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Strategies & Market Trends : Value Investing
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To: Seeker of Truth who wrote (15170)8/13/2002 9:14:27 PM
From: Paul Senior  Read Replies (1) of 78567
 
Malcolm Bersohn: re. ACAS. It could be considered a speculation in some ways. Given ACAS's investment in 51 different companies, I see where a "thorough analysis" to assure "safety of principal" may not be possible by any outsider. And the fact that ACAS has only been public since '97 also drags down on one's assurance.

Still, its annualized IRR since IPO is 25.4%, with net operating income increasing each year. Net assets have increased each year, and the dividend is high (as one would expect from a Business Development Corp.).

You say the ROE is unacceptably small for a value stock. That suggests one of your criteria for a value stock is that it have a minimum, threshold-level ROE?

Paul Senior
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