressed with what I've seen at www.fntn. Sorry, but it's true.
Having said that, I can only hope Bill and others are correct when they say there is more to come from FNTN and the web site.
And, I still support the concept of a Stock Buyback Program. For those readers who think this point of view has no merit for FNTN, I suggest you listen to CNBC each morning for the next two weeks and count the number of companies that have/will anounce a Stock Buyback Program.
As a stock holder in FNTN, I want to see the number of outstanding shares reduced. As an example of the stock policy of other companies, I offer the following current inforamtion:
Lycos / LCOS / 6,400,000 float / closed today at $53.56
Excite / XCIT / 7,500,000 float / closed today at $65
Infoseek / SEEK / 5,600,000 float / closed today at $27.25
Cnet / CNWK / 4,200,000 float / closed today at $45.125
Berkshire Hathaway / BRKA / 670,000 float / closed today at $78,000 (yes, a float of 670 thousand)
I have not taken the time to see which of the above have split and, if so, how many times they have done so from the time of their inception.
I know MS is not Warren Buffett, but there is a reason Warren Buffett reduced the number of shares in BRKA. I'm reasonable sure when Buffett bought Bershire Hathaway, there were many more then 670 thousand shares of stock in the float.
Enough said from me, I'll sign off, read every one else's dreams, and hope their dreams come true as quickly as they hope.
Jim Porter |
