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

To: Madharry who wrote (17580)	8/16/2003 1:13:02 AM
From: Paul Senior	Respond to of 79051

re: TSO. Book value not increasing over past few years. Profit margins continue poor. Debt/equity has increased. Maybe it could be attributable to the lousy nature of the business, not management. In which case it wouldn't necessarily be a case of an incompetent CEO. (He was competent enough to get his options at a low price last year even though he didn't get his bonus.) Perhaps a WEB paraphrase applies: when good managers encounter a lousy business, it's the reputation of the former that suffers.