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Strategies & Market Trends : Value Investing

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To: Wallace Rivers who wrote (5861)	1/25/1999 9:45:00 PM
From: Paul Senior	Read Replies (1) of 78476

Wallace: Added to my TOY position today @ 14 15/16. Sold off most of my position at much higher levels. As I posted here earlier, I'm intending to build it back up as stock drops. (Purchases @ 22 3/4 and 17 7/8.) Close now to book value. Bill Miller of Legg Mason Value has bought on his belief that TOY is changing its bus. model from expending funds for capital expansion (growth) to profitability. (Per Haywood Kelly in Morningstar 7/2/98). A more recent buy is Michael Rome of Lazard Equity Fund. IMO TOY is being squeezed on one side by e-toy types and on other side by WMT and KMart. Very bad. In my opinion though, TOY is not going away. They will take countermeasures, and with their "brand awareness", large base of employees and capital access, they should (IMO) do better... and so should the stock price. Paul

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