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Strategies & Market Trends : Value Investing

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To: Madharry who wrote (38901)	8/22/2010 2:54:19 AM
From: Paul Senior	Read Replies (1) of 78676

Madharry, I have no explanation for the decline in Pargesa, other than it seems to me to be the market's general lowering of expectations and/or a decline in the revenues and profits for European companies in Pargesa's holdings. Building materials company Lafarge which has dropped to a 12-mo low, conglomerate GDF Suez near a 12-mo low, and water resources company Suez Environnement also at a 12-mo low, are three of the six industrial companies in Pargesa's portfolio. I like Pargesa for its selling below nav. I don't like that it always sells below nav. I'm buying TOT, so I like Pargesa as an alternative way to play a recovery in Total. I like (hold) Diageo for its brand-name beverages. And similarly I will go for Pargesa as a way to hold Pernod Ricard for their beverages. pernod-ricard.com

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