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Non-Tech : Office Product Stocks - ODP/SPLS/OMX/VKNG/CEXP/OFIS/BOP
SPLS 10.250.0%Sep 28 5:00 PM EST
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To: Michael Coley who wrote (92)6/4/1997 10:14:00 PM
From: AL TOTH   of 297
 
MICHAEL--Thank you for providing us the in depth analysis of BT!!
Your honesty in stating your long position and being an employee of BT
is refreshing and appreciated. I specialize in both office product
and tech stocks which is a strange combination but easily explainable.
I was in the office product industry for 15 years before becoming a full time trader in the stock market. I invest in office product
stocks in my long term portfolio (more than 6 months) and trade
in the tech stocks.

I like the office product stocks because they are relatively stable
and offer excellent long term potential with minimal downside risk
now that they all have been knocked down to correct P/Es. A good
example is I accumulated a significant (for me) amount of CEXP
for an average $9.90 per share from 5/1/97 to 5/8/97. As of today
it is at 14 15/16 or a 50 % return in one month. I havent been able
to do that with any tech stock and in some cases have gone down
some large %s. I will continue to hold CEXP as I feel it will reach
20 to 30 per share in the next 3 to 6 months.

I have never considered buying BTF for several reasons. One is
that it does not have enough liquidity in its stock. I think BOP
is one of the industrys best stocks but I cant buy it because of
its lack of volume. The second reason is that BTFs stock was trashed
because it is felt that they were not handling their growth well
and the NY theft incident gave visibility to this. Unfortunately
it seems that BTF hasnt done much to get rid of that feeling IMO.
Possibly you could offer us a different opinion??

One last comment concerning your analysis. I dont think your P/E
information is correct. Most p/e quotes I have for P/Es have these
companies in the low 20s and high teens. Just to show you I
have an open mind, I was calling OFIS a short 3 months ago.
However with recent changes I started buying it two weeks ago in the 23s but unfortunately its already up to 27.

AL
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