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Strategies & Market Trends : Value Investing
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To: Brendan W who wrote (13186)10/11/2001 1:21:07 PM
From: Brendan W  Read Replies (2) of 78523
 
Today's activity.

Added to JP Morgan Chase (JPM). It yields over 4%. The PE on next year's earnings are about 10.5 if you want to believe the estimate.

Sold most of my E*Trade at $7.75. My average cost is $5.51. Three weeks ago it bottomed at $4.07. They have eroded book value down to below $5 from over $6 when I started buying. I still think it's probably worth $4 billion to someone over the next five years. I will look to add in the $4s.

Added to Plum Creek Timber (PCL) at $27. I believe it is the largest timber company in the world. It yields 8.4 percent. I paid a 10 percent stupidity commission on this investment... I didn't like the bid/ask spread at $24.25 a couple days ago, so I paid $27 today.

Added to McGrawHill (MHP) at $50. It is close to a 52 week low. It is pretty expensive at over 18x next year's eps of $2.71.

Sold Wind River Systems (WIND) at $13.75. This represents a 42% bounce off this month's bottom. I made a 5% return. The company's revenues and earnings have declined more precipitously than I expected. I will start a position again in the $10s.

Added to Equity Office Properties (EOP) at $30.50. This is the largest office REIT. It yields 6.5 percent compared to the 10 year bond at 4.7%. Moodys rates its debt at baa2. The company was added to the S&P500 index this week.
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