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Strategies & Market Trends : Value Investing

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To: Seeker of Truth who wrote (15320)	8/25/2002 6:19:42 PM
From: 249443	Read Replies (2) of 79047

Dixon & Dr. Benjamin Graham: I am not aware of any company which 1) had audited financial statements indicating that the auditors have doubt as to the company continuing as a going concern (which is stated in DXT's financial statements) and 2) Dr. Graham bought the common stock of such a firm. Dixon is clearly not a net-net stock, a margin of safety stock, or a common stock holding worth the price of admission. Dixon has a high debt level and loan covenants which will -- in time imo -- turn ownership over to bond holders. Debt being refinanced at a 12% level -- as with DXT -- is not a favorable sign. The margin of safety principle would encourage an investor to avoid DXT like the black plague.

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