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Non-Tech : Bill Wexler's Dog Pound
REFR 1.770+1.2%12:11 PM EST
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To: Bill Wexler who wrote (1269)6/10/1999 10:19:00 AM
From: TRIIBoy  Read Replies (1) of 10293
 
Thought you would be interested in this from the Street.Com:

Value managers often consider more than just price-to-earnings or price-to-book
ratios. To these managers, price and profits also matter. When considering a stock,
Oakmark Select's manager Bill Nygren tries to estimate the price an acquirer would
pay if buying the entire company in cash. "The basic assumption is that the
acquisition value number is intrinsic value and that over time the economy pushes
stocks to their intrinsic value," says Nygren, who also believes that patience is
definitely a virtue.

Wally Weitz and Rick Lawson of the Weitz Series watch discounted free cash flow. "I
go where I find value," says Lawson. In the past, that led him to cable companies and
wireless telecom, part of the reason for the fund's recent success.

Now that value is apparently back in vogue, where are these managers looking? Far
from the crowd once more -- and again with a long-term time frame. Lawson likes
American Classic Voyages (AMCV:Nasdaq), which runs the Delta Queen
steamship line. "This is one that will drive people crazy because nothing much in the
business is going to happen in the next three years." He's also putting money into
Data Transmission Network (DTLN:Nasdaq). "It's an interesting niche business run
as it should be."
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