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

To: Dennis 3 who wrote (48629)	7/7/2012 8:09:37 PM
From: Spekulatius	Read Replies (2) \| Respond to of 79352

Re HPW- The bookvalue is meaningless, since most of it is goodwill ( their tangible book value is actually negative). I also don't think they will do 4$/share, their earnings are shrinking rapidly. The real problem is the LT outlook, the personal computer market is probably past it's peak and so is printing (most people don't print much any more with the proliferation of better and larger LCD display). I am not sure that Whitman ( and the board) is up to the task; she sure is better than Leo A. But that does not mean much. FWIW, I don't think that turnaround stocks in tech have much of a margin of safety, because the range of outcomes is huge and the markets and product cycles are moving quickly. That does not mean that turnaround stocks can be decent bets, but I do not see them as graham type situations where the downside is limited by hard and/or easy to liquidate assets.