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Strategies & Market Trends : Fundamental Value Investing

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To: Sergio H who wrote (2872)	4/5/2013 11:08:20 AM
From: The Ox	1 Recommendation Read Replies (1) of 4719

The basic premise with respect to JOY is that 2013 will be a very tough year. That is why the company is selling at a P/S of 1. But "tough" needs to be looked at in the context of the past, where the company grew very strongly and is now (IMO) digesting the huge ramp in sales. The global economy has not picked up yet. It is my belief that it is very slowly accelerating and that we'll see more improvements every year. We're slightly better off than we were at this time last year. Each year you look back at, we've been showing SLIGHT improvement but I don't think anyone can challenge that improvements are being made. Similar to CAT, JOY has very tough comps with their recent past. However, the analysts are very negative on these stocks going forward and I believe they are simply too pessimistic. Would love to read what others have to say. The above is the "simple" explanation. We can get into more details if those reading will add their 2 cents worth!!

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