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Strategies & Market Trends : Value Investing

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To: Madharry who wrote (7833)	7/23/1999 10:22:00 PM
From: Roger L. Chuchen	Read Replies (1) of 78483

Armin, you are absolutely right about ALSC being an absolutely steal at this price! It now has a 60 million stake in BRCM as well as a 580+ stake in UMC vs. just a paltry 300 million market cap. I often regret the fact for not having bought more BRCM when it was cheap and that I completely missed the move in Taiwan Semiconductor (and other foundry players). Now, I have the chance to participate in both of these sectors via ALSC! Not only that, in the latest company's press release, it said that it's going to invest 7 million in high-tech startups during the 2nd qtr, which makes it a CMGI (okay, it's a bit exaggerated) for semiconductor-related startups. Furthermore, you get its core business of DRAMs and SRAMs (though it's not worth much) for free. What a steal! BTW, did they miss expectations? Is that why the the shares plummeted today? I have one question though. The latest press release states that ALSC will record an unrealized AFTER-TAX gain of ~$60 million. However, its holding of 480,000 shares of BRCM (7/22: $125) only translate to ~$60 million. Wouldn't Uncle Sam take a piece of this if and when ALSC decides to unload its position? Why doesn't the balance sheet take into account this fact?

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