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Strategies & Market Trends : Value Investing

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To: rjm2 who wrote (11627)	12/28/2000 2:53:54 PM
From: Paul Senior	Read Replies (3) of 78530

Buying two net-nets today: BAMM and TPR BAMM positives: They are profitable. Selling near its lowest ever price. Small amounts of insider buying recently at higher levels. rjm2 is buying! I make NCA to be $3.33/sh: stocksheet.com BAMM negatives: Could there be off-balance sheet items that negate the net-net value????? Borders is hitting new lows as well. Book business has become ever more competitive, imo - Amazon, Amazon wannabees, Barnes & Noble in both bricks and clicks, independents. -------------------------------------------- TPR positives: Insiders consistent buyers, i.e. no sales Franklin Value and Gabelli are holders per latest public (Yahoo) reports. Price/sales and price/book very low compared to past years. They've cut back ltd. NCA = $6.9/sh. (I'm saying NCA= $6.9. Anybody with better or correct info. for calculating these net-nets, please let me know.) stocksheet.com TPR negatives: Earnings loss this year and expected next year (per the one analyst covering). Sales are also decreasing. Radiators - replacement/oem parts for cars - would seem to be a less attractive business to garner investor attention. I'm picking these stocks from the daily new lows list. TPR has low trading volume. (I couldn't get lowest prices on either BAMM or TPR; I stepped up and bought TPR @ 2 3/8 and 2 7/16 for example. May be better buy opportunities for TPR if it retests low, 2 1/8.) Paul S. (aside: I would like to believe - but I'm not quite sure - that I'm buying these net-nets, not because I believe the positives outweigh the negatives (I hope they do though!), but because these are net-nets that that fit a model and are bought as part of a package of net-nets.)

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