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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (3413)	3/23/1998 3:18:00 PM
From: Andrew	Read Replies (1) of 78644

deep deep value = too good to be true!; your comments disappoint me. The payments are accrued because this company is controlled by ben lebow. He is the "hidden liability" as he wants to keep all the money in the company to invest, presumably at a return higher than the 55% internal accretion rate that retiring the pfd at current prices would garner. the russian investment is returning a higher return but it certainly is not as risk-free as buyback would be. Maybe he'll continue his buyback in the near future. As for your assumption that the manager does not have a track record deserve more than $15 million, you fail to do your own homework to see what that manager started with. (see Forbes, 4/22/96). Maybe he is as undiscovered as his stocks. Check out is 13-D filings and you may see some consistency and real "deep deep value" discipline.

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