Danieli, Italy’s biggest maker of equipment for the steel industry, has $1.49 billion in cash, or almost 40 percent more than the combined value of its shares and debt after a 73 percent stock plunge this year, Bloomberg data show.Emphasis in the original.
That means that Danieli could pay off all of their debts and buy back all of their outstanding stock and still have $596,000,000 left over.
I think my father gave me some excellent advice years ago that boiled down to:
ReplyDelete"If everybody else is saying that something is a great idea, don't do it. If they are saying that something is a bad idea, you should seriously consider doing it."
He has made a very comfortable living for many years with this philosophy. I think it particularly applies to dealing with the stock market.
Italy's a very strange place, financially. Suffocating tax structures will do that.
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