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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (5653)	1/6/1999 10:41:00 PM
From: Paul Senior	Read Replies (2) of 78680

In a day like today, when I'd guess value investors are selling or standing by, I am still finding things I like. Added today to NOC (Northrup). Co. announced lower than analysts-expected earnings. The company says they will earn closer to $6 per sh in '99. That's a pe of 11 at current price. Too low IMO. (Although this latest announcement from management is the second warning -- how credible might these guys be???). PSR compared to previous years is high, p/bv looks like it's maybe midrange. At least two analyst downgrades. One analyst estimates recently approved $100B dollar bill will go mostly to upgrade current troop equipment/pay. Not that much for high tech (Northrup-like) programs. Wild Card for me: Sabre rattling from N. Korea is intensifying mightily (that's IMO--maybe I'm just becoming more aware). These guys play a serious brinkmanship game. If ever there is "a problem", defense will come back. ps. Doesn't Mr. Buffett have a large in GD? (rhetorical) I'll try more NOC. Added to my small position in United Cos. Financial (UC). A big loser for me. This company may go under. But at current price, it's an attractive bet for me. Of course, I've been wrong many,many times before. Paul Senior

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