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Strategies & Market Trends : Value Investing

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From: Paul Senior	10/29/2004 4:56:57 PM
	of 78663

Added a few shares to my losing position in cigarbutt, INFO. biz.yahoo.com total current assets: 87.6M total liabilities: 21.2M shares out. = 24.9M Net current assets/sh. = $2.67 2/3 net current assets = $1.78 Stock closed @$1.53 The stock would be a net-net buy per Dr. Graham IF it were profitable. But it is not profitable, and it continues to lose money. (aside: We have previously discussed whether Dr. Graham specifically said his net-nets needed to be profitable. I can't find such a statement, but all of the examples he provides - Intelligent Investor - were of profitable companies. I'd guess he WOULD have profitability as a requirement - esp. in today's market where net-nets are very scarce. One positive though is all the cash the company still has. (Although they might burn through it yet.) $55.9M - $21.2M = $1.39 cash/sh. after all stated liabilities are removed. -------- A risky bet imo, so just a very small amount for me.

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