Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: NOW who wrote (185371)	8/1/2002 2:09:24 PM
From: reaper	of 436258

<<From a technical standpoint, are you not rushing things a little on PLCE? >> I am sure that I am. I don't know technicals. I know that PLCE is a pretty good business that over LONG periods of time grows and produces a lot of cash. I know it has bottomed out at 5-6x cash flow twice before (late 1997 and early 2000), and it is at 6.4x now. I know that i am short a number of retailers that trade at 15-30x cash flow so PLCE is an excellent hedge for me. I've followed the stock for 5 years and have made good money in it off of both the prior bottoms. So yeah I am probably early but in the context of MY portfolio, time horizon, and experience it makes sense here. I'm not sure in an un-hedged portfolio that i would want to be naked long ANY retailers right now. Cheers

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