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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (20061)	12/1/2004 2:08:11 PM
From: Paul Senior	of 78531

Decided to close Barnes&Noble position. Stock is reasonably priced imo and has a reasonable p/e (13+) According to Yahoo, total debt is .18 of equity, and there's quite a bit of cash in the till. (I don't know if lease obligations are in the balance sheet or not.) Stores are in all the upscale areas I'm familiar with, and they always have customers, it appears to me. Mr. Riggio, the founder and successful entrepreneur, seems to be one sharp cookie. It's just that the book business historically has been so low margin and tough that if I own the stock at current level, I don't want it to be "reasonably priced". I want it to be unreasonably priced, i.e. cheap. Jmo, I could be very wrong if Mr. Riggio comes up with further innovative ways to enhance the business and so push the p/e multiple up from 13-14.

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