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Strategies & Market Trends : Value Investing
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To: LauA who wrote (9802)1/31/2000 9:42:00 PM
From: Paul Senior  Read Replies (1) of 78476
 
Thanks guys for discussion on MO. I decided to begin accumulating a small position. MO could be a real either/or situation. Either they go bankrupt or the stock will recover and move higher. Very hard to handicap. I don't even understand what bankruptcy means - to the stock or to the company. I do know that MO employs thousands of people all through the US and is linked with the US Gov't who supports tobacco farmers. Plus MO may be the largest individual taxpayer (fed+state+excise). They have tremendous pricing power still, and just put through another increase. There is a demand for the product. Would be foolish for the gov't to kill this goose, imo. On the other hand, the legal system just rolls on, and imo wisdom, common sense or logic are often irrelevant considerations in interpreting/enforcing laws. Stakes are so high here, I just hope there's some middle ground that can be reached.
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