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Strategies & Market Trends : Value Investing
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To: Bob Rudd who wrote (16261)1/23/2003 12:21:02 PM
From: Paul Senior   of 78683
 
Re URS: I sold some and added back some as stock has come down.

Delayed municipal projects can remain delayed for a long time. Also, URS's environmental unit (they recently made a big acquisition in this area)and some of their industrial plant construction business will suffer as environmental/pollution regulations are made less stringent by current congress and administration.

Sometimes these construction companies enter into large fixed-price contracts that years later bite them severely.
And percentage-of-completion accounting I find dangerous too. Two factors that investors need to be aware of, imo.

OTOH, URS has a good history, is well-diversified and a possible beneficiary of homeland security spending.

URS is at a multiyear low. I haven't decided if I want to add more to my small position now though.

Fwiw, I am also considering FSS again. Another company that has seen its business deferred by government (municipal) budgetary problems.
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