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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (8169)	9/7/1999 10:46:00 PM
From: James Clarke	Read Replies (1) of 78843

I've looked at MCK in some detail and am very comfortable with it at 30 if you've got two years. I think the upside justifies a potential wait. HRC I had looked at before, probably at higher levels, and had no interest. This looked to me like a company that grew by acquisition, acquiring with its high stock price. Once that high stock price went away, their game ended. At that point Wall Street looks at the assets of the company and sees that they're 6 times EBITDA assets once the growth by acquisition story is no longer reality. Very much like the analysis I did on Service Corp. and decided to stay away. Dr. Mike might know a lot more about this one than we do, but that was my take.

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