Tuesday, October 11, 2005

Procter & Gamble meeting today

A huge security presence met my superhero fathers rights protestors outside the venue. Cincinnati even brought out mounted police.

Inside, the meeting proved very lively. Famed shareholder activist Evelyn Y. Davis held forth. So well known Chairman Lafley congratulated her on her recent 4th wedding. Mrs. Davis told us her latest hubbie is a housebroken type ready, willing and able to follow HER orders. She added many women can't find even one husband, but she's found four! Upon hearing that I remarked to the person sitting at my left, a company pr official I suspect assigned to babysit me, I had no intention to become her fifth!

In presenting my shareholder proposal I said PG would remain a widow's and orphan's stock for old folks like me in it for dividends unless the company split up into several units. PG is just like GE. Good underlying businesses but the companies are now so large the market can't value the them easily so the shares trade at a discount. The shareholders get shafted but the board and management make out like bandits with over-the-top salaries, stock options and perks.

I think PG broken up into several units would generate $400 per current share. Were GE to do the same maybe $500 per current share.

More tomorrow.

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