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Strategies & Market Trends : Value Investing

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To: Shane M who wrote (4342)	6/28/1998 5:54:00 PM
From: Allen Furlan	Read Replies (1) of 78753

Microsoft Investor had article on Capstead Mortgage(cmo) on same date. investor.msn.com I was researching tbr and found the cmo writeup. An interesting way to play tbr is to write puts which I did 2 weeks ago. This gives you a slight margin of safety. On to cmo, a classic contrary investment play. May be early but the crash on Friday offered the stock at a 20 per cent discount to adjusted book value. Company was punished because they were less than forthright on their problems in a May press release. However they seem to have bitten the bullet and taken initial defensive moves. If the yield curve continues to collapse they will be hurt more, if not this appears to me to be a reasonably well managed company and I would expect a recovery. I bought at 9 5/8 and hope to sell some calls next week. Paul Senior ,if you read this would appreciate your assessment.

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