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Strategies & Market Trends : Value Investing

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To: pcyhuang who wrote (24783)	9/6/2006 10:21:05 AM
From: Spekulatius	Read Replies (2) of 78751

pchuang - sorry for the misplaced humour. The comment was related to your investment style, which seems to favor what i would call bottom feeder - former growth stocks that have completely falling out of favor and are trading at 52w lows. the problem that I am having with MLS is that there problems are way way larger than what i consider a "temporary setback". i might consider this label for PSUN maybe (which at least has a decent balance sheet. When MLS was trading in it's 50's, a large part of the perceived value was in MLS development pipeline (Xanadu's etc.) which apparently is worth less than zero (they wrote of 500M$ on Xanadu). Now their balance sheet is damaged, cost of capital is way up, which is really a problem with a REIT like MLS. I think they need a buyout to extract value for their shareholders, but with all the liabilities, buyers will most likely ask to buy their properties outright, rather than the whole MLS mess.

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