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Strategies & Market Trends : Value Investing
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To: valueminded who wrote (4625)8/6/1998 2:54:00 PM
From: James Clarke  Read Replies (2) of 78666
 
Don't like Octel, although there is some price at which I'd probably be interested. Has some similarities to USEC on the surface, but they are very different stories. Definitely a declining business (lead additives to gasoline if I understand it right). They don't pay a dividend and they are not buying back shares, so I as a shareholder would have to put total faith in management's ability to allocate capital. Management seems to be gearing up for a risky diversification strategy. Also, they have just one competitor, so you'd think they could keep prices high. But no, they are in a price war. That tells me management is simply inept. I have not looked at the numbers closely - if this is extreme value in your opinion, tell us.

Jim
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