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Technology Stocks : THREE FIVE SYSTEM (TFS) - up from here? -- Ignore unavailable to you. Want to Upgrade?

To: Franklin M. Humphreys who wrote (2385)	9/13/1998 10:57:00 PM
From: Noblesse Oblige	Read Replies (1) \| Respond to of 3247

Franklin notes: What you term "strange" was my reference to how you and your cronies characterise a drop in price as a "discounting" of news, etc., It is laughable that you folks still see "an adjustment" (my own arcane figure of speech) from $27 to $7 as discounting!! Those are fire sale discounts! And everybody, including you, knows why things that have been through a fire suffer such "discounting"--- DAMAGED GOODS ARE FOR SALE! If you think about that long enough maybe you will discover an explanation for why the TFS repurchase program is also drying up. ___________________________________________________________________ Franklin...I am going to tell you something that might well make you "happy." When it comes to TFS, I was wrong. Usually, when thinking about the potential of companies that come into my purview, I make the assumption that management has at least average intelligence. Ooooops. The drop from $27 to $7 wasn't overnight and on one announcement. For you to assume that the market discounted everything in one shot is just silly. Stuff happens. Management made several mistakes back to back, and those despite the fact that I and others made contemporaneous suggestions that in retrospect proved right. Truth is, they don't have to listen to us, of course. On the other hand, who reading this thread will assess that it wasn't a profound blunder to do a public offering 9-12 months ago? Is that what you are arguing, Frank? The stock declined in steps, and after every step, it seems that the senior people made public erroneous suppositions about the strength of the underlying business. In fact, many of them actually bought shares on the way down. If you want to assume I am "stupid," be my guest. However, you should give some consideration to the reality that the people on the inside...presumably in the best position to read the tea leaves...lost money in their own stock. Lastly, I don't know why the repurchase program is in hiatus. It may be for a multitude of reasons, including "inside information" that precludes the company from doing buys. It may be that they have used up...very quickly...much of their cash. It may be that they have decided that they need whatever credit facilities are available for future "growth" opportunities. I refuse to guess. I don't think they exhibit sufficient intellectual acuity for outsiders to make reasoned guesses based on their behavior. Having fun yet? I am going to enjoy the rest of my weekend with my wife. Franklin, you aren't a really high priority. To the thread...enjoy your spouses and families, too. It will be a while before any of us can enjoy the fruits of this "thread."