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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (47755)	5/4/2012 10:52:23 PM
From: Jurgis Bekepuris	of 78673

Yes, good article. On one hand L is cheap. On the other hand, the article explains the issues with L holdings quite well. All of them currently have warts - DO, HighMount, CNA (I don't have an opinion about Boardwalk). Risk with DO is a major disaster on one of the old rigs. That's always risky. They can't do much about nag gas prices for HighMount. They may have most control over CNA, so they could turn it around. However, "the most control" is also a problem. They have owned CNA for ages and the company has not done very well, which means that the control is not that good. It seems they made hugely good gains on Lorillard, but that's gone now and the future is quite uncertain... Disclosure: I have small position in DO. I had a small position in L that I sold last year. I am not sure I want to rebuy...

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