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Strategies & Market Trends : Value Investing

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To: MCsweet who wrote (16705)	3/30/2003 2:14:30 PM
From: Paul Senior	of 78667

MCsweet: I saw that article on ALVR. Mr. Chapman calls ALVR a "'cash discount' play or what Graham-Dodd referred to as 'net-nets'". Just to refresh my understanding of previous discussions here regarding "net-nets", I went back to review my Graham materials. My conclusion: ALVR fits the strict definition of 'net- net'. But it is very iffy if Graham would call ALVR a net-net play. Because every one of Grahams net-net examples is with companies that are profitable (ALVR is not profitable.) His writings (that I see) don't explicitly say the companies have to be profitable, but to me now (and to some others on this thread, I believe), it's presumed that profitability might be a requirement. Paul Senior Not knocking Mr. Chapman or ALVR (I am holding a small ALVR position because of the potential of the company and its "cash discount".) Aside: for those who might be interested: the current issue of Barron's (Online) has a very favorable article on ANF.

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