i am concerned with the unbalancing in HC lately with too much...

i am concerned with the unbalancing in HC lately with too much trader type hype and less comment on the stocks themselves.

A trader is concerned with price and an investor with the business and i indulge in both.

However in the matter of BBG too many comments here and elsewhere on HC re BBG are, IMO, too tinged with hope and fatuous musings about where the price should be in relation to where it has been.

The simple matter is from a little annual report comparison is that the efficient market theory has been mis-pricing BBG up till now and is catching up.

lets look at a few numbers
-------------JBH--------DJS----------HVN----------BBG
Intangible.....78........34...........360........1,268
Long term debt.232......129...........546..........761
Op.cashflow....109......182...........358.......... 24

and view those relative to their turnover
Sales..........2959......1961..........1556.......1687

And this is BEFORE the recent "Things-are-pretty-bad-chaps" Update !

What is evident is BBG has had a history of debt-fueled acquisitions that have been at prices hugely above book value (= goodwill). This is of itself not a bad thing but is very much so now in the context of its operating cashflow of a measly $24m.

Removing intangibles from net equity leaves it in negative.

And this is without consideration of other things mentioned..slipping margins, patchy retail sector....

Just my caution...don't get carried away with comparisons of SP now with where its been or what others put a price on it.

This business is in a very bad and dangerous place.