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Strategies & Market Trends : Value Investing

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To: 249443 who wrote (13669)	1/13/2002 1:01:29 PM
From: Paul Senior	Read Replies (1) of 79131

re: "Marty Whitman always repeats the mantra: a bargain that stays a bargain is no bargain." I guess his pick of CPCL keeps reminding him of that! I've followed him into that one, and from what I can see, he still has it. Unfortunately so do I. Since 7/99. And when the stock came down to 2x cash and 2/3 book value in 2000, I added more. Now the stock is below cash, which mgmt. is trying to conserve given that CPCL is very (imo) unprofitable. And CPCL is about .4x book value. That CPCL is trading below net current assets may not outweigh the negatives that sales declines continue year after year, and earnings losses seem to be increasing. Still, this week I added more to my position. Paul Senior

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