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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (13721)1/17/2002 8:00:42 PM
From: Brendan W  Read Replies (1) of 78476
 
re: FRT, BTH

I bought Federal Realty Trust ("FRT") and upon finding the CEO's compensation (per Yahoo) to be $2.6m in 2000 promptly sold it.

I read the "Value Investing: From Graham to Buffett" last week. In it he profiles a value investor whose name escapes me (his company is "Chieftain"). This guy focuses on very few names (like 7). Two of the seven per the last SEC report were Blyth and Yankee Candle. I still have a small position in BTH and will likely increase it when the price gets back to $20.

The book mentioned above also touts Joel Greenblatt's, "You Can Be a Stock Market Genius". Without that credit, I can't imagine reading a book with that title, but I am reading it. I find it also interesting.

Specifically:
o the insight provided by American Express spinning Lehman Brothers. As an investment bank, Lehman Brothers has very uneven earnings. AXP traded higher the day of the spinoff (i.e., DESPITE the spinoff) because the street so penalized AXP for the unpredicability of Lehman's value/earnings contribution prior to the spin. I feel ignorant but I did not know that level of inefficiency existed.

o John Malone designed a complex spin of Liberty from TCI to discourage fellow investors in TCI from opting for the spinoff so that he could maximize his ownership of the spinoff. The insight for me is that insiders might design an apparently ugly offering for their own benefit because they know the ugliness is superficial.
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