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Re: [sharechat] Managements Ability

From:	"Peter Maiden" <pmaiden@xtra.co.nz>
Date:	Sun, 6 May 2001 19:31:58 +1200

Phillip - be interested in what the outcome doing the exercise on Baycorp data produces.

I appreciate you just made the data up on Surgical Supplies but what I tried to convey was that one of Buffett's tenets is that for every dollar retained he makes sure that the company creates at least one dollar of market value.

This means that the increase in market capitalisation during the period in review needs to be greater than the earnings retained - otherwise the company is going backwards.

Look forward to hearing what the Baycorp exercise produces.

Cheers

Peter

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