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Strategies & Market Trends : Value Investing

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To: Dale Baker who wrote (15896)	12/5/2002 12:33:25 PM
From: Paul Senior	Read Replies (1) of 78715

ala PRAA. Regarding companies that deal with people who can't afford to borrow money and shouldn't borrow money, but who do borrow money anyway: I passed on collection agency PRAA: it looked too expensive to me based on p/sales and p/book. I note though the decent & quick move in the stock after your post. I still have a very small position in HI and a small position in WRLD -- "friendly" (?) loan companies. Now I've started a position in AACE too. (pawn shops) It's a small company, apparently with no analyst coverage. Price/book is reasonable imo, p/e is okay, and ROE and profit margins are good for a stock under 9x earnings. finance.yahoo.com

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