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National Presto Industries Inc. Message Board

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  • pmlljl pmlljl Mar 17, 2003 8:41 PM Flag

    orient

    no slapps: I concede that the Cohen's haven't done a great job growing the company in the past few years, that's why I offered two cheers instead of three. And while they may be losing a small amount of money on operations, it would take them a long, long time to consume the $ 180,000,000 or so on the latest balance sheet. So I think you ought to refrain from talking about bankruptcy of any variety. Cash laden companies with no debt are not candidates for bankruptcy. You file for bankruptcy when you can't pay your debts not when you have too much cash. Also, I think we all ought to cut management some slack regarding the changing market regarding the mass retailers and the competition of asian competitors. Was management slow to react? Yes they were, but not fatally. And now they have made a move. I for one am very anxious to see how this works now that the transition has been made. I can also respect management's former intention to keep manufacturing in the US and its support for its long-time employees. That desire proved to be uneconomic, but I can understand it and they did finally make the change. Finally, we have to remember that management should be judged by how they run the company, not by the price of the stock, which is something they do not control directly. You only have to look back a few years to the "bubble" to see how wrong the market often is. The market only cares about growth. It doesn't have to be real, you don't have to pay dividends or even have sales or earnings. Just say you are going to grow 35% a year and Wall Street morons will bid up your stock. Do I need to mention the names of the usual suspects? Amazon.com, Global Crossing, Worldcom, Enron, Akamai, Abgenix, xcelera, JDSUniphase, CMGI. Should I go on? Have some patience>

 
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