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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (8800)	10/29/1999 5:17:00 PM
From: Grommit	Read Replies (2) of 78657

Clayton Link -- ftp://better-investing.org/pub/i-club-list-files/jimclayton.txt It is worth a look. Here's a sample... "Where does that leave Clayton Homes? We have seen industry downturns before. From 1983 until 1991, industry shipments contracted 8% each year, yet we managed to sell more homes each year by expanding geographically and by prudently opening new plants and retail stores in promising areas. The last few years have seen hyper growth in the industry. Companies were paying $11 million for twenty year old plants as we built new, state of the art plants for $5 million. During the consolidation frenzy, companies were paying more than 20 times earnings for retail stores, while we refused to pay more than net asset value. We were criticized then for not growing as rapidly as the others, but we have no goodwill on our books. Our President of Retail, David Booth, will not open a store until he has an experienced manager who wants to live in that area. Others will open stores without regard to staffing. Our President of Manufacturing, Rick Strachan, conducts careful market studies before choosing the location of a new plant."

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