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

To: Paul Senior who wrote (6009)	2/10/1999 12:17:00 AM
From: jeffbas	Read Replies (1) \| Respond to of 78783

I have followed and owned TMO off and on for nearly 20 years. I do not share your enthusiasm. True growth in operating earnings over the years has been mediocre and erratic, reflecting a mixed bag of operating companies, which are often not the leader in their industry segment. The company's apparent stellar track record until recently is largely due to gains on sale of securities and purchase of companies with very cheap equity. The music has stopped here. Although I think these issues are largely in the price, I do not see what is so attractive about their businesses. In other words, the stock looks cheap compared with its historic high; but the stock would never have been anywhere near there without the financial engineering. Also, the one billion cash does not look so hot if you check the debt level.