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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments
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To: Mr. Pink who wrote (4615)11/14/1998 11:28:00 PM
From: David S.  Read Replies (2) of 18998
 
You have called the market top - Mr. Pink buying a stock because it is spinning out a portion of it's money losing internet effort. Value manager? hmmmmm...yeah, I know Mall's eps will go up because they get rid of a money losing portion of their business, but it seems you have thrown in the towel - somewhere about 600 posts ago, you said you didn't invest in internet stocks because you were invested in real value. A true value manager would like Mall better if they did not spin out a portion of the internet business, that is - if the internet business is really worth a zillion dollars. If it were worth a zillion, it would be better to retain 100% of it and in the course of the next quarter or so, let in investing public know that they own all of this wonderful thing. If by the time the public realizes that MALL has an internet auction site, the net frenzy has worn off, then what MALL loses is the $ they get from selling off a piece. If the world still orgasms over anything with net in it at the time they realize MALL has an internet auction presence, then they own 100% of it instead of <100%. Spinning it off is telling the world that MALL believes that the frenzy is transitory. Once the spinout is done, it is tough to get undone.

Have a cocktail.
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