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Strategies & Market Trends : Value Investing

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To: Chris who wrote (2043)	10/1/1997 9:40:00 AM
From: Ron Bower	of 78667

Chris, Don't remember which Forbes issue, isn't in my notes. Have 3 pages of info gleaned from Q reports, would be a very long post. They indicate a management interested in increasing shareholder value and have been very creative in their methods. Some of the deals they've made concerning stock buybacks, with lending banks, and the latest AGRO purchase were very impressive. JWC comparison to other brokerages is outstanding. They don't carry the heavy debt load and are covering most all business from their own monies. Also, they do not rely on trading volume for a major portion of their profits like most do. Their alliance with Bear Sterns gives them access to exchanges most small firms don't have and provides them with market making that would normally be unavailable to small brokerages. I found them by reviewing firms in the brokerage sector. Also found SWST @ 16, AMTD @15.625. www.jwcharles.com is the homepage and it's pretty good. I'm in at 7.5, but the current 8.25 is still a very good buy in price for a company of their historical growth and PE of 5 and BV of 5.32. They were a BB stock, went on AMAX in May. For what it's worth, Ron

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