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Non-Tech : Cendant Corporation (NYSE:CD)
CD 6.195+16.4%Dec 22 3:59 PM EST

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To: Benkea who wrote (2996)2/4/1999 12:34:00 PM
From: J Bertrand  Read Replies (2) of 3627
 

Benkea,

Thank you for your posts. I sincerely appreciate the feedback. I do
agree that the options reprice was handled poorly.

Regarding trusting Mr. Silverman: I don't think of the word trust
when I think of him. I think of the word "greed". If the common stock
doesn't go up, then his networth doesn't improve either. He is
completely aligned with the shareholders IMHO. As long as Silverman
doesn't sell large blocks, then there is nothing to worry about.

When I analyze a stock, I think about what motivates management. Are
their interests in line with mine and etc. I have studied Mr. Silverman
very carefully. He is a proud man. He likes being thought of as a
Wall Street genius. He likes watching the common stock go up because
it is a scoreboard for him. Wallstreet is a game. Money is the score.
It is in Mr. Siverman's best interest to make quarterly earnings and
to bring this company back to respectability. He wants to look good
again to his Wallstreet friends.

That's preciously why I don't spend anytime looking back into
the HFS-CUC past.

You see, I think Mr. Silverman was honestly caught off guard by CUC.
I don't blame him for that debacle. I think, however, that this major
snafu has so deeply embarrassed Silverman that he will do anything
to get the stock price back up. Therefore, I don't worry about trust
because it is his "greed" and "pride" that ensures we will all
have a successful investment. That is how I see it.

I enjoy your comments both on this board and on Yahoo.

Jeff Bertrand
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