Anodyne
Saturday, May 01, 2004
 
Abuse of Iraqi prisoners by the US Army, courtesy Seymour M. Hersh and the New Yorker
Thursday, April 29, 2004
 
Jeff Wall, new photographs at Marian Goodman, NYC. Pipe Opening in the North Gallery sticks with me the most, at least on first sight, another almost-"diagonal composition."
 
.bomb city -- the offering prospectus for Alibris.com, filed with the SEC but soft-pedalled by Alibris to its dealers. This document is fascinating reading. A few things that made the seasoned value investor in me sit bolt upright:

• The risks outlined in the first few pages, of which complete loss of invested capital barely even makes it onto the charts;

• The "dilution" that investors will immediately experience upon purchasing Alibris securities, much like driving a new car off the lot;

• The "poison pill" provisions which, in event of a hostile takeover, work to common shareholders' disadvantage;

• Fat stock options for senior management, accompanied by the lame old .com excuse, "If we don't compensate key staff, competitors will hire them away!"

• Continuing losses, 79 million to date and counting;

• "Class F stock," its myriad advantages to insiders, and disadvantages to retail investors;

• The %ages of revenue derived from the Amazon and Barnes and Noble contracts, which can be scrapped by both on short notice, and Alibris' admission that both Amazon and B&N are, in effect, competing with Alibris' own services;

• The proprietory "pricing service," designed to trim dealers' margins while enriching Alibris' bottom line;

• The previously undisclosed relationship with selected Goodwill stores disclosed in a footnote;

& etc.

To quote Jason Zweig, I wouldn't touch this one with a ten foot pole and a Haz-Mat suit.

 
Worst chips ever, from taquitos.net
 
22,000-odd books in the house. So many hardcovers stacked in the side office that the floor has gently bowed.

Lots of nice stuff, the highlight so far being the limited version of the Underwood-Miller Philip K. Dick bibliography signed by PKD.
Tuesday, April 27, 2004
 
Moving 35,000 books from East Hastings to Main Street with a rented mini van.

Details here soon!
Sunday, April 25, 2004
 
Show Biz Kids, making movies of themselves
 
Cheakamus Lake, near Whistler, first hiking trip ever, age 5, overnight with my dad

Powered by Blogger

.post-title { display: none!important; }