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Strategies & Market Trends : Value Investing
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To: Michael Burry who wrote (5349)12/2/1998 5:47:00 PM
From: Allen Furlan   of 78670
 
Mike ,you and several others have expressed interest in the beaten up steels(LTV also I believe). You might wish to order an investor package from Olympic Steel(ZEUS) at 216-292-3200.
Stock lost 5/8 today to close at 5 3/8 which is very near the 5 year low. I am buying and here is my rationale:
1) Not producer but value added distributor. From CEO Michael Siegal "Our motivating factor is not what we think we need to do (for ourselves);it is based on what our customers need us to do for them ..we will continue to invest in the things that make our customers more efficient in the market place"May 1995 An example is a welded variable thickness steel sheet which accomodates a more efficient stamping operation for auto makers.
2)Excellent management. Siegal man of year in Metal Stamping News Dec 1997.
3)Real book(not goodwill hype) of 13.67 or p/b of .39
4)Last 2 insider transaction were small cash buys.
5)Earlier this year co-founder left company and did planned sale of 200,000 plus of his 1 million shares. He no longer files as insider.A speculation on my part is that he may be continuing his sales. There are only 10.7 million shares outstanding.
6)IPO was at 15.5 and secondary at 25. Company wisely using money to acquire compatible businesses.
The investor package is excellent and for those who wish to put some time into analysis I would suggest they request same.
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