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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (16469)2/21/2003 11:24:12 PM
From: Joan Osland Graffius   of 78673
 
Paul,

I have owned ADM forever and have a core position - this position is tax free distributions. This is a family thing as my father did business with the boys that started ADM during the years they were located in Minneapolis. I agree with your take on lower P/E levels. When ADM gets sold off in the $9's or lower I have bought and sold when the position gets over priced. We had an opportunity to buy in the 8's a few years ago and I bought some and sold it last year in the high 14's. There is better return in the ADM investment than meets the eye. When the stock is cheap the company buys back their stock and does a tax free stock distribution over and above the dividend to stock holders.
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