Mergers/Acquisitions

Cash acquisitions are shrinking U.S. equity base at a faster pace than ever before…$135 billion in the first half of 1999, a record so far, with no signs of a slowdown.

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1999 YTD cash acquisition factor nearly $100 billion, far exceeding YTD totals for the last four years.

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1999 YTD cash acquisition factor nearly $82 billion, over 2 ½ times totals for the last four years.

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This month we are activating the “Net Net Working Capital” (NNWC) screen as an active part of the Equity Portfolio. NNWC is a modified working capital analysis which, in some cases, is useful in making preliminary, liquidity based company valuations.

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The mega merger mania may be about over. Our model scored big with Getty and now Gulf. We cashed in half of the 4% Gulf position at 69 on January 29 and have just sold the rest at 71. $80? Well maybe, but why be greedy? The party may be about over.

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