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Gold/Mining/Energy : Chapters Bookstore -- Ignore unavailable to you. Want to Upgrade?

To: Hank Stamper who wrote (17)	12/12/1998 10:35:00 AM
From: Rick Segal	Respond to of 37

Mr. Todtman, One further piece of follow up. I've sent you a bunch of email to your ISLAND.NET account. The mail is bouncing back as undeliverable to the host (Island.net). I have contacted the ISP and hopefully we can figure out what is going on. I've re-sent some mail via a couple of different routes so if you get any of them, please just hit the reply key/send key so I know some path is working. Sorry to be posting this on the board but wanted to get to you on this. Rick

To: Hank Stamper who wrote (17)	7/30/2000 9:34:04 AM
From: Hank Stamper	Read Replies (2) \| Respond to of 37

Chapters, the Amazon of the North: nationalpost.com With the US Fed acting to slow the economy (and the Bank of Canada needing to trail along), serious problems are surfacing for an increasing number of companies. It will get worse--much--before it gets better. Chapters was born in an era of one of the greatest expansions of the money supply ever. It was also one of the greatest expansions in business productivity due to technological advances. The latter supported the former with little inflation. Easy money and lots of optimism. Spend and expand, grow the store network and spare no expense. The party is over. In fact, the end of the party has only just begun--it takes approximately 12 months for a rate hike to work its way through the economy. The Greenman's first rate hike was a little over a year ago. We've got several more rate hikes to show their effects on the economy including the .5 hike. And, don't count on a 'soft landing.' Might happen but the central bankers' records are not good--50/50 chance of soft landing/recession. If Chapters is to survive, then it will have to cut costs. Loblaws is a perfect example of a Canadian company in a low-margin highly competitive market. In the economy going forward, cash will be king. It already is in the stock market and businesses with strong cash flows will survive. Cash short businesses will, for example, have trouble paying suppliers! To paraphrase W. Buffett: When the tide goes out on the business expansion, you find out who's been swimming naked. Ciao, David Todtman