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Strategies & Market Trends : Value Investing
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To: jeffbas who wrote (7726)7/12/1999 8:24:00 PM
From: James Clarke  Read Replies (3) of 78462
 
Maxwell Shoe (MAXS), in the tradition of Penobscot (PSO at 6) and Hyde (SCNYA at 4 - from 4 to 6 - that was me and Mike - Mike's pick - to TWENTY FOUR! - that was somebody smarter and probably richer than me and Mike), Maxwell Shoe (MAXS) looks like a no-brainer. I don't know what it is about shoe companies, but those two and Nike have been wonderful investments for me in what is usually an awful business - except for Nike. If anybody can find anything wrong with Maxwell, let me know. It is a net-net if you add to current assets the $25 million they are going to get from Jones NY. The company is profitable and has been profitable consistently. And unlike the other garbage I find in net-net land, this one trades. 427,000 shares today.

The net-net I was hinting about a month ago was Concord Fabrics (CIS) - that one traded about every third day, and I was unable to buy even a few hundred shares at my limit prices in the 4 5/8 range. It closed at 5 3/4 today. I had limit orders on the stock for about two weeks at the middle of the spread and the broker never filled them. Stupid in hindsight - this was a no-brainer value I should have just paid 4 3/4 for. A number of you have been asking me privately what the net-net I was referring to was - now you know. I do not own it, and am not interested in buying it now. But net-net value is something like $8.50 a share, so it may be attractive still. I am just so frustrated about missing the no-risk 20% move that I am not going to chase it up.

JJC
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