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Strategies & Market Trends : Value Investing

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To: Wallace Rivers who wrote (5615)	1/1/1999 9:30:00 PM
From: Robert Hoefer	of 78772

Regarding Schlotzky's Deli (BUNZ): I saw it for the first time last month while travelling in Austin. Stores everywhere, because it's their headquarters. Ate the soup and sandwich and was very impressed. It's all in the bread, something you just can't understand until you have tasted it. And I know form my other travels that many places don't have a Schlotzky's yet, so there is room for growth. They are not competing directly with the burger joints or the more expensive dinner type restaurants. The low p/e and book ratios provide a margin of safety if growth doesn't pan out at 20%. The national ad campaign this spring should boost awareness, among customers and stock buyers. The accounting issues are complex, but Value Line says not to worry, and I do see a lot of cash and little debt. There are few accounting difficulties that cash can't solve. Normally I think restaurants and specialty retailers are too risky, but this one was too good too pass up. Companies under 100M market cap are just being given away; have you noticed how many low p/e stocks are popping up?

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