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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (5049)	9/25/1998 1:27:00 PM
From: jeffbas	Read Replies (1) of 78476

Jim, I guess I bought your NH stock today. I couldn't resist a price under $10. Selling at book value, 20% or so of sales, over 5.5% dividend, 4 X last years earnings and 5 X this. Stock is selling as if they were losing money, but based on today's news they are far from it. Also far more of their costs should be denominated in other than dollars than US companies, so their competitive position improves relative to their competitors with the strong dollar. I look at it at these levels as giving a superior current income return to Treasuries but will be over $20 in the next recovery in 2-5 years. Also note Fiat has stepped up to the plate to buy $250,000,000 stock, which is 1/2 what they do not own. What am I missing?

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