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Strategies & Market Trends : Value Investing

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To: jeffbas who wrote (7852)	7/25/1999 5:42:00 PM
From: Wallace Rivers	of 78898

Geez, Jeffrey, calm down - you might want to lose the caps!! I'm taking a calculated gamble on this stock, and it's not the first time I've done that. This is small cap speculation pure and simple. I bought the stock fully aware that the JNY business was history, that sales and earnings would be significantly down. I also bought a company with over $5 per share in cash and no debt selling at $9 down from $23 a little over a year ago, thus valuing what's left at about 4 bucks/share, or 35 million and change. Remaining sales are I figure between 12 and 13 bucks/share. I've mentioned the buyback possibility, there is also the possibility of the company acquiring other brands to make up for the JNY sales. Who knows, Dockers may be a huge hit. I don't think I've got a Chap. 11 on my hands here, and the risk/reward is appealing to me with the cash cushion.

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