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Strategies & Market Trends : Value Investing

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To: cfimx who wrote (14233)	4/3/2002 12:15:03 AM
From: Paul Senior	of 78740

Oops, you're right, I'm wrong. Looks like I misread a price/sales figure for a cash per share number. LTD to stated equity is low, but as you suggest, the very large equity contains an awful lot of intangibles (to be written off?). So the ratio of ltd to "real" equity will be much higher than the very low figure one sees. An important point for GMST I too quickly overlooked. My price/cash number was way too high; consequently there's not any margin of safety that a high cash figure might supply. Maybe (or maybe not) that ups the risk of holding GMST here. It could be an important point if GMST spins down under 5 as so many formerly strong tech companies have. I won't sell out of the position though. I'll hold on for a while to see what further developments occur. Thanks, room222, for your comments regarding GMST and in providing the correct information. Paul Senior

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