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Strategies & Market Trends : Value Investing

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To: David who wrote (13470)	12/23/2001 11:15:42 AM
From: Dale Baker	Read Replies (1) of 78726

It is hard to find an old, established company selling for less than assets unless there is a liability issue like asbestos or horrendous cash burn that discounts the market value of cash on hand. You have to look in the small and microcap worlds to find examples like MAXF, which sold under $3 in September despite $4/share cash and strong earnings. MAXF is now $5 and should double if the market ever gives them a fair value price. NFI at $15 still trades under book value of $20 (where book value is mostly insured mortgages). It was a steal under $5 but the quality of the book value was not as good then. Anyone else have more examples?

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