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No. of Recommendations: 3
Is there any price at which BBBY becomes attractive?

it is a subjective response, but I'd look at CapEx and the buybacks - as you note, they are plenty profitable (860m in CFFO in the past 12 months), but a company that realizes it faces very serious long-term issues would preserve capital with a death grip - right? The buybacks and even the dividends are just games they are playing, but before I dropped this management seemed to have a keen lack of insight into how the company would be valued.

This is not a new observation - it is clearly different when you are a manager, when you get an - relatively speaking - enormous salary, and your priorities are focused on justifying your very existence. I just don't think they can think straight because there is too much for them to loose, but they take shareholder down with them. Private businesses would not act this way - you would not act this way, right? You wouldn't keep adding credit card to a shaky situation (of course, if you viewed yourself as a victim you can justify anything), but a lot of people do this because they can't control themselves. I think it is same with companies.

And activists and their ilk are rarely a friend, because the first thing they want is to leverage things to get a short-term pop - which is great if you get out. But otherwise...
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