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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (5004)	9/16/1998 11:35:00 PM
From: James Clarke	Read Replies (1) of 78476

Careful using book value on real estate companies, but you're fishing in the right pond. I already own LHO, a small hotel REIT with a 12% dividend yield. Only problem is I bought it at a 10 1/2% dividend yield. Today I bought Patriot American (PAH) looking for a quickie. Major announcement today which should reverse the downtrend, and even if it doesn't, it yields 10%. Arguably has asset value of twice the share price. As for Cummins Engine, lousy management, lousy industry. The kind of company where an earnings miss is not a "surprise" - the real surprise would be if they made a number. But the last analyst threw in the towel today, so you've got virtually unanimous low expectations, and the price looks right - below book value. But watch out - these guys write off book value faster than you can calculate it. And the truck cycle still hasn't broken down. I think its early, but interesting. Jim

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