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Strategies & Market Trends : Value Investing
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To: James F. Hopkins who wrote (3408)3/2/1998 9:42:00 PM
From: Madharry  Read Replies (2) of 78645
 
BArron's has a very interesting interview with an absolute value investment manager. The play I found most intriguing was New Valley Cumulative Preferred A shares. I had never heard of the company before but they own office buildings, a real estate complex in moscow and a brokerage firm, which I can never spell correctly or pronounce-something like Landberg- Thalman. The Coupon is 19.75%, and because it hasn't paid its dividend in a while, I guess the face value is now about 250, which means that interest accrues at 55% annually!! The article indicated that these shares had to be paid out by 2003 and that there were now significant assets available to cover the outstanding amount which is around $250MM. I suggest you all read the article and let me know what you think. Based on my crude calculations and giving no value to the russian real estate and no further appreciation on the existing properties I came to about 22% annual return if held to maturity. It seems too good to be true, and a heck of a play on both russia and real estate. I bought some today for my roth ira! The spread is high because the float is very small. In the morning I was quoted 80-90 I put a limit in at 90 and I did not get it. That is the first time I put a limit order in at the ask and failed to get a single share! Apparently 600 shares of earlier orders somehow traded ahead of me and then they raised the bid/ask prior to executing my order so Caveat Emptor on this one.
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