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Strategies & Market Trends : Value Investing

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From: Paul Senior	4/8/2008 12:12:05 AM
	of 78744

VIRC. Got a small fill today. Oh man, the pride/shame ratio is very low for this possible/potential cigar butt. By theme, it's a better short than a long. It manufactures furniture --- something we know China can and is doing -- and Virco maybe competes by doing some of manufacturing in the low cost state of California. Its furniture is for schools --- which are likely to see budget constraints as people lose their houses or as property tax receipts diminish with declining property values. Some of its products are for the hotel/convention center business. Which is or might or could suffer as the US possibly goes into a recession. In good times, the company's never really that profitable. For a few shares though, I'll spend gambling money and buy a little. The company is almost long-term debt-free; the company's seen cycles before and they say they've shifted more of their fixed costs to variable; Private Capital Management is the biggest outside shareholder; the stock trades about at b.v.; p/b.v. and p/sales are low relative to past years. I'm in because it fits my model and has such shame associated with the purchase that it sort of attracts me from a contrarian point. finance.yahoo.com Jmo: others likely should pass.

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