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  • Wal-Mart expects all employees to top minimal wage level [View news story]
    I'm happy to see everyone get a wage increase but if the older and disabled folks who work at Wal-Mart lose their jobs as a result of this change it is a sad day.
    Oct 16 01:48 PM | 3 Likes Like |Link to Comment
  • Are The Doves Dishonest? [View article]
    Perhaps when bank regulatory pressures break they will do it but right now your explanation makes sense. Thanks.
    Oct 13 12:04 PM | Likes Like |Link to Comment
  • GT suggests it could sue Apple; sapphire plant to close [View news story]
    That would be a breach of contract rather than oppression. Have they claimed that Apple breached?
    Oct 13 11:58 AM | Likes Like |Link to Comment
  • Are The Doves Dishonest? [View article]
    Wonder why no futures market has arisen. Seems like there are futures markets for everything else so why not NGDP?
    Oct 13 10:51 AM | Likes Like |Link to Comment
  • Update: DragonWave Reports Another Good Quarter, And The Stock Continues To Be Undervalued [View article]
    Who gives a rip about revenue if margins are so low?

    Having said that, next quarter will probably show margin improvements as the margin front as Reliance business is direct. Barring disaster which is all too common with DRWI.

    t wasn't asked about in the call but one has to wonder why they didn't ship any product to Reliance until the very end of the quarter even though they had the P.O. at the end of May. Maybe Reliance didn't want the product yet? Maybe they had production or cash flow problems, I don't know but I would bet the fourth quarter will be a disaster after what will probably be the high water mark for Dragonwave in the third.
    Oct 13 09:54 AM | Likes Like |Link to Comment
  • GT suggests it could sue Apple; sapphire plant to close [View news story]
    If I am lost in a desert and you come across me in your car and say I can only have a ride and bottle of water if I give you a million dollars the contract would not be enforceable later even if you give me the water and a ride.

    GTAT obviously wasn't in that position but that is basically what an oppressive contract is and it can be voided by a court. If Apple was overly piggish they might have some exposure but it is unusual for a court to agree. GTAT has to void the loans in order to allow equity holders to get anythings so they will make the best argument they can and hope they get something.

    Here is an article on oppression that I like:
    Oct 11 05:43 PM | 1 Like Like |Link to Comment
  • GT suggests it could sue Apple; sapphire plant to close [View news story]
    When they say they are losing $1 million per day is that including the fixed costs of the equipment or is it strictly variable?
    Oct 10 04:14 PM | Likes Like |Link to Comment
  • Update: DragonWave Reports Another Good Quarter, And The Stock Continues To Be Undervalued [View article]
    You are certainly more eloquent than management of Dragonwave but I would be cautious of a management team that indicates that they have a $40 million credit line available to them when in fact the maximum amount that can be drawn is around $20 million. To me this indicates a dangerous willingness to fudge or more worrisome they just don't understand basic finance.

    They don't have any idea what is going to happen in the fourth quarter. Maybe they will grow sales, I don't know but the business just fundamentally isn't viable given their current arrangements even with sales growth. It isn't even close.

    They are just trying to hang on while praying for a miracle.
    Oct 10 04:03 PM | Likes Like |Link to Comment
  • Ceragon Networks, The Dark Days Are Over, Clear Skies For 100% Upside [View article]
    This is a fair article but I wish it would have addressed how Ceragon is to make money in the long-term. Wireless backhaul has been around for many years and capacity has grown exponentially and yet the unfortunate fact is that no one has made money. Ceragon has come the closest of the public companies to creating a viable business but until others start to go under or are acquired I don't see any reason for them to make money over the course of a cycle. Maybe they will be profitable over the next year but what about the long term?

    One point that I definitely disagree on is blaming Africa for the large DSO and stating that things improved in the second quarter (they did not). They have a track record of absorbing great risk with receivables and that came back to bite them very badly in Venezuela and Argentina. Venezuela appears to be cleaned up as they walked away from the country but Argentina exposure isn't really defined very well. A dollar sitting in Argentina that can't be transferred out of the country isn't necessarily a whole than the old situation of holding Pesos. Maybe they can get the money out, I don't know but until they say they can, and until receivables actually start to go down, one should be cautious.

    So after having bashed their receivables management and lack of disclosure, I should say that I own the shares and do think their financial disclosures are actually pretty good. Just not as good as I'd like.
    Sep 23 11:36 AM | 2 Likes Like |Link to Comment
  • Gordmans Forced Dividend Payout By Sun Capital Is Haunting Investors, Risking 50% Downside [View article]
    I've never looked at the old regulatory documents but my understanding is that if they acquired 100% of the stock the assets would have been re-valued to whatever the purchase price was. In other words, book value equals purchase price.
    Sep 16 11:55 AM | Likes Like |Link to Comment
  • Big bet on Neighborhood Market by Wal-Mart [View news story]
    Maybe the discussion has been all over the place and I've just missed it but this is the first time I've seen someone talk about the impact on drug stores. Those Neighborhood Markets have pharmacies and they will have the impact of at least taking share from WAG, CVS and RAD. Whether the overall market is so strong that they will be fine I don't know but I tend to think they will ultimately be hurt.
    Sep 15 03:33 PM | Likes Like |Link to Comment
  • Comparing The Marginal Cost Of Funds For Berkshire Hathaway, Wells Fargo And Bank Of America [View article]
    Looking at cost of funds is an important and useful exercise for a bank. Spread is what it is all about.

    Suppose now that BAC has, with a couple of exceptions, put the mortgage crisis behind them the spreads could decline and who knows maybe that drives profitability. Will have to look at what impact that would have on results.
    Sep 14 04:58 PM | Likes Like |Link to Comment
  • What Does A 'Good' Chinese Adjustment Look Like? [View article]
    Depends on sector. Certain sectors could benefit although if interest rates are higher everyone could tank.
    Sep 1 09:59 PM | Likes Like |Link to Comment
  • BofA reportedly near $16B-$17B deal with DOJ [View news story]
    Settlement would tend to further reduce the likelihood that Countrywide is placed into bankruptcy so it could be viewed positively for Ambac. The odds were already pretty low so it isn't a game changer.

    If I saw indications of bankruptcy coming (which I definitely do not right now) for Countrywide, I would've shorted Ambac. Not willing to go long if they actually settle either.
    Aug 7 12:34 PM | Likes Like |Link to Comment
  • Update: DragonWave Still Poised For Big Upside, Despite Recent Secondary Offering [View article]
    Would be nice if you would stop saying they "turn a profit" as they have said nothing of the sort but one can certainly respect your putting money where your mouth is.
    Aug 6 06:40 PM | 1 Like Like |Link to Comment