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the sum of the parts at Sears (brands plus real estate) is worth less than recent market valuations – as much as 30% less!
McDonald’s isn’t trying to upscale their environment so that businesspeople stop in to discuss a potential out-of-town deal.
The number of salespeople, or other employees does not go up. All that happens is the total sales and earnings is now divided by a smaller number of shares.
Businesses get Locked-inside their boxes. GM, Ford and Chrysler have sold cars in Europe – but largely they have always been happy to be U.S. companies selling products in the U.S.
the value has slipped away and how investors will ever capture it is completely unclear.
The web changed things. We now do company research on-line, rather than through paper-based company reports.
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