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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (7468)	6/8/1999 11:58:00 AM
From: Paul Senior	of 78673

FWIW. Adding a little to small CMH position. Initiating position in CAB. I continue to maintain very broad and diverse positions in the real estate and homebuilding industries. All REIT positions and all real estate companies I've posted on that I bought, I still own. Ditto for home builders - the stick builders as well as the manufactured home builders (that would be CMH and FLE for me). I'm interested in Building Materials Holdings and Cameron Ashley. They have three characteristics that appeal to me: 1. They both are relatively cheap (pe/psr/bv). 2. They are distributors. (And I still hold positions in all the distributors that I've mentioned on SI. --Sold off most TOY though.) 3. I missed Home Depot and am sorry about it still. (And HomeBase) Now here are two companies (BMHC & CAB) serving the professional market by distribution (compared to The retail market distributor Home Depot). For the price-to-value I'll go with these companies (BMHC or CAB), and I think I can live with the difference in business models (professional vs. retail). I like BMHC but the price got a little ahead of me. At current price though, for me, I'll take a CAB. Starting a small position.

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