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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (11974)	9/13/2002 4:01:16 PM
From: Paul Senior	Read Replies (1) of 78477

I'll start to build up my position in hotel reit FCH at current price. I'll suggest there are two issues: 1. Is this business or reit sector cyclical? I'll say yes, the hotel business has had ups and downs over the past many, many years. I am guessing that although 9/11 has affected all kinds of travel, the cycle for hotels has neither been repudiated nor irreparably damaged. 2. If we're in a cycle, are we near lows, ie. low for a value stock buyer? I do not know, but at current price, FCH sells well below stated book and pays a reinstated 4% annualized dividend yield. At a price of $14.35/sh, the stock is close to the 11.90 low price reached on 9/21/01. Close enough for me anyway, to start adding. finance.yahoo.com

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