Graham and Doddsville -- Value Investing In The New Era Message Board

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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era

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To: porcupine --''''> who wrote (1495)	3/29/1999 10:51:00 AM
From: Freedom Fighter	Read Replies (2) of 1722

Porc, >>If, as this author asserts, "American Capitalism" is the problem (supposedly due to its orientation toward increasing shareholder value), what would Graham, Dodd, Buffett, et al., think of the investment climate that would flow from his solution?<< I think we may have taken something different away from this. I don't think he believes that enhancing shareholder value is the problem. I think he believes that the "current method" of achieving it is a problem. (maybe we agree) Stretching the accounting rules, leveraging the balance sheet to repurchase shares, easy credit, aggregate cutting of workers and things like that are the problem. The last one is the most interesting. I am all for cutting and making things more efficient when necessary and possible. I also think the increased productivity should flow to workers in the form increased wages. I suspect he is saying that since it often does not, it is self defeating because if done on an aggregate basis it kills the customers. Unless of course they stop saving and run up their credit card balances to keep up for a long as they can.

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