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Strategies & Market Trends : Value Investing

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To: Brendan W who wrote (15621)	11/4/2002 11:26:44 AM
From: Paul Senior	Read Replies (1) of 78516

Brendan Watt. I'll pass on URI and start a little RCII today. URI (one of the few and maybe only stock pick of yours that hasn't scooted up nicely since your post)is a rental company focused differently from RCII. Its niche seems to be tools/equipment whereas RCII is furniture/appliances/tvs etc. Some public construction spending is down (deferred), so that's hurt URI a bit. A strong competitor in their market is Hertz. I suspect RCII's problem is defaults by consumers in the weak economy. I hope RCII lending practices don't have any issues. (We've seen large problems with consumer lenders COF, HI, etc.) RCII might have a well-capitalized competitor in Cort. Cort is owned by Berkshire. BRK's owning Cort validates (for me) the furniture rental business model. It's a fragmented market, so I suspect there may be room for both of these competitors to grow and prosper. Perhaps a way to play the rental business is to own both RCII and URI: I notice Wasatch Advisors is a big holder in both. finance.yahoo.com

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