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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (19889)	10/18/2004 7:15:32 PM
From: Madharry	of 78670

I own a little frx. i like amgn but there's stuff i like more. I couldnt resist repurchasing CEGE at these levels which i believe is a multi year low. It fits my concept of a value biotech. The stock is selling for a small premium to book . It was spanked down strongly because of convertible debt offering. Now I believe the price is right and I have dipped my toe into the water. This is the company that spun off Abgenix and it has a minority owned(25%) sub-ceragene i think that is working on treatments for alzheimers and parkinsons. Based on the info available i believe its a bargain at these levels. Do any of you have any thoughts about ACE you would care to share. I looked at it when it was in the high 30s and it looked pretty good to me. From what I read it almost looks as though this rigging of bids was mostly arranged by MMC. and the reinsurers just fell into line. Of course i dont work in the business and the reality could be different from my speculation.

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