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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (7521)	6/10/1999 1:27:00 AM
From: Paul Senior	Read Replies (2) of 78666

Mike: re your request: "does anyone here know how to value LMT and the defense stocks?" -- I'll respond now because I'm still at the keyboard, and because I have a position in Northrop which I think I know how to evaluate. Not because I know how to value LMT. Nor the "defense stocks" which could be a very broad category encompassing many diverse businesses. I value NOC on price to cash flow (by my def: earnings plus dep. and amort.) This takes care of the goodwill stuff. There's more than one factor of course. (I considered div. yield, buyout offer price.) But I think you will find that p/cf is the key ratio analysts will use for LMT also. JMO, and I defer to any experts on the thread; and please correct me if I am wrong.

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