We believe management is running the business essentially at break-even as a matter of design while the company reaches for ever-expanding market share, and we think marginal investors will continue to lose patience with this strategy in the medium term.
The company also provided a detailed turnaround strategy and 2013 outlook where the company expects a marginal decline in revenue across all segments in 2013 except the software division.
Even if your withholding rate rises because of possible tax-rate increases after 2012, you can develop a tax-deferral strategy if the flat rate is less than your marginal tax rate.
What this means is that the usual strategy of pouring resources into the small number of marginal seats that can swing an election one way or the other is of little use.
The Conservative strategy for the next election involves defending its 40 most marginal seats, whilst also targeting the 40 seats held by other parties which the party thinks are most winnable.