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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments -- Ignore unavailable to you. Want to Upgrade?

To: Mr. Pink who wrote (4615)	11/14/1998 12:13:00 AM
From: Pancho Villa	Respond to of 18998

Pink and friends. This olg one from AG is a must read. I was digging through all his speeches as I knew I had heard him say this before! bog.frb.fed.us Wow!

To: Mr. Pink who wrote (4615)	11/14/1998 7:12:00 PM
From: Mad2	Read Replies (1) \| Respond to of 18998

From Investment Dealers Digest on UBID Investment Dealers' Digest, Inc. makes no warranties, express or implied, including those of merchantability or fitness for a particular purpose. October 26, 1998 SECTION: SECURITIES IN REGISTRATION; Equity; Pg. 60 LENGTH: 19399 words HEADLINE: Equity BODY: UBID (IPO) Location: Elk Grove Villa, IL Business: Own and operate online auction for excess merchandise, offering close-out and refurbished products to consumers and small to medium-sized businesses. Filing Date: 07/02/98; Expected Date: To be ann.; Amount Filed: $ 20.54 mil; Security Type: Common Stock; S.E.C. Form: 01; S.E.C. Number: 58447; Stock Price: $ 12.00 to $ 14.00; Shares Filed: 1,580,000; Ticker Symbol: UBID Managers: Merrill Lynch & Co.; William Blair

To: Mr. Pink who wrote (4615)	11/14/1998 11:28:00 PM
From: David S.	Read Replies (2) \| Respond to of 18998

You have called the market top - Mr. Pink buying a stock because it is spinning out a portion of it's money losing internet effort. Value manager? hmmmmm...yeah, I know Mall's eps will go up because they get rid of a money losing portion of their business, but it seems you have thrown in the towel - somewhere about 600 posts ago, you said you didn't invest in internet stocks because you were invested in real value. A true value manager would like Mall better if they did not spin out a portion of the internet business, that is - if the internet business is really worth a zillion dollars. If it were worth a zillion, it would be better to retain 100% of it and in the course of the next quarter or so, let in investing public know that they own all of this wonderful thing. If by the time the public realizes that MALL has an internet auction site, the net frenzy has worn off, then what MALL loses is the $ they get from selling off a piece. If the world still orgasms over anything with net in it at the time they realize MALL has an internet auction presence, then they own 100% of it instead of <100%. Spinning it off is telling the world that MALL believes that the frenzy is transitory. Once the spinout is done, it is tough to get undone. Have a cocktail.