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National Presto Industries Inc. Message Board

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  • pmlljl pmlljl Jul 27, 2005 2:42 PM Flag

    new 14 year high


    First, it is not "my department" to worry about other investors and employees of poorly run companies. Presumably, they are adults and they got themselves into that mess and they are responsible to get themselves out of it. It is the way a democracy works. We are each responsible for our own actions.

    Like Warren Buffet I choose to be partners with people I admire and respect. This is somewhat of a luxury compared to the fellow who has to have a job at wherever he can find one. However, even most employees aren't going to stay at a job where they are not treated right for long.

    I choose not to be involved in any company that is so poorly run as to be in jeopardy of filing for bankruptcy. I would not "admire and respect" such managers. I would hope that I would recognize their faults long before they had nearly destroyed the company they were running.

    I do not and will not do distressed debt investing because you simply can't count on the managers in that situation to tell you the truth. And, no matter what you say, it is always about "the future".

    With your supreme intellect, you can surely divine how a distressed company situation will work out and use it to your advantage. While I am left owning companies like NPK whose managers have committed the CAPITAL CRIME of retaining TOO MUCH CASH!

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