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Strategies & Market Trends : Value Investing
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To: Wallace Rivers who wrote (7318)5/25/1999 5:12:00 PM
From: porcupine --''''>  Read Replies (1) of 78618
 
I am not familiar with the particulars of Perini, and, there are always exceptions to any rule-of-thumb (e.g., imo, GM), but as a general principle:

low margins + high debt = bad bet

Also, counter-intuitive as it might seem that the heavy construction industry would have low barriers to entry, it is an economic truism that a low-profit-margin industry must of a necessity be one that is highly competitive -- due either to ease of entry (like retailing), over capacity (like autos), or both (like apparel).
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