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Strategies & Market Trends : Value Investing

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To: Dave who wrote (14916)	7/25/2002 9:03:20 AM
From: Bob Rudd	Read Replies (1) of 78530

Dave: Current ratio is a measure of liquidity...there have been no concerns about AOL's ability to meet current obligations..I doubt it's an issue. Tangible book value is rarely a meaningful number for a company built on intellectual property...sometimes it's meaningless for a company built on physical assets...Penn Central went bankrupt with very high tangible book...the assets didn't reflect real value or earnings power....unused tunnels thru mountains. That said, I entered AOL with great tentativeness largely on the strength of other value investors [Nygren, etc] coming in at higher levels based on Time Warner break-up values. I'm probably early or wrong.

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