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

To: Paul Senior who wrote (22171)	9/30/2005 12:06:01 AM
From: gcrispin	Read Replies (1) \| Respond to of 78525

FWIW, the term "exchanged gifts" strongly suggests that this isn't a case of bribery. In my mind it was also important that Meyers, the CEO, resigned. In other words, no investigation or Inquiries just being reported. Additionally, something that I have always liked about the company was the following 10-K description of their business practices. "The barriers to exit for our lender and marketer clients are high as a result of the long product life cycles in this market, our unique database, our specialized processing capabilities, our market knowledge, and our non-participation in the Federal student loan business. All these factors also represent substantial barriers to entry for new competitors. Indeed, we have never lost a lender or marketer client to a competitor, nor has a bank client ever chosen to end their relationship with us to take their program in-house." It's hard to find a company, without patents, that still has a wide moat. The company had a couple of PRs that suggested increased business ties apart from their core participants. So we'll see. It was on my end of the year shopping list, but now I own it.