Mark,
As a fundamental analyst, I also thought that shareholder's equity per share, measured at two points, two years apart, was a good way to measure a companies progress, or lack thereof. I saw two years ago, owing to IBM's stock buy-back program, that the company's shareholder's equity was decreasing. In fact it had decreased more than 20% in recent years. I therefore believed IBM was a good short. However, today I finally gave up and covered all but a few of my naked IBM Calls. During the last two years, while shareholder's equity dropped, I watched IBM's stock price double over the same period. So when you show that PTEC has kept shareholder's equity relatively flat, while their stock price has been cut some 60%, it has me more than confused. Is there any logic or justice to investing these days?
Thank G-d for my INTC and ALTR and the fact that you wouldn't let me enter IBM as a short in the stock picking contest. (g)
Regards,
Jules |
