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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (25690)	1/9/2007 7:38:23 PM
From: Paul Senior	Read Replies (3) of 78704

Looking at Marty Whitman's Third Ave. Funds letter for period ending Oct. '06 (issued December), he says about Hong Kong real estate companies his fund/funds are acquiring: "Three...equity investments during the quarter (were) Wharf Common, Cheung Kong Common, and Wheelock Common. Each issue was acquired at what seems to be a meaningful discount from Net Asset Value ("NAV"). For example, the Wheelock Common bought during the quarter was acquired at prices ranging from $13.50 to $14 per share in Hong Kong dollars. Wheelock management estimated that NAV was $27.85 per share in Hong Kong dollars at September 30, 2006. TAVF (edit: Third Ave Funds) management believes that Wheelock management estimate of NAV is conservative." I'll step up for some shares of Wheelock (WHLKF). It's a belief thing. I'm going to believe somebody at Third Ave. Funds has done his/her homework. Maybe that person is going somewhat on their belief in a Wheelock's manager's stated belief of what NAV is. Anyway, I am hoping (betting) somebody did their homework and they are right in their conclusion that this company is undervalued (as measured by price:NAV). The stock's moved up a little bit from $14 HK (converted to WHLKF to about $1.94-1.97/sh), but still looks okay to me if (IF) the stock can get closer to the believed NAV figure. A figure which presumably keeps growing with inflation and Wheelock management's development activities. To protect myself a little, it's a small position and it's among a package. That is, I've previously mentioned that I have bought CDEVY and CHEUY also. I suspect I will be making (or trying to make) a commitment to hold these stocks several years. finance.yahoo.com

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