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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (19891)	10/17/2004 3:46:09 PM
From: schzammm	Read Replies (2) of 78658

Paul, I was just looking at Gold Kist and have to agree with you that it was not a great success. The underwriters had to cut both the size of the offering and the price. However I would like to know why you think the price still looks expensive. I do not want to put words in Eric's mouth but I think we are both looking at current high chicken prices and the fairly recent collapse of grain prices. The low grain prices should hold, due to bumper crops, at least through next July and then adjust to crop expectations and demand. As you stated it could be one's perspective, we could be looking slightly more down the road. I thought GKIS looked rather interesting although I am not crazy about the 50M shares and only 12M float with an " additional 1,800,000 shares of common stock at the initial public offering price solely to cover over-allotments, if any." I am new to the thread so I do not know exactly the board's ideal criteria.

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