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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (30480)	3/31/2008 1:13:19 AM
From: Spekulatius	Read Replies (3) of 78683

I still own BMW and have for quite some time (since 2003) I recently added to my position (August 2007). While I am almost down 20% on this position in Euro's, I am flat US$. I see not reason to sell out this position. I believe that BMW is one of the premier luxury car makers in the world. The stock BMW3.DE (non voting share) trades for about 7x backward earnings. GM common is basically an option. If you include the Net present value of the health care and pension obligations, they are bankrupt, IMO. If they offload those obligation, they have to pay dearly, who knows how much and even then you are still stuck with owning a mediocre company. TM and HMC are juggernauts and should continue to do OK. FWIW a cheaper way to get into Toyota is to buy into Toyota Industries (which holds about 5% of Toyota) and runs a profitable forklift business. That's what TAVIX is doing.

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