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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (11481)	1/12/2001 11:33:03 AM
From: Paul Senior	Read Replies (1) of 78595

Nobody here seemed to have any interest my pick of SFN posted in November. That was good because the stock has dropped to new lows. Today I've doubled my small position. Co. business profile from the company website: spherion.com menu=company&headerstyle=1&site=Spherion (Among their claims, they say they are the US's fifth largest private employer.) SFN negatives, imo: It's a tough, competitive business which results in lousy ROE. At leasted two motivated sellers of large positions have recently shown up. Companies in the staffing/consulting areas that "buy" their rapid sales by acquisitions too often seem to me to eventually succumb to problems of integration/differentiation and/or centralization vs. decentralization. SFN positives, imo: Low pe. and low relative stock price. The cash flow numbers (per Market Guide) might be attractive. (-g- I defer here to the thread's cash flow afficionados.) SFN announced an expanded stock repurchase program last Nov. Value investor Ruane-Cunniff is still reported to be the largest institutional stockholder. SFN seems to be in some business segments - IT consulting, outplacement services, financial/accounting personnel - that perhaps could see sustained demand in an economic downturn. marketguide.com Paul Senior

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