To: learnstocks who wrote (3462 ) 8/12/1999 8:05:00 AM From: oilbabe Read Replies (2) | Respond to
learnstocks: Good point there. I, too, was distressed upon initially learning about the cancellation, but after reflecting on the situation, I have a slightly different take. The difference in market conditions between October and July is obvious. In October, it was a GREAT VALUE. In July, it was especially obvious to a company in this business, that there was relentless selling in NITE, and their small buy back was going to do nothing over the long term to enhance the value here. They chose, instead, to direct their resources in the direction of acquisitions. Is this the better long term choice? Probably yes, although short term this may cause some pain. I have already accepted the "long term" nature of this investment. It has taught me the lesson of fighting the tape, an expensive lesson for sure. That, however, is my fault, and KP has no obligation to enhance my SHORT TERM value. Long term, the growth through acquisition philosophy seems to be a good one, and NITE is adding good talent to their management team to facilitate that goal. The timing on this was indeed unfortunate, and KP and his team I am sure are aware of the shareholder discomfort and will learn from this in the future. To make this appear like it had some sinister intent, IMHO, is a bit of an overstatement. onlineinvestor.cjb.net
