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Strategies & Market Trends : Value Investing
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To: James Clarke who wrote (19537)8/17/2005 2:05:01 PM
From: David  Read Replies (1) of 78728
 
Sold Blair yesterday. (BL)

I purchased BL when it was first mentioned on this thread back in 1999 by James Clarke who I hope is out there somewhere to receive my sincere appreciation.

That investment handily beat the market over that span of time and paid a sizable dividend -- I believe over 6% per annum based upon my purchase price at the time. I attribute this excellent return to a genuine Grahm net net.

I bought additional shares when I heard that a Hedge Fund, Loeb Partners, took a large position and expressed interest in discussing with management alternatives for increasing shareholder value. The balance sheet protected downside risk and I valued the company at around $48.00 per share.

Eventually the company announced a dutch tender offer of half of its outstanding shares for $42.00 per share and I debated whether to tender or sell and finally sold. I anticipated that perhaps nearly all of the outstanding shares might be tendered and wasn't sure that the residual entity met the value criteria that I prefer. I will wait for the dust to clear and see what's left over after the tender and consider buying shares again. Hopefully BL might fall off the radar screen again and the price will drop to comfortable levels again.

I thank you again Jame Clarke, wherever you might be.
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