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Strategies & Market Trends : Value Investing

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To: Larry S. who wrote (16864)	4/16/2003 1:22:32 AM
From: Spekulatius	of 78685

<< same with autos, too many companies just moving steel right now, to keep the factories going. not making money. HMC is good, so is TM, Japan market sucks, and i would not invest in japan period. >> Larry these are very general statements. In my opinion, there are many quite profitable car companies in Japan and Europe. German car companies like Mercedes and BMW have very good margin's and ROE and good LT growth rates so the economics are nowhere comparable to most airlines. I could not care less about the marginal economics of GM, F and Chrysler now part of Daimler, which are consistently bleeding market share and have high pension obligations and are negative cash flow over the long term. I'd rather own a very well managed company in a mediocre business than a mediocre company in good business. I would have no problem investing in LUV if it were trading at a PE ratio around 10 similar to well managed car companies (LUV has a PE of 22 right now).

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