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Strategies & Market Trends : Value Investing

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To: James F. Hopkins who wrote (1356)	6/18/1997 2:14:00 PM
From: Oliver Hellwig	of 78753

AIMM got stomped because the expectations got too high. At present this company is pure speculation and should not be considered as a value investment. It doesn't even have a product. To prove my point I will excerpt a paragraph from their latest 10Q: "Since its inception through March 31, 1997, the Company has incurred ongoing losses from operations and has cumulative losses as of March 31, 1997 totaling $77,716,000. To date, the Company has not recorded any revenues from the sale of products. Revenues recorded through March 31, 1997 were earned in connection with contract research and the granting of certain short-term rights. The Company expects to remain in the development stage for the foreseeable future and accordingly, expects to continue to incur substantial losses." The rest of the 10Q can be read at: edgar-online.com This kind of a stock is the furthest away one can get from the spirit of value investing. The game with companies like this is to gamble that they will develop a profitible product before they run out of money. I don't really want to evaluate this company like a Venture Capitalist Speculator. As a vaule investor this is best tossed aside in our search for undiscovered value.

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