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Strategies & Market Trends : Value Investing

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From: Paul Senior	9/21/2011 2:13:23 PM
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Market down only slightly (Dow -23) and yet I am getting open orders filled as some stocks drop: More of refinery/retail seller Valero (VLO). I just have a few shares in total. Low p/sales attracts. finance.yahoo.com Upping my positions in water utility stocks. More Citigroup. It's another where I just hold a few shares in total. Speculative buy in Amerco (Uhaul), UHAL. Schoen family who control have run the company as their own fiefdom. Company few years back had been hit with stockholder law suits and s.e.c. enforcement actions (if I recall right). The Schoens have survived it all. Family squabblings, incompetence, and family member insider dealings have cost me plenty in aggro and dollars lost with my previous ownership of the stock. That experience will keep me -- and maybe many others -- away from ever making a serious commitment to a UHAL stock holding. Over the past few years the company seems to have overcome some of the issues it may have had with its franchisees, and business results have improved. UHAL--- with its now relatively low p/e, mediocre roe (good now, but about 10% average over last five years), somewhat relatively low p/stated bv (but a bv that's been increasing)---falls now into my value box. One big negative for UHAL might be that Penske may have teamed up with Costco to offer rental trucks at Costco locations. (Or so I've read on internet scuttlebutt.) I may not have learned my lesson with this company and its management (I feel like the frog in the frog-crossing-river-with- scorpion parable). In any case, this time my $ commitment here is going to be very very small. finance.yahoo.com

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