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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (28072)9/15/2007 3:23:41 AM
From: Junglekings  Read Replies (1) of 78740
 
Well. You can look at earnings as your reason to buy a stock. I look at value. The real estate at Dillards is worth over book in my opinion. That means that the earnings are really just icing on the cake so to speak. The fact that they have earnings is a bonus for me, as eventually the stock price will reflect the real estate value.

Also, owner earnings, not accounting earnings is what I look at. For dillards, they have substantial depreciation and cap ex for expanding to new locations. I think this has to be looked at as a 400MM dividend that goes back to the stores.

This isn't managed like Berkshire, but it is worth $30 a share. Just my thoughts.

Thanks very much for your thoughts....! I guess you would hate GOT? what do you like?
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