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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (16303)	1/29/2003 2:16:58 AM
From: Spekulatius	Respond to of 78576

Regarding HD - I do not think that the merchandise for new stores is free, however i could think that the supplier kicks in a discount. I could not find any indication in HD's last 10k about these types of concessions whatsoever. Regarding GE: According to 10k the pension income was 6.8% of operating income in 2001, I suppose this number was smaller than 2002. While 6.8% is significant it's much less than the 30-40% of operating income according to Morningstar. I did however notice that Power systems and Airplane engines made up the bulk of operating earnings of GE's industrial business, the rest didn't really matter. Also the Power and the GE engine business have provided the bulk of the growth during the last 5 years.