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Kansas City Southern Message Board

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  • Will_2_Win Will_2_Win Jun 28, 2000 12:49 PM Flag

    Morningstar Ignorance

    > How will I, as a Janus Mutual Fund
    shareholder, be directly affected (Fina[n]cially) from the
    Stilwell spinoff? < Not at all that I know of. Why
    should you be ? You have bought a mutual fund product.
    Your financial interests are affected by the Stock
    Market performance of the individual stocks in that
    fund. The spinoff to benefit KSU shareholders has no
    effect on that. In the future your financial interests
    will _also_ be affected by decisions made by your
    Janus fund manager to add/delete individual stocks from
    your fund. > Will Janus [fund managers] quit? <
    Depends on Janus _TOP_ management I would think. As
    always they will weed out marginal performers and reward
    superior performers and encourage them to stay. Why would
    this change? Janus is a company with its own
    management, own Board of Directors, its own compensation
    policies; this has not changed. > Will Stilwell change
    the way Janus does things? < Stilwell, formerly a
    subsidiary of KSU (and prior to a couple of years ago called
    "FAM"), has owned Janus for close to 20 years. The same
    Stilwell top management that has run the shop for most if
    not all of that time is still running the shop today.
    Their policy has always been that the companies they
    own are autonomous as long as they perform. Why would
    that successful strategy change? > Why would Janus
    management threaten to quit over a silly name change? < A
    lot of people make money in a transaction like a
    spinoff. Banks, Lawyers, consultants, top management.
    Bonuses, fees; it's like a trip to Disney World for the
    Rich & Avaricious. Some Janus people may have felt
    they weren't getting enough of the action; they were
    paid more. The issue has died down except for a couple
    of clueless reporters sniffing around the edges.
    > Does it not seem smarter to you, to keep things
    as they are i.e. if it ain't broke don't fix it?
    < Always a good idea. Trouble was, it WAS broke.
    Stilwell (formerly FAM) has always been tied to a
    railroad. In the old days this was regarded as "protection"
    for the smaller Stilwell. As Stilwell (FAM) has
    prospered and the railroad has not, it was time to jetison
    the railroad (which its advocates think has wonderful
    potential on its own and will blossom). That spinoff of the
    railroad is EXACTLY what has happened, accomplished in a
    very clever way that achieves enormous tax advatages
    to the benefit of KSU shareholders. Hooray for us.
    > Janus should just be left alone to do their money
    magic as they have done for all of us for so long. <
    Wise words.

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    • Forgive the previous formatting, new browser.
      Sucks. Hope this is better

      > How will I, as a
      Janus Mutual Fund shareholder, be directly affected
      (Fina[n]cially) from the Stilwell spinoff? <

      Not at
      all, that I know of. Why should you be? You have
      bought a mutual fund product. Your financial interests
      are affected by the Stock Market performance of the
      individual stocks in that fund. The spinoff to benefit KSU
      shareholders has no effect on that. In the future your
      financial interests will _also_ be affected by decisions
      made by your Janus fund manager to add/delete
      individual stocks from your fund.

      > Will Janus
      [fund managers] quit? <

      Depends on Janus
      _TOP_ management I would think. As always they will
      weed out marginal performers and reward superior
      performers and encourage them to stay. Why would this
      change? Janus is a company with its own management, own
      Board of Directors, its own compensation policies; this
      has not changed.

      > Will Stilwell change the
      way Janus does things? <

      Stilwell, formerly
      a subsidiary of KSU (and prior to a couple of years
      ago called "FAM"), has owned Janus for close to 20
      years. The same Stilwell top management that has run the
      shop for most if not all of that time is still running
      the shop today. Their policy has always been that the
      companies they own are autonomous as long as they perform.
      Why would that successful strategy
      change?

      > Why would Janus management threaten to quit over
      a silly name change? <

      A lot of people
      make money in a transaction like a spinoff. Banks,
      Lawyers, consultants, top management. Bonuses, fees; it's
      like a trip to Disney World for the Rich &
      Avaricious.
      Some Janus people may have felt they weren't
      getting enough of the action; they were paid more. The
      issue has died down except for a couple of clueless
      reporters sniffing around the edges.

      > Does it
      not seem smarter to you, to keep things as they are
      i.e. if it ain't broke don't fix it?
      <

      Always a good idea. Trouble was, it WAS broke. Stilwell
      (formerly FAM) has always been tied to a railroad. In the
      old days this was regarded as "protection" for the
      smaller Stilwell. As Stilwell (FAM) has prospered and the
      railroad has not, it was time to jetison the railroad
      (which its advocates think has wonderful potential on
      its own and will blossom). That spinoff of the
      railroad is EXACTLY what has happened, accomplished in a
      very clever way that achieves enormous tax advatages
      to the benefit of KSU shareholders. Hooray for
      us.

      > Janus should just be left alone to do their money
      magic as they have done for all of us for so long.<


      Wise words.

 
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