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Strategies & Market Trends : Value Investing

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To: Grommit who wrote (15101)	8/8/2002 2:48:10 PM
From: Bob Rudd	Read Replies (1) of 78702

SGR - So did I @14.05. Merrill says worst case scenario if all below investment grade contracts were cancelled they would still make $2 in 03. This is comparable to prior trough valuations over the last decade. Purchases from similar troughs have typically produced better than a double over the following year. I danced in and out of this flat in the mid 30's. 1st position since. There's price risk from further negative newsflow...contract cancellations, so even if substantially undervalued it could become more so...a phenomenon not exactly unknown to participants on this board.

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