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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (13183)	10/10/2001 10:39:55 AM
From: Brendan W	Read Replies (2) of 78523

Recent transactions. Started a position in Paul's Quiksilver (ZQK) at $12.87. This is a retailer of clothing, wetsuits, sunglasses, etc. related to the skateboarding, snowboarding and surfing sports. Revenues and earnings have compounded in the mid 20s over the last five years. Debt is modest. The PE is in the 10-13 area depending on what eps numbers you want to put faith in. Started a position at $25.06 in GATX (GMT). It is "...a holding company whose subsidiaries engage in the leasing and management of railroad tank cars and other specialized railcars; arrange and service the financing of equipment and other capital assets; and provide logistics and supply chain services." It is selling around its 1998 lows. Berkshire Hathaway owns 15% and I think it's Buffett's pick. Earnings are supposed to be in the $2 to $3 range this year and next. Moody's rates their senior debt baa2. Sold BEA Systems (BEAS) for a tiny profit. This bounced 55% from its lows on no news. I think there's still too much froth in the techs (I say in disbelief) and I'm looking for a lower entry point. Added to American Management at $11.25.

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