To: Thomas C. Donald (5701 ) From: paul richards Thursday, Sep 17 1998 10:21AM ET Reply # of 5707 why the report stinks: 1)if you believe in the -ve wealth effect of the stock market, retailing stocks will not fly. 2)the entire report is predicted on retail growth in general, citing no specific competitive advantage. 3)this industry has no barriers to entry, see the new best seller titles by new companies and see totally free web sites for kids: http://www.ctw.org/ 4)all pcdata weekly reports since June have TLC with diminishing best sellers, translating into lower mkt share. 5)report also makes it clear, TLC will only grow thru more acquisitions! as I have always said, TLC can only grow thru acquisitions, which translate into more write offs and never any profits. 6) report uses only 91m shares outstanding, and as we all know TLC stated clearly in their telcon that O/S would now be 105M. obviously this report has skewed to numbers to improve ratios. good luck to anyone who buys into this report.
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