HP takes off can rely on fractionation tiredly only: Investor fund becomes dead fund

Introduction: Er of Nai of MarketWatch columnist laborious (John Shinal) is written civil say, HP should let enterprise and share price walk out of predicament truly, only alternative can be fractionation only, and the historical performance that considers how terrible of this company board of directors, the possibility that they make right decision is very finite.

　　 The following namely comment article full text of Xinnaier:

Presiding apparitor Whitman (Meg Whitman) assumes office anniversary during, HP (the opportunity that the gain seminar of HPQ) made wall street spit groove to her collective however, it is sigh with regret making a person really. I hope investor is reasonable, HP develops this is planted now state, actually the situation is not to be in Whitman control.

Say substantially, this is not Whitman's fault, because she lacks experience really, the right decision that cannot make tycoon of this science and technology need -- have fractionation HP only, ability releases a company increase rate thoroughly the fastest, the most profitable most popular selling memory card digital cameras business, reach shareholder value the biggest change.

Actually, I once spoke of in column article last year, him HP data of operation profit margin is best evidence, the design that proves they should abandon personal computer actually, make and sell, the decision that before resembling IBM(IBM) 6 years, once made is same.

From begin 6 years ago, the share price of HP and IBM begins to part company on chart, this proved HP withholds personal computer business to have how many value after all adequately also, latter operation profit margin cannot reach two digit from beginning to end.

　 Whitman criticizes predecessor

However, listening to Whitman last week after making known one's position, we can have understood clearly, the trouble of HP has been to be among personal computer business not just, expanded however whole hardware domain. The sale growth rate of server, memory and network product is very questionable, make invest capital continuously to these domains whether worth while got suspect.

Then, nature of a problem also comes out now with respect to float: Why does Whitman continue even the guiding princip the best selling t mobile prepaid cards le that multi-line fights, be in on each different markets in the meantime with Dai Er (small gain) (DELL) , Cisco (CSCO) , EMC Corp(EMC) and inscriptions on bones or tortoise shells of the Shang Dynasty (ORCL) does the player of these heavyweight compete?

HP wants to regain the power that sale and profit increase continuously truly, is not slow death, the key depends on, they must learn dedicated like laser at software, take out the energy with one less part again at most, it is OK to will do good server.

Any hardware business, want its sale to cannot grow quickly only, cannot earn place of enough software research and development to need ready money, should decisive abandon, had jumped over earlier.

Predecessor plum Ai Ke of Whitman (Leo Apothe canon ef 15mm ker) most the idea of the hardware business that antedates to put forward to abandon once making a company proud in August 2011, at that time the reaction of wall street is one is a most popular selling scooby costume stonished, li Ai division is very fast as a result by drove from seat come down.

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But, how are you guessed? From HP the share price of 3 drops greatly brooch pins last week look, wall street compares pair of Li Ai families it seems that to Whitman more do not catch a cold.

She did not put forward any bold, let company happening weigh the concept of about-face, and fair land says, she also does not have such concept. Accordingly, her speaking whole, the predecessor that basically criticizes oneself namely actually people " a certain number of capricious strategy chooses " , say this is the germ of the problem with the most serious HP.

Walk on new already after a year, the mainest information t free memory card digital cameras hat Whitman issues to wall street, saying substantially is: The case of the company is very extreme, drive sb. to his death more than what when she is taken over in those days, think.

Investor is not willing to accept such frankness, this also is the main reason that HP share price drops greatly.

　　 Grow for a long time the task

Nevertheless, her comment also has its proper place really, let everybody see well, the face affects the major business that the company behaves on each markets and tide of science and technology to those, the eye of the leaders before HP and reaction are really very questionable.

Well-known, the presiding apparitor past of HP is a lantern with paper cut figures of men changes euqally 10 years simply frequent, and this explains the board of directors is existence problem apparently, they again and again error, always cannot find an enough operate from a strategically advantageous position, can guide the leader that the company completes main business and technical transition.

Once presiding apparitor people, feiaoli is graceful (Carly Fiorina) He Hede (Mark Hurd) is mixed in control cost cut down the member of persons employed waiting for a respect is an expert apparently, but the road that fails to get HP the long-term success that can develop continuously truly.

Li Ai division realises at least inside lieutenancy, if want to enter business market truly, grasp growing opportunity, software just should be a key. Can be his too star-chamber style, and the decision that gives exorbitant value to buy software company Autonomy to leave makes however he cannot sit again on seat longer time.

The outcome that when Li Ai the entire effort of the division changes finally so that in HP presiding apparitor office comes here to swim only, the board of directors chose Whitman, this is a decision that allows a person to feel very peculiar. Indeed, she once guided EBay Inc(EBAY) to create the growing outstanding achievement of phenomenal class, but she did not manage HP at all so big, the experience of so complex company -- of course, in all fairness, the person that has such experience is very few.

The success before Whitman is scored in company of Internet of a consumption, whether she has sufficient capacity to let HP be on revived road itself is a doubt, but now, this doubt had not been necessary to reply aga the most popular canon ef 15mm in, because the fact is very simple -- the trouble of HP is too big, give below the circumstance that anybody is not tearing open a branch impossibly solve.

Among the time that goes more than 10 years, in 4 presiding apparitor holds the post of inside, HP round another round of ground cuts down the member of persons employed, what kind of mood can present employee be? Think Whitman can incentive company taxi is angry, lift the climax of an innovation, the most popular memory card digital cameras such idea can say only was to suffer from break recall disease.

What Whitman says no less than, HP is to be in a lot of yield to taste a domain to own much intellectual property probably. If be such really, why not these intellectual property classify, give a enough and agile or a certain number of home companies, let them more the product with apace corresponding development, take the opportunity that grow?

If the board of directors of HP wants to pay really partner, they look for investment banker with respect to this people, serious research tears open the likelihood of the branch. Actually, in HP, this also is not how the thing of occur for the first time, 1999, they once came out An Jielun fractionation.

Just, consider the history of this board of directors is behaved, investor is to cherish too big hope hard really to them -- so, investor also is not willing again the stock of hold HP.

Wanting HP only still is now this mitzvah, invest the capital in HP stock, the appearance that suits most can have only, that is " dead money " . (Child Jin)