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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (6178)	3/3/1999 8:36:00 PM
From: jeffbas	of 78898

Jim, thanks for your view on NH. I would say that there is no way that a company this large will go to $5 (double the yield on Treasuries) unless the yield on Treasuries zooms (which I think is extremely improbable considering the lack of any worldwide inflationary excess) or the strong PERCEPTION develops that the dividend will be cut (which is conceivable). My own opinion is that there is a temporary excess of institutional supply from one type of institution who bought it between 15 and 30 and are giving up and not enough demand yet from the value, income oriented investor. The stock took 200,000 shares in two blocks in the morning at $9 1/4 but couldn't handle 100,000 in the afternoon without giving ground. I am curious about the status/activity of the huge Fiat buyback which could have retired half the public stock, if I remember correctly. I wonder if they could be the buyer of these large blocks, and because of time zone differences not in the market in the PM? I do not have much experience on that kind of thing.

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