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Strategies & Market Trends : Value Investing

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To: anializer who wrote (33203)	1/9/2009 12:02:17 PM
From: Paul Senior	Read Replies (1) of 78610

In for a few shares of [t]ESIO[/t]. We see tech/semiconductor demand down and people's interest in the sector very diminished. (as evidenced by Intel's news and stock performance) This business has been cyclical, and I'm hoping it still is. I don't know how much worse things can get for ESIO, but with the stock at under $7/sh. and cash (per SI) at $5.45 and no ltd,I've got to go with the downside to the stock having some limit -- maybe a point or two lower (assuming management doesn't spend the cash). si.advfn.com^ESIO If the cycle turns, and if I can hold on, then I would expect to see the stock once again trade at book value or higher. Book value (stated) is about $14/sh and ESIO has traded above book value every year in past ten. I figure the upside/downside risks strongly favor a bet. OTOH, it is a very small supplier company in a competitive arena about which I'm no expert. So a very few share bet for me now which I'm only willing to add a little more to if stock keeps dropping on no adverse news.

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