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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (8415)	9/28/1999 10:14:00 PM
From: Paul Senior	Read Replies (4) of 78594

CTO- the "latest" Buffett stock- should be a very interesting story when the details come out (if ever they do). I see that Mr. Buffett now admits to owning about 5.7% (about 363,000 sh). Couple of other interesting points (interesting to me anyway): I've come across CTO in reading about Baker Fentress (BKF) which is an investment management company which is now in the process of distributing its equity investments to stockholders. One of those investments is CTO. That is, 5.0M shares of CTO are being distributed to BKF shareholders. But there are only 6.4M shares of CTO outstanding in total. So I just wonder how and when Mr. Buffett acquired his 363,000 (if the float were only 6.4-5.0=1.4M shares); and I just wonder if Mr. Buffett acquired those CTO shares as a result of the BKF distribution. Which could mean that Mr. Buffett has or had a position in BKF (or he could have purchased after the CTO shares were distributed). In either case, since I (and you, I believe) still have a general interest in Florida real estate companies, and the CTO board has indicated it might use its available cash to buy up to 25% of CTO stock, I am interested in how this all plays out. Paul Senior

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