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Strategies & Market Trends : Value Investing
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To: Bob Rudd who wrote (12930)8/14/2001 9:46:08 PM
From: Paul Senior  Read Replies (2) of 78764
 
I still need to get more info. about FLA. Meanwhile, I started a position today in Interpublic (IPG). IPG was in Mr. Buffett's portfolio somewhere around '84 -'85 and maybe other years as well. (I don't have complete details.) At one point he liked advertising companies like IPG because of their ability to take money from clients in good times and in bad.

Interpublic is undergoing some structural problems (imo) related to an apparent world-wide reduction of monies spent for advertising, as well as having to integrate a substantial acquisition. The Wall Street Journal today has an article that suggests the current situation - slump in overall ad. revenues and the difficulties advertising firms have - won't so quickly improve as it has in past downturns because of the new types of problems facing the industry (Multi TV channels and internet are two.) (I like that negativity!)

I assume I'm a little early here, and the stock will drop to new lows - IPG business is continuing to slow apparently. I'll add more to my small position should the stock drop. At current price, I still can envision a 50% gain in this stock a couple of years out.

IPG, "world's largest advertising group":

biz.yahoo.com

jmo,
and I've been wrong many, many times

Paul S.
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