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Strategies & Market Trends : Value Investing

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To: Bob Rudd who wrote (6055)	2/18/1999 7:50:00 AM
From: Daniel Chisholm	Read Replies (3) of 78498

PSO, LWN, wow! I initially became interested in Loewen around 1993 or 1994, when I first read the "magic" of a stock rollup (public market value greater than private acquisition cost) described in an article in the Toronto Globe & Mail. I followed the stock for quite some time with the intention of shorting, however I was unable to really nail down my understanding of it and its business so the stock dropped off my radar until a couple of weeks ago, at which point I was shocked to see just how far it had fallen. I am now going to try and see if LWN stock has any equity value. As I understand it, they bought a lot of money making businesses but overpaid for them. The question here will be (I suspect) how much of the overpayment for acquisitions they made with stock and how much with debt. Anyone here have any insight into the value of the funeral business? Otherwise I'm going to have to see if I can do some fast learning. And how about that PSO at $11(!). - Daniel

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