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Strategies & Market Trends : Value Investing

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To: Brendan W who wrote (12298)	7/18/2001 4:13:33 PM
From: Paul Senior	Read Replies (1) of 78507

Brendan Watt: Okay, following you into MEL now at a little higher price than your $36. Apparently unexpected earnings decline in yesterday's news, followed by at least two brokerage downgrades today. No matter (famous last words -g-)--- business and stock will recover, as they always have. (I hope) I'll start an small entry position now. Add more if/as stock declines further. MEL directors irritated me about 3 years ago by not accepting another bank's cash buyout offer of $40 for each Mellon sh. If I could believe the directors - which I can't - I'd have to guess that more than $40 is a fair value for the company (all else being equal now as 3 years ago, which isn't quite so). Paul S.

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