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To: Joan Osland Graffius who wrote (7043)11/4/1997 10:27:00 PM
From: Mike M2  Read Replies (1) | Respond to of 18056
 
Joan, Novel is an example of how a great technology company can become not so great I don't know if they ever paid dividends but one cannot expect any significant capital gains out of this fallen star. This is not to suggest this could happen to MSFT but several years ago Novel seemed invincible to some. Mike



To: Joan Osland Graffius who wrote (7043)11/4/1997 11:29:00 PM
From: IceShark  Read Replies (1) | Respond to of 18056
 
Joan, You missed my point entirely. But I understand since you are up in the Socialist Minnesota Respublika. -vbg-

The only way MSFT will pay off to an investor is to sell the equity to another investor, IMO. I am strictly a cash flow type of guy in the final analysis, since I know accounting to a degree. Given current and historical tax treatment it certainly does make sense to plow unusable cash into repurchase of stock, it's just that the companies have used this to provide a few more mirrors and colorful smoke.

Taking a position that the stock share "appreciation" is all you need is similar to those infomercials on late night television that tout buying real estate for nothing down, refinancing by various semi-legal means over original purchase price, and counting the cash proceeds as "income"! -g- The only difference is time frame before it falls apart.

Regards, Dan



To: Joan Osland Graffius who wrote (7043)11/5/1997 2:14:00 AM
From: Bearded One  Read Replies (1) | Respond to of 18056
 
I think Dan's point was that, assuming we had to treat stocks as financial instruments and not baseball cards, they're value might drop quite a bit. I'd like to amend his suggestion as follows:

How much would you pay for Microsoft if you could only sell the shares back to Microsoft, and that for whatever price they determined?


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