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Strategies & Market Trends : Value Investing

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To: Jurgis Bekepuris who wrote (28197)	9/24/2007 11:55:33 AM
From: Paul Senior	Read Replies (1) of 78702

To me, WSC at current price to book value doesn't look like such a value as to justify a supersize position. I see where book value grows in most years, but in scanning numbers, growth in book value (roe), looks like under 5% in most years. Way I look at it, stock trades sometimes higher than current p/bv; sometimes lower. (looking at avg. p/bk for past ten years). Crapshoot short term imo if someone is just trading it. Over time, you get Munger and a rising stock price. That stock price rise though doesn't look its been so great over the past few years. Maybe from $300 to $450 and back under $400 in four plus years. It's okay, but nothing I see to change that the mediocre return. Lousy revenue growth now per Yahoo; joke dividend. Summary: not enough positives to justify a supersize position. All jmo. I've been wrong many, many times.

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