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Strategies & Market Trends : Value Investing

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To: Jyoti sharma who wrote (2861)	12/22/1997 10:29:00 PM
From: jeffbas	Read Replies (2) of 78669

It has not dropped much more than PD. This says the industry has gotten cheap not just the company, which means that you have to review the whole industry to decide the best investment. I read the reference. The only things that turned me off was initiating a stock buyback program when the stock was very near all time highs, the dependence on China to keep the industry from having a lousy tone for the next few years, and the apparent short term dependence of earnings on recent futures contract sales. Major investment in South America deserves some haircut. Copper price is consistent with poor worldwide economies. If you think that is too pessimistis, then any of these companies is probably a buy. The level and trend of interest rates in arguably the best economy, the US, suggests that buying this stock or stocks in general is more speculative than usual. But there always comes a point where that is reflected in the price. I would probably prefer to see a few poor earnings comparisons together with some stability in the price before buying.

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