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

To: sjemmeri who wrote (16814)	4/11/2003 10:53:02 PM
From: James Clarke	Read Replies (1) \| Respond to of 78644

I got lucky - sold all my Apple about three weeks ago when they named Al Gore to the board. I'm serious. (I was getting antsy anyway, but that did it) Now we know why. "Mr. Consultant, our board is deadlocked. We need one more vote. We're willing to pay whatever it takes. Find us somebody stupid enough to vote to spend $6 billion on something dumb." Apparently they found their man. I guess he was qualified. After all, he did invent the internet. I own a lot of high cash balance companies and this is the danger with any of them. I call it "BDA Risk". As in Big Dumb Acquisition.

To: sjemmeri who wrote (16814)	4/11/2003 11:53:56 PM
From: Paul Senior	Respond to of 78644

I'm with you on AAPL, Steven J. Emmerich. I have a small position, might add more if stock drops, and if I can get some clarity on what's happening. I'm not happy, but I don't have enough info. to sell. Jobs, being an entrepreneur, it's likely he would want those billions AAPL has, to fund his ideas. Easy to see in retrospect :<( For value investors - many of whom profess to be doing discounted flow analysis or studying balance sheets before making decisions, do we know enough to say Vivendi music division purchase at $5-6B (even if it's all cash) is or is not a lousy deal on the face of it? (that is without even an expectation that Jobs can combine the business in some symbiotic way with AAPL products) Jobs was good enough to duplicate his AAPL success by building PIXR to a market cap of $3B. Make he can pull off another business triumph here. Paul Senior