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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (37335)	1/6/2012 2:11:27 PM
From: Area51	Read Replies (1) of 78666

I did add a little BALT and SBLK this morning. Looks like BALT does have some debt these days. (little BALT analyst summary) messages.finance.yahoo.com Based on depressed BDI none of the shippers look cheap on a EV\EBITDA basis, but they are selling at a small fraction of book (which may not mean much if overcapacity if permanent such that the book value is permanently impaired). I'm thinking that the older, less economical ships will get scrapped and the growing economy will absorb the excess capacity. Looks like your reluctance to make any significant investment in 2010 was smart (BALT down more than 67% from the ipo days). But it may still be too early to invest? A51

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