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The Real Secret About Why Corporate Mergers Fail

Listen on: iTunes | Google Podcasts | Online Corporate acquisitions often fail for one simple reason: the buyer pays too much. An old Wall Street adage comes to mind: Price is what you pay, value is what you get. It all starts with a control premium. When we purchase shares of a stock, we pay a price that is within […]

How HP Can Navigate the Information Superhighway

Когда Hewlett-Packard Co. обсуждается в средствах массовой информации, она изображается как компьютерная компания. На первый взгляд, это имеет смысл: HP является крупнейшим производителем ПК в мире, а персональные компьютеры приносят 30 процентов дохода. Но – и это очень важно, но – ПК сегодня представляют только 10 процентов операционной прибыли HP. Кроме того, несмотря на общепринятое […]

No Kodak Moment for Hewlett-Packard

Investment mistakes usually fall into one of three categories: analysis, behavior or bad luck. In October 2011, after the shares of Hewlett-Packard Co. had been halved from about $48 earlier that year, I made a case for the stock. That was a mistake. There was no bad luck. I made several errors in my analysis. In this column I want […]

Helmerich & Payne Analysis

Not to buy is an active decision.  I took a serious look at Helmerich & Payne and, though we really liked the company, my conclusion was not to buy the stock at this price (see analysis).  However, this research was not a complete waste of time, because at a lower price, in the $20-30s, HP […]

Why Hewlett-Packard Is Today’s Most Hated Stock

There is a good reason John Lennon wrote “All you need is love.” We want to be loved and usually gravitate toward people and things that others cherish. But when it comes to investing, love is not cheap. The trick is to identify misplaced (or mispriced) hate that will turn into love. This brings us […]

On Yahoo! Breakout

Interview with Matt Nesto, segment 1: HP, Xerox, Vivendi (we own all of them) Segment 2: China

HP: Grow Up, Already

Anger and frustration are the two emotions pulsing through my veins as I write this.  HP, once the symbol of innovation, is being dismantled by its high-pedigreed board and the CEO of the hour (I truly hope his tenure will be measured in hours, not years).  I vividly remember the early 2000s, when Carly Fiorina, […]