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Strategies & Market Trends : Buffettology

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To: Shane M who wrote (2687)	11/18/2000 4:30:37 PM
From: Paul Senior	Read Replies (1) of 4690

Shane, regarding the long term impact on SHW posed by Home Depot/Lowes: I'd say that since SHW has dealt successfully with the long term continuation of the tough competitive environment of the paint business - slow growth, iffy(?) paint brand loyalty in the DIY market (where perhaps Home Depot reputation and price and/or convenience play a significant role)- SHW will deal successfully with Home Depot competition also. SHW has faced many challenges before -- I don't see that their now not being in Home Depot is a knockout blow to SHW's multi decade record of producing increasing earnings. My bet's that SHW stock price is below the intrinsic value of the company. As I learn more about SHW - I might get a better understanding of the significance I should attach to Home Depot/Lowes. I don't know how much business SHW did with HD or the circumstances of why they are not in HD now. To me, at this point, it's an "alert", but not at all a reason to prevent taking an initial position.

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