Hello again, Wayne Crimi. You had a couple of good value suggestions here a few years ago.
I recently started an exploratory position in ALCO. Can't tell you though anything more definitive than what's gossiped on Yahoo, and what might be in company reports. For me ALCO is a "faith-based" investment. The big investors (e.g. Marty Whitman's real estate fund) still hold big positions. I don't know how he evaluates this company. He says (Barron's, 11/10/03), "We can buy into an awful lot of well-financed, high-quality companies that are selling at substantial discounts from readily ascertainable net asset values... (Real Estate)is easy for us." I don't see how he applies this to ALCO because I don't see where the data are to make concrete determinations.
The stock "seems" undervalued, but then again, its adherents have always have always believed that. Possibly the inherent values (land prices) keep increasing ahead of the stock price.
If I recall correctly, in past, companies like CTO and ALCO have gone for years at relatively flat prices or very slowly rising prices, then there's been a very positive piece coming from Barron's whereupon the stock has moved up 50% or more within a couple of days. (And stayed up). This year we've seen real estate operating companies (which is how I characterize ALCO) move up more positively with the market.
There's a sleepy REOC thread which was started by mrcjmoney.
Paul Senior
If I might politely inquire, what other stocks are you interested in now or like as value investments that you might suggest here? |
