> > Hey! I *do* have to work for a living and I love what I'm working on,
> > but if it didn't leave time for any other goals, what's the point?
> Man, do *not* tell your investors this. You have one goal: create more
> value for your shareholders. Nothing else really comes close to
> mattering until you no longer have shareholders.
More precisely, until you own a majority of the shares in yourself,
and hence have control. Because we start with full ownership, this
implies that liberal man should not sell out by more than 49%. (If
one is good at either pyramiding or persuasion, it may suffice to
retain the merest of minority positions)
> Hey, speaking of actively destroying value, what does it mean when a
> company has a market cap of $64 million but $748 million in cash,
> investments, and restricted cash?
It means that creditors get paid before shareholders. Application
of this seniority to consumer debt and the model above is left as
an exercise for the reader.
This archive was generated by hypermail 2b29 : Fri Apr 27 2001 - 23:17:58 PDT