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

To: James Clarke who wrote (435)	10/18/1998 1:18:00 AM
From: peter michaelson	Read Replies (1) \| Respond to of 4691

Ooh, a challenge. My competitive juices are flowing. I better calm down. Just kidding, James. I can understand why you would hesitate to give away work with no prospect for information flowing back the other direction. The part I enjoyed most about doing buy-outs was the Eureka when you start to truly understand what drives the business. I used to say there were four or five key factors in each business which really drove the financial projections. Many CEO and CFO's were so busy juggling scores of variables that they forgot which were the really important ones. It was generally the CEO's with majority positions, who had started the business, and who lived in out of the way locations who had that particular grasp. Especially those who were semi-retired, and looked at daily reports with just four or five data items. I'll take a look at DOV, never heard of it so far. Must be in Delaware. peter

To: James Clarke who wrote (435)	10/18/1998 1:48:00 AM
From: Tomato	Read Replies (1) \| Respond to of 4691

This quote from the annual report makes DOV sound like Berkshire Hathaway: The Company aims to be in businesses marked by growth, innovation and higher than average profit margins. It seeks to have each of its businesses be a leader in its market as measured by market share, innovation, profitability and return on assets. The Company practices a highly decentralized management style. The presidents of operating companies are very autonomous and have a high level of independent responsibility for their businesses and their performance.