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Strategies & Market Trends : Value Investing

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To: Scott Mc who wrote (2913)	1/3/1998 12:03:00 PM
From: Ron Bower	Read Replies (1) of 78666

Scott, I put a lot of emphasis on management ability and it's logically measured by the historical success of the company. My philosophy is 'companies that make money will continue to make money' and I think history proves this. I'm amazed at recommendations that have never shown profits. I have a big problem with 'they've been losing but they are going to turn it around', particularly on companies deep in debt. JWC management is mid/late-40s. This makes them old enough to know and young enough to be aggressive. They have rewarded shareholders in the past and, with their high liquidity, should continue to do so in the future. The earnings growth has been good, but the shareholder appreciation has been fantistic. If you read deep into their history, you'll find some dealings that have been excellent. They are sharp! You might note that they've reported earnings of $1.53, but they increased stockholder equity by almost $2.00 and had earnings of .62 the last Q. '98 earnings will likely be over $2.50 and stockholder equity growth exceed that amount. LOL, Ron

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