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Gold/Mining/Energy : Image Processing Systems (IPV-TSE)
IPV 4.310-4.0%Jan 24 4:00 PM EST

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To: David Robinson who wrote (400)8/31/1998 8:20:00 AM
From: D. Peter Vanderlee  Read Replies (1) of 658
 
David, I still hold my shares and have acquired more. I remain convinced that this company will be a major winner over the long term and will begin to reward shareholders handsomely within the next 12 to 18 months. While the company has hit a rough patch and perhaps "overpaid" for Tisma, I still believe the acquisition makes sense strategically and will offer a major payoff. It's of interest to note that all direct competitors of IPS are going through similar pain because of current market conditions. However, it might be worthwhile to note that, among its competitors, IPS was first to react and made sure its cutback in expenses did not affect R&D. Despite some of the bile and strained (some might say hysteric) comments on this thread concerning Mr. Graham recently, I'm still a strong supporter of both he and the company. I think his vision continues to make a great deal of sense if you can sustain a strategic (longer term) viewpoint. While it's disappointing that share values have dropped considerably, from my view that just represents a buying opportunity to "average down" on the purchase of equity in a company that is still very much a leader in its niche.
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