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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (2585)	12/2/1997 10:42:00 AM
From: James Clarke	Read Replies (2) of 78602

I had looked at UHAL very closely last time it was at 27 and declined. It is not hard to argue that there is a net asset value of $50 a share here between the storage business, the insurance business and the truck rental business. But there was too much that just looked fishy. Do you understand the history of this company? What really made me uncomfortable was the historical (and projected) level of capital expenditures in the Uhaul business. Also, did you catch 20/20's report a couple weeks ago about how crappy Uhaul's service is? Is a lot of this in the price? Of course. And as a value investor, I should not expect to be comfortable when stealing. But this one was just too much for me.

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