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National Presto Industries Inc. Message Board

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  • pmlljl pmlljl Apr 5, 2005 4:09 PM Flag


    no slappz: I agree 1,000,000,000 per cent with your comment about Donald Trump. Unfortunately, too many compamies are run by people who are infected with the Trump gene even if it does not dominate their behavior.

    As a Buffet follower and investor for many years, I take very seriously the notion that as an investor I am a partner in the companies that I invest in. Consequently, I want to know about the people who run the companies that I invest in. I want to know to what extent they are possessed by the Trump gene. I used to call it the Victor Posner gene because I first experienced advanced taking advantage of shareholders when I was involved in companies that he controlled. He was ruthless. Fortunately for the world he is now deceased. But his misbehavior patterns spawned a bunch of copycats.

    Frankly, I don't have the money or the desire to buy the debt of Salton in the amount that would be required to give me any control of that situation. As I have aged, like Mr. Buffet, I choose to leave the heavy lifting to others. Salton already has one individual or group ready to do some kind of a deal. I really don't know much about their business and I don't want to. My investments in NPK were enough to let me know that small appliances are a tough business. Salton's situation appears to be fluid and could go any direction but I do not think I could guess who will end up running it or how much business acumen they will have or how they will treat their shareholders. Salton's deal with George Foreman was great for Mr. Foreman and terrible for Saltons share holders.

    In line with my thinking about the market not doing well for an extended period, I have recently sold some stocks short. I tried to pick ones that never make money and are run by people with the Trump-Posner gene. The ones I have sold short are PLA, CVC, CKR, and MSTR. They haven't done much yet but I will try to be patient.

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