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Strategies & Market Trends : Value Investing

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To: Michael Burry who started this subject	8/26/2003 12:58:25 PM
From: Paul Senior	Read Replies (1) of 78742

Starting a small position in IDR, "a developer and operator of village-centered resorts across North America." ROE isn't so great and looks like d/e is increasing. OTOH, profit margins are good and holding up. Relative to past years, p/s and p/b are low. The stock's now under its slowly increasing book value. A return to "normalcy" for the stock would mean to me to be a p-to-bk of 1.5 or better. That means now a fair value price of $22.50/sh for the stock that's trading today at about $13.10/sh. biz.yahoo.com ---------------------- Guys, I appreciate the posts here earlier this year regarding cruise lines RCL and CCL. Imo, the stocks might still be good holds - consumer demand is still strong, and the stocks have sold at much higher levels in past. Increased (excess?) capacity remains a concern. finance.yahoo.com For me, at this point - where I don't see the stocks as either undervalued buys or overvalued sells - I've just basically lost my nerve holding on in this market. I've closed both positions today, fwiw. Paul Senior and I've been wrong many, many times

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