is the kind of inspirational leadership it had in the late 80's and early 90's when Dr. V. really ran the company and in 20 minutes with chalk and a blackboard or marker and a flipchart could walk you through the business model and financial issues and you would have an "AHA" moment
today (and for the past ten years at least) it seems to have been lacking that kind of inspired leadership
its a company in a tough, competitive, (dare I say) commodity/tech business where strategy, management and execution arre everything. there isn't such a thing as a killer product that is going to double sales or devastate their competitor(s).
PS, not a holder now, but have been in past. if this gets really beat up I will be a buyer again. several years back when it was under $10 I was telling everyone to buy like crazy...it took a year but turned out to be a great investment. I don't know how low it will go, but if it keeps going down I'll buy. long term its a survivor and things can only get better. I just don't know if they will get worse (price wise) first
SB conference reiterated that VSH has great diversity in products and customers . Also indicated margins will be up from last quarters 19%. Leverage on gross margin is 50% on increased sales. Distributor channel in europe and NA is back down to the normal 8 week carry but Asia still to high ( 11 weeks) so sales will be slow there in actives. Repeated goals of 30% gross margins(35% active and 25% passive), 15% SGA, 15% operating margin and 20% tax rate. Looking for acquisition in 2005 and optimistic. This stock is a definite hold at these prices. VSH is continuing to lower costs and many of their products are superior to competition. Rick