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Strategies & Market Trends : Gorilla and King Portfolio Candidates -- Ignore unavailable to you. Want to Upgrade?

To: npiwovar who wrote (20979)	3/22/2000 11:00:00 AM
From: Mike Buckley	Respond to of 54805

Scott discusses the Gemstar merger on Eric Johnsa's website. As much as I usually like Scott's grasp of investing and clarity of his writing, for the first time I think his approach in that article is misleading. In his projections (both hypothetical and real) he assumes Gemstar's earnings would be the same with or without TV Guide. Therefore he arrives at massive dilution for Gemstar shareholders. The issue that I don't think he clearly lays out is the earnings TV Guide does bring to the table in context of what Gemstar paid for those earnings. Just my opinion. --Mike Buckley