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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (30612)	2/3/2009 4:44:24 PM
From: Paul Senior	Read Replies (1) of 78744

Had closed my NDN position again. Returning now for a small buy. Somewhat confusing situation: Company is big in California and expanded into Texas. Inexplicably unsuccessfully. (I would have believed there were similarly enough poor people/bargain shoppers who favor 99c Only Stores in Texas as in Cal.) Anyway, company had put the TX stores up for sale and ceo has offered to buy them. Now - in past few weeks - the TX stores have done well and bod says they'll at least postpone the decision to sell. Meanwhile tomorrow the company makes its quarterly earnings announcement. Stores are busy with 99c item buyers. In past, I've been surprised that earnings were down because of "shrinkage" (theft). To me, that implies seriously sloppy/weak management control. If [t]NDN[/t] (<span style='font-size:11px'>LAST</span>: 8.19<span style='font-size:11px'> 2/3/2009 4:32:05 PM</span>) shares drop tomorrow below $7.50 (stated book value) on temporary issues that might be fixed, I will continue adding to position. Company has little ltd, owns its distribution centers, will add stores where it sees opportunities, and in general, in a recessionary environment, provides food products at an attractive price.

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