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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (3413)	3/3/1998 6:56:00 AM
From: Madharry	of 78683

James, it isn't play money, and I haven't done as much homework as I would have liked. But usually I find that when something comes into the public view like this, by the time I have analyzed it to my satisfaction the price has gotten away from me and I do better to look at what I can quickly, make a preliminary decision and then reassess. Especially here, the float is less than 300,000 and the spread is large. And there are many reasons an inefficiency here could exist. In this case I reviewed the 9/30/97 10-K. Verified the interest rate and face value of preferred and assets on the balance sheet. In my review I did not see anything that conflicted with the article. Of course I may have overlooked something, which is why I asked whether anyone else had looked at this. I am far from from infallible. It would be nice to know the current market price of the real estate assets but that might take weeks and by that time the price of the issue could soar. Leasing income for nine months was $19MM. I will try to get more info on this and report back. With respect to the small amount of money he manages don't forget he runs a hedge fund not a mutual fund and that his returns have probably not been that great on his "shorts".

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