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

To: Madharry who wrote (3286)	2/23/1998 6:43:00 AM
From: Brooks Jackson	Respond to of 78552

Armin -- re NCR You say, "NCR looks like a cheap but poorly managed company... i keep wondering why can't this company make some money " Check out the latest earnings report: biz.yahoo.com In fact, NCR is already making money -- a year after being spun off by AT&T -- thanks to cost-cutting by management.

To: Madharry who wrote (3286)	2/23/1998 8:48:00 AM
From: jeffbas	Read Replies (1) \| Respond to of 78552

Your first two, I have some comments on. I think NCR sort of fits into that category of tech company like DEC, DGN, Apple, and Wang, (or NOVL on the software side) which were early leaders but lost their way in an industry where rapid change is the norm and inability to keep up can be fatal. I have bought value plays in the past in tech without much success, when they were companies with weak mgmt and behind the curve, as opposed to a stock that got sold off for an extraneous reason. IBM is one of the few that came back from the dead. I have owned Kodak and think that is a different situation, long term. Short term it seems to be competition with Fuji and an old-line company without a sense of urgency, despite newer mgmt. Long term, the reason I am concerned is the stability of its franchise, which is film sales. VCR cameras took a bite out of growth. Digital cameras may kill it over the long term. For example, I see no reason whatever why five (or some number of) years from now we will not have inexpensive digital cameras using disks capable of hundreds of pictures. One disk maybe costs $10 and covers you for a year - equivalent to maybe twenty times as much film and developing cost now.

To: Madharry who wrote (3286)	2/23/1998 10:07:00 AM
From: Paul Senior	Respond to of 78552

A Sternberg: Re: ICOC. Yes, management knows what it is doing. And you are correct if you are suggesting that what they are doing may or (more likely) may not be in the best interests of small shareholders. They do have control of the company. They are wheeler-dealer types, not good 'ole oil patch homeboys. And it surely is difficult to integrate the dispersed geographical businesses as well as at least two different business entities. And they've got a bunch of debt too. For living with this pain - and pain is what value investors get paid for - you get a nice dividend, stock below book, increasing sales, lots of cash, good potential business going forward with aggressive management. Nice bet IMO that stock price will let you sell out 50% higher in two years. Again --IMO. Re NCR. Discussed by many here several times. Also on Superstocks thread. As I've posted earlier, I've bot between 35 and 25. I like it. EK - I or my family have owned for maybe 70 years or more - very hard (too hard for me anyway) to bet now against conventional wisdom which is what you've stated: Goodbye silver halide, hello bits and bites. Therefore, unless playing Dow dogs or rel. div. yield stuff, I'd look elsewhere at this point. JMO. Spyglass? Have no opinion.