LEH LEHMAN BROTHERS Message Board

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Non-Tech : LEH LEHMAN BROTHERS

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To: Philip Armstrong who wrote (36)	4/24/1997 9:31:00 PM
From: Bill March	of 315

>>Just that the boiler rooms will hype it push it up a few points and then move on to something else.<< Okay, that's fair, but is your contention that the price is hyped "as is"? I am sure that what you are refering to happened during Dec 96 - Jan 97 when the stock rose sharply...on the other hand, so did the rest of the brokerage stocks. The pure and simple fact is that at 32 and change, LEH is just 2 points above their book value. Book value! Think about that--you could do a LBO (leveraged buyout) simply based on the book value without having to spend anything but to pay the shareholder premium . . . . this makes the financing easy. Anyway....I like LEH. :-)

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