Re: JBM
Jan Bell Marketing was a stock I brought up here I think,
definitely on my web site, and then as my first stock on
Microsoft Investor. It was a net net at a true 2/3 of
net working capital less liabilities. Looked like crap, but
as I pointed out, was working on the inventory, had good
cash flow. When the story ran it was at
about 2 3/4. 2 5/8 was Graham's net net 2/3 criteria.
Now it's around 5. Take a look at the following report:
biz.yahoo.com
Simply amazing numbers. They did everything the CFO told
me they would do. My first professional double, yet I actually
managed to lose money on it, buying at 2 7/8 and selling at 2 3/4.
Even now at a double, it lookslike one of the remaining U.S. values
out there. Net working capital is up to 110 odd million and the
company is selling just above that. It's got 48 million cash.
No debt.
Also, St. Joe's is back at 32.5, below net asset value by
my calculation and down from a recent 36.
Good Investing,
Mike |
