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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (1890)	9/4/1997 1:39:00 PM
From: Ron Bower	of 78949

Paul, NWLIA is very good value for equity investors. I've taken a small position (still a lot at the price). I have bought another not selling at as good a value, but much lower priced. In the last 5.5 years, JWC has steadily grown equity from $2.8M to $20.5M (after they acquire AGRO stock). BV/share has shown 65% compounded annual growth from $.45 to $5.30 and will now go to $5.70. EPS has grown from $.34 to $1.63 equaling 32% annual compounded growth. They will have $20M liquid assets ($5.50/share). They had a 45% stock buyback in '96 and have voted to buy another 8%. AGRO - supposed to be a growth fund but has instead put monies into T-Bills and other low growth assets. JWC owned 25%. Because it was underperforming, they decided to buy the fund with stock exchange and manage it themselves. JWC has been rated one of the top 200 best managed small companies in the U.S. If they continue past growth rate, EPS could equal the current price of $8 within 5 years. I believe the investments they will make with the AGRO assets will significantly increase this growth. Like NWLIA, it's one you park in the corner where you can see it, but aren't being tempted to get rid of it. For what it's worth, Ron

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