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| PENALTY FOR VALUE UNDERPERFORMANCE |
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| Published: Saturday, January 01, 2005 |
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Vapidprose PR aimed at assuring all that ´management is achieving maximum shareholder value´ evaporates when value-destroying actions point in the exact opposite direction. Dutch carrier VPN possessed no strategy, so as a default, management followed 2000´s oh-so-stylish but disastrous strategy of chasing overly expensive 3G licenses despite no assurance of future profitability. The companies possessing a TRUE value strategy were far positioned to resist the siren song of MUST ENTER hype markets (remember the WAP?). The latter can now puchase deeply discounted 3G licenses on resale for a song from the stumbling telecoms forced to dump assets or die. Article reference re Bell South / VPM: http://www.ftmarketwatch.com/news/story.asp?guid={92704C4B-50A2-477F-9010-A996334113FC}
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