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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (5012)9/17/1998 7:15:00 PM
From: James Clarke  Read Replies (3) of 78473
 
re: USEC
I know at least several people bought USEC based on my recommendation in July, so I feel an obligation to keep them informed. There was a very scary article in yesterday's New York Times accusing the company and the government of covering up major safety violations in order to get the deal done. Took the stock down a point, but it came back on a down day today. The impetus for the article was Ralph Nadar and an anti-nuclear energy organization. The article was irresponsible. Does USEC produce a hazardous and scary product? Duh. Has the Nuclear Regulatory Commission set out a number of things the company must do to achieve full compliance. Yes. Were these items fully disclosed, along with the expenditures required to fulfill the requirements? Yes. Were they in my valuation? Yes. I stand by my previous statements. This stock has been an absolute gem through this market "correction"

Anybody notice what Buffett said yesterday. He is holding $9 billion in cash, which implies he's done a bit of selling. And, more important, he said he will certainly reinvest that money on a "dramatic" market drop. What I take from that is that he thinks we ain't seen nothin' yet. The implication was clearly that a 20% correction isn't even close to what is necessary to make the stocks he wants to buy cheap.

Jim
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