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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (2543)	11/27/1997 3:52:00 PM
From: jeffbas	Read Replies (3) of 78614

<< at less than 50% of very real book value >> I just took a look at latest 10Q balance sheet. It looks like well over 100% of book value is in fixed assets. I have no idea what used steel plants are going for these days, but years ago when there was too much capacity they were not worth much. Also commodity producers do and should carry low P/E's on earnings. Be careful. As an example, I own some shares of CALM, the largest company in the country in the commodity business of egg production. It is "laying" there at less than 5 times last fiscal year earnings, and maybe 5-7 times current fiscal year earnings - probably flat or down - and nobody wants it.

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