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Strategies & Market Trends : Value Investing

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From: Paul Senior	9/14/2010 1:32:23 AM
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With the market up again today, I made some swaps. Cut asset manager BEN, and added monies to miniscule position in BK. I believe BEN's too expensive for me based on its assets under management. I like BK better here near its stated book value. Sold shipper SBLK at break even. Forward earnings estimates worry me. Trimmed construction company FLR. Will try to add back these shares if stock falls again on market decline. Closed NJR. I've lost interest in this gas utility with its 3.6% yield, when others offer higher. Drove up my position in auto retailer PAG. CEO Penske is a sharp businessman in the auto/truck sector. Car dealerships have not been a great business in terms of return on equity, but demand for product is there (if not deferred), and PAG with its diversified brands and geography, is going to get its share. High prices for used cars should help profits, I hope. P/sales ratio at .11 is low enough for me. I continue to buy shares of small e&p companies. finance.yahoo.com

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