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Strategies & Market Trends : Value Investing

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To: Spekulatius who wrote (53195)	1/24/2014 11:25:56 PM
From: Spekulatius	Read Replies (5) of 78702

Interesting day. I sold the remainder of my JMHLY @54.4$ (which inexplicably was up and exchanged part of the funds into JSHLY @16.02$ ). I regard both as economically equivalent but JSHLY has underperformed, in particular today. I also bought back some SWRAY yesterday @11.14$. I bought a small position in KMI warrants @3.41$. I regard them as undervalued relative to the stock. Found a liking in Y (Allegheny) @376$ and bought a starter position. This is a mini Berkshire insurance holding with some equity holdings. Book should exceed 400$/share by now and I think Y has rarely lower than 0.9x book. Right now, the price is 0.94x book (based on the balance sheet from 9/30/2013). This is simple low risk book value compounder. OVLY caught a nice bid today. I assume this is a reaction to the pleasant earnings surprise a few days ago, when they announced 0.22$ In earnings, which was up 15% qoq. I guess that also explains the 0.1$ dividend. I think OVLY is worth at least 10$ and still would not be expensive. Wish i had more...

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