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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (36707)2/19/2010 2:40:44 AM
From: Spekulatius  Read Replies (1) of 78777
 
I reduced Jack as well, luckily before earnings. i did not have that much luck with IPHS , closed this after earnings. it appears to me that their business is commodity like than I assumed (the continued pricing pressure is hard evidence of this). I am also not that convinced that the pricing for their product will not return to pre Y2008 levels.

Sold HALL as well flat. More intangibles than I assumed. HALL basically trades around tangible book which is not a good enough value for me currently.

I am watching SRE, the stock is weak after the trading venture with RBS is now partly dissolved. Apparently SRE will get some funds back (around 900M$) which is nice but is also means that they will not receive any profits from the metal trading business either. The US energy trading business is closer but it's not clear to me what happens - will it get dissolved or will SRE try to own it outright? it seems that this business has high capital demands, a 2B$ number is mentioned which means that the unit itself was not standing on it's own but had standing line of credit from their owners. I think this trading business generated about 30% of SRE profit and much of this will be gone, I suspect. Management presentation regarding the JPM sale does not discuss the earning impact for SRE. very poor disclosure. I bet some analysts figured it out already and made their bets (short?). I stand on the sideline scratching my head.
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